When purchasing technology, some small businesses will be hesitant to invest in advanced solutions. Often, entry-level systems will be more affordable, and they can be suitable to start with, providing a straightforward solution to keep track of operations. However, over time, they can become inconvenient. Not only can basic systems make it harder to operate efficiently, but they can even hold businesses back as they start growing, causing expansion opportunities to be missed.
It isn’t uncommon for small and medium-sized manufacturing companies to use several different systems and applications to operate their business. Often, they will purchase new applications every time an issue occurs too, rather than simply upgrading their whole system, and these applications won’t all be integrated into one another. Over time, this results in their operating system becoming unnecessarily complicated and there’s a high chance that it will still lack the capabilities they need to improve day-to-day efficiency.
Understandably, manufacturing companies may be concerned about upgrading their software, whether this is due to the cost of doing so or the disruption that getting used to a new system can cause. However, it’s almost always worthwhile upgrading to a single, flexible, cloud-based Enterprise Resource Planning (ERP) system like NetSuite. An integrated ERP solution has several benefits and NetSuite can have a huge impact on your business processes.
Below we have looked into some of the biggest signs that you shouldn’t put off upgrading your outdated system to a modern cloud-based solution such as NetSuite.
As I work from home, I see many field service workers coming and going during the day… from plumbers and electricians to renewable energy consultants to bathroom installers. Recently, I have begun to take a more active interest in their systems. Are they using a clipboard, a phone, laptop or tablet? It’s amazing how much information you can gather by just observing.
Would it be fair to assume that the companies with the clipboards and the pens are not as professional as the companies with all the technology? I’m not sure I can leap to that conclusion just from my small amount of observation, but there are definite benefits that companies can derive by having the most efficient tools at their disposal.
I hope you find this article interesting and be sure to download our field service management checklist below.
When they first start out, many businesses use a cheap and cheerful accounts package. This package will help them to capture customers and suppliers, raise invoices, chase debtors, see banking transactions and meet their revenue obligations. Whilst small accounts packages can be great to get businesses started, as they grow and transaction volumes increase, complexities start to raise their heads.
Having a suitable inventory management solution for your business is incredibly important, especially in these times of supply and personnel uncertainty. More and more warehouses are moving away from time-consuming manual inventory processes and investing in technology that can help them better position their business for success.
If you currently use spreadsheets to manage inventory, there is a high chance you frequently find yourself with stock levels that are too high or too low and you have to deal with stock counts that don’t align with what’s really in your warehouse. When you implement the right inventory management solution, you can minimise manual work, streamline day-to-day operations and improve efficiencies. This, in turn, will help you to overcome common challenges faced by businesses, adapt to future changes and achieve your goals.
To run projects efficiently, you need to ensure your costs and revenue data are working in harmony. Centralising data and having real-time project and financial performance metrics can be undeniably beneficial, and it can help you to keep track of all project costs. NetSuite solutions, such as NetSuite SuiteProjects, can assist you with both project management and revenue management, providing you with a centralised solution where you can effectively capture costs and automate billing processes.
Below we have explored how project-based organisations can use NetSuite to keep tighter control on project costs from the moment an opportunity is identified, through to its final delivery.
Among the challenges facing renewable energy (RE) companies that are manufacturing, installing, or servicing renewable sources such as wind turbines or solar panels, keeping costs down is at the top of the list. From a broad perspective, installation costs for RE businesses can be grouped into two categories: hardware and soft costs. Hardware costs are self-explanatory, including the cost of components required to harness energy—solar panels, converters, wind turbines, hydropower or biomass processing equipment, and more. Soft costs include labour, sales and marketing expenses, permitting and inspection fees, and other associated administrative costs.
When choosing an ERP solution, you have the option of on-premise systems and cloud systems. Whilst traditionally, on-premise ERP solutions were able to help businesses overcome operational challenges and streamline processes, nowadays cloud-enabled solutions are becoming much more popular to implement, especially amongst technology-driven businesses.
Whilst FinTech companies use innovative products and technologies to make financial services more efficient for their clients, it isn’t uncommon for lots of FinTechs to still use legacy software and spreadsheets themselves. The right ERP software can transform the day-to-day operations of any FinTech company and help them to overcome many of the challenges faced across fronts such as profitability, risk management, compliance and even recruitment.
