Cool and Agile Ways NetSuite Helps You Scale as Your Business Grows (For Industries as Diverse as Design, Renewable Energy, to Pet Food Retailers)
In October last year, NetSuite founder and executive vice president Evan Goldberg announced new product offerings, while laying emphasis on the key goal: ‘Help customers “power their growth”. Superpowers that made it possible—Automation, Insight, and Agility. With companies growing at an incredible pace, the only way to remove inefficiencies was by removing bottlenecks, like the reliance on manual processes, by switching to a completed automated enterprise. According to Goldberg, the unprecedented data on customers, like sales data, web data, project data, financial data, and shipping data, allowed for sales, service, and collections people, (as well as) project managers, to best serve the customer, and eventually drive lifetime loyalty. While both automation and insight remain critical to your core business, the agility to drive adaptability ensures the business scales at the speed you want it to. Other key features announced at the NetSuite World 2021 that tap into the growing demand in 2022 were:
A) NetSuite SuiteBanking
SuiteBanking ensure companies have more control over their cash flow and a better understanding of where the cash requirements of their business are coming from. With the accounts payable and accounts receivable process fully automated, you can send invoices with ease and pay bills on time, getting rid of manual processes and pain points altogether. The integration with one of the largest financial institutions HDFC, brings fintech into a unified solution where businesses can now access their banking data in one place. With SuiteBanking companies get paid more quickly, are able to track their key financial metrics, plus get insights into all incoming and outgoing transactions. With companies like Square and PayPal, Fintech has already seen a massive growth, leaving room for software support like SuiteBanking for emerging applications!
B) NetSuite Analytics Warehouse
The application is built on Oracle Analytics Cloud and Oracle Autonomous Data Warehouse, helping customers gain insight into new revenue streams, focus on real-time reporting, plus, bring in better third-party analytics. With pre-built metrics and KPIs, you also have third-party analytics that come from various platforms like Salesforce, Dropbox, Google Analytics, and other 25+ prebuilt connector platforms on NetSuite itself.
C) Developer Tools for Sandbox to Production
Key areas to keep a tab on as your business grows
1. Transaction Line Volume: Every business, depending on the peak season of selling experiences a fast-paced growth with high order volumes which can sometimes delay processing orders. This can usually lead to bottlenecks like slow website loading and browsing errors, as well as delays at the back end, potentially leading to lost orders. In order to better comprehend where exactly your monthly transaction line sits, your software solution must give your administrator and users visibility to see when transaction limits are being approached, along with detailed overview and report of the metrics before it piques.
2. User visibility: How users are supported in an environment has a direct impact on responsiveness of applications. Significant delays can be experienced like slowdown during running reports, leading to inconsistency, plus ordering and billing delays due to higher resource demand. When you gain access to a simple user visibility report you are able to check off licenses that you can proactively see as you reach your user threshold.
3. Concurrent web services: When you set up too many operations, file import jobs or scripts, this can lead to a load on system performance. However, when you don’t have a higher concurrency limit, operations can become delayed across the entire system, which in turn can lead to lower efficiency and productivity. In order to not suffer any setbacks, it is important to equip your solution with application checks that determine the health of your application. Some checks to keep in mind are page load time and summary details, processing monitoring, and web services analysis that can be useful for troubleshooting.
4. Optimize NetSuite to how your business grows: With NetSuite users can scale database to meet growing demands of NetSuite users and deliver additional level of resources which maybe needed to maximize productivity by enabling key service characteristics like maximum monthly transaction lines, number of users, concurrency levels and file storage capacity. Administrators on NetSuite can take advantage of prebuilt analytics that detail data usage in real-time, while the Application performance SuiteApp gives visually interactive performance data that helps gauge overall health of your account. Pretty straight forward to navigate you can easily upgrade your service level, process more monthly transactions and integrations, while handling more users and file storage. Troubleshoot any discrepancies during peak periods, reduce delays and maintain consistent user experience within NetSuite!
Examples of Companies that have benefited from NetSuite
Modsy: An online interior design service, Modsy uses a lifelike 3D version of your space that helps you customise your room virtually, and instantly enhances your living space. Additionally, it also manages order and delivery of physical items that make way into your home. This complex hybrid model that requires thousand of inputs uses robust software enterprise solution, powered by NetSuite. Delivering on average millions of 3D design renderings a month, it’s the ease of use that has made the agile software technology the go-to choice for the design company.
PetShop.co.uk: Founded by University graduates working in investment banking in 2010 (post the Lehman Brothers collapse and financial crash), PetShop.co.uk quickly grew to be known for quality pet food over the years. Steadily building the brand online, offline, and on Facebook, the early adoption of Oracle NetSuite in 2015 proved to be a key turning point for the business. During the pandemic, the growing demand by new customers was supported by the enterprise resource planning software that not only boosted productivity but improvised efficiency massively. The reliance on technology made it possible for the company to handle a high demand without putting a strain on the staff.
Powerhome Solar: The renewable energy company headquartered in Mooresville, US, has continued to grow at a rapid pace since 2016, with its 2021 revenue touching $670 million. When the renewable energy firm started in 2017, its revenue was $35 million and projected to reach $1billion in 2022. While Powerhome Solar was using QuickBooks to manage its financials, it sought out a platform that could keep up with the scale of the growing business. In order to achieve flexible integrations with Salesforce CRM (customer relationship management) system and accelerate automation, the need for an enterprise resource planning (ERP) platform became imperative. That’s when NetSuite’s agile and automated software steered the wheel, becoming a significant driver for change. Not only did the NetSuite ERP reduce closing time, but it helped in better management with increased automation.