Investing in new Enterprise Resource Planning (ERP) systems can reap instant rewards for businesses, yet many are still reluctant to commit. There are many myths and misconceptions surrounding a move to the cloud, a shift from silos to a single management system and the level of disruption that new technology adoption can bring [edit: even after many businesses have adopted cloud software during the pandemic]. Interestingly and somewhat surprisingly, many businesses that are predicated on using the most up-to-date technologies in a creative way, such as Software as a Service (SaaS) and FinTech firms, are not early adopters of ERP. In part, this is because it is essential for these companies – who are often experiencing fast growth – to be focused on their own systems of innovation, but it is also due to the perceived hassle overshadowing the benefits that a streamlined solution delivers.
The misconceptions of downtime, high costs and customer inconvenience can prevent businesses from advancing, so we’ve addressed the five most common misconceptions about a move to a cloud ERP system like Oracle NetSuite OneWorld.
“My business is too small”
Often company decision-makers believe their business isn’t large enough to warrant an ERP solution. “We’ll invest when we’re large enough and the business has expanded” is a common rationale echoed in head offices across the country. Sound familiar? Fast-growing small businesses need cost-effective, modern and future-proof solutions to support their growth. NetSuite does exactly that. In fact, the size of a business is irrelevant as NetSuite is a global ERP system offering flexibility for any rate of growth. Entering a new market? Then simply add it into the structure. Companies evolving at pace need back office solutions to help unlock their potential; NetSuite enables them to gain greater insights, explore new markets, channels and sales funnels and grow new products.
“My business is running fine as it is”
There’s a valid argument in the case of “our current system isn’t broken, so why fix it?” but relying on antiquated and siloed systems won’t revolutionise or propel a business to help it achieve its future goals. Furthermore, consider the time it takes for certain manual financial processes to be undertaken; moving data from one place to another, manual invoicing, gathering figures from different systems to produce reports. When an experienced solution provider like BrightBridge considers a project, one of the first areas we look at is constructive workflows, automation and needs-based, real-time dashboards. As a company grows, more resource and time is required; but additional resource can be negated with the kind of automation a solution such as NetSuite provides.
“My business can’t withstand the disruption and downtime”
Many firms fear ERP adoption mainly due to the downtime and digital disruption they imagine will ensue, but our tried and tested project management programme reassures our customer from day one. We drill down to understand the company’s needs – not just its wants – and the solution is developed using a waterfall process with Training and rigorous User Acceptance Testing at critical phases. By the time the seamless switch happens, users will be 100% familiar with the system, but our NetSuite helpdesk can always be trusted to assist thereafter. As for downtime, that’s the beauty of a cloud solution compared to on-premise ERP software; NetSuite releases updates twice a year – from new functionality to improved security features – and in depth information is provided in advance along with the date a company’s update will occur. Downtime is a thing of the past and updates are something to look forward to with NetSuite.
“We can’t use an ERP solution because we have internally developed systems we rely on”
Businesses that rely heavily on their own or specialised sector specific systems are often reluctant to install new business management architecture. There is a fear that NetSuite won’t be compatible with their existing software, but the resource, cost and effort required to join up systems successfully is uncomplicated thanks to our partner Jitterbit’s API Integration as a Service (IaaS) Platform. For example, in the FinTech industry there’s particular focus on the compatibility of financial controlling systems and we’re working on the integration of treasury management and proprietary transaction processing software, as well as banking and FX platforms. Salesforce, Zendesk and BambooHR are good examples of ‘must keep’ tools that span many industries, and marrying financial data with information about customers, prospects, staff, and suppliers is a standard practice for BrightBridge. For retailers and wholesale distributors, integrating carrier software into NetSuite – as we have designed and implemented for customers such as Crafter’s Companion – saves time and negates errors. We can ensure the smooth flow of data, whatever systems a firm needs to operate, helping them to find new customers, win new business, and provide better support and services.
“My business can’t afford a switch”
New ERP systems are perceived by some as too great an investment for the return, yet high costs are another misconception. NetSuite’s cloud-based ERP solution has the potential to hugely reduce business costs by removing the need for servers, operating systems and database technology procurement, upgrades and support, therefore streamlining mission-critical business processes, especially as the company grows.
Want to learn more about the benefits of switching to an integrated system at the right time? Read more in our blog post entitled ‘Focusing on the bottom line – how early-bird cloud ERP adoption saves SMEs time and money’.
With the right cloud ERP system like Oracle NetSuite OneWorld and the support of a reputable solution provider it’s easy to see the end-to-end benefits, and how gearing up for growth through streamlined technology is an advancement that should be embraced rather than feared.
With 44% of businesses planning to increase their tech spend in 2020, up 38% in 2019*, thriving businesses should not ignore NetSuite. Don’t get left behind, get in touch with our team today.