Focusing on the bottom line - how early-bird cloud ERP adoption saves SMEs time and money

While your business may be familiar with Enterprise Resource Planning (ERP) solutions, it may not be something you’ve explored as part of your holistic, long-term strategy and probably not as a solution that could save your business time (and money)! The truth is that many SMEs assume that enhanced cloud software is reserved purely for complex, global, fast-growing organisations; with capital available to invest in driving company-wide efficiencies via such platforms, this may have been the case for such corporations once upon a time. Yet systems have since evolved to become more versatile, scalable and affordable than ever before – developed, in many ways, to help small businesses specifically reach their potential. Cloud solutions like Oracle NetSuite – especially when they are designed and implemented by expert partners like BrightBridge – become the more cost-efficient purchase for SMEs to consider as they re-evaluate their roadmaps.

There are a number of ways businesses can benefit from adopting a cloud business management solution, before it comes to the unhappy realisation that it truly needs one to operate well! With many SMEs having accelerated their digital transformation plans so as to futureproof their offering, we discuss why getting ahead of the game can also make a difference to the bottom line – and why adopting NetSuite early within the lifecycle of a business can facilitate efficiencies that lead to growth.

The early bird catches the worm

So, why now and not further down the line? With so much to juggle during the early years, why should your business prioritise the implementation of cloud ERP sooner rather than later? Not only can such solutions enhance productivity for SMEs, but – when adopted early – software like NetSuite can create the most tangible visibility transformations; in a recent NetSuite customer survey, as many as 70-90 per cent of current users reported improved 360-degree business visibility and actionable insights as a result of early adoption. Later implementation, while still effective, can prove more time-consuming due to increased scope, and more costly due to increased complexity (from additional headcount to more manual processes). This leaves businesses with less time and less money post-purchase should they wish to delay. Equally, waiting for the time when financial and operation data silos are unmanageable means control has already been lost, and businesses will likely be haemorrhaging profits.

Bottom-line benefits for early adopters

Reporting an increase in operational efficiency, 63 per cent of NetSuite users have indicated that early adoption of the solution can provide long-term savings for SMEs as a result – helping leaders drive change in key areas of the business when needed the most. From swifter implementation to saving the company (and its workforce) precious time, SMEs can enjoy further benefits should they wish to embrace cloud ERP as part of their DNA from the outset. Here’s just a few ways businesses can reap the rewards:

Rapid implementation

With 60 per cent reporting faster go-lives, smaller companies adopting NetSuite early can benefit from a more streamlined design and implementation period, with benefits made available sooner; from eliminating manual processes to gaining improved visibility over supply chains, for example. When the initial execution graft is done, solution features, users, new subsidiaries of the business, or operational countries can also be added in a matter of days, with no break in ‘business as usual’.

Cost-effective

Reduced complexity, a smaller scope, and less data migration – just three of the reasons early adoption can significantly alter the cost for SMEs wishing to avoid a bigger price tag. Businesses need only purchase what they need at a lower cost – only paying for the functionality and number of logins that are required during the earlier set-up phase. Without being dependent on an internal IT department, hardware and maintenance costs are also reduced, with functionality and security updates occurring seamlessly twice a year. In addition, annual revenue improvements were reported by 31 per cent of respondents as a result of adoption in advance, while – broadly speaking – implementation costs were also reported by nearly 20 per cent of current users as being significantly less – a saving only made possible through prompt adoption.

Total cost of ownership (TCO) is also a staggering 77 per cent less when compared with on-premises cost, yielding substantial economies of sale; similarly, when compared with on-premises and hybrid or hosted cloud software, Gartner detailed in its ‘End of Software’ report that: “Customers can spend up to four times the cost of their software license per year to own and manage their applications.”

Time saving

With time being a precious commodity for smaller businesses, 70-80 per cent of current NetSuite users indicated a reduction in reporting time and resources – paired with a staggering 75-90 per cent stating a faster monthly close. For this reason alone, it’s easy to see why cloud ERP can be so valuable for SMEs wishing to free up daily resource so as to fast-track their growth plans. Over a third of respondents said NetSuite saves them time by banishing the majority of resource-draining manual processes, but with real-time performance monitoring and powerful analytics, agile decision-making can help drive improvements at a more rapid pace.

Recently endorsed with ‘Leader’ status in Gartner’s Magic Quadrant once again, the broad and expanding ecosystem of Oracle NetSuite continues to prove its global presence across a wide range of industries for businesses large and small – with reduced implementation time via SuiteSuccess also highlighted within the report. Paired with the added benefit of functionality that scales, NetSuite is designed to support SMEs re-adapt and re-adjust their priorities as they grow. With a flexible, more tailored approach, NetSuite empowers businesses to drive these efficiencies so as to best meet the ever-changing needs and expectations of customers.

If you’d like to learn how NetSuite could work for your business, our trusted team of NetSuite experts would love to hear from you. Get in touch today via our contact form or call 0330 133 5000.