5 Ways Cloud ERP Helps De-Risk your Business
Cloud ERP - What is it?
Cloud ERP is an abbreviation of ‘Enterprise resource planning’.
We could talk about cloud ERP all day, but here’s what it is in summary:
An online business suite that enables your business to be run in the cloud, all from one place. Your processes, tasks, and functions are all operational from your device. From Financial Management all the way to Marketing.
Cloud ERP enables your business to have full real-time visibility on everything that happens in your organisation. ERP software integrates and automates essential financial and operational business functions and provides a single source of data.
Cloud ERP Helps De-Risk your Business
Moreover, cloud ERP such as ‘Oracle NetSuite’ (#1 Cloud ERP) is enabling businesses from all industries to scale while mitigating risk through automation, greater compliance, and forecasting analytics. Below includes an in-depth insight into 5 ways Cloud ERP can aid in alleviating business risks:
1) Enhanced Compliance
Heightened compliance is adhered to. Electronic data handling laws are continually progressing; ERP technology can help your business meet these pressures by providing enhanced control to the user.
This is done by minimising human errors through automating recurring tasks and retaining a full system note audit. Thus allowing the user to thoroughly check all compliance requirements, with visibility of the company’s entire end-to-end process. Oracle NetSuite is the #1 Cloud ERP and its’ GRC (Governance, Risk, and Compliance) solution is best-in-class.
NetSuite’s GRC addresses the concerns of corporate governance, enterprise risk management, and efficient corporate compliance, equipping the user with the tools to deal with the progressively intricate GRC regulatory compliance obligations associated with technology.
2) Streamlining Billing Cycles
ERP software can also streamline complex billing cycles such as a recurring billing model. Functionality such as customised workflows enables this process to be configured in the back end of the system, reducing user input and thus, minimising errors.
This also allows the user to progress to an on-demand billing system. Through easily accessible navigation, your employees can view real-time data displaying any overdue invoices and thus ensure no transaction is missed.
This process is associated with NetSuite’s SuiteBilling module, which assists in streamlining billing procedures, delivering real-time visibility into billing and financial impacts.
3) Increased Forecasting Accuracy
Streamlining data through utilising ERP immensely enhances a user’s overall view of the current status of their business in many aspects.
This is ultimately achieved through combining business intelligence and projection analytics to enhance forecasting predictions and thus maximising risk management, namely through NetSuite’s PBCS.
PBCS (Planning and Budgeting Cloud Service) focuses on integration planning, budgeting, and forecasting with highly flexible deployment options. This software accelerates both company-wide and departmental financial planning with modeling facilities, approval workflows to suit dedicated approval routes and detailed reporting. This ensures maximised management, prioritisation, and planning for capital expenses, while also considering workforce development and associated expenses. This includes factors such as headcount, salary, and compensation planning by positioning the company’s priorities alongside those of the workforce.
4) Revenue Generating Opportunities
As ERP systems ultimately allow a business to streamline all of their processes on one platform, this uncovers opportunities to generate additional revenue that may not have been feasible in instances where a majority of time is spent entering figures into spreadsheets and constantly transferring these into multiple systems. This is the case for most businesses that don’t operate in the cloud yet.
This allows the company to use this data as a strategic advantage as opposed to solely for record-keeping, thus enabling these figures to be acted upon to ultimately generate profits. This encourages the company to scale and reduces the risk of halting growth, primarily due to lack of innovation and progression in investing in an ERP software that promotes scalability.
Revenue can be managed within NetSuite through the Revenue Recognition module, which automates revenue scheduling, allocation, and reporting. Revenue Recognition Scheduling will automatically identify revenue in the applicable period or revert the figures to deferred revenue, based on the schedule associated with individual sales elements, which is also feasible for multi-currency transactions.
5) Vendor Management
ERP allows for improved supplier relationships, in that the software can provide an insight into any possible disruptions or delays that might occur within the supply chain, which will ultimately impact the end customer.
ERP software also enables a company to minimise risk by providing a comprehensive analysis of your suppliers’ performance for improved optimisation of risk calculation.
This is further implemented through NetSuite’s Vendor Management, where vendor records are easily accessible and automatically tracked against their performance, in that purchasing managers can easily access relevant data and keep supply chains on track through observing key KPIs including cost, defect rate, and on-time delivery percentages.
3EN is one of Europe’s leading NetSuite partners. NetSuite is the #1 Cloud business software, utilised and trusted by over 28,000 customers.
In our implementation projects, we have a 100% success rate across 200+ projects. Moreover, our 10+ years experience has enabled us to develop over 2 million hours of experience in cloud ERP across 52 countries.
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