Enterprise resource planning or ERP software provides businesses with a range of features and benefits. An ERP system can include financial management, financial planning, production management, and procurement.
Given the importance of enterprise resource planning, it comes as no surprise that several businesses are using tools like NetSuite ERP and even NetSuite CRM+ to improve efficiency within the organisation.
However, it is fair to say that organisations are spoilt for choice as there are several cloud ERP software to suit small to large scale businesses in various industries. Organisations may thus have a hard time choosing the right global ERP system for their business.
When choosing an ERP or CRM system for your business, there are many factors to consider.
A global ERP system allows multi-company organisations to streamline and standardise operations across multiple geographies, divisions, and departments. Since a global ERP system is used by organisations with companies based in multiple locations, there is a need to decide on how financial items of the different subsidiaries are combined.
A global ERP system will take the challenges of financial consolidation into consideration and provide two approaches that a business can choose from. One results in a fully integrated model where a single instance of the ERP system is run by multiple locations and subsidiaries.
However, a business can also opt for a regional model, where the regional businesses run their separate ERP systems and provide consolidated finances to the head office. While this approach can be carried out using a cloud ERP, one of the challenges that a business may face is an increased risk of reconciliation errors and reduced productivity and efficiency.
A multi-company organisation that is based in different regions will have to consider various legal frameworks, taxation regimes, and different currencies. The financial reporting regulations may also differ depending on the location.
The right global ERP system for your business will take these differences between the subsidiaries into consideration and cater to the requirements that can arise due to these differences. For instance, a cloud ERP for a multi-company organisation may automatically address regional differences and update responses to align with these differences.
An enterprise resource planning or customer relationship management system like NetSuite ERP and NetSuite CRM+ will also consider the various regulations in place, ensuring compliance to regional regulatory and legal frameworks.
Financial management and financial planning are some of the features of the cloud ERP system by NetSuite. However, other features include supply chain management and warehouse and fulfilment. These features point to the need for streamlined and standardised operations through a global ERP system for a multi-company organisation.
This can include customer relationship management or e-commerce CRM as well. NetSuite CRM+ streamlines lead-to-cash processes, elevates productivity across the organisation with a 360-degree view of customers, improves sales performance through forecasting, upsell and commission management, and helps the business manage global sales and services organisations.
Features like this address the need for standardised processes within a multi-company organisation and are something you need to consider when choosing the right global ERP system for your business.
A global ERP system or cloud CRM solution must allow for some level of customisation so that the software caters to the unique requirements of the organisations. Customisation must consider industry requirements, business objectives, and the location of the business.
This customisation must be complemented with scalability. Your organisation may have plans to expand and grow over the years and it is important that the cloud ERP system you choose can grow and expand with your business.
Scalability of a global ERP system can include a centralised system with customisable instances for new business interests and business processes in new locations that are easy to establish. What is important is that the ERP system you choose can accommodate new subsidiaries in different locations and regions.
If you already have a local on-premises ERP system but want to shift to a global cloud ERP system, you may have concerns about how the two systems can coexist, especially until data from the old system can be shifted completely to the new system.
In a situation like this, the right global ERP system for you may have two-tier implementation which allows the business to keep the old system while introducing a cloud ERP system or cloud CRM solution to the subsidiaries.