Modern business operations management needs to be timely and decisive. Whether it’s CFOs demanding up-to-date financials and accounting data, or team leads needing customer data for their department, the right business software needs to gather and deliver this information.
Yet, with the different software options both on-premise and in the cloud, organizations still face the challenge of managing and updating each independent software across different departments.
To effectively manage business operations and reduce human errors, enterprise resource planning (ERP) systems were developed. Today, most enterprises use ERPs to automate business processes, manage inventory, and promote organizational growth.
But as companies expand through joint ventures along with mergers and acquisitions, they need to integrate their entire ERP system with the operating system of their headquarters. This process can quickly become complex, time-consuming, and expensive due to the number of systems and data already in place.
This is especially true for companies with extended international subsidiaries. A fragmented system leads to disconnected processes that could tank your productivity and profitability. However, with a global ERP system, you can connect your different departments and streamline your processes.
Streamline Your Processes with a Global ERP System
Global ERP systems eliminate fragmented processes and manual systems of integration. Gone are the manually-intensive and spreadsheet-based reporting that international and multi-organization enterprises had to rely on. Today, global companies can standardize and streamline their operations across their various multiple geographic locations, departments, and divisions.
Because a business is only as profitable as the processes that support it, you need more efficient ways to operate. Thankfully, a global ERP system can streamline your entire business. Everything from supply chain and inventory control to customer relationship management (CRM), to financials and accounting.
Implementing a global ERP system can seem daunting. But connecting your existing business software to your existing operating systems under a single integrated platform can bring lasting benefits. Here are some situations where you may want to upgrade to a global ERP system.
You Have Duplicated ERP Systems and Resources in Several Countries
If you operate in different countries with multiple subsidiaries, then you’e familiar with the issues that come with running separate ERP or point solutions. Without a standardized way to handle tasks like inventory management and accounting, each location will be doing things slightly differently.
With a global ERP system, your essential business processes become standardized and streamlined. This means c-level executives and stakeholders can have a single transparent view of the entire enterprise across its subsidiaries and locations. Business information can be managed by fewer teams and flow faster through the business. With this visibility, executives can make quicker and better-informed decisions.
You Struggle with Multiple Taxation and Legal Environments
Different countries have different government policies, which affect tax rates and financial reporting requirements. Even a minor relocation of one of your business subsidiaries can have an enormous impact. But keeping up with local changes can be challenging.
What might take a person hours or weeks to do, such as scheduling multiple tax payments, updating currency conversion rates, and updating regulatory requirements can be completed in seconds with a global ERP system. Because a Global ERP system automates many of these processes, your business can avoid future legal issues that may come up due to unseen changes.
You Manually Reconcile Financial and Accounting Information for Global View
If a local branch’s accounting data is isolated from the financial system databases of other locations, that branch must manually reconcile and roll up their data for global view. This old method is increasingly unreliable due to the high risk of human error and the complex process involved in sending reports from different locations with complex and differing regulations.
An integrated global ERP system can automatically consolidate your financial and operations data. Without the use of complex spreadsheets and manual data transfers, the risk of human error decreases. With one set of integrated data, your employees have no problem synchronizing account data across multiple formats or languages.
As businesses expand their operations around the world, they have to worry if they are operating in accordance with local regulations and tax requirements. Using a global ERP system consolidates financial reporting, streamlines business processes, and reduces manual labor. Not to mention, human error is less likely.
With more than 22,000 customers and customer deployments in over 198 countries and territories, NetSuite is the world’s most deployed cloud-based ERP system. The NetSuite OneWorld module supports reporting in over 100 countries and supports over 90 payment formats, enabling multi-currency consolidation and real-time roll-up across accounts receivable, accounts payable, payroll, inventory, billing, invoicing and order fulfillment. From local in country operations to the regional offices to global headquarters, NetSuite handles it all.
Here at Kodella, we know how to implement NetSuite ERP and its modules according to your unique needs. As the Oracle NetSuite Partner of the Year, we can help your business deploy or transition to NetSuite’s global ERP.