First: Why Cloud ERP?
Enterprise Resource Planning (ERP) has become a synonym for efficiency. The business trend is to use ERP as a one-stop solution hosting all business data spanning across multiple and disparate business functions from supply chain and manufacturing up to finance and accounting. It comes as no surprise then that the ERP system is often dubbed as the single version of truth for a business.
But why NetSuite? NetSuite is one of the fastest adopted business systems in the world. It is a unique and easy-to-implement solution which seamlessly integrates business needs including e-commerce, warehouse management, project management, finance and accounting. It’s a simplified and actionable solution easy for both small and big companies to adopt without the hassles that come with an on-premise ERP.
The main advantages of implementing a cloud ERP system such as NetSuite over an on-premise ERP include:
- Rapid implementation – NetSuite provides implementation times as low as 100 days
- Reduced investment – No need for desktop computers, servers and IT infrastructure
- Lower operating cost – No need for storage space, maintenance staff and upgrades
- Ease of access – Access real-time data from any device on any platform atany location so long as you have a working internet connection
As per Gartner’s report, almost 47% of the businesses are planning to switch to Cloud from their current ERP system in the next five years, and the revenue of cloud market is expected to grow 22% by the end of 2018
RPA: The New Workforce
Competition is high in today’s world. Companies have come to realize that spending money on marketing to improve their profits and to stay ahead of the competition is not the only way to sustain themselves. Irrespective of the size, businesses have started leveraging the latest technologies to remain a few steps ahead and consequently improve profits.
Companies are constantly looking to automate their processes to save time. Automation also helps reduce errors and maintain compliance, thereby, saving costs. Automation software usually uses standard API’s or SFTP batch entries to interact between multiple systems. However, there are many systems in the market today which are not designed for such technology and companies end up employing people to do the job. This is where Robotic Process Automation (RPA) comes in. RPA utilizes a software bot designed to eliminate the need for a human workforce and can execute the task in an automated fashion.
Some of the capabilities of RPA include:
- Programmed to execute a set of repetitive rule-based tasks following easy-to-understand logic
- Recognition and gathering of structured data from multiple interfaces
- Handling processes exceptions and the reconciliation and reporting of such errors
- Recognition of GUI and creation, update and deletion of records in ERP and CRM applications
Some of the benefits of RPA include:
- Cost effective – It has been estimated that using RPA cuts operational costs by as much as 20-40%.
- Better ROI and increased employee productivity – An employee used to perform such tasks can be utilized to concentrate on their regular day-to-day activities
- Increased quality and accuracy – One-time setup leads to the elimination of human errors
- Improved compliance
Automating the Mundane
Many companies have the best of ERPs in place but, even the most experienced of employees can make mistakes in data entry and filing. These mundane tasks can be fully automated with the help of RPA. This results in the elimination of errors and a high standard of compliance isassured.
Some of the examples of tasks in NetSuite which can be automated using RPA include:
- Order entry from email/other enterprise systems
- Case creation for POs which have exceeded the receive by date
- Invoicing of orders etc
By utilizing RPA with NetSuite there is an immediate cost saving benefit. Completing tasks faster, more accurately and with greater visibility of the entire business structure helps companies to perform their operations at a fraction of the cost which results in an improved ROI.