Choosing an ERP system for service companies can be a major challenge because these companies have highly leveraged business models to rapidly grow their revenues and profits; however, they can be among the most difficult organizations to transform and change.
Currently, the economy is characterized by globalization, political instability, and avid technological development and innovation, which means that service companies must constantly adapt and change to stay ahead of their competition.
Current challenges for service companies
Today, service organizations are expected to provide more flexible, consumption-based business models to meet the changing needs of their customers.
Companies must allow their customers to choose and pay based on need and usage, which can lead to a huge operational challenge.
These pressures are reshaping the organizational structure of companies, and these companies are increasingly eager for tools that can help them better understand their business, their operations, and their problems, in order to act efficiently and strategically in decision-making.
Service companies focused on progress and innovation are creating business models that disrupt the current market status quo.
The importance of service companies in Brazil
The service sector currently represents almost 70% of Brazil's GDP (Gross Domestic Product) and is considered the country's largest employer, according to... IBGE (Brazilian Institute of Geography and Statistics).
The Covid-19 pandemic brought numerous challenges to all spheres of society and the economy as a whole. One of the sectors most affected by the Brazilian economy was the service sector; however, there was also a rapid recovery.
The report "Business MapAccording to a report recently published by the Ministry of Economy, one of the highlights is the service sector, which represents more than 50% of the companies opened between January and April 2021.
How are service companies dealing with current challenges?
Service companies are licensing their intellectual property and diversifying and expanding their revenue streams with new offerings and recurring revenue.
Today's service companies are looking for ways to expand and grow their businesses:
- Simplifying business operations
- Establishing multiple business lines and revenue streams
- Increasing efficiency
- Expanding geographically
- Acquiring companies
- Licensing Products
- Offering managed services
The importance of a modern ERP system for service companies.
We know that the challenges facing service companies in Brazil and around the world are numerous and growing every day.
For efficient management, companies need access to reliable, real-time information for decision-making. This is only possible with the use of a modern and agile ERP system.
How can Oracle NetSuite help service companies with today's market challenges?
The benefits experienced by organizations using Oracle NetSuite include:
- IT costs reduced by 50% or more.
- Accelerated financial closing by 20% to 50%
- Reduction of the sales cycle/billing by 50%
- Reducing audit preparation time by 50%
- Reducing billing costs by 25% to 75% (Operational Effort)
- Reducing the accounts receivable turnover rate by 10% to 20%.
More benefits of Oracle NetSuite?
Financial resources
A wide range of financial and global resources designed for modern businesses, enabling clients to streamline their business processes.
With Oracle NetSuite, the company gains greater visibility into its financial data in real time, controls become more refined, billing is more accurate, revenue streams are optimized, and financial and accounting closing is centralized and compliant with all regulations.
Accessibility
Created for modern businesses, cloud-based, available for mobile devices, and featuring social capabilities, Oracle NetSuite eliminates the need for additional systems for web access.
Dynamic and easy to use.
Oracle NetSuite offers a dynamic and easy-to-use platform designed for all users in a global organization, accessible from any device at any time.
scalable
Highly scalable to keep pace with company growth, capable of adding features quickly and easily, keeping up with the rhythm of the business.
It also offers international features, such as support for 190 currencies, 27 languages, and automated tax compliance in over 100 countries to boost global business expansion.
Wide range of services
It offers cloud-based financial management, e-commerce, CRM, HCM, and professional services automation for all organizations, from small and medium-sized businesses to global organizations with complex processes.
Structure
One of the great benefits of Oracle NetSuite is its modularity, allowing it to be implemented as needed.
To help growing businesses, Oracle NetSuite can be deployed in modules, according to the company's needs and/or available budget at the time.
Available for global organizations
NetSuite OneWorld is scalable for global businesses, providing complete management of multiple subsidiaries and support for a wide range of local accounting standards.
Companies using Oracle NetSuite can access the same chart of accounts across multiple subsidiaries or use separate charts of accounts for each company within the same instance.
Customer Relationship Management (CRM)
Oracle NetSuite allows companies to automate processes and manage CRM activities across multiple divisions and subsidiaries. (Include link: https://activecs.co/crm-e-erp-qual-a-diferenca/)
It provides comprehensive management and visibility across every aspect of CRM, including marketing campaigns, sales opportunities, forecasts, customer service, partner management, and more.
Services Resource Planning (SRP)
Oracle NetSuite offers the only solution for project- and product-based enterprises that combines sophisticated ERP functions and professional services automation to meet the business requirements and needs of product and service companies in a single system.
Oracle NetSuite's SRP automates accounting and project management, resource tracking, timesheets, and expense tracking.
This module offers advanced functionalities in sales, service management, and finance that reduce workload, increase project delivery timeliness, improve invoice accuracy, simplify revenue recognition, and increase visibility in service organizations.
SuiteCloud platform
Oracle NetSuite's secure and scalable SuiteCloud platform provides the customization and extensibility that make Oracle NetSuite the ideal business management system for your current and future needs.
SuiteCloud is a cloud platform that offers a wide variety of applications and development tools and provides the necessary infrastructure for the modern enterprise.
It includes APIs and an integrated development environment for developing applications on the platform.
With SuiteApps, customers have access to an online marketplace of integrated, value-added cloud solutions that power specific business processes and meet industry-specific needs.
Oracle NetSuite caters to various sectors in a customized way.
Oracle NetSuite offers out-of-the-box functionality that meets and adapts to the diverse requirements of various sectors of the global economy.
Oracle NetSuite is the only ERP system with the depth, scope, and functionality to meet the needs of the most diverse market segments.
From global software companies with advanced revenue recognition needs, manufacturers or retail distributors with distributed production and inventory, professional services organizations with diverse resources and billing in multiple currencies, or a retail company with diverse channels.
Oracle NetSuite encompasses solutions for software companies, wholesale distribution, professional services, advertising, manufacturing, non-profit organizations, commerce, media, and retail, offering the broadest range of solutions to manage the entire business in a single package.
With Oracle NetSuite, it is possible to:
Easily scale:
Oracle NetSuite provides the agility, flexibility, and scalability that businesses need to drive innovation and... growth in today's challenging market.
Gain a more complete view of your business:
Oracle NetSuite has integrated business intelligence, offering real-time information on key business indicators, thus providing a unified view of the organization.
Preparing the organization for the future:
With Oracle NetSuite, companies don't need to worry about version locks, allowing them to improve agility with always-updated solutions that accumulate all the customizations already made to support their business.
Conclusion
With the increasing competitiveness of today's market, for companies to become more agile, it is necessary to have a modern and agile ERP system that allows access to up-to-date information in real time.
Why choose Oracle NetSuite?
With over 21.000 customers and subsidiaries using Oracle NetSuite in more than 200 countries, internationally recognized brands entrust their businesses to Oracle NetSuite and are bringing financial and operational processes to the cloud with agility and quality.
In addition to having access to a wide range of financial and global resources designed for modern businesses, enabling clients to streamline their business processes.
Want to learn more about how Oracle NetSuite can help your company be more competitive in today's market?
We are Active Cloud Solutions, the leading Oracle NetSuite partner in South America, with the largest number and most complex implemented Oracle NetSuite ERP projects.
Shall we schedule a virtual chat?
