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Is your technology stacking up for growth?

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As technology companies grow, they often face the limits of their technology stack. Ultimately, you only need to invest in systems that support the needs of your early-stage or single-entity business initially.

Accounting software comes first, then an email marketing platform or customer relationship manager (CRM), then an e-commerce site, and then the software necessary to meet industry-specific functional requirements.

This is known as “application hairballing,” and digital cracks start appearing as the business matures. It may seem harmless at first, but if left unchecked, problems pile up.

  • Data captured across systems remains stubbornly isolated
  • Lack of reliable information hinders data-driven decision-making
  • Basic accounting tools cannot handle more complex tasks, requiring users to use spreadsheets
  • Financial consolidation takes forever with no consolidated view or up-to-date reports
  • The forecasting and budgeting process relies more on guesses than facts
  • Adding new sales channels, product lines, or revenue streams becomes very difficult

Ultimately, the number of workarounds, exceptions, and manual interventions required to successfully run a business will limit productivity and hinder growth.

At this point, hopefully long ago, we should roll out a more sophisticated overall system. It can better support initiatives such as expanding into new markets, launching new products, or completely changing business models.

But how do you decide which system is best for your technology company? Of course, you don’t want to choose another system that ends up being too big. But I don’t know what the future holds for the company, or what features he’ll need in a year or two.

Try this tech stack diagnostic tool for free.

A complete financial management platform such as NetSuite offers a future-proof solution. A cloud-based enterprise resource management suite, NetSuite brings accounting, finance, customer relations, and e-commerce capabilities into a single operating surface. Additionally, the platform itself is highly extensible, allowing you to seamlessly integrate your existing business systems and enhance it with an ecosystem of tools and solutions that evolves at the speed of your business.

Finance process automation

Inaccurate data, missing payments, leaked cash flows – all of this can be avoided with automated billing and invoices. It also enables businesses to recover cash more quickly and reinvest those funds in their growing technology businesses.

Easy compliance

Many businesses continue to rely on manual processes when adhering to compliance requirements. However, these processes are difficult to manage at scale. NetSuite has the ability to replace complex manual processes with automation capabilities to streamline financial processes and maintain robust control. Automation also frees up financial and operational time to refocus on revenue-generating strategic projects.

Reduce technology costs

A cloud ERP, NetSuite costs significantly less than on-premises ERP systems, with the added benefit of automatic updates managed through a multi-tenant “true cloud” model. As a result, a technology company that replaces multiple software solutions with his one instance of NetSuite may pay less than multiple software subscriptions.

Expansion into new markets

Rapidly launch new business models and scale internationally with a platform that removes the operational friction associated with entering new markets by supporting various currencies and languages ​​and complying with foreign regulations To do.

Visibility when scaling

As businesses scale, leaders need accurate, real-time visibility into all operations. NetSuite provides a single source of truth for your entire business. This means knowing every detail of your account, cash flow and orders at any time, with highly configurable analytical dashboards, reports and KPIs that can be shaped to each user’s unique requirements. All of this translates into faster strategic financial decisions and the ability to spot problems early for faster intervention.

An advanced financial management platform like NetSuite provides a holistic and relevant view of a technology company’s operations. From that perspective, any business can achieve its growth ambitions either by expanding its products and services, expanding its geographic reach, or exploring new business and revenue models.

Are you planning an upgrade to your tech stack?

Try this tech stack diagnostic, a free online tool that combines your business and growth goals with the advanced ERP capabilities you need to navigate your next stage of growth.

It will take a few minutes to complete the quiz. A report is then instantly generated that assesses your current system and identifies key functional areas that need to be improved to meet your business goals. The report also includes a visualization of your system’s architecture to guide you to the next level of growth and future-proof your operations for tomorrow.

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