Tapping Cloud-based ERP Solutions to Capture Global Business Opportunities
Key Highlights
Global businesses face many challenges when trying to manage subsidiaries and operations in different parts of the world, including managing new operational and financial risks; dealing with multi-currency issues, country-specific tax requirements and regulatory concerns; and getting a clear, 360-degree view of the business. Cloud-based ERP solutions provide real-time visibility into operations and financial performance; provide a single, automatically upgraded instance of software for all to use; and can allow firms to preserve existing on-premises investments while launching new cloud-based subsidiaries. Even with cloud-based ERP solutions, global companies need additional functionality to meet more complex geographical, management and financial consolidation requirements. “Must-haves” include accurate multi-currency exchanges; faster and easier financial consolidation, ease of deployment, use and management; built-in knowledge about local tax requirements; and the ability to tailor the solution. Businesses of all sizes can manage multiple subsidiaries, business units and legal entities from a single NetSuite account, helping them close their books faster and more accurately and make better business decisions. At the same time, they can provide complete local control for each division without the need for local IT staff or hardware. By allowing global companies to concentrate on the “business of the business,” rather than worrying about the mechanics of financial management and operations, companies can achieve rapid ROI and often grow revenues significantly with only minimal headcount increases.
