Why Are Omnichannel Retailers Adopting Cloud Financial Solutions to Accelerate Growth?

Relying on a patchwork of simple general ledger solutions, online store and warehouse management applications, and customer support systems, growing businesses are unable to efficiently operate complex business processes spanning various domains (such as financial management, revenue management, fixed assets, procurement, order management, billing, inventory management, service delivery, etc.), nor can they gain the corresponding business growth and process support.

In response, a unified integrated cloud system is a better solution. However, the problem is that many companies may not be able to discern whether manual processes, errors, and the lack of real-time data and visibility needed for important decisions, brought about by complex applications, are severely limiting business development.

Recognize the Signs of Constraints and Bid Farewell to Inadequacy

Here are five signs that indicate a company's development is severely constrained by complex applications:

· Difficulty in obtaining real-time insights into the actual operations of the entire enterprise. Most systems are designed with a rearview mirror perspective, suitable for a time when businesses could wait until the end of the month to gather the data they needed. But times have changed, and as businesses grow or expand to new locations, the volume of information that needs to be exchanged increases dramatically.

· Manual processes for entering and verifying data in systems. In today's "right now" internet age, it is very frustrating for suppliers, customers, and business managers to wait while information is manually copied and transmitted between incompatible and poorly integrated systems.

· Employees miss sales opportunities due to the inability to quickly obtain relevant information on demand. The new standards of shopping experiences set by e-commerce mean that customers expect to see real-time inventory and confirm delivery times at the time of order placement, and to be able to call customer service minutes after placing an order to add other items. However, limited system capabilities or the use of multiple systems cannot provide this level of real-time response. When competitors are already responding swiftly to customer needs, businesses can no longer afford to muddle through.

· Most accounting work is done outside the financial system. Typically, standalone financial systems can only automate a limited set of core accounting functions, which to some extent restricts business operations. As businesses grow and develop, they can only adjust their business processes according to the system, not expand the system to adapt to business development. When the number of customers, suppliers, or inventory items exceeds the actual processing capacity of the system, it will completely fail.

· Enterprises spend too much time considering technical issues and have no energy to focus on business results. Each time a new layer of business software is added, the underlying system infrastructure becomes more complex and rigid, and the high maintenance costs of early investment in software and hardware cannot keep up with the pace of technological innovation.In response to all the above phenomena that constrain the development of business systems and applications, Oracle NetSuite's cloud business solutions are always at the forefront of technology, a more novel and vibrant business management system that does not require companies to invest in the maintenance costs of the underlying technical layer to obtain a full range of native flexibility and agility, while also capturing opportunities in the fierce market competition and taking the initiative with advanced business automation technology and powerful application tools.

Cloud Implementation Excellence in the Retail Industry

For small businesses, as they gradually grow and expand, it is inevitable that they will need to replace the "tangled mess of complex applications" with new solutions. However, there are many paths forward, so how should they choose? The following best practices can help businesses smoothly start their journey to the cloud:

1. Reduce the burden on limited IT resources. Companies often have limited IT resources, and cloud solutions not only eliminate the need to maintain in-house hardware and software but also enhance mobility, allowing employees to access applications anytime, anywhere, from any device. Moreover, cloud solutions are highly scalable, allowing businesses to upgrade systems without investing in significant technical capital or additional resources.

2. Deploy a complete suite. Currently, many businesses decide to move away from the "tangled mess of complex applications" and start adopting an integrated product suite. A unified cloud platform not only spares businesses the hassle of piecing together different solutions but also makes data management easier—all information is stored in a centralized database, eliminating the need for duplicate data entry. Finally, a suite of solutions allows businesses to start from the basics and quickly add application functionalities step by step, such as new revenue management requirements and recurring billing.

3. Invest time in understanding business needs and key business requirements. Before choosing a cloud solution, businesses should gain a deep understanding of their operations and key business processes. However, most companies often consider this a waste of time and money, ultimately selecting the wrong solution.

4. Partner with providers for data migration support. Regardless of the platform chosen, it is essential for businesses to select a suitable partner to perform data migration and pre-launch checks and adjustments, ensuring a correct transition to the new system according to their specific business process needs and goals.

We have discussed the various shortcomings and defects of standalone financial applications in the above text. If your business is experiencing any of the above growing pains, it is time to consider switching to Oracle NetSuite's cloud products and services. Migrating to Oracle NetSuite not only helps businesses improve operational efficiency and benefits, enabling rapid development, but also empowers employees to respond to customer and organizational needs in real time.