August 02, 2024 | Blog

The key to successful growth lies in how strategic, strong, and simple your processes are. The more it simplifies tasks, the faster the result you can get, saving you time and money. It is possible in an ideal business world, but only a few can achieve it successfully. How? Invest in a solution that makes it close to reality and solves your daily operation struggles.

IT Group, Inc. (ITG) has been the leading IT Solution Partner in the Philippines and ASEAN region. With over 20 years of expertise, ITG has been venturing with well-known tech partners, one of which is the #1 Cloud ERP in the market, Oracle NetSuite. But for new leaders in the business who have no idea what ERP is and how it can elevate your operational and business processes, let’s break it down, one pain point at a time.

How ITG and Oracle NetSuite Can Solve Your Pain Points

1. 1. What is ERP?

   2. How does ERP help for your business?

   3. Streamline Processes

   4. Cost-efficient and Cost-effective

   5. Data-driven and Real-time Visibility

   6. Compliance and Regulatory

   7. Data Privacy and Security

What is ERP?

In the Oracle NetSuite article, Ian McCue, Senior Content Marketing Manager, explained that “ERP stands for enterprise resource planning, a term research firm Gartner coined in 1990”. It is a business management platform that centralizes all data, information, operations, and business processes. 

How does ERP help for your business?

Every business wants to get the best out of their investment, and having an ERP solution is a big leap of an investment. But how exactly does ERP elevate business performance? For example, you own a shoe company—one of the biggest and well-known brands in the world. So, in everyday production, the challenge was identifying, recording, and having real-time inventory data. Imagine one style of your shoes that corresponds to many sizes. How can you keep track of all of your inventory? That’s where ERP comes in. 

“The goal of ERP implementation is to improve the efficiency and effectiveness of an organization’s business processes and to provide real-time data and reporting capabilities. It typically includes a series of phases, such as analysis, design, implementation, testing, deployment, and maintenance,” said Katherine Haan in her Forber Advisor article. As ITG and Oracle NetSuite recognize the importance of ERP, we tackle five common pain points that your business currently faces and how a solid solution partner can help with it.  

Also read: Accounting 101: Manual Vs Computerized Accounting

Streamline Processes

The familiar foe that businesses always try to win is their processes. ERP, per se, is a solution created to ensure a smooth flow of processes. Most companies, if not all,  struggle to surpass their bottleneck due to heavy data, layer upon layer of approvals, and manual tasks that consume operational time and cost. Each bottleneck case per company differs from another, and ERP can help you solve the common and main issue all organizations have to face: how can we make it smoother and have better flow?  To understand ERP’s simple yet essential role in streamlining processes, let’s put in a product-to-buyer journey. If someone orders a shoe from your online store, the immediate response is how do we provide excellent customer service to our customers? In enterprise-level companies, four things are essential: marketing, sales, accounting, and customer service. 

These four are the foundation for a business to work. Each department has specific roles and responsibilities in the organization. From marketing that gathers and promotes your shoes to create sales and record them to account as proof of the transactions to customer service on how satisfied they are with the shoe they bought from you. It’s the cycle of the buyers’ journey. Suppose one causes a bottleneck in accounting, for example, invoices or receipts, like incorrect order, price, or delayed proof receipt. In that case, it will disrupt the whole customer experience, causing your client to have an ugly impression of how you do business. That’s why ERP comes in like Oracle NetSuite, as it not only allows you to streamline the process of actual operational flow but the whole cycle from beginning to end of your customer’s journey, bridging the gap between one department to another. 

Also read: TAX COMPLIANCE: What is Ease of Paying Taxes (EOPT) Law?

Cost-efficient and Cost-effective

For business, time is money. Every second counts and every hour means they need to be productive. As mentioned above, streamlining processes through ERP solutions such as Oracle NetSuite offers better efficiency and effectiveness in hitting goals and targets. But how and why? Simple illustration. Suppose one order of shoes takes three business days to get delivered, assuming the customer has purchased online. You have available stock on it without adding other factors like suppliers of your shoe materials or how many people will order that same style and shoe size. In that case, with an ERP solution, you’ll save time and money on how efficient and effective you are in securing transactions faster, giving you a transparent timeframe to deliver your promised product. 

Aside from the buyer’s journey, let’s go with the accounting side instead. In modern business, sustainability plays a pivotal role in ensuring success. Manual tasks, paperwork, receipts, and printed invoices are now advocated for automation and digitalization. It means less manual work, less carbon footprint, and more positive environmental impact. Through the #1 Cloud ERP, e-invoicing aligns with your accounting and tax compliance. Your business is hitting two birds with one stone by being efficient and effective when complying with and providing necessary e-papers for your customers and the government mandate.

Data-driven and Real-time Visibility

Transparency and visibility are another pain point of ERP that can be solved in your business. With its data-driven approach and a 360-degree view of your business, you can make reliable based on accurate and real-time data. Come to think of it; if you know your inventory well and how much it costs each to make your product down to the last penny, you can calculate all your costs and earnings in one click. It will give you an advantage over your competitors and help you create an action plan for your next goal. Let’s put in actuality. Oracle NetSuite, for example, has a comprehensive ERP tool with customer relationship management or CRM features. This tool will help enterprise companies read, manage, and create better relationships with customers. 

Also read: Steps and Considerations in Choosing the Right Accounting Software

The buyer’s behaviors offer them insights on what to promote next, either to upsell or cross-sell with their products and services. As accurate and real-time as it can get, businesses have better chances of understanding their customers through numbers. Another is in terms of accounting and finance processes. NetSuite also features modern accounting software to computerize all extensive manual work. It means fewer errors when it comes to reporting and data analytics. The more accurate, visible, and real-time data you have, the more precise the action you can give for your business. It gives you a clear picture of where the company is standing in its endeavors and set goals.

Compliance and Regulatory

Another key factor in ERP’s importance for enterprise-level organizations is its adaptive way of complying with regulatory requirements. All businesses, regardless of region, are required to comply with. The only difference is what are the requirements, how to comply with them, and when to comply with them. Oracle NetSuite and ITG venture together to empower companies to have easier compliance methods, such as tax filing and e-invoicing. The best examples are the BIR CAS and EOPT Laws in the Philippines, as well as e-invoicing in Malaysia, Singapore, and Indonesia. One way to start your tax or financial compliance is by investing in ERP solutions that offer modernized and comprehensive accounting software like #1 Cloud ERP– Oracle NetSuite. 

Also read:  IT Group, Inc. Championing Digital Evolution in Bacolod City

It will not only remove the mundane and manual tasks to be automated but also enhance the accuracy and efficiency of accounting and financial processes, which helps to prevent your company from accumulating penalties and revenue losses. Rubie Grace Villamor, ITG’s Head of Business Management Solutions for PH, advocates sustainability and compliance. During last year’s event, Villamor explored the Compliance Towards Sustainable Business.  “The shift towards a sustainability mindset has been revolutionary and is changing the business and investment landscape,” she said. “A sustainable business is a compliant and profitable business. It’s the way to the future and our way to stay competitive and relevant.”

Data Privacy and Security

Last but not least is data privacy and security. Many ERP solutions are available in the market that can help. However, ITG and Oracle NetSuite have a proven track record of enhancing their solutions to streamline processes and keep your business secure. Early this year, in celebration of World Data Privacy Day,  ITG Indonesia’s Head of Business Management Solutions, Fivda Harry, said security means trust and integrity to protect what’s important to their business—their clients.

Also read: World Data Privacy Day and the Importance of Securing Your Data (Part II)

Harry explained that data privacy and security can make or break the relationship between the integrity of a business and the trust of their customers. “If we have data security in our businesses, we’re making sure to our customers that all of the information is safe with us, ensuring that their personal and financial data are handled responsibly and securely,” he said. Harry emphasized that when choosing the right partner to help you secure processes, Oracle NetSuite, ITG’s solution partner, has some of the best features and practices to protect your business from cyber-attacks, such as data encryptions, audit trails and logging, two-factor authentications, IP address restrictions, data centers security, and data back-up and recovery, to name a few.

Let’s Venture Together

IT Group, Inc. (ITG) has been the leading IT Solution Partner in the Philippines and the ASEAN region. We’re an ISO 9001:2015 Certified company with four regional offices located in the Philippines, Indonesia, Singapore, and Malaysia, helping 200+ clients across the ASEAN region on their digital transformation journey and has a solid portfolio of 250+ successful projects.

For over 20 years of expertise, ITG has been your leading technology partner for system-wide innovative solutions to accelerate your business plans and goals, delivering seamless integrations and processes, from Business Management Solutions, IT Management, Integration & Automation, and Enterprise Data Management to IT Infrastructure. We help clients across the region experience digital transformation in their business, co-creating and co-owning solutions tailored to their business needs.  ITG takes pride in helping businesses from various sectors and industries. Whether you are a small, medium, or large company, we can help you with your digital transformation journey.