Successful business leaders are proactively adjusting their business plans as 2024 quickly progresses.
With uncertainty still present, businesses are compelled, more than ever, to implement systems to handle remote employees, react to supply chain delays, and increase the visibility of data to increase agility.
As businesses of every size adapt to and change, GlobeMonitor Market Research Agency predicts that decentralized and remote operations will continue to become the norm for many businesses. This important shift motivates businesses to prioritize digital tools and platforms that streamline business operations, provide easy access to data, and empower businesses to adapt and respond quickly without limitations.
A few questions to ask yourself:
- Does your organization depend on a basic accounting system to operate your business?
- Are you relying on manual data entry?
- Are you struggling with a system that is completely disconnected?
- Does it take a long period of time to pull reporting and real-time business information?
- Do you have up-to-the-minute visibility over your employees, your projects, and your processes?
- Have you outgrown your current software system?
Cloud ERP software spending continues to grow year-over-year. According to Statista, the global ERP market is expected to grow by 13.6% annually, and reach $40.5 billion by 2025.
Rather than bolting on complexities and connecting patchwork software to add to an outdated system, cloud-based ERP technology is paving the way for businesses to respond to growth and change in a competitive business world. Cloud ERP software is at the top of many business owners’ minds.
Currently, 47% of businesses are pursuing a cloud-first strategy, 30% are already in the cloud, and 37% intend to move to the cloud in about three years. Companies running on old technologies are facing outgrowth, experiencing inefficiencies, and are struggling to keep up with manual processing across the entire business. Real-time analytics, KPIs, and reports are incredibly important for businesses to make informed decisions.
According to Finance Online, an on-premise solution is about 30% more expensive than cloud technology due to upfront hardware costs, ongoing maintenance, and the need for dedicated IT staff. On-premise software’s enterprise footprint is shrinking as legacy vendors move to to cloud-based delivery and user-based pricing. This shift highlights the importance of a clear link between cloud and ERP, CRM, data management and other enterprise software products.
Cloud ERP vs On-Premise ERP: When it comes to differentiating between cloud ERP and on-premise solutions, it is crucial to consider your plans for future growth. Recent research by Forrester reveals that approximately half of ERP customers are using outdated software versions, sometimes four or more years old. Rather than sticking with a disconnected and patched on-premise ERP system, it is worth considering a true cloud ERP solution that can grow and scale along with your business. Discover the leading players in the ERP industry!
More than 53% of decision-makers in a recent survey noted that the investment in Cloud ERP and CRM was a major priority. It is imperative for businesses to implement software that allows for optimization, agility, flexibility, and scalability across the entire business to thrive in the new year.
Business Tips for growth in 2024
No matter the size of your business or what industry you are in, these can-do strategies are great examples to help expand your business in the face of uncertainty.
- Lower the cost of IT.
- Make data-driven business decisions.
- Strong SEO and digital strategy – 93% of buyer experiences start with a search engine.
- Brainstorm new ways to expand and diversify your brand.
- Transition to moving your business online.
- Offer a personalized customer experience with marketing automation.
- Elevate company culture with a virtual work environment.
- Improve workforce productivity with anytime, anywhere access in the cloud.
- Focus on your business not your software.
Key Business Strategies for Success:
With a new year, businesses are presented with an wide range of growth opportunities. To excel in this ever-changing environment, consider these key strategies for success:
1. Establish Clear Goals: Clearly define your objectives for 2024, whether it's boosting sales, expanding product lines, or opening new locations. Clear goals provide focus and guide decision-making.
2. Develop a Comprehensive Plan: Craft a detailed strategic plan outlining your current situation, target market, competitive landscape, and marketing strategies. Include goals, objectives, budget, and a timeline for comprehensive guidance.
3. Create an Effective Marketing Strategy: Opt for effective marketing methods tailored to your target audience, from online and social media marketing to email campaigns and advertising.
4. Invest in Workforce Development: Acknowledge your employees as invaluable assets. Invest in their training and development while fostering a positive work environment to boost motivation and productivity.
5. Emphasize Customer Importance: Prioritize exceptional customer service, responsiveness, and going the extra mile to cultivate enduring relationships. Your customer base forms the bedrock of your business success.
6. Financial Planning: Project your revenue, expenses, and cash flow realistically for the year ahead. Craft a financial plan that is both achievable and considers potential risks and challenges on your path to financial goals.
7. Monitor, Adapt, Succeed: Continuously track your progress and be prepared to adapt your marketing campaigns and strategies accordingly. Ensure that your business is equipped with the right ERP software to offer a precise and timely overview of your business data, enabling you to make quick and informed decisions.
Considering A Software Change in This Year?
Learn the reasons why fast-growing businesses are moving to the NetSuite ERP over other competing software choices to transform their business and get out of the world of outdated, disconnected, legacy systems.
In a world where the business landscape is constantly evolving, companies must adapt quickly to stay ahead. organizations are evaluating their current software solutions to stay competitive. This includes considering software changes driven by the need for enhanced functionalities, improved security measures, or the adoption of cutting-edge technologies. Find the right ERP software for your business with our guide to harnessing the full potential of innovative solutions.
Built from the ground up for the cloud, NetSuite is the world's #1 cloud-based software helping companies manage core business processes with a single, fully integrated system from ERP, Financials, CRM, Ecommerce, Professional Services Automation, inventory and more. NetSuite is the software that will adapt and evolve with your business, whether you're starting in a small home office or expanding to a large corporate space. It's a solution that will always meet your needs and never become outdated. Learn more about NetSuite today.
NetSuite has future-facing features for modern businesses that can:
- Enhance the order-to-cash process by 50%.
- Lower financial close by over 50%.
- Create informed decision-making with real-time data.
- Lower cost of ownership by eliminating upfront IT expenditures and delivering automatic product upgrades.
Quick Guide to Oracle NetSuite ERP: Unlock your business growth in 2024. Request a personalized demonstration, get NetSuite pricing and learn how NetSuite’s #1 cloud ERP can benefit your business today. Our team offers personalized NetSuite guidance and one-on-one support. We understand the challenges your business faces and are here to provide tailored NetSuite solutions to meet your business goals this year.
• The Pros and Cons of ERP
• The Benefits of NetSuite ERP
• Why Companies Choose NetSuite
• Important Signs That your Business is Ready for Cloud ERP
