Pivot Your Business: Why Businesses Need a Modern Platform

Pivot Your Business: Why Businesses Need a Modern Platform

The pace of change in business today is unprecedented. According to recent research from Boston Consulting Group:

 

 
Businesses move through 
their lifecycles

2x

Faster today vs. 30 years ago
 

The five-year exit risk of 
public companies

32%

In the U.S. today

 

 

This is Quite a Wake-Up Call for Business Leaders Across All Industries

Think about it. Businesses have a one-in-three chance of not making it through the next five years. As Boston Consulting Group astutely points out, this falls within the typical tenure of a Chief Executive as well as a standard time horizon for investors. 50 years ago, this same risk would have been only 5 percent.

Beyond the obvious, what does this all mean for modern businesses? For starters, it has never been more important to match company vision with current market dynamics and continuously adapt as circumstances change. Otherwise, companies are likely to experience deteriorating performance and productivity that could require risky transformation initiatives.

In Virtually Every Industry, Separating the Winners and Losers Starts with Having a Strong Vision

This is all about visualizing a broad roadmap your company establishes, executes and adapts in pursuit of its strategic objectives. This vision should cover all critical aspects of the business – the products or service you deliver, the customer needs you meet and the technology platform you use to manage and grow your business. Financial and business management choices made to support vision can profoundly influence a company’s fortunes as it matures and the need to adapt becomes greater. Simply put, is the business equipped with technology that enables it to move fast and accelerate growth?

Take for example a 10-person startup business looking to use software to manage its financials. Turning to QuickBooks initially is by all accounts a reasonable choice that offers a company of that size the basic functionality it needs and some room for growth. However, as growth accelerates and financial processes become more complex, the company will be very quickly forced into deploying standalone applications and customizing spreadsheets. It will not be long before these non-integrated processes and ad-hoc applications begin to impact performance and hinder productivity. There has to be a better way.

An important development for modern businesses is that cloud computing has come of age. Evidence of this from independent sources is virtually everywhere.

  • Spending on cloud computing infrastructure and platforms will grow at a 30 percent CAGR from 2013 through 2018 compared with 5 percent growth for the overall enterprise IT (Goldman Sachs)
  • By 2016, there will be an 11 percent shift in IT budget away from traditional in-house IT delivery, toward various versions of cloud computing as a new delivery model (IDC).
  • By 2018, more than 60 percent of enterprises will have at least half of their infrastructure on cloud-based platforms (Saugatuck Technology).

There are clearly some very significant advantages to a cloud platform:

  • Quick and affordable deployment
  • Ability to scale in support of future growth
  • East of administration and management
  • Highly flexible with built-in intelligence
  • Unified view across the business

As a pioneer in cloud computing and one of Forbes’ most innovative growth companies in 2015, NetSuite uniquely understand the power and value of a cloud-based business management software. We also put our money where our mouth is and run our business on NetSuite, today having grown to over 4,100 employees serving more than 24,000 organizations and subsidiaries – midsize to large enterprise – all over the world.

Ask Our Experts

Please contact a member of Withum’s Cloud Solutions and Management Consulting Services team at [email protected] for further questions or assistance.

Walter Merkas Walter Merkas, Cloud Technologies Leader
(646) 604 4193
[email protected]

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The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with appropriate qualified professionals for your individual facts and circumstances. 

Disclaimer: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between NetSuite and any other company.

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