Are you looking to upgrade your private equity firm’s deal flow management capabilities? If so, it all starts with the right software solution.
Admittedly, there are plenty of options available. However, one private equity deal tracking software outpaces the competition: NetSuite’s enterprise resource planning (ERP) system.
NetSuite ERP is the clear answer for private equity firms. It provides relationship management tools, deal-tracking capabilities, and so much more. Its purpose-built features are just what you need to take your firm to the next level.
Join us as we explore what you can achieve with NetSuite.
Addressing Common Deal Tracking Challenges
You might think your firm is doing just fine with your existing tech. But while your firm might be surviving with its current tools, is it thriving? If you can’t answer this question with a resounding “yes,” it’s time to consider what resources can provide your organization with the tools it needs to thrive.
Take a look at this list of common deal flow management pain points and see if any of them look familiar.
Data Is Everywhere
Does your team have access to a single source of truth through which they can track and manage deals? Or, do they rely on spreadsheets to keep up with deals and accounts? If your team is thumbing through spreadsheets and emails, you’re past due for a software upgrade.
Having data scattered everywhere creates all sorts of headaches for your firm. First off, it makes it tough to find important documents during crunch time. As a result, your team will be perpetually running behind schedule.
When your data is scattered everywhere, compliance becomes a much bigger headache as well. A lack of compliance can lead to fines or other penalties, but it can also hurt your brand image and hinder growth.
Teams Must Constantly Pivot Between Disparate Apps
Using one or two apps to close deals probably won’t significantly impact productivity. But efficiency will suffer if your team needs a half-dozen or more apps to do their job. Even if your employees are good at pivoting between apps, the entire process can be irritating.
Disparate apps become even more detrimental to your firm if they don’t exchange information. A lack of app integrations leads to data silos, and when data becomes siloed, errors can occur, and visibility is reduced.
A Lack of Visibility Impedes Decision-Making
Private equity firms must be able to track deals from inception to completion. When they can’t, investors pay the price. This means a lack of visibility can be a real detriment to decision-making.
Poor deal visibility can also impact a firm’s long-term growth. When key information isn’t readily accessible, decisions get delayed. And in the fast-paced world of private equity, delayed decision-making leads to missed opportunities.
Accounting and Reporting Costs Are Out of Hand
Accounting and reporting costs are normal expenses associated with managing a P/E firm. However, it is vital that you keep those costs in check if you want to maintain healthy profit margins. When using disparate systems, these expenses can easily get out of hand.
Look at your accounting and reporting costs over the last 6-12 months. Have they been on the rise? If so, it’s time to consider a better way to support accounting for private equity firms.
The good news is that you can remedy this issue (and the others we mentioned). To do so, you will need to upgrade your deal flow management software to NetSuite.
Benefits of Migrating to NetSuite ERP
NetSuite ERP will enable you to systematically overcome every one of the challenges mentioned above. Once you implement this dynamic solution, you can achieve the following benefits.
Increased Visibility
One of the most notable advantages of NetSuite is that it provides a single source of truth for your organization. Instead of relying on disparate spreadsheets and apps, you can perform key tasks from the NetSuite platform.
NetSuite includes over a dozen different modules, allowing you to deploy the ideal combination based on the needs of your firm. The end result is a truly tailored experience for your team.
Furthermore, these apps will share data and store it in a centralized repository. This means that when your team needs to access important deal data, they will know precisely where to look.
Reduced Overhead
Keeping up with spreadsheets is a full-time job all its own. Managing accounting and reporting when your data is everywhere is even more challenging. When you attempt to manage your data using disparate tools, the end result is a lot of wasted time and effort. You will encounter huge overhead expenses along the way, too.
Fortunately, you can make reporting easy with NetSuite. Not only will the platform save you time, but it will also reduce your overhead expenses.
The best part is that NetSuite is scalable. As your firm grows, NetSuite can evolve with it. The platform is not just the solution to the challenges of today; it can help you overcome the unforeseen hurdles of tomorrow.
Streamlined Decision-Making
With NetSuite, all of your organizational data will be at your fingertips. In seconds, you can query specific information or generate robust reports. You can even customize your dashboard based on your needs and objectives.
By making your data more accessible, NetSuite streamlines decision-making. In turn, this allows you to capitalize on time-sensitive deals and deliver better returns for your investors.
Optimized Team Productivity
Few things are less productive than filling out spreadsheets or scouring multiple apps for lost files. If you cling to your legacy systems, your team will spend dozens of hours doing both.
The good news is that you can make all this wasted effort a distant memory by switching to NetSuite. The robust platform includes many tools for optimizing productivity — it features reporting capabilities, automation tools, and so much more. If you want to empower your team to get more done, you need NetSuite ERP.
Replacement of Manual Data Entry
NetSuite’s automation tools don’t just reduce the workload on your team. These features also eliminate the need for tedious manual data entry.
Less manual data entry means a decreased risk of human error. Even a seemingly small data entry error can have major consequences for your firm and investors. Therefore, you want to automate as much of your data intake process as possible. NetSuite enables you to do exactly that.
Preparing for Your NetSuite Implementation
If you’re ready to implement NetSuite, you should prepare for the transition by checking off these critical tasks.
Bringing Your Team in the Loop
A successful implementation requires top-down buy-in. If you want your team on board, bring them in the loop early. Let them know you want to switch to NetSuite and explain why.
It is best to have this discussion in an open forum. Give them a chance to ask questions and voice their concerns. Approaching your implementation this way will maximize buy-in.
Setting Clear Goals and Objectives
Before you start your deployment, determine what you hope to achieve. Set broad goals and smaller, more specific objectives. Some common goals may include:
- Reducing overhead expenses
- Increasing productivity
- Boosting revenue
- Expediting due diligence processes
- Improving transparency
After you have defined your goals, choose metrics that will help you track your progress.
Finding an Implementation Partner
Finding the right partner to support the transition is one of the most important steps. Deploying NetSuite can be challenging, especially if your data is scattered across multiple applications.
A deployment partner will oversee everything to ensure a seamless transition. However, not all deployment firms are created equal. Finlyte specializes in customizing and implementing NetSuite for private equity firms. That makes us the ideal partner for your migration to this leading private equity deal tracking software.
Connect with Finlyte to Learn More
NetSuite ERP can revolutionize how you manage your P/E firm. Now, all you need to do is implement it.
Finlyte can assist with all phases of your NetSuite deployment. Our experts can help you plan and manage your migration process. We’ll even utilize our proprietary implementation solution called ION (Investment Optimization for NetSuite) that creates a seamless transition to NetSuite.
Stop managing deals the old-fashioned way, and embrace the leading ERP platform with the help of our team. To get started, book your consultation with Finlyte. Get ready to maximize your ROI and decrease time to value.
