Are you seeking new venture capital software tools for your firm? You’ve likely come across dozens of options, and you may not be entirely sure which software solution is right for your firm. It may be tempting to hand-pick each tool or application based on individual needs, but that approach is not nearly as practical or easy as you might expect.
Instead of throwing together a collection of separate tools, use an all-in-one solution, like the Oracle NetSuite enterprise resource planning (ERP) system. NetSuite ERP includes a robust set of tools to help manage your investments in real-time and better serve your investors.
Let’s take a deep dive into why growing V/C firms need NetSuite.
Why a Disjointed Tech Stack Isn’t the Answer
Before focusing solely on NetSuite, it’s important to know why other solutions don’t cut it. While you can find all kinds of software tools to support different functions, doing so leads to headaches. Specifically, putting together a disjointed tech stack is not ideal for the following reasons.
Expensive
Think about buying software like buying real tools. If you want to start rebuilding classic cars, you have two options when shopping for gear: You can buy an entire kit of tools or purchase each item on its own.
There is no doubt that a single wrench will cost less than the whole toolbox, but by the time you purchase every tool you need, you will end up spending more. Besides, buying tools one by one is time-consuming.
The same concept applies to buying tech tools for your firm. Purchasing a single software tool will not be all that costly. But, any cost savings you enjoy will be short-lived the more you have to spend on separate tools. Instead, you can reduce your total cost of software ownership by investing in a platform like NetSuite that does everything in one location.
Tedious
Let’s say that you did manage to save a little money by obtaining separate software tools. Now, you have to find a way to manage them.
Each tool will have its own menu, interface, and requirements, which means that you and your team will have to orient yourselves with multiple new platforms. Not to mention your IT team will have to spend countless hours and dollars maintaining, monitoring, and upgrading each software tool.
Don’t frustrate your team and overspend. Instead, simplify the workflow through a unified solution, NetSuite.
Time-Consuming
Deciding which tools to buy can be a time-consuming process all its own. After you purchase each one, you must deploy them, and attempting to deploy multiple pieces of software simultaneously can create massive confusion. As such, you may have to implement them individually, which can take weeks or even months before you realize any return on your new tech investments.
Inefficient
Venture capital software tools are meant to boost team productivity, but differing tools could actually damage productivity and efficiency.
Every time your team needs to perform a specific task, they would have to close one app and open another. Since they would need to use several tools to manage each deal, it would quickly become cumbersome. More importantly, it would negatively impact the investor experience trying to communicate the status of each investment.
The alternative is much more efficient.
Benefits of NetSuite’s Venture Capital Management Software
NetSuite is an all-in-one deal management solution. With NetSuite, your team can access all the tools they need from one platform. Over time, it will empower them to provide a better experience for your investors.
NetSuite provides all sorts of other benefits as well. For instance, by adopting NetSuite, you can achieve the following objectives.
1. Simplify Data Entry
If your V/C firm still relies on spreadsheets to manage portfolio data, you certainly aren’t the only one. But just because other firms are doing it does not mean you should, too. Managing data with spreadsheets undercuts growth.
Fortunately, NetSuite can replace spreadsheets and automate manual processes. The platform provides a connected set of tools that help reduce the need for manual data entry. When your team inputs data into one integrated tool, all other apps have access to it as well, saving plenty of time. With NetSuite, simplified data entry is only the beginning.
2. Access Real-Time Insights
To properly serve your investors, you need access to up-to-date information. But outdated tools provide old data, which can lead to bad decision-making and disappointed investors.
NetSuite supports the investor experience by providing you access to real-time insights you can use to obtain up-to-the-minute data about portfolio performance. NetSuite sets the stage for true data-driven decision-making so you can deliver for your investors. You can also create detailed reports with ease and keep them in the loop.
3. Minimize the Learning Curve
Learning how to use one new V/C tool can be tough, so adjusting to a half dozen or more can feel downright impossible. Adopting scattered technologies steepens your team’s learning curve. In turn, you will experience an extended time to value and reduced ROI.
Comparatively, NetSuite provides a shallow learning curve. The unified interface creates continuity throughout the platform. Once your team acquaints themselves with one NetSuite feature, they will be able to easily navigate the others.
4. Automate Redundant Tasks
If your goal is to improve productivity, there are two ways of doing so. You can hire more personnel, but that can be cost-prohibitive, and it doesn’t always pan out how you might expect. Instead, you can automate redundant tasks.
NetSuite supports productivity by providing easy-to-implement automation tools. By making use of automation, you can free up your staff to tackle more involved, value-oriented tasks.
5. Streamline Deal Flow Management
All sorts of hurdles can restrict efficient deal flow management. However, the most likely cause is a lack of deal visibility. When information is spread and contained across separate platforms, your team will struggle to effectively guide deals through the pipeline.
NetSuite maximizes visibility by tearing down data silos, and its powerful integrations promote seamless information sharing across your entire organization. Most importantly, the platform gives your team the tools it needs to navigate deal flow management processes effortlessly.
Ready to Embrace NetSuite? Finlyte Can Help
NetSuite includes all the venture capital software tools you need to grow your firm. The key is working with an expert NetSuite implementation partner to help you get the most out of the platform and reduce time to value.
Finlyte focuses on providing NetSuite integration services for venture capital firms. We even have a proprietary implementation solution, Investment Optimization for NetSuite (ION). ION is designed to achieve the following:
- Help you track your investments
- Provide you with a single source of truth
- Improve data visibility
- Enhanced your NetSuite ROI
- Decrease your time to value
To learn more about ION and our NetSuite deployment services, we invite you to book a consultation with our team. We’re ready to help you use software to grow your firm and support your investors.
