Challenges abound in the traditional solution provider business with declining product margins, increasing competition, faster technology obsolescence and more complex client requirements.
These pressures are forcing solution providers to add new lines of business and more comprehensive solutions built on a broader set of services and recurring revenue models. Fundamental business model shifts require constant vigilance to stay ahead of the curve.
Grow, get big or die has become the rallying cry of solution providers as their key vendor suppliers seek to reduce the numbers of channel providers they work with. At the same time vendors and clients alike are pushing for higher value and more complex services from their channel providers to broaden their reach while reducing their own risk. Yet the benefits of scale and higher margins are not easily achieved without improved automation.
Solution providers often struggle with standalone legacy business applications that impact the profitability of projects and product sales, and limit insight into accurate and timely financial data. At the same time, they compete in a fast-paced industry in which their clients expect seamlessness, precision and an up-to-date and accurate view of their projects and orders. To answer these challenges, solution providers must simultaneously manage multiple revenue streams—services, products, managed services and support contracts; each requiring different financial and business models.
This paper explores the value of NetSuite for solution providers, revealing how the platform unifies financials, sales, project and product management, ordering, invoicing and revenue recognition, to deliver a comprehensive cloud-based solution that supports all aspects of a solution provider’s business.