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When faced with uncertainty, a leader’s priority is to run the businesses efficiently, focusing on robust bottom lines as much as revenue growth. That means now is the time to proactively manage inventory to focus on high-margin items, contain labor costs by automating tasks and minimizing human error and adjust budgets to control spending in the face of rising prices. Updates delivered in NetSuite’s 2022 Release 2 can help you with all those challenges. The system will serve as the functional data foundation on which to develop insights and focus on what you can control, instill confidence and prepare for the future.

Procurement software automates most manual tasks — from purchase requisitions to vendor management and invoicing. A procurement solution makes it easier to keep track of buyer-vendor communications and to enforce compliance by requiring that purchases be made only through contracted vendors and setting limits on spending and the types of purchases that can be made based on the user’s role.

When an organization procures a cloud-based technology solution, like financial management software and similar business management applications, the solution provider generally stipulates specific service characteristics that identify usage parameters within the account, like monthly transaction volumes, number of users, file storage limits and concurrent processing.

Managing the supply chain is one of the most time-consuming and challenging tasks for any products-based business, and it’s only become more difficult in the face of rapidly rising costs and global shortages. But technology can alleviate many of those challenges. In a...