Software for sports teams must provide users with a comprehensive view of all their franchise’s financials and operations to deliver true ROI. No matter how much of a team’s front-end processes are devoted solely to engaging fans, the back-end infrastructure must reflect best practices in business to maximize value for the franchise and ensure the team continues to play. Choosing a modern Enterprise Resource Management (ERP) solution will enable your professional sports organization to capture the most returns from your activities.
NetSuite is a state-of-the-art cloud software system that delivers the most value for professional sports teams, as it did for the Oakland Athletics. Leveraging this Software-as-a-Service (SaaS) solution, the A’s were able to replace their outdated software and contribute to their goal of using data-driven analytics to optimize their performance. Modern technology solutions such as NetSuite enable your team to tap into the most up-to-date, accurate information derived from both your front-end and back office processes.
Here are five reasons to implement NetSuite as your sports management solution:
1. Fanbase Visibility and Partner Communication
NetSuite’s integrated modules deliver a comprehensive view into your forward-facing activities. This allows you to fully activate your fanbase by providing you with enhanced dataflows from client engagement procedures. Additional integrations with third party ticketing systems provide the ability to capture end-to-end financial information streams from fan purchases.
The paired ERP and customer relationship management (CRM) applications allow users to avoid having to manually accumulate individual client entries from league level touchpoints. The built-in customer data capture points and processing models enable you to map out purchasing lifecycles and apply this information to targeting campaigns. This can be deployed for partner sponsorship agreements as well, providing sales personnel with the tools to ensure contract details are updated in real-time and advertising is delivered as promised from event to event.
2. Financial Insight
Besides providing improved insight into ticketing data from third-party integrations, NetSuite delivers an enhanced view into all other financial data streams and unifies them within a single system. This allows for better revenue recognition, even from diverse sources such as concession purchases and merchandise sales. This information is segmented while remaining within the same database to ensure accurate reporting for all revenue streams.
NetSuite removes the pain points from manual entry of this data into separated spreadsheets, avoiding errors and siloed data. Financial management automation streamlines post-game reporting and enables easier reconciliation of all revenue sources. This also facilitates easier compliance with auditing requirements by allowing accounting to remain transparent.
3. E-commerce and Omnichannel Management
NetSuite empowers organizations to create seamless omnichannel experiences through its integrated e-commerce platform. It delivers tools for both physical and digital point-of-sale activities and feeds data from either revenue stream into financial reporting applications. NetSuite consolidates both sets of entries so that this information can be reviewed and applied towards forecasting in real-time.
Professional sports franchises are increasingly turning towards e-commerce as a primary channel for revenue growth. Maintaining an omnichannel presence that provides touchpoints in physical and digital venues will be integral to your team remaining competitive into the future. NetSuite’s e-commerce integration supplies solutions for improving customer experience, such as mobile functionality, and creating a seamless process for ensuring fast product-to-market delivery to keep your fanbase engaged with your merchandising.
4. Operational Flexibility
SaaS software that features a multi-tenant environment enables you to capture the best ROI for migrating to a cloud solution. Publicly hosted models such as NetSuite allow for swifter and more flexible deployments that are not hampered by hardware requirements of traditional implementations. Unlike a legacy system where ad hoc integrations may need to be removed during upgrades, native cloud software can be customized and updated in real-time.
The scalability of NetSuite cloud ERP provides sports teams with the ability to implement and adjust functionality at their discretion. Databases may be modified to account for new factors and information streams without shutting down the entire system. With expertise delivered by a NetSuite partner such as SWK Technologies, you can customize your SaaS solution at any time to fit your growing processes and operations.
5. Unified Database
The centralization of data featured within NetSuite allows visibility into components beyond immediate financials, including asset reconciliation. This enables you to keep track of all your team’s equipment and other fixed assets in real-time and ensure consistent reporting for all property maintained by your franchise. Combined with native financial and inventory management applications, NetSuite permits you to achieve a full top-down review of all your team’s assets as they are recorded, processed and maintained.
NetSuite’s OneWorld platform provides additional consolidation for international operations with web-based features that can be accessed from anywhere in the world with an Internet connection. This solution enables you to process almost 200 currency types, 24 languages and country-specific accounting compliance standards across several continents. NetSuite’s multi-company functionality allows you to compile all data from each business unit and subsidiary to create a single version of truth for your entire franchise.
Adopt NetSuite Sports Management Software to Deliver a 360 View of Your Team
NetSuite affords sports organizations the unique capability to keep all revenue elements and assets managed through a single system. Using this solution’s native cloud framework, this data can be accessed anywhere at any time in a secure environment available only to approved users, empowering your team to make informed decision-making with up-to-date analytics.
Download our white paper, “NetSuite and Professional Sports Franchises,” to learn more about how this solution enhances value for sports organizations.