What is NetSuite? Benefits and Features of NetSuite

May,26,2022· read

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Including an ERP solution is no child’s play. Enterprise Resource Planning (ERP) helps business organizations to achieve progress and growth by optimizing their process. NetSuite is a unified ERP that automates the business activities in the cloud platform and delivers high-end benefits to the organization.

In today’s highly competitive business scenario, it is essential for organizations to constantly keep evolving and render robust services to their customers. An efficient ERP software will help in rendering superlative cloud facilities and foresee the requirement of business enterprises through amalgamating NetSuite ERP.

Therefore, in this blog, we will study the basics of NetSuite, and glace through its history. In addition, we would take an in-depth look at the advantages of NetSuite and what are the features that make it different from its peers.

Thus, without any delay, let’s get started!

 

What is NetSuite?

Whether it is scalable pricing or immaculate customization, NetSuite has been at the forefront of everything ever since its inception. It enables all business organizations, irrespective of their size, to manage all their operations from a solitary system.

If we understand on a deeper level then the NetSuite ERP system is related to a cloud-based business application. It assists the mid-market companies and the SMBs in efficiently running their business from a single platform.

 

What Is The History Of NetSuite?

Despite being at the nascent stage in the ERP world, NetSuite has had definitive success. It was first introduced in 1998 under the name of Netledger by Evan Goldberg. It serves all types of businesses in the cloud environment irrespective of their size or nature of work.

In its formative years, NetSuite was used as a web-hosted software for catering business finances, customer relation management and more.

After the efforts of Evan Goldberg in 1998, Zach Nelson joined NetSuite in 2002 and led the business organization to a multi-billion-dollar company before the acquisition of Oracle in 2016.

 

Challenges Solved By NetSuite

Challenges Solved by NetSuite ERP

There are a plethora of business challenges solved by NetSuite. They are:

  • It helps in easy data accessibility in real-time across the entire organization.
  • To reduce the waste of time and resources, the NetSuite ERP system automates and streamlines the business processes.
  • The stakeholders have access to accurate and timely financial reports, inventory statements, etc.
  • It helps in striking a balance between demand and supply in the inventory area.
  • It also allows business houses to keep their promise and deliver the order with promised accuracy and on time.

 

Why Must Businesses Use The NetSuite ERP System?

Majorly, business enterprises use NetSuite for enterprise resource planning. Whether tracking their financial activities, managing the inventory, or hosting the eCommerce stores, this flexible platform can help you perform various business activities.  

After the pandemic, the majority of the business organizations are shifting to cloud platforms to lower their operating costs. In addition to this, the cloud platforms are secured and render a competitive advantage to the business organization.

 

Top Functionalities Included in NetSuite ERP

NetSuite is one of the leading cloud ERP solutions that run in more than 200 countries and has more than 18000 customers. Below are the important things that are included in NetSuite ERP:

CRM (Customer Relationship Management) 

NetSuite is an on-demand CRM system that renders a 360-degree view to the customers and gives them an all-around service.

One Database, One System

The NetSuite ERP becomes a global business management platform that manages operations in multiple countries under a single roof. Whether it is different languages, subsidiaries or currencies, a NetSuite ERP system works consistently everywhere.

Retail and Manufacturing

Due to its powerful and efficient cloud-based software solutions, business organizations can easily satisfy omnichannel shoppers and render them the best possible service available. Also, it is an immaculate solution for the manufacturing process that focuses on delivering services and products on time and gaining emphasis and growth for the business organization

Professional Service Automation (PSA)

With the help of NetSuite ERP’s PSA, it becomes easier for the business organization to plan the projects, execute them on time and track their progress consistently.

 

List Of Key Elements And Features in NetSuite ERP

Features Of NetSuite

Let us now understand the list of key features in NetSuite ERP that will play a pivotal role in determining how the software would function.

Automation

The NetSuite ERP automates mundane business tasks such as payroll, order processing, invoicing, reporting and more. Through automation, the time spent on manual data entry reduces dramatically. In addition, through automation, the rate of human-enforced errors is also curtailed and the employees then focus on tasks that have more value.

Tracking and Visibility

Complete and timely tracking of the business processes in real-time makes NetSuite ERP a powerful software. The tracking is done by facilitating real-time data and tracking the information silos. After this, the reporting and analysis of every aspect of the business operations are submitted to the software.

Financial Management

This process is a complex task that involves organizing and determining the best use of company funds. The NetSuite ERP system helps the finance teams by tracking and analyzing important business data. While tracking if they find any kind of mismatches in funds, the system quickly reports it to the business organization. Moreover, in complex business enterprises, NetSuite ERP has all the financial management tools for sound management of the funds.

Customer Relationship Management (CRM)

The CRM system in the NetSuite ERP consists of automatic generation of accounts, sending notifications to the concerned executive for timely feedback and more. The integrated CRM brings the customer relationship data into contention and allows the organization to render more personalized service to the customers.

Sales and Marketing

The integration of ERP systems with CRM also helps greatly in enhancing the process of sales and marketing. As the business organization would get data related to the customers, they are able to deliver more focused services. The marketing services through ERP will drive quick results, build quality leads and track the activities of the sales cycle effectively.

Warehousing

The NetSuite ERP system assists business firms to deal with various industries from the warehousing and manufacturing sectors. It also optimises the large scale business productions and also aids in the financial management of the organization according to its specific needs.

Inventory Management 

As far as inventory management is concerned, the NetSuite ERP system delivers the best and the most robust solutions. Whether it is business logistics, operation finances and of course inventory management, NetSuite ERP renders ace benefits.

On Point Analysis

NetSuite ERP has the best tools to analyze business operations and generate accurate reports based on performance. The reports can render in-depth insights on different factors such as customer retention, profitability, better business decisions and more.

 

Benefits of NetSuite ERP Systems

After understanding the core of features related to NetSuite ERP, it is now time to know its high-flying advantages. These perks will help the business organization to achieve its business goals and reach the zenith of its genre.

Enhance The Visibility Of The Business

Modern-day businesses are looking to render personalized services to their clients and NetSuite ERP is in that. It renders customizable dashboards and real-time access to the unified customer records, the highly efficient and personalized sales will make the entire process faster with minimal hiccups

Increases The Company Growth

With the help of integrated software, the business organization can employ multi-channel business growth and can expand its horizon at a rapid rate. It also helps in better up-selling and cross-selling of the products and improves the visibility of the business organization in front of their targeted customers.

Save Time And Money

There is no need to install and maintain complex IT systems that have various integrations in between.  The NetSuite ERP solution decreases the operational cost of the project dramatically and reduces the overall development time as well. As the entire project development, sales, marketing and manufacturing system is simplified, the overall output of the project becomes better as well. With the saved money, the business organization can focus on other important aspects of the project and increase its overall development

benefits of NetSuite ERP systems

No Loophole In Multilingual Capabilities

To expand your business in today’s hyper-competitive scenario, it has to be versatile. Therefore, between the industry-specific technology or ERP explicit vocabulary, if the software lacks multilingual capabilities, it may become a major roadblock. NetSuite supports multiple languages such as German, French, English, Spanish, Russian, Japanese and more along with different languages available in Oracle NetSuite ERP.

Automate Everything For A Better Process

The automation process of an ERP system is one of its leading advantages. It outshines everything as it keeps the entire work streamlined. Moreover, since the data is entered on an automated basis, there is no scope for human error. Therefore, it allows people to look after more enterprising work of project development and not waste their time on mundane tasks.

Centralizes Every Business Process

To grow a business in a strategic manner, every aspect such as sales, marketing, finance, etc. must have its own dedicated platform. NetSuite helps in connecting all the different and important business aspects into one and keeps the transparency between departments intact. Moreover, it provides all the related data research and analytics in one place so the employees do not have to go from system to system to search for their specific files.

It's Easily Customizable

Another leading advantage of NetSuite ERP is that it has over 30 different modules and multiple add-ons. All these modules and customizations are designed for different business requirements that allow enterprises to use them according to their liking. This is the major reason why NetSuite ERP has been the backbone of extensively helping different multinational business organizations and scale them to newer heights.

Easy Integrations Of Third-Party Systems

The real beauty of the NetSuite ERP system is that it allows easy third-party integrations and becomes an ally in the growth of the business organization. It is easy to connect with a variety of different systems such as Amazon, Salesforce, HubSpot and more to render an extra edge to the business enterprise.

 

Top Industries Benefiting From NetSuite

Along with these high-flying benefits, there are a number of industries that have benefited through the NetSuite ERP system since its inception. Thus, for the benefit of our readers, we have made a list of all the leading business industries, they are:

etsuite
  • Healthcare
  • Digital media
  • Educational institutions
  • Consulting firms
  • Bioscience and biotechnology
  • Food and beverage
  • Non-profit organizations
  • Transportation logistics and distribution
  • Health and beauty

 

How Much Does NetSuite ERP Cost?

With the growing popularity of NetSuite ERP, business firms from leading startups to established organizations, everyone has made a move towards it. But as far as the cost of a NetSuite ERP system is concerned, the customers subscribe to it against an annual license fee.

The NetSuite ERP license comprises three important components: optional modules, core platforms and the number of users interacting with the platform. Moreover, as it is a cloud software, the business organization can easily add new modules to increase their users as per their demand.

 

Final Thoughts

Business houses in today’s data-driven business world are looking for efficient systems that render them a full-throttle service under one roof. With NetSuite ERP, the business firm can formulate their entire business process in a newer way and get better results. It becomes easier to analyze the data with ERP and mould the sales and marketing strategies accordingly.