Each day, the corporate climate gets more dynamic. To control business operations, organizations desperately need cutting-edge technology such as robust ERP applications or a powerful cloud facility. Oracle NetSuite has always been ahead of the curve in anticipating these needs and assisting market organisations by the incorporation of NetSuite ERP.
NetSuite is a streamlined Enterprise resource planning (ERP) application. It supports companies in achieving economic growth and progress by improving company operations effectively. It also aids in the automation of corporate operations and operations in a cloud platform, which has many advantages.
An Overview of NetSuite
NetSuite is a relative newcomer to the ERP universe. Evan Goldberg first launched it in 1998 under the name Netledger. It began as a web-hosted accounting program to appeal to the following needs: efficient management of corporate finances, other processes, and customer relations and satisfaction.
It serves the requirements of small, medium-sized, and large businesses in a cloud environment.
Later, Oracle purchased NetSuite and nurtured its development from a small business suite to a powerful ERP solution that operates in a variety of capacities to improve business operations.
Why Should You Use NetSuite?
Choosing an ERP solution is challenging since there are multiple ERP providers offering critical solutions for various companies. However, all of these ERP options can not suit your needs. As a result, companies should select ERP applications that can be customized to their particular specifications. NetSuite is one of these dependable ERP solutions. NetSuite deployment is highly advanced, and implementation partners go above and beyond to ensure its performance. One of the most common questions is, “Why does my organization need NetSuite?” The answer is actually quite simple.
NetSuite’s ability to ramp up enterprise operations is extraordinary. The following are the significant factors that demonstrate the significance of NetSuite ERP in addition to other practical ERP applications, some of which are mentioned below:
- NetSuite can easily manage the whole financial management system of your company, such as accounting, stock, supply chain, and order management, in the cloud.
- It is possibly the best ERP tech solutions for companies looking to develop their customer experience management.
- NetSuite automates companies’ project planning, tracking, and execution.
- The interface enables global corporate administration. It is effective when dealing with various currencies, nations, subsidiaries, and languages within a business.
- NetSuite ERP’s eCommerce capabilities facilitate functions in an E-commerce store, such as order administration and point of sale, as well as selling, merchandising, stock, service, and financials.
In addition to the functions mentioned, NetSuite often aids in gaining agility for progressive growth and well-being.
What Does NetSuite Solutions Comprise Of?
The following are the most promising aspects of the NetSuite ERP system.
Accounting and Financial Management
NetSuite ERP provides comprehensive capabilities for realistic accounting and financial reporting in a single cloud-based application. End-to-end business process flows, such as Lead to Cash, procure to pay, order to cash, and so on, are available. Financial management tasks can be performed by companies using a centralized source of finance, revenues, and customer information.
Customer Relationship Management (CRM)
Customer relationship management (CRM) enables engagement with better-optimized CRM software. Businesses can better handle their client and prospect relationships and contacts. NetSuite has a powerful Customer Relationship Management framework. The advantages of NetSuite CRM solutions include the potential to strengthen corporate relationships with consumers, streamline operations, and increase business profitability.
Warehousing and Manufacturing
NetSuite has a wide range of functions for dealing with various sectors such as manufacturing and warehousing. It operates by optimizing large-scale enterprise development practices as well as the vital monitoring of financials and industry-specific needs.
Inventory Management
NetSuite has comprehensive inventory management tools, which enables it to promote the administration of company processes, finances, logistics, and inventory in a single business network in order to reap the possible benefits.
Analytics and Reporting
NetSuite solutions employ the most advanced technologies to accelerate market intelligence and produce reports for analyzing business results. Businesses can improve and gain insights into sales volumes, customer engagement, product and service growth, sustainability, smarter business choices, customer loyalty, and other areas.
What Are The Capabilities of NetSuite?
While NetSuite solutions have a vast list of capabilities, here are some of the most popular and beneficial ones:
- Efficient management of the financial process
- Enhanced Business Reporting
- Best report generation tools with real-time information
- Improved Inventory Costs
- Foster Cash Flow
- Cost Savings
- Better Data & Cloud Security
- Proper Process Standardization
- Premium Supply Chain Management
Moreover, NetSuite also provides various capabilities based on the field. We’ve categorised each field separately to give you a better understanding.
CRM
- Enriched resource Organisation
- Enhanced Communication
- Improved Customer Service
- Automation of Daily Tasks
- Efficient team management
- Analytical Data and Reporting
Ecommerce
- The highly responsive themes and optimization benefits
- Accessible source code for carrying out designs
- Options to design unlimited layout control
- Better performing and fast loading UI
- Flexible for customizations and updations
- Flexible for manual upgrades with the highest security
- Advanced features and enhancements
- Offers highest marketing features (e.g., upsell and cross-sell)
PSA (Professional Services Automation)
- BUILT in OpenAir acquisition
- Effective management of service-based functions
- Project-oriented businesses.
What Are The Benefits of NetSuite Solutions?
NetSuite ERP is capable of efficiently running business operations. NetSuite has the following advantages to companies.
1. A One-Stop-Shop Solution for Business
NetSuite ERP serves as a one-stop shop for all of your business concerns. It includes virtually every part of industry, from financial processes to supply chain management. You can effectively direct and manage the firm from a single platform. It combines many needs into a single articulated platform, allowing companies to achieve sustainable market advantages.
2. Better Decision-Making
NetSuite provides powerful market intelligence solutions that support companies in decision-making processes; as a result, businesses can efficiently produce high-end outcomes. These would aid in the achievement of progressive development and market success. It assists in the interpretation of sales recognition, maps and statistics, and has a huge effect on improved decision-making processes.
3. Business Expansion Opportunities
NetSuite can handle companies that operate in several languages, currencies, and branches in various countries. This enables your business to reach out to new markets, thereby creating multiple expansion opportunities.
4. Customizable
Another unrivaled feature of NetSuite is its high degree of versatility in customizing the device to meet the specific needs of a business organization. It can easily and rapidly configure and connect with a third-party framework to boost the business.
5. Data Security
NetSuite operates in the cloud, which provides high data confidentiality. Businesses can perform operations from anywhere in the world and in several locations. Companies can continue to function without the risk of losing data.
6. Scalability
The NetSuite ERP system is extremely scalable. This can have an effect on market expansion in terms of growth and development. As a result, companies can accommodate any technical improvements through NetSuite.
What Are The Features of NetSuite?
NetSuite ERP has a large number of features that are all aligned within the device. It improves the performance of business processes. We’ve highlighted some of it for you.
Order-to-Cash
The NetSuite-aligned O2C operation efficiently handles the whole order management operation. It synchronizes the findings from accounting log entries in books with the point of payment.
Audit Trail Visibility
NetSuite offers audit trail visibility, which ensures required details through backtrack and consistent visibility towards the trail of events in relation to its initial actions, record production, user interactions, data usability, login attempts, administrator activities, or automated system activities. This facility means that the system’s activities are properly monitored and that transparency is improved.
Procure-to-Pay
NetSuite ERP’s procure-to-pay functionality is a key aspect. It assists in the administration of the entire business process in the cloud, with a suite of multinational actions to ensure productivity and uniform accountability in the procure-to-pay process.
Tax Management
NetSuite has an outstanding function that allows you to run actions to learn, log, measure, and pay various forms of taxes based on the selling or purchasing of goods and services. NetSuite tax management is based on a stable basis that guarantees accountability, automation, and efficient tax control and management in a global context.
Flexible Depreciation Management
NetSuite Fixed Assets Management helps users to choose the accounting date for depreciation which allows for annual withdrawal and depreciation of assets depending on their desires.
Workflow Management
NetSuite has powerful Workflow management features that enable it to easily integrate some complex business processes into the NetSuite framework. Businesses may use these features to simplify business operations and save time on manual tasks. This functionality has the capability of converting more complicated business operations into simpler behavior. Workflows can handle several stages, transformations, and processes more effectively, saving time.
Fixed Asset Roll forward
NetSuite Fixed Assets Management provides professional and automatic service. Parent—Roll up values all sub-assets to the parent and build a single journal forward. As a result, since this function allows for revision, it only impacts possible depreciation estimates.
Integrated Financial Reporting
NetSuite ERP has an effective Financial Report Builder platform that is both convenient and simple to use. The method aids in the development of financial statements for reporting purposes. It also guarantees the aggregation of economic data and the classification of additional data in the survey, such as budget information.
Flexible Payment Acceptance
Flexible payment recognition enables the company to set one payment for everyone, including contractors and staff, per bill/expense, or a user-defined grouping. These functions run automatically by grouping payments that follow the requirements you decide.
Global Ready
The global-ready functionality guarantees that your business structure is capable of managing foreign business activities, regardless of location. The global ready functionality keeps a key ERP suite up to date with host upgrades. The feature is dispersed in the global financial system. Governance, Danger, and Compliance (GRC), sales identification, Services Resource Planning (SRP), Supply Chain Management (SCM), and billing will also be included.
Fraud Prevention
Netsuite is a piece of software that guarantees the highest degree of data protection. The controls are in place to deter fraud involving particular dates, numbers, emails, and bought goods based on specific requirements. There are a variety of features that can be used to identify illegal activity. With the NetSuite bundle, the NetSuite Fraud Detection and Scoring Tool is simple to set up.
Flexible Payment Processing
Flexible payment management helps you to identify payment procedures for each bill/expense for the same vendor/employee. In other instances, a user-defined grouping will be needed. It assists in the automation of payment types based on the collection criterion.
Demand Planning Engine
The Market Planning engine in NetSuite assists in the monitoring and regulation of processes related to demand and supply balancing. It functions by generating market patterns, which can then be analyzed, resulting in the creation of a schedule. On the basis of several settings inclined in item data, the supply preparation process produces the procurement process, work, and transfer orders.
Cost Management
NetSuite cost Management is a powerful feature. It provides a range of benefits, including improved productivity, and better tracking along with compliance. It also helps to maximize the accuracy and timeliness of expense reporting, thereby enhancing the overall experience of the processing with user attentive and straightforward enterprise.
Inventory Control
Businesses will benefit from the inventory management feature, which makes for better inventory monitoring. It also aids in the development and successful management of company properties. Other features include inventory categorization based on volume and valuation of purchases, daily monthly counts, and so on. It’s a useful tool for ensuring inventory precision.
Inventory Visibility
The NetSuite inventory visibility function is a powerful tool provided by NetSuite ERP. Cycle counts, multiple location inventories, delivery requirements preparation, protection storage, demand planning, reorder points, and multiple location inventory are all tracked with this feature in NetSuite.
Integrated Process Workflow
Inside an automated workflow, NetSuite has powerful capabilities for optimizing processes. It includes a web-based enterprise management solution as well as business processes that are compatible. Allowing ad hoc process improvements makes it easier to optimize company agility, and it can also trigger events and monitor productivity.
Centralized Vendor Management
NetSuite helps users to conveniently monitor their tasks from a single computer. It entails gathering specifications, selecting suppliers, initiating communications, accepting bids, and making pricing adjustments. In a centralized vendor system, all of these operations are controlled, tracked, handled, and managed.
Flexible Billing Scheduling
NetSuite allows you to easily create multiple billing plans based on the company’s needs. With the support of the schedule’s header level choices, it has several options and services and builds operations for reusable various orders and lines.
Human Capital Management
HR functionality is integrated into the NetSuite suite of applications by HCM. It is an efficient way to eliminate time-consuming, redundant, and manual operations. It consolidates standard employee queries and produces reviews for decision-makers and auditors, and it confines actions and collects information from various processes.
Core HRIS
SuitePeople benefit from the Core HRIS functionality. It assists workers in requesting time off, having access to staff directories and managing corporate tables, cross-monitoring upcoming holiday times and tracking new employee hires, as well as a number of other activities. It also works by using the suite to connect people’s data together. It works well for gaining full control of the main HR operations.
NetSuite TribeHR
NetSuite TribeHR provides a forum for digitally storing all employee files. It also has an enterprise-class HRIS that keeps a full log of employee activity. It aids in the implementation of the following actions, which assist in motivating, managing, and retaining workers to work toward achieving company objectives.
What is a NetSuite Solution Provider & Do You Need One?
Quality NetSuite partners start with the long-term vision and business plan in mind. Partners are committed to your success and reputation long after the go-live date. They are passionate about learning the company’s operations and committed to your success and reputation. You’ll have easy access to NetSuite assistance from professional IT experts, with the freedom to raise questions, address best practices, sourcing options, prices, and goods, among other items. NetSuite Partners are business professionals with a deep understanding of the platform as well as the expertise and skills to better adapt your NetSuite implementation to your particular specifications.
So, if you’re looking for a NetSuite solutions provider who can help you make the most of this exceptional software, consider contacting us at Aarialife today!
