Why Choose NetSuite ERP to Improve Business Performance

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Cloud was not commonly understood during the late 1990s; few saw its potential. A handful of visionaries, however, saw vast benefits of delivering software via the internet; Larry Ellison convinced entrepreneur Evan Goldberg of their potential. Goldberg then launched NetLedger (later becoming NetSuite) as soon as 1998.

NetSuite's cloud-based enterprise resource planning (ERP), available in English, equips businesses with all the tools necessary for expansion while running it efficiently. NetSuite ERP has become a go-to choice among organizations of all sizes across numerous industries to tap its capabilities in finance, supply chains, customer relationship management, human resources professional service, and e-commerce.

Cloud-based ERPs like NetSuite offer flexible solutions tailored specifically for each industry and can grow with their users as they expand.

Investing in an ERP enterprise resource planning system can be challenging. There are so many options out there - how do you choose the one best suited for your company when there are so many available? In this post, we'll explore why NetSuite is an excellent choice for all businesses, looking at its features and advantages compared to competitors and considering why NetSuite stands out as both a powerful and versatile ERP system option.

Upgrading to enterprise resource planning (ERP) software could help your business achieve success and see revenue growth quickly. NetSuite allows companies to become more efficient, reduce costs and streamline processes faster. NetSuite remains committed to its customers and continues to invest in its products; furthermore, a growing ecosystem of NetSuite ERP consulting partners is available for support, integration, and service provision. Any business adopting NetSuite takes an essential step toward future success; its implementation requires highly skilled personnel to manage it successfully and provides many advantages over time.

Understanding NetSuite

NetSuite, a software firm offering an online business management platform used by over 36,000 organizations around the globe, is used by an impressive 36,000 organizations worldwide to run their operations more effectively while tracking performance indicators, saving money and increasing efficiency. Its applications help businesses manage and analyze business performance and increase efficiency while saving costs and time.

NetSuite ERP, a cloud-based application for business management, helps companies enhance their work more effectively by automating key processes and providing real-time visibility of operations. Businesses gain complete control and access to their data while streamlining operations - including modules for inventory management, eCommerce, CRM, accounting and more! Liberate IT NetSuite is an effective tool that empowers organizations to manage finances, operations, customer data tracking and inventory tracking more efficiently.

ERP systems help organizations manage core functions such as finance, accounting, ordering and purchasing. Customers can select from various solutions, including CRM (for sales, service and marketing automation), HR (including personnel records, payroll and performance management) and professional services automation (PSA), which enables planning and tracking projects as well as omnichannel commerce (both online and in-store sales). These modules share a central database, enabling authorized users to access information across all business functions in real time and update it instantly. This gives leaders an immediate 360-degree view of their organization and allows them to see which departments or processes are performing well and require improvement.

NetSuite operates as a Software as a Service (SaaS). Customers pay an annual subscription to gain access to its technology; however, they do not need to take responsibility for maintaining or upgrading it themselves - these tasks are handled by Oracle NetSuite itself, which releases two software updates each year.

Maintenance and upgrade costs associated with on-premises software save companies money and allow employees to focus more on mission fulfillment and customer service. SaaS also allows for scalability: Businesses can add features as needed without incurring staffing or infrastructure costs; for instance, B2B manufacturers might consider adding NetSuite's e-commerce modules after deciding to sell online. NetSuite gives businesses visibility and control by providing one central source of real-time information while adding modules incrementally over time - increasing agility and efficiency while improving visibility across their businesses' businesses.

NetSuite ERP Solutions

The versatility of NetSuite allows it to meet the specific requirements of businesses across industries and functions. Below are various modules of NetSuite ERP solutions dedicated to critical processes and procedures within an enterprise:

Accounting Software

NetSuite Accounting Solutions simplifies the recording, managing and tracking of transactions and unpaid dues or amounts due. Tax collection and closing sets become more straightforward, as well as better financial asset control. NetSuite automates repetitive tasks such as account statements or journal entries while offering instantaneous insights into key financial metrics like profitability ratios or inventory margins.

Financial Management

Gain real-time insight, streamline processes and enhance efficiencies by adopting an all-encompassing solution for Financial Management. This solution includes powerful finance and accounting features with business intelligence built-in for easy accessibility anywhere and any time - incredibly convenient when daily transactions, close sets, budget and forecast cycle times are reduced with real-time reporting capabilities available from anywhere around the world. In addition, the software integrates with inventory control management, supply-chain management CRM platforms, and eCommerce sites, allowing seamless service provisioning capabilities.

Global Business Management

NetSuite OneWorld allows multi-national and multi-branch companies to centrally manage all their businesses within one system centrally, supporting various currencies, languages and tax laws for multinational firms. OneWorld provides regional, country, and global financial roll-ups so decision-makers have a comprehensive or targeted view of their company.

Financial Planning

NetSuite Planning and Budgeting offers business leaders everything they need to create detailed budgets and forecasts for departments or the entire company. At the same time, financial analysts can use What-If scenarios to project revenue and expenses under various possible outcomes. It reduces cycle time while engaging business users - offering an intuitive solution for planning, budgeting and forecasting processes.

Order Management

Bring together sales, fulfillment and finance teams to streamline pricing, returns management, sales order management and revenue tracking processes - speeding up order-to-cash and eliminating manual bottlenecks in the order-to-cash cycle. NetSuite Order Management's solution stores all order, payment and return information in one central place and helps facilitate an efficient delivery process by connecting sales, financial and operations teams.

Production Manager

With solutions such as product data management (PDM), work order management (WOM), and quality assurance, you can gain real-time visibility into your production process and thus bring products quickly and cost-effectively to market.

Supply Chain Management

With Supply Chain Management, you can plan, execute, and support your supply chain management plans using an accessible, collaborative platform - anytime, anywhere!

NetSuite's supply chain management enables companies to track the movement of products from suppliers to their customers. Furthermore, this software facilitates vendor communication during purchasing processes and records updates on production, financial and inventory data.

Warehouse and Fulfillment

Optimize inbound/outbound inventory in real-time while reducing total cost of ownership with features like mobile radio frequency (RF), barcode scanning, prescribed strategies for picking/putting away, task management and return authorizations to enhance daily business operations.

Manufacturing

NetSuite Manufacturing was explicitly created for companies who manufacture or assemble products, providing production planning, scheduling and shop floor management functionality to manage production operations more effectively and provide visibility into opportunities to uncover insights or improve chances in production. It ensures all parts and supplies are in their proper locations at the appropriate times; additionally, it allows managers to create, release and track work orders for tracking purposes, providing visibility that can help enhance quality, cut costs, and guarantee on-time deliveries.

Procurement

Automating key procurement transactions to increase accuracy and optimize procure-to-pay processes can drastically enhance accuracy.

Customer Relations Management

NetSuite CRM provides a 360-degree customer view. Sales force automation makes the lead-to-cash process faster while forecasting tools analyze past sales to predict future ones. In addition, this application improves customer service as all relevant data, such as sales history and support cases, are centrally stored within one place for easy reference by customer service agents, and the marketing automation tools enable businesses to organize campaigns while segmenting customers for targeted messages.

Commerce

NetSuite SuiteCommerce empowers retailers, distributors and manufacturers to create outstanding multichannel shopping experiences for customers. Companies using the application can launch mobile-friendly sites quickly. Furthermore, multichannel and multiple location businesses can utilize the SuiteCommerce InStore Point-of-Sale App for seamless order flows on the backend, with payment and customer data seamlessly flowing into ERP.

Payroll

NetSuite Payroll is a software solution designed to automate the calculation of wages, deductions and taxes across a business's payroll cycle by differing tax rates across the US. Companies using this module can pay employees via direct deposit, print checks, or file payroll taxes electronically, and create tax forms such as W-2s or 1099s for employees as needed. Ultimately, this payroll solution saves both time and ensures compliance.

Human Resources

SuitePeople is NetSuite's HR system and integrates information on human resources throughout its suite. It tracks compensation and promotions, stores personnel data, and facilitates onboarding new hires. Employees can use self-service to request time off from work, view directories/org charts/publicly congratulate their colleagues, while managers can track performance reviews. SuitePeople empowers employees to handle more tasks independently while helping companies retain top talent.

Professional Services Automation

NetSuite PSA is tailored specifically for service companies or service divisions of product companies, providing them with project and resource management, billing, time and expense tracking capabilities and project accounting features. OpenAir can track time and expenses accurately while automating customer billing based on project schedule milestones or milestone completion, resulting in improved resource usage, faster project completion rates and greater profitability.

Analytics

SuiteAnalytics draws upon all data stored within NetSuite to deliver deeper insights at both transactional and summary levels, giving users more significant insights at both transactional and summary levels. SuiteAnalytics workbook allows users to customize saved reports with customized filters for quick analysis. Meanwhile, drag-and-drop tools empower employees with instant answers without complex queries or coding required - an invaluable asset for your business! NetSuite Benefits for Your Company.

Benefits of Using NetSuite for Your Business

NetSuite ERP features allow various benefits for your business. Here is a summary of all the advantages NetSuite Cloud brings to your business.

Unified view of the business

NetSuite allows any company to run its entire business efficiently with one streamlined solution, helping employees perform efficiently without needing multiple systems. Employee productivity, financial reporting and close times improve dramatically thanks to an all-encompassing ERP cloud system - saving time and money while freeing you to focus on more critical business matters.

The system integrates finance, supply-chain management, manufacturing, human resources and e-commerce functions into one database - making logging in easy for employees who can quickly monitor their business with just a few clicks.

Customizations

NetSuite boasts many features that enable administrators to configure and personalize it exactly how they see fit. NetSuite Performance becomes invaluable when your company requires operational requirements that the software cannot fulfill. NetSuite administrators are responsible for customizing NetSuite to meet the unique requirements and needs of their company's business processes; however, other team members may learn how to use it, too. NetSuite can be tailored and extended to meet these unique demands and specifications - this may involve personalization, best practices and business processes being tailored accordingly. SuiteApp enables developers to quickly build applications hosted within NetSuite, simplifying the creation of custom records, forms and roles by users. SuiteBuilder allows companies to customize the system according to their organization structure and terminology needs.

Each business is different, so no single software solution can perfectly meet all operational needs. NetSuite stands out by being flexible enough to be tailored specifically to you and meet any challenges your operation might present. With limited customization capabilities ranging from configuring user dashboards and customizing forms and fields to outsourcing customization tasks to experts for quality assurance purposes - NetSuite experts may help your team streamline workflows more efficiently by tailoring NetSuite specifically to them. Customizing NetSuite may save your team time, energy, and money!

NetSuite innovations are ever-evolving, and customization helps keep businesses current with its features and performance changes. Companies must monitor these variations regularly to get the best value, especially as companies and industries evolve. Customizing NetSuite will enable your team to stay abreast of sudden or gradual changes.

Flexibility

NetSuite stands out with its flexibility as one of its key advantages, providing custom solutions tailored specifically to the needs of every business. You can select features most applicable to you while leaving others out; plus, its cloud-based nature means it can quickly expand alongside your business as it grows.

Automated Features

NetSuite offers businesses an array of automated features designed to increase efficiency. The software automates tasks such as invoicing, tracking orders and financial reports - saving time and effort. NetSuite's analytics also allow for quicker decision-making, giving you real-time information on customer spending behavior patterns and inventory levels. Hence, your shelves remain stocked up with the goods your audience demands.

SuiteFlow allows developers to design custom workflows for various business processes using an intuitive interface, including lead nurturing, purchasing order approvals and discounts on sales. Automation reduces errors while improving quality even in manually managed operations - as you move towards automation more, productivity will surely rise for your company!

Integration

NetSuite offers an expansive array of integrations. NetSuite administrators primarily rely on it for financial tasks; sales, marketing, HR, and other departments may use NetSuite software for specific functions or even have their customized version available for particular tasks.

SuiteTalk allows developers to seamlessly connect NetSuite data with other software applications by customizing integrations using various integration tools, including HubSpot, Amazon Shopify and Salesforce. NetSuite can even receive and convert external source data into record transactions and reports - another great benefit of connecting third-party apps to your ERP!

Increased Visibility and Reporting Data

With NetSuite ERP, employees can access the same data at any time or place - anytime or anyplace! In many companies, divisional platforms don't work well together, resulting in your team spending many hours sorting through spreadsheets, importing/exporting data between spreadsheets or creating Excel reports to get the complete picture - an effort not worth incurring unnecessary costs or headaches from non-compatible systems.

Cost and Benefits to Consider
  • Real-Time Data: No more waiting around when sending information across units; everything is now accessible with just a few clicks - real-time and timely!
  • Accurate Data: With an ERP system, you'll be able to view real-time and precise data in real-time. This accuracy comes from having a central database that does not rely on other software platforms for its accuracy.
  • Compliance Data: As your business expands, its compliance reporting needs become more pressing. NetSuite ERP's accurate reporting tools make accessing this vital data easy and hassle-free.
  • Data Visualization: The NetSuite ERP provides various techniques for visualizing data, such as graphs, charts and histograms, to show critical insights and trends visually. It offers multiple strategies for data visualization that create a narrative through charts to display critical insights and trends in an engaging format.
  • Mobile Access: Employees who spend much of their time out in the field need access to accurate real-time data via mobile devices to save time and money. Accessing accurate real-time data through such mobile devices is one way to do just that.

NetSuite Is an ERP Platform That Allows for Rapid Access to Vital Information

Businesses seeking fast access to critical information often turn to NetSuite as their ERP solution of choice, using it with an implementation partner to access analytics, dashboards and reports needed for business success.

ERP software can be an invaluable business intelligence tool by recording and storing all the data entered by users. A robust ERP can simplify life for team members to produce various reports in minutes rather than days without an ERP solution.

Dashboards of most ERP solutions are tailored so that executives see reports as soon as they log in, from income and expenses statements to customized key performance indicators (KPIs) that provide insight into specific functions. With quick access to this data, executives and their teams can make faster decisions than relying solely on IT for producing reports needed by management. Lastly, most pieces come with multiple access levels, so only relevant staff can access company data.

NetSuite Is Easy and User-Friendly

The interface of NetSuite is designed for ease of use and learning, so no matter your technical experience or level in your company - everyone in it can quickly adapt. That means less time getting acquainted with a platform and more time running your company!

NetSuite ERP makes an excellent choice for companies of any size thanks to its extensive features, cloud-based scaling options and user-friendly interface. NetSuite will be invaluable to streamline operations and boost performance - it would be an excellent addition to any new ERP investment!

Maximize Your Purchasing Power

Procuring can be a time-consuming and laborious task without an effective solution in place. Employees could spend too much time researching vendors and communicating with them; with NetSuite ERP's procurement solution making purchasing easier, you and your company have visibility into overall costs as well as crucial data about vendor performance, enabling timely purchasing decisions to save both money and stress by quickly purchasing goods and services. Our procurement solution features:

  • Vendor management
  • Purchase order Management
  • Order management
  • Order approvals
  • Purchase approvals

Smarter, Faster Decision-Making

SuiteAnalytics from NetSuite's suite of analytics and reporting tools offer real-time insight into any company's financial and operational performance across all functions. Pre-built reports and analyses are easily customizable, so it's easy to access the data you require quickly. Personalized dashboards, KPIs, and other monitoring tools help track business progress more closely.

SuiteAnalytics, built into NetSuite, gives you fast access to the data you need to optimize the financial and operational performance of one or more subsidiaries, departments, or teams. NetSuite is an excellent foundation for companies from various industries looking to leverage its features thoroughly.

Data Security

When selecting a cloud-based ERP system like NetSuite, data security should always be at the top of your priority list. NetSuite Administrators have access to their system from anywhere and at any time; expect strict security protocols to protect sensitive data stored there - expect multiple layers of backups monitored by professionals as well as regular/automatic updates to its security system from NetSuite.

NetSuite's business software will ensure the highest data protection imaginable, including password policies, role-based access controls and strong encryption. Their business performance tool also features a team of security specialists safeguarding your and your customer's information.

Hacks and viruses can substantially impair software. Viruses make programs unreliable and slow, while hacks may stop workflow altogether. Furthermore, both may damage trust between customers and team members; protecting all corporate data will ensure greater satisfaction among your customer base and employees within your NetSuite administration team.

Easy Upgrades

NetSuite provides bi-annual updates to update your software with the latest security and features. Each update aims to improve user experience by fixing security flaws, optimizing performance, adding new modules or eliminating bugs - helping ensure an uninterrupted software experience for you and your team. Faulty software can negatively impact productivity and performance; with NetSuite's business performance portal being regularly upgraded, it only brings ease and comfort to its users.

Pricing

NetSuite allows users to license only those needed modules, reducing costs significantly and increasing user empowerment. NetSuite's modular design saves companies money, while license renewal will enable companies to practice being economical by carefully choosing which modules are needed.

NetSuite can handle most business processes with its effortless deployment system and flexible integrations, freeing IT staff to focus on other priorities. You will save money by forgoing additional software or integrations, freeing up resources for different projects and matters such as hiring more experienced team members to boost performance and productivity within your organization or purchasing higher quality materials to enhance customer experiences while increasing profits.

Enhance Collaboration

NetSuite ERP is an industry disrupter. Communication between clients and colleagues is essential to improving service delivery, so collaboration around projects, finances, and core responsibilities becomes easier with NetSuite's collaborative platform. Client satisfaction increases, and access and updated information regarding their business are provided quickly via NetDynamic's official NetSuite Alliance Partner status; our services enable companies to take full advantage of these advantages to thrive as the business grows.

Conclusion

NetSuite ERP is an invaluable tool that empowers businesses to grow and become more efficient. Offering flexibility, customizations and third-party integration options, this cloud-based service is currently used by over 29,000 companies in 200 countries - without needing extra maintenance costs or hardware installations - giving businesses an edge in the marketplace.

NetSuite ERP can be an incredible game-changer for small businesses. It provides companies with the tools, resources, and capabilities to effectively manage operations, drive growth, and achieve long-term success. Small businesses can use NetSuite's power to overcome challenges, seize opportunities and reach new heights of success.

NetSuite can help your business perform more effectively, from increasing employee efficiency to streamlining processes. As you become familiar with its features, you'll discover more ways that it can enhance operations. With constant updates being released for free to users worldwide, this software offers endless potential to advance businesses in many ways.

NetSuite gives businesses all the tools they need to expand their businesses while running it efficiently, all from within one system. Organizations of all sizes across industries use ERP. All NetSuite modules share one database where information from all business functions can be instantly updated, providing business leaders with a real-time overview of which departments or processes are performing well and which ones need improvement.

NetSuite integrates all of your systems, from CRM and HR through HRMS, IWM, and inventory and warehouse management, into a single repository that ties them all together. Businesses benefit from real-time information with added modules as needed, allowing greater control.

Author

Assim Gupta

Himanshu Verma linkedin-icon-squre

Digital Marketing Manager

Himanshu is the Digital Marketing Manager at Closeloop. He likes to share his knowledge and experience with the world; blog is one of the mediums. He writes on topics of his interests, such as online marketing, brand building, business growth, sales, lead generation, etc., and believes in adding value to readers’ lives. He loves traveling, sports, and army culture.

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