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What is Netsuite

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by Ravindra Savaram
Last modified: September 15th 2021

Do you know What is NetSuite? And why is it used? If you want an answer to these two questions, then wait until you read the entire content of this blog because you’ll be glad to spend a decent amount of time getting an introduction to what could be the heart of your next job role.

Let’s get started.

NetSuite Introduction

NetSuite is a unified business management suite encompassing ERP/Financials, eCommerce, and CRM for more than 24000 customers. It’s a cloud-based ERP software that helps enterprises achieve business growth and progress by efficiently optimizing business processes. Also, it automates business processes with high-end benefits in a cloud platform.

Oracle NetSuite is always ahead in foreseeing business requirements and assists organizations with the integration of NetSuite ERP. This software simplifies core business processes, including customer relationship management, financials, inventory, HR, professional services automation, and more via a single, fully integrated system.

NetSuite’s fully integrated solution provides customers with all the capabilities to run their business processes entirely on a single platform. Many companies turn towards the cloud to deliver their businesses to lower their operating costs and strengthen their competitive advantage. You can apply this flexible platform to a wide range of business apps.

If you would like to become a master in managing financial and human applications, then visit Mindmajix a global online training platform: "Oracle Netsuite Online Certification Training" this course will help you to achieve excellence in this domain.

How does NetSuite Work

NetSuite is ten times larger than the traditional ERPs in the market. It supports a wide range of functionalities with industry-specific according to your unique business requirements. Real-time dashboards deliver engaging graphical reports, forecasting, inventory, profit, and other customizable functionalities. The drag-and-drop features enable you to customize dashboards as per your preferences.

Running your supply chain and warehouse with NetSuite ensures proper inventory management, logistics, and more. Managing finances by setting up approval workflows enhances reporting and compliance. 

While companies of all sizes use NetSuite, still it continues to offer the same useful tools that accommodate your operations and provide an end-to-end picture of the business at every stage.

Related Article: Netsuite Interview Questions and Answers

What are NetSuite Products

The NetSuite Unified Business Suite offers an end to end business system that involves the following areas:

  • Enterprise Resource Planning (ERP)

NetSuite ERP offers a modern, scalable solution enabling organizations to manage all the financial business processes and critical back-office operations in the cloud. From financials to supply chain management to billing and beyond, Enterprise Resource Planning provides complete visibility and control of their business.  

Key Capabilities of ERP:
    • Efficient management of financial operations
    • Improved visibility 
    • Significant IT Time and Cost Savings
    • Comprehensive Accounting and Finance
    • Effective compliance and controls
Related Article: ERP Tools List
  • Global Business Management (OneWorld)

NetSuite delivers a real-time, unified global management solution for enterprises that efficiently manage multiple currencies, reporting requirements, and taxation rules across multinational and multi-subsidiary operations.

Key Capabilities of NetSuite OneWorld:
    • Allows effortless management of multiple subsidiaries, business units, and legal entities.
    • Provides real-time global business insight from anywhere 
    • Supports global compliance
  • Customer Relationship Management (CRM)

NetSuite CRM delivers true customer lifecycle management with a real-time, 360-degree view of your customers. Seamlessly provides critical information over the whole customer lifecycle right from the lead to opportunity, fulfillment, sales order, upsell, renewal, and more.

Besides offering traditional CRM capabilities such as customer service management, SFA, and marketing automation, NetSuite CRM also delivers order management, quotes, sales forecasting, commissions, and integrated e-commerce capabilities.

Key Capabilities of NetSuite CRM:
    • Streamlines lead-to-cash processes
    • Enhances the performance of sales by forecasting, upsell, and commission management.
    • Improves productivity with a 360-degree view of customers across the organization. 
Related Article: Netsuite ERP Tutorial    
  • Human Capital Management (SuitePeople)

SuitePeople is a human resource offering natively built on NetSuite Unified Cloud Suite. Provides a robust functionality to manage core HR and workforce management processes with an exceptional employee experience for organizations. 

Key Capabilities of SuitePeople:
    • SuitePeople’s payroll provides efficient end-to-end payroll processing and management.
    • It redefines the employee experience with HR information.
    • It provides real-time people analytics alongside financial analytics.
  • NetSuite Professional Services Automation (PSA)

NetSuite provides complete web-based PSA including project accounting, resource management, timesheet, and expense management, all integrated with NetSuite’s SaaS accounting, eCommerce, and CRM capabilities.

 

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Key Capabilities of NetSuite PSA:
    • Delivers real-time visibility into services performance and profitability of the organization.
    • Advances on-time project delivery and drives project success rates.
    • Improves resource utilization with advanced resource management.
    • Reduces hardware maintenance 
  • OpenAir

NetSuite OpenAir professional services solution supports your organization’s entire services with real-time visibility and access to the tools you need. From resource management and project management to time and expense management, project accounting, invoicing, and advanced billing, OpenAir supports the entire service with a powerful cloud-based suite.

Key Capabilities of OpenAir:
    • Optimize resource management
    • Delivers project on time and within budget
    • Increases resource utilization 
    • Project financial management 
  • Omnichannel Commerce

Unify eCommerce, POS, and marketing with your back-office systems to deliver personalized and consistent brand experiences across all channels.

Key Capabilities of Omnichannel Commerce:
    • Delivers innovative customer experiences
    • Get a 360-degree customer view
    • Manage orders and inventory
    • Operate your business on a unified platform
  • Analytics

NetSuite is a leader in presenting embedded analytics allowing businesses to discover hidden information to make critical decisions and gain valuable insight into company performance.

SuiteAnalytics offers users incredible flexibility to create saved searches, reports, Key Performance Indicators (KPIs) Dashboard, and Workbook features built into the NetSuite solution.

Key Capabilities of SuiteAnalytics:
    • Real-time transparency into company performance 
    • Provides easy to use tools without requiring programming 
    • Easily integrates data into NetSuite dashboards
  • Business Intelligence

NetSuite Business Intelligence provides built-in, real-time dashboards and reporting across all integrated processes within the software suite. 

Key Capabilities of NetSuite Business Intelligence:
    • Users quickly build KPIs, actionable lists, and search analytics for their customer data and apps to maximize productivity.
    • Increase the value of your custom apps with built-in analytics and eliminates working complexities with separate reporting tools, data integration, and warehousing.
    • Get a complete view and granular control of global inventory demand and supply with a supply chain snapshot.
  • SuiteSuccess

NetSuite SuiteSuccess is a transformative customer engagement methodology that delivers customers success through leading practices in cloud ERP implementation.

Key capabilities of SuiteSuccess:
    • Ensures success through a consultative approach with the customer that crosses their complete lifecycle from recommendation to evaluation.
    • Deliver an agile and staged approach to achieving the business vision of their customers.
    • Provides actionable insights with prebuilt reports and dashboards pre-configured by role. 
Related Article: Sandbox Netsuite

NetSuite Benefits

While many benefits could be added to the list, we’ve narrowed down the important ones to understand better what NetSuite is about. Here are the top benefits:

  • Richness of features

NetSuite provides rich functionalities for manufacturing, wholesale distribution, retail/eCommerce, and more in a single ERP product.

  • Pricing approach

This is worth mentioning that NetSuite is a modular approach. Essentially, it allows users to select and license any modules they need. This empowers users and reduces costs.

  • NetSuite Integration

The other significant benefit of using NetSuite is it supports a wide range of APIs that allow integration with other software applications. It’s done through an integration platform(iPaaS).

  • Increased real-time visibility

Real-time visibility is crucial for any business to make informed decisions. Users should be able to access data anytime and don’t have to wait for much time for data extraction from other sources. This enables accurate and timely reports, which turns into quicker decisions. NetSuite pools data across the whole organization to lead powerful insights.

  • Scalability

NetSuite is highly scalable, growing with your business. It supports business expansion with support to its growth and development. This, in turn, creates an environment for companies to have NetSuite accommodate any technological changes.

  • Customizable 

NetSuite is a highly customizable SaaS solution in the market. A great degree of customization is possible with NetSuite’s SuiteFlex, through which users can implement modular changes in just a few clicks. Advanced customization is simple, industry-standard tool that allows you to tailor business practices and processes to meet your company-centric requirements. 

  • Biyearly upgrades

NetSuite updates yearly twice, which makes the system more persuasive enough to accommodate business changes.

  • Centralized solution

NetSuite software system covers your entire business. A single, integrated system translates into information flowing seamlessly throughout all departments in the company. 

How much does NetSuite cost?

NetSuite's pricing model starts with a concept of Suite. The suite type you license is primarily determined by the company’s size and the kind of functionality you need. The licensing fee will differ on many factors such as company size, number of users, implementation, preferred tools, and subscription length.

NetSuite offers Limited Edition, Mid-Market Edition, and Enterprise Edition. Each of the editions is identical in terms of the underlying code base and deployment model. 

  • NetSuite Limited Edition - It’s ideal for companies that have a single legal entity and don’t require more than ten user licenses, and have less than 50 employees. 
  • NetSuite Mid-Market Edition - It’s implemented by companies that have two or more legal entities to perform consolidated financial reports over many currencies. Also right fit for those who require more than ten named users.
  • NetSuite Enterprise Edition - This is best for companies with more than 1,000+ named users. 

About Author

author
NameRavindra Savaram
Author Bio

 

Ravindra Savaram is a Content Lead at Mindmajix.com. His passion lies in writing articles on the most popular IT platforms including Machine learning, DevOps, Data Science, Artificial Intelligence, RPA, Deep Learning, and so on. You can stay up to date on all these technologies by following him on LinkedIn and Twitter.