As an organization today, we all have new challenges as we attempt to accomplish the business growth. Technology has been changing very rapidly and we are all entering in digital transformation. Everyday business processes are changing and also new revenue models are being discovered each day. Whether your business is growing or maintaining balance, your ERP may have challenges to deliver ideal performance with changing business processes. Enterprise Resource Planning (ERP) systems must be focused around giving a unified view integrating digital capacities today. NetSuite is an ERP system for businesses to deal with business processes. Let us see the details of NetSuite.
What is NetSuite?
NetSuite software is an online service that allows companies to deal with all key business processes in a single system. The service includes no hardware, no big and upfront license expense, no maintenance charges related with hardware or software, and also no complicated set ups.
Companies uses NetSuite for enterprise resource planning (ERP) and also to deal with inventory, track their financials, host e- commerce stores and keep up customer relationship management (CRM) systems. This platform can be applied to a business applications. Most of the companies are going to the cloud for delivery of their business system to bring down their operating costs and also to enhance their competitive benefit.
Why businesses are moving to NetSuite?
NetSuite is the world’s leading provider of cloud- based business management software helping companies to manage core business processes with a single, fully integrated system from ERP, Financials, CRM, E-commerce, Professional Services Automation, inventory etc. NetSuite is fast to deploy, simple to use and also flexible to support all aspects of your business. Below are some reasons of using NetSuite ERP by most of the companies.
- Optimize- Optimize and manage operations, information and processes
- Achieve visibility over the enterprise in one single source
- Scale for business growth
- Accomplish better business planning and also increased productivity.
- Eliminate different business inefficiencies.
Key benefits of NetSuite-
1. Integrated to support organizational support functions-
Netsuite power lies in unification of fragmented data crosswise over departments and also systems. It automates critical business processes. It is highly flexible and also can be modified to adapt to your particular business processes. Netsuite is a completely cloud- based ERP. It can automate both front end and back end operations including – financial management, revenue management, fixed resources, order management, inventory management and billing functions.
Netsuite has an integrated approach and also it incorporates all functions within an organization. The benefit lies in a joined suite that integrates diverse functions like CRM, eCommerce, Warehouse management, Inventory to human resource among others. To single platform internal and external processes are connected. There is a single database alongside automated procedures that decrease the risk of errors by employees.
Business growth is all around balanced and upheld by Netsuite which optimizes efficiency, manages costs, streamlines processes, and also eliminates with manual reports. This saves a great deal of time and prompts in general business improvement over the organization. A single Netsuite ERP can remove the pain of dealing with different applications and the vital integration and update challenges.
2. Real time visibility and a 360 degree view-
Ordinarily, decisions are delayed or wrong choices are made because of lack of required data . This can be exorbitant. Netsuite gives real time dashboards with drill down perspectives from high level data to low level data over the organization giving deep insights. The unified construct of the system underpins omni-channel commerce so that benefits are delivered to give more control. Your employees can spend time in data analysis instead of collecting data. Key Performance Indicators like sales, orders, forecasts, support, cases, and also accounts receivable are accessible easily in real time and accessible from anywhere.
3. Lower IT costs-
Netsuite ERP is cloud based and also it gets rid of the need for you to have costly IT support teams or spend on costly hardware infrastructure. Numerous applications are unnecessary as different departments can run on this single ERP system. It makes for simpler updates to the system also.
4. Priced rightly:
Netsuite ERP system is priced right with sufficient alternatives to scale up. This ensures that cost is proportionate to the size of your business. Businesses can see decreased initial investment, however a higher ROI as a lot of expenses are saved in integrations. Netsuite is a one- stop cloud ERP solution in a unified and integrated portal.
Pros of using NetSuite-
1. Efficiency in the process across the organization-
There are many key processes that are experienced in the daily activities like order management, fulfillment, invoicing, cash collection, expense approvals and financial consolidations. Automating such processes will reduce the hiring that you would require running these processes otherwise.
2. Improves visibility-
To take decisions it is important to have a real- time visibility. Because of this information can be accessed from anywhere and anytime without wasting the resources on the data extraction. This has made all the processes accurate and faster also.
3. Significant IT Time and Cost Savings-
IT will never again need to procure, install and also maintain a lot of systems as there are different integrations in between. When the IT time will be utilized in improving the operations of the business, reduction in the operational costs will be realized.
4. Accelerated growth-
With the help of this integrated software there can be an expansion to different areas and there can be extra sales channels which can be possible quicker due to the unified order and accounting management processes and data. It additionally helps the organization for upsell and cross-sell for better efficiency for the existing customers for an improved visibility.
5. User-driven innovation-
Implementations are done quicker as the process changes. Every day business users can apply their functional expertise for fitting the processes and also the applications such that will help in improving the performance. Meanwhile, it will be liberated for focussing on the key activities that will add value by building innovative value- added solutions.
How to know if NetSuite is right for you?
Questions to ask yourself:
- Is your organization experiencing rapid growth?
- Do you have plans to grow into new markets?
- Is your current business system struggling to scale for future business requirements?
- Would your business benefit from real- time data to make accurate decisions?
- Are you reliant on spreadsheets and outdated information?
You can go with NetSuite, if you have answered YES to any of these.
Competitors of NetSuite-
1. Intacct vs NetSuite-
As far as pure financial management capability for a small single entity, you can’t generally go wrong with either software – both are seen as solid alternatives for companies outgrowing QuickBooks. Anyway for many organizations that have needs beyond accounting, inventory and warehouse management, project management, purpose of sale, ecommerce, project management, HR, and so on. NetSuite is the more likely choice.
2. NetSuite vs FinancialForce (FF)-
Both FinancialForce and NetSuite have capabilities around financial management, project and resource management, billing management and both effectively integrate with Salesforce CRM. Anyway this is the extent of the overlap. When you get outside of the Professional Services industry FinancialForce may experience difficulty competing especially in areas of wholesale distribution, manufacturing, retail and e-commerce.
3. NetSuite vs QuickBooks-
Handsdown QuickBooks is the undisputed champ with regards to an accounting solution for startups and also meets many of the users needs directly out of the door. In any case, overtime as the organization scales and needs expand, QuickBooks starts to run out of the steam. When a QuickBook user has a requirement for the following features it’s time to truly consider NetSuite.
- multi-subsidiary intercompany transactions and consolidation
- multi-book accounting
- fixed assets management
- recurring / subscription / usage based billing
- revenue recognition
4. NetSuite vs Microsoft Dynamics-
Depending on the Dynamics product you are thinking about (AX, GP, NV, 365) the story is commonly the same. Basically all of Microsoft ERP products got here because of acquisition and they generally contain a comparable theme, rigid, difficult to customize and costly to deploy and maintain.
NetSuite is important to build a successful business today and for the future. Regardless of how incredible your products are, working with reliable business management software to maintain the everyday business is important. NetSuite software is a best ERP software for your business to deal with business processes. You must go with ERP software to manage your business processes with a single, fully integrated system from ERP, Financials, CRM, E-commerce, Professional Services Automation, inventory.
ERP software plays a vital role in business process management. It is important to maintain the balance and also to expand your business. Your business requires an ERP software according to business requirements. Team of experts at solace is here to give you the best ERP software solution as per requirement. Reach the expert’s team of Solace for consulting about ERP software.