Introduction to NetSuite: What It Is and Why Your Business Needs It

It’s true; in order to thrive in the world of business, you have to leverage the right technology. Tech helps you improve operations, efficiency, and enhance decision-making. One such technology—which has gained its own importance and traction among all businesses—is NetSuite. This cloud-based enterprise resource planning solution offers a suite of apps allowing you to automate various business processes. Today, we’ll run through what NetSuite is, its key features, and why your business should consider integrating it. 

What is NetSuite?

Founded in 1998 by Evan Goldberg under the name NetLedger, NetSuite is a leading cloud-based business management suite, encompassing ERP/Financials, CRM, and even e-commerce functionality. In 2016, the company was acquired by Oracle and has been pushed to serve businesses of all sizes, from small startups to large enterprises, offering scalable solutions that grow with the business. 

Key Features of NetSuite

NetSuite provides a comprehensive set of features that cater to various business functions:

Enterprise Resource Planning (ERP): NetSuite ERP helps streamline back-office processes, including financial management, order management, inventory management, and supply chain management. It provides real-time visibility into operations and automates routine tasks, allowing businesses to focus on strategic initiatives.

Customer Relationship Management (CRM): NetSuite CRM offers a 360-degree view of customer interactions, enabling businesses to manage leads, automate sales processes, and improve customer satisfaction. It includes features such as Salesforce; automation, marketing automation, and customer service management.

eCommerce: NetSuite’s SuiteCommerce enables businesses to create engaging and personalized shopping experiences for their customers. It integrates seamlessly with the ERP and CRM modules, ensuring a unified business management platform.

Professional Services Automation (PSA): This module helps service-based businesses manage projects, resources, and billing efficiently. It includes tools for project management, resource optimization, and time and expense tracking.

Human Capital Management (HCM): NetSuite HCM helps businesses manage their human resources effectively. It includes functionalities for payroll management, employee records, performance management, and recruitment.

Business Intelligence (BI): NetSuite’s built-in BI tools provide real-time analytics and reporting capabilities. Businesses can gain insights from data, track key performance indicators (KPIs), and make informed decisions.

Why Your Business Needs NetSuite

1. Scalability: There could be any reason in the world you choose NetSuite, however, one of the primary reasons businesses choose NetSuite is its long-term scalability. As your business grows, NetSuite can grow with you, adding new features and users without the need of crazy, excessive, or costly infrastructure changes. 
2. Real-Time Visibility: Real-time visibility is important when analyzing operations. NetSuite offers such visibility with dashboards and comprehensive reporting tools which allows you to make better decisions, access up-to-date information, identify trends, and respond quickly to changing market conditions. Real-time data also helps with accurate financial reporting and forecasting. 
3. Integrated Platform: With NetSuite you can say goodbye to swapping through multiple systems thanks to their integrated platform. No more complexity within navigating each system and no more additional costs of having these different systems. While having everything in one place is a huge benefit in itself, this integration also ensures seamless data flow across all facets of your business, improving collaboration and efficiency. For example, an integration between your CRM and ERP ensures that sales, marketing, and finance teams are on the right page. 
4. Automation: With the rise of AI, we’ve seen automation thrown around as a buzzword or added benefit of many tools. NetSuite has been implementing automation for years and it has grown to be a key benefit of the NetSuite offer. The automations offered help businesses save time and reduce errors. For example, routine tasks such as invoicing, order processing, and payroll can be automated, reducing human error. Overall, these small tweaks stack up to improve efficiency, consistency, and productivity. 
5. Customization: NetSuite is highly customizable, allowing businesses to tailor the platform to their specific needs. Through SuiteScript and SuiteTalk, businesses can develop custom applications and workflows that align with their unique business processes. This flexibility ensures that NetSuite can adapt to a wide range of industries and business models.
6. Cost Savings: By moving to a cloud-based solution like NetSuite, businesses can significantly reduce their IT costs. There’s no need for expensive hardware, software maintenance, or IT staff to manage servers. Additionally, NetSuite’s subscription-based pricing model allows businesses to pay for only what they need, making it a cost-effective solution.
7. Security and Compliance: NetSuite provides robust security features, including data encryption, access controls, and regular security audits. It also helps businesses comply with various regulatory requirements, such as GDPR, SOX, and HIPAA, ensuring that sensitive data is protected and compliance risks are minimized.

Case Studies and Success Stories

Land O’Lakes: Land O’Lakes, a leader in the agricultural industry, implemented NetSuite to unify its operations and improve efficiency. With NetSuite, they gained real-time visibility into their supply chain, streamlined financial processes, and enhanced their ability to make data-driven decisions. The move to NetSuite helped Land O’Lakes reduce costs and improve customer satisfaction.

Takeaways

Not only is NetSuite an ERP solution; it’s more. It’s a comprehensive business management suite that can transform how your business operates. Real-time visibility, side-by-side scalability, integrated platform, and automation capabilities makes it a valuable asset for any business regardless of size and industry. 

References

Oracle NetSuite. (n.d.). About Oracle NetSuite. Retrieved from Oracle NetSuite

Land O’Lakes Success Story. (n.d.). Retrieved from NetSuite Case Study

What is NetSuite ERP & How Does It Work?: This article delves into the specifics of NetSuite’s ERP system, explaining how it integrates various business functions like finance, supply chain, CRM, and HR into a single platform.

NetSuite Company Overview: This source offers a comprehensive look at NetSuite’s offerings, including its cloud-based ERP suite and various modules for inventory management, professional services automation, and omnichannel commerce.