If you’re wondering what NetSuite is used for, then this article will explain everything you need to know.
NetSuite has become a pivotal tool for businesses looking for solutions that streamline operations, enhance productivity, and drive growth.
This comprehensive guide explores the multiple uses of NetSuite and why it is essential for businesses worldwide.
Understanding NetSuite
NetSuite is a cloud-based Enterprise Resource Planning (ERP) system that provides a suite of applications to manage business operations.
From financial management to customer relationship management (CRM), eCommerce, and human resources, NetSuite offers an integrated platform designed to streamline business processes, enhance productivity, and provide actionable insights.
Specific NetSuite Solutions
NetSuite CRM
NetSuite CRM enables businesses to manage their customer lifecycle, from marketing and opportunity management to order management, customer upsell, cross-sell, renewal, and customer service.
This holistic approach ensures that businesses can maintain strong relationships with their customers while optimising sales and service processes.
NetSuite Financial ERP
NetSuite Financial ERP delivers a modern, scalable solution to run all core back-office operations and financial business processes in the cloud, with an integrated business intelligence system that combines vital business data.
This allows for improved financial planning, streamlined accounting, and enhanced reporting capabilities, crucial for informed decision-making.
NetSuite Professional Services
NetSuite offers cloud-native Professional Services Automation solutions, including resource management, project accounting, and more, all integrated with Oracle NetSuite’s SaaS accounting, CRM, and eCommerce capabilities.
This integration ensures that service-oriented businesses can effectively manage their projects, optimise resource allocation, and maintain financial control.
NetSuite E-Commerce
NetSuite’s eCommerce solutions allow businesses to connect eCommerce, marketing, and Point of Sale with key back-office systems to deliver consistent and personalised brand experiences across all channels.
By integrating eCommerce with other business functions, NetSuite helps businesses streamline operations, improve customer experiences, and drive sales growth.
Key Uses of NetSuite
1. Financial Management
One of NetSuite’s primary uses is financial management. It offers robust accounting and finance tools that help businesses manage their finances efficiently. Key features include:
General Ledger: A comprehensive general ledger that supports multiple currencies and subsidiaries.
Accounts Receivable and Payable: Automates invoicing, payments, and collections.
Budgeting and Forecasting: Tools for creating and managing budgets and financial forecasts.
Financial Reporting: Real-time reporting and analytics for financial performance.
2. Order Management
NetSuite streamlines the entire order management process, from order entry to fulfilment. This includes:
Order Processing: Automates order-to-cash processes.
Inventory Management: Tracks inventory levels in real-time across multiple locations.
Shipping and Fulfilment: Integrates with shipping carriers for efficient order fulfilment.
Returns Management: Simplifies the returns process and improves customer satisfaction.
3. Customer Relationship Management (CRM)
NetSuite’s CRM capabilities help businesses manage interactions with current and potential customers. It includes:
Sales Force Automation: Manages sales processes, tracks opportunities, and forecasts sales.
Customer Service Management: Provides tools for customer support and case management.
Marketing Automation: Automates marketing campaigns, lead generation, and customer segmentation.
Partner Relationship Management: Manages relationships with partners and distributors.
4. E-Commerce
For businesses involved in online sales, NetSuite offers a fully integrated eCommerce solution. This includes:
Website and Shopping Cart: Tools for building and managing e-commerce websites.
Order Management: Seamless integration with order processing and inventory management.
Customer Portal: A self-service portal for customers to manage their accounts and orders.
Marketing and Promotions: Tools for creating and managing promotions and discounts.
5. Human Capital Management (HCM)
NetSuite also provides tools for managing human resources. Key features include:
- Employee Records: Centralised repository for employee information.
- Payroll Management: Automates payroll processing and compliance.
- Performance Management: Tools for setting goals, tracking performance, and conducting reviews.
- Recruitment: Manages the recruitment process from job posting to hiring.
6. Business Intelligence and Analytics
NetSuite’s analytics capabilities provide businesses with actionable insights through:
Real-Time Dashboards: Customisable dashboards that display key performance indicators (KPIs).
Reporting Tools: Tools for creating and distributing reports.
Data Visualization: Visual representations of data for easier interpretation.
Predictive Analytics: Advanced analytics for forecasting and decision-making.
7. Global Business Management
NetSuite supports businesses with international operations through:
Multi-Currency Support: Handles transactions in multiple currencies.
Multi-Language Support: Available in various languages to support global teams.
Tax Management: Manages tax compliance in different regions.
Intercompany Transactions: Streamlines transactions between subsidiaries.
Benefits of Using NetSuite
1. Scalability
NetSuite is designed to grow with your business.
Whether you are a small startup or a large enterprise, NetSuite’s modular approach allows you to add functionalities as your business needs evolve.
2. Customisation
NetSuite offers a highly customisable platform to fit the specific needs of your business.
You can tailor the system to meet your unique processes and workflows, ensuring maximum efficiency and productivity.
3. Cost Savings
By using NetSuite’s unified platform, businesses can save on IT costs by eliminating the need for multiple systems and manual processes.
3. Cloud-Based Accessibility
Being cloud-based, NetSuite offers the advantage of accessibility from anywhere, at any time.
This is particularly beneficial for businesses with remote teams or multiple locations.
4. Comprehensive Integration
NetSuite’s integrated approach means that all your business functions are managed within a single system.
his reduces the need for multiple disparate systems and ensures that all your data is centralised and consistent.
5. Enhanced Decision-Making
With real-time data and powerful analytics, NetSuite provides the insights needed to make informed business decisions.
This leads to improved efficiency, cost savings, and better strategic planning.
6. Reduced IT Complexity
Since NetSuite is hosted in the cloud, businesses do not need to worry about maintaining servers, software updates, or even physical hardware.
This reduces the complexity and cost associated with IT infrastructure.
Conclusion
NetSuite is a powerful ERP solution that caters to a wide range of business needs.
From financial management and CRM to e-commerce, HCM, and beyond, its comprehensive suite of tools helps businesses streamline operations, improve efficiency, and gain valuable insights.
Whether you are a small business looking to grow or a large enterprise seeking to optimise your processes, NetSuite offers the flexibility and scalability to support your journey.
If you are considering an ERP solution for your business, exploring what NetSuite has to offer could be a game-changer in achieving your business goals.
Talk to us today to see how NetSuite can help your organisation!