“What is NetSuite?” If you’re new to the ERP community and looking to implement a solution that can streamline your business operations, then it’s commonplace to ask this question.
Today, we will answer your question and also show you 7 ways NetSuite can help your business.
What is NetSuite?
NetSuite is a business management software suite provided by Oracle and used by over 24,000 organisations in more than 200 countries. The software allows businesses to perform such functions as financial management, enterprise resource planning (ERP), customer relationship management (CRM), eCommerce, and professional services automation.
It is cloud-based, fully-integrated, and supports the management of all key business processes in a single system.
While NetSuite is able to competently service the business needs of organisations of all shapes and sizes, the majority of its users are small and medium-sized businesses majorly from industries such as manufacturing, financial services, non-profit, wholesale distribution, eCommerce, services, software, agencies, retail, publishing, and more.
These companies use NetSuite for several purposes including managing key business processes, managing inventory, supporting their human resources, tracking their financials, hosting online stores, streamlining orders and sales, maintaining customer relationships, and so on.
How Can NetSuite Help Your Business?
As a unified business management suite, NetSuite is compartmentalized into Financials/ERP, omnichannel eCommerce, Customer Relationship Management, among other solutions. Each has a number of modules with unique functionality and capabilities. Here are some ways in which NetSuite, through these components, can help your business:
1. Managing all your operations
Yes, NetSuite ERP is able to manage all of your company’s day-to-day operations and in a systematic way. From financial management to production management and even supply chain, procurement, warehouse and fulfillment, and order management, NetSuite is built to take care of your business processes across the board.
What is NetSuite ERP? It’s the Enterprise Resource Planning component of NetSuite and simply NetSuite’s flagship product. You can learn more about it here.
2. Simplifying your customer relationship management
NEtSuite CRM, which is the Customer Relationship Management component of NetSuite, can help you manage your customers from the pre-purchase stage through quote, order, service and repurchase stages.
With this tool, you can track useful customer data in real-time, thereby having access to seamless flow of information across the entire customer lifecycle — from lead all the way through to opportunity, sales order, fulfillment, renewal, upsell, cross-sell and support.
3. Powering your online commerce
SuiteCommerce, NetSuite’s eCommerce solution, provides you with everything you need to efficiently manage your online store with an integrated omnichannel experience.
This all-encompassing eCommerce tool can unify eCommerce with your back office systems and allow you to create unique, personalized and compelling mobile, web and, in-store experiences.
4. Streamlining and automating your services business
If you’re a services organisation, then NetSuite SRP — an end-to-end Services Resource Planning solution — can support your entire services business with the modules and tools to streamline and automate day-to-day tasks, resource management, project management, accounting, analytics, billing and more.
With it, you can optimise the entire lifecycle of your services business including providing excellent customer service, consolidating your financials, unifying your global operations, tracking resource utilisation, and much more.
5. Freely accessing useful business data
Without data, your business will suffer from unintelligent decisions as well as from uninformed strategies. NetSuite Business Intelligence takes care of this by providing you with built-in reporting tools, dashboards, and analysis which you can use to generate real-time data and value-added insights across all the integrated processes within the software suite.
With NetSuite Business Intelligence, you can gain complete visibility into your business and identify issues, trends, and opportunities and instantly drill down to the underlying transaction to make effective decisions and take appropriate actions.
6. Managing multinational and multi-subsidiary operations
NetSuite OneWorld, a unified global business management solution, makes it possible for you to manage multinational and multi-subsidiary operations from a single platform.
You’ll gain real-time visibility with the flexibility to customise the solution for specific corporate and subsidiary needs.
7. Managing your people
If you love to take complete control of your HR processes, then NetSuite SuitePeople will definitely come in handy.
With SuitePeople, you can control jobs and position tracking, approve new hire requisitions, manage your global employee record, certifications, onboarding workflows, and your workforce’s lifecycle including employment changes, transfers, and promotions, all from one seamless place.
Where to Start?
Being a highly customisable, all-encompassing cloud solution, NetSuite can adapt to almost all of your business needs. It’s able to manage a multitude of operations — from the get-go through to project delivery — and provide complete visibility into and control over the entire business in real-time.