What is NetSuite?
NetSuite is a leading cloud-based enterprise resource planning (ERP) software system that helps businesses manage a number of different functions from the convenience of one platform. NetSuite, made by tech giant Oracle, is trusted by over 24,000 organizations around the world, so it’s not surprising that it’s one of the most well-known names on the ERP market today.
NetSuite works well whatever size your business comes in. It also comes standard with modules that deal with customer relationship management (CRM), finance and accounting, e-commerce, analytics, and more. The system is also equipped with a variety of tools and a customizable dashboard for ease of use.
Cost
The pricing for NetSuite varies, depending on the number of users licenses needed, the size of the company, scope of implementation, etc. Licensing, modules, and integration fees are all annual while implementation and training and support (optional) are all one-time fees. It is best to reach out to NetSuite to get a more accurate estimate that fits your company and budget.
ERP Modules
The modules that come with NetSuite help greatly in managing your business. How? As NetSuite explains, “An ERP solution automates critical business processes and serves as a shared database for all financial and operational information across a company. The ERP system pulls this data from a number of modules built to help various departments perform their individual functions.”
There are 13 ERP modules within NetSuite:
- Finance
- Procurement
- Manufacturing
- Inventory Management
- Order Management
- Warehouse Management
- Supply Chain Management
- Customer Relationship Management (CRM)
- Project Service Resource Management
- Workforce Management
- Human Resources Management
- E-Commerce
- Marketing Automation
Most businesses start with the finance module for their accounting processes as well as order and inventory management modules for those that deal with products. Because these modules handle different aspects of a business, it is easier for clients to pick and choose which ones they need depending on their industry, business model, scale, among other factors. These modules serve as the foundation of an ERP system that is just right for your company’s needs.
Pros & Cons
NetSuite is a top-rated product but it still comes with its pros and cons.
One of the biggest pros of NetSuite is how comprehensive and flexible it is. Whether you’re a small business or an enterprise-sized organization, you can use NetSuite for ERP, accounting and finance, CRM, analytics and more. The finance and accounting modules in particular receive top marks from customers and the system is scalable to grow with your business.
However, NetSuite loses some points for user interface design, customer support, and its learning curve. The design could be more up-to-date and some users report it’s not the most intuitive system. Likewise, a steep learning curve is to be expected with an ERP system, but NetSuite customers have expressed a desire for more learning resources.
It’s a good idea to assess your needs and explore different ERP systems in the market. But if you’re already considering NetSuite to help manage your business and you’re looking for customized solutions to further make NetSuite work for you, we’re here to help.
