What is NetSuite? And how does it work? What is NetSuite? And how does it work?
wat is netsuite

What is NetSuite and how does it work?

What is NetSuite? In this article, we’ll answer that question. But first, let’s take a moment to explain exactly what an ERP system is. ERP software is the backbone of modern business operations. ERP (Enterprise Resource Planning) is a tool that allows companies to manage and align all their daily processes. With ERP software, every department of a company works in the same database, allowing everyone to access up-to-date data and information.

Although the first ERP systems emerged as early as the 1960s, ERP didn’t really begin to become affordable and accessible until the late 1990s. Today, ERP software has become an integral part of the business world. It is the all-in-one solution for successfully managing your business.

If your company is not yet working with ERP, chances are you are facing some familiar problems and frustrations. Do you recognize these 5 signs that your company is ready for an ERP system?

What is NetSuite?

NetSuite is a popular cloud-based ERP solution. Its flexible nature makes it a suitable tool for many different businesses. In NetSuite, you record the administration of all your business processes. For example, finance, purchasing, production, sales and distribution. NetSuite allows companies to manage all business activities from one place. This ensures better cooperation between different departments within an organization. In this article, we look at how the system works, what the functionalities are, who it is intended for, and what the costs are.

How does NetSuite work?

With NetSuite, you drive your business with one platform. All the data involved in finance, supply chain, CRM, production, inventory management, sales and e-commerce is stored and managed in one database. The advantage is that you never have to use different applications for different departments again. And you can align and automate all processes much better. But what distinguishes NetSuite from other ERP applications? We will discuss four elements:

1. Fully Cloud-deployed

With NetSuite, your company works completely in the Cloud. This means that your employees can access the software from any location with an Internet connection – whether they are in the office, at home or on the road. The main advantage of this is that your company requires much less on-premises hardware and IT support. This makes for a very efficient way of working.

2. Built-in flexibility

Not every business works the same way. If your business works a little differently than usual, Oracle NetSuite can be customized to fit the way your business works. You can add custom fields, workflows and reports so that the software meets your specific requirements. NetSuite can be personalized for your business.

3. Integrate all your apps

In addition, NetSuite has numerous, pre-built integrations. This makes it very easy to connect other business applications such as Salesforce, Shopify and Microsoft Outlook to your NetSuite environment.

NetSuite also has a huge eco-system with so-called SuiteApps. These are extensions to the NetSuite platform that integrate seamlessly into the standard application and provide more functionality and flexibility. These SuiteApps are all “Built For NetSuite,” meaning NetSuite guarantees their operation even after NetSuite’s six-monthly upgrades.

4. Create your own reports.

Oracle NetSuite allows users to create their own reports and analyses thanks to the reporting and analysis capabilities available. Users can customize their own reports and dashboards to provide insight into business performance that is relevant to them. This makes NetSuite suitable and unique for each company, tailored to their specific needs and requirements.

Grow your business

So Oracle NetSuite is a very flexible platform. Because it is so easily customizable, the system can be tailored to businesses in all kinds of industries. Thanks to its modular design, you choose the modules that best suit your operations. And if your business activities change in the future, you simply adapt the software accordingly.

As a user, you can also customize the interface, reports and workflows to meet your specific requirements. In addition, it supports third-party integrations. The system’s flexibility and customization options provide companies with a customized solution that can adapt to their requirements and grow with their evolving needs.

Location independent, manage all business activities

In NetSuite, it is possible to manage all your activities from a single platform. Being able to centrally manage all business activities ensures a good overview within your organization. Especially for companies that operate in many different locations, being able to manage everything within one system is a great advantage. Because NetSuite is cloud-based, you can access data and applications anytime, anywhere.

The top functionalities

With NetSuite, you have an enterprise application in which all your business units and departments can manage their processes. NetSuite’s comprehensive suite of features includes financial management, inventory management, supply chain management, project management, CRM and e-commerce capabilities.

1. Financial Management

Financial management in NetSuite is a great tool for companies to efficiently manage their financial processes and drive growth. It allows you to automate your financial processes, gain real-time visibility into financial performance and integrate seamlessly with other business applications. You can also leverage features such as billing, planning and budgeting, revenue recognition, financial reporting, governance, risk and compliance. This allows you to easily solve challenges such as manual processes, data accessibility and compliance. Rely on NetSuite for accurate monthly and year-end closing and accurate reporting.

2. Inventory Management

Inventory Management automates inventory tracking, reduces handling costs and optimizes cash flow by providing a real-time view of inventory across all locations and sales channels. With NetSuite, you can easily track inventory across multiple locations and ensure that products are available across multiple channels. This keeps inventory costs low and allows you to always meet customer expectations. Inventory Management provides ultimate visibility into inventory, demand-driven planning, multi-location fulfillment, cycle counting and traceability. With NetSuite, you work efficiently, and always have a handle on your inventory and planning.

3. Order Management

NetSuite Order Management allows you to seamlessly manage your orders. From the moment a customer places an order through to handling, shipment confirmation and transportation. The system also supports complex processes such as splits, multichannel order management and drop shipments. With NetSuite, your processes run optimally, allowing you to increase profitability and provide your customers with a superior omnichannel experience. Plus, you finally get rid of manual work, reduce errors and lower shipping costs.

4. CRM

NetSuite CRM is the best solution for companies that want to manage all their communications and interactions with current and potential customers, partners and suppliers in one place. With the ERP system, sales, marketing and support teams have access to real-time data so they can provide the right information at all touch points. The system provides features for sales force automation, marketing automation, customer service management and partner relationship management, among others. Having all data managed in one place enables your company to improve sales performance, streamline campaign management and increase customer satisfaction. Plus, you’ll never again have to deal with outdated data, limited insight into lead and sales activity, and a mismatched marketing and sales funnel.

5. E-commerce

The NetSuite platform provides a complete e-commerce solution that helps B2B and B2C sellers deliver the highest level buying experience. The platform eliminates integrations between different systems and provides a single view of data about your customer, order and inventory. Moreover, it enables you to provide a personalized cross-channel experience. NetSuite’s e-commerce platform is easy to manage and customize as you manage all your e-commerce sites on a single platform.

Want to know more about the features? Read it here

Who is it really for?

With more than 40,000 customers, NetSuite is the market leader in Cloud ERP. And that’s mainly because the package is highly customizable to a company’s size. It is deployed by start-ups to large companies. NetSuite is particularly suitable for:

NetSuite implementation

At Cadran, we take a structured approach to implementing NetSuite. We start by determining the work required for the project through a Statement of Work. Then, during implementation, we align business processes with the NetSuite setup. In doing so, we take into account the character and personal needs of your business. After validation of the system, it is put into production and the environment is checked for readiness. Finally, the process is evaluated and optimized where necessary.

How much does NetSuite cost?

NetSuite works with an annual licensing model that consists of two components: the modules and the number of users. As a customer, you decide which modules you want to use to automate your processes. Very flexible, because this way you only pay for the software components your company needs.

As your business grows, you add new modules and users. And when your business shrinks, or you dispose of certain processes, you can deactivate modules and licenses at the end of the contract period.

Licensing costs can therefore vary due to the capabilities of different modules, and you should also consider an initial one-time implementation fee to set up your NetSuite environment.

If you need a more detailed quote tailored to your business needs, we need to have a chat. You can easily set up an appointment with us using the button below.

If you would like to know how much NetSuite will cost for your business: please contact us.