What is NetSuite?
More than 40,000 fast-growing businesses worldwide use NetSuite’s cloud-based business management suite of applications. NetSuite functions assist firms in managing their operations, monitoring their performance, and realizing huge cost and efficiency savings.
The ERP system of the business handles all of its essential operations, including orders, procurement, inventory, finance, and accounting. Options that customers can add include professional services automation (PSA) to plan and track projects, omnichannel commerce for both online and in-store sales, human resources (HR) for personnel records, performance management, and payroll, and CRM for sales, service, and marketing automation.
These NetSuite functions are all connected by a single database. Information from throughout the system updates in real time and is available to authorized users across business processes because of that one data source.
This allows executives to identify which departments or processes are performing well and which require improvement in real-time, providing them with a 360° perspective of the company.
Using the software as a service (SaaS) model, NetSuite allows users to access its technology in exchange for a subscription fee. Users are not in charge of any system maintenance or underlying infrastructure purchases, server setup, software installation, patch testing, or upgrade deployment. With two new software updates every year, Oracle NetSuite takes care of all of that for users.
In addition to saving money, removing the upkeep and upgrade expenses associated with on-premises solutions allows staff members to concentrate on the goal of the business and better serve clients.
Scalability is another benefit of the SaaS model: companies may add functionality as needed without worrying about staffing levels or infrastructure. For instance, whenever a B2B manufacturer decides to go online with sales, it might integrate NetSuite’s e-commerce module.
In the end, NetSuite features and functions provide organizations with visibility and control by providing a single source of up-to-date data and enabling flexible module addition. This boosts their agility and efficiency.
Explaining Top NetSuite Functions and Features
Financial Management
Financial activities including accounting, budgeting, invoicing, billing, and financial reporting are all managed with the aid of NetSuite.
CRM
This is an application that can be leveraged by business to automate the sales processes while managing the customer activities, tracking leads, measuring against KPIs, and analyzing customer data for increased retention and engagement.
Ecommerce
Manage the online sales channel using the primary features of e-commerce order and website administration, inventory control, and customer service using NetSuite’s SuiteCommerce solution.
Inventory Management
Allowing organizations to enable the automation of replenishment procedures, manage stock in various locations, real-time view of inventory levels, and attain maximum inventory turnover.
Warehouse Management
In addition, NetSuite possesses a warehouse management system that allows companies to automate the more repetitive warehouse work.
HR Management
HR NetSuite functions including payroll processing, time tracking, personnel management, benefits administration, and compliance management are all provided by the platform.
Project Management
With dashboards that track activities, resources, deadlines, and expenses, NetSuite helps manage projects from planning to execution, improving team member communication.
Global Business Management
NetSuite OneWorld is another NetSuite component that enables multi-national companies with hundreds of subsidiaries to provide consolidated financial management and accounting capabilities.
Industries That Can Benefit From NetSuite ERP
Manufacturing
The smooth procedures in supply chain, inventory, and production planning related to manufacturing companies have helped them overcome their technical issues using NetSuite. This includes demand planning, work order processing, and BOM management, which maximizes production efficiency and caters to clients’ demands.
Retail
NetSuite’s offerings allow retailers to manage multiple sales channels that include electronic commerce platforms, brick-and-mortar storefronts, and connectivity with a point-of-sale. Additionally, NetSuite provides the retailer’s needs for inventory replenishment and several customer relationship management capabilities.
IT
The project management, time tracking, and billing features of NetSuite, along with its generative AI capabilities, are advantageous for IT teams. They can raise project profitability and customer satisfaction by automating resource allocation and workflows.
Financial Services
Financial services companies may manage accounting, billing, and compliance obligations with the help of NetSuite’s features. Businesses can guarantee regulatory compliance and uphold correct financial records with features like revenue recognition and financial reporting.
Healthcare
Healthcare and life sciences companies can benefit from NetSuite’s assistance with order processing, inventory management, and regulatory compliance. Product traceability and safety are aided by features like lot tracking and serialization, which are implemented throughout the supply chain.
Conclusion
NetSuite functions offers real-time insights, better customer support, and lowers supply chain costs to small and mid-sized businesses across all industries by helping them integrate and automate major financial and operational tasks such as inventory management, order and supply chain, procurement, production, distribution, and fulfillment.
That is why many executives and business owners entrust NetSuite with the most important data and procedures. Indeed, it is a tested platform, supporting business growth and achieving objectives for businesses of all sorts. In this way, leaders can address matters better before they can impact significantly when all pertinent business data are in one system.
Simply put, it is unparalleled in running your whole business from a single source of truth through a single interface with the further ability to gain insights about your operations.
Want to see how NetSuite features and functions might transform your business? Contact Folio3 to learn more about how our certified NetSuite experts can support you in implementing, customizing, and integrating NetSuite into your business.
