The world that we live in today is encapsulated in modernization with technology as its driving force. Where decades ago, robots were something out of mere imagination, today, the tech world is heavily investing in it. There was a time when we complained about making grocery runs; today, all we need is a smartphone. We can shop from grocery stores and other retailers just with a few clicks. Self-driving cars were confined to just a child’s ‘futuristic’ drawing, whereas, today there is a huge possibility of self-driving cars actually being on the road.
These are just a few examples of how far the world has come, and we have the technology to thank.
While technology has helped revolutionize various fields in the world, the choice of wrong tech tools has pushed people as well as entire countries into doom. Today the question is not about using technology but about using the ‘right’ technology. And this is where many business owners struggle the most.
When it comes to integrating tech tools into a business management model, Oracle NetSuite, the world’s most widely used business management software suite, is the best choice. It is a comprehensive solution to eliminate laborious tasks that take hours, days, and weeks to complete. This software suite is designed to ensure a steady workflow of internal business operations and boost productivity by automating data gathering and processing.
If you’re thinking of integrating a NetSuite into your business model, you’re not alone. And if you’re struggling to choose the right NetSuite solution, you’re not alone in that either. Yes, NetSuite is like a power tool for every company, but it will pour its benefits only when you employ the right solution. People have a hard time choosing the right solution, given the wide variety of options it offers.
This software suite offers a wide range of solutions. From Enterprise Resource Planning (ERP) software to Customer Relationship Management (CRM) and from global business management to commerce, this software suite offers a myriad of solutions. Choosing the most suitable one from among the many solutions available is a task in itself (wish NetSuite had a solution for that).
Choosing the Perfect NetSuite Solution
Even though NetSuite doesn’t have a solution for this problem (a bummer), we’re here to help make things easy for you. We’ve taken it upon ourselves to help you see which solution may bring the most benefits to your business.
Without any further ado, let’s dive right into it.
Enterprise Resource Planning Software
Considering how popular ERPs are today in the corporate sector, it’s best that we start with this very solution offered by NetSuite. Before we get into the many benefits of NetSuite ERP, you need to know that this is the first cloud-based ERP to be introduced in the market. While other ERPs have transitioned to the cloud but NetSuite ERP was born and bred in the cloud.
A significant number of employees are invested in tasks that can easily be automated. This results in not only wasted time but also efforts. ERPs help automate these tedious tasks, allowing a company to leverage the employees’ capabilities to their fullest. Employees can perform at their full potential, actually contributing to the growth of a company.
NetSuite ERP offers a myriad of functionalities. You can automate, optimize, and transform your accounts and general ledger with its accounting software. With this ERP, you can strategize for branching out globally as this provides a higher level of global business management. It lets you manage different currencies and can support different taxation and reporting requirements.
It also offers financial systems, inventory management and order fulfillment, warehouse management, and supply chain management.
NetSuite ERP does it all, from eliminating manual and tedious tasks, improving data visibility, and making financial statements easily accessible to ensuring the accuracy of order fulfillment, perfectly balancing supply and demand, and providing actionable inventory insights.
It can be said that NetSuite ERP is a comprehensive solution to manage a company’s end-to-end internal operations.
Cloud Accounting Software
While the NetSuite ERP solves a lot of challenges for businesses, its accounting software further assists in helping a company achieve internal stability. With this accounting software, you can expect to improve financial control, simultaneously producing accurate reports in the minimum possible time.
There are a lot of benefits that your business can enjoy by employing the NetSuite cloud accounting software. It helps you transform your general ledger. In addition to this, the cloud computing software by NetSuite allows you to optimize AR and automate AP. You can also easily manage your taxes.
If you’re looking for ways to boost accounting accuracy in your company, this option is the perfect option. With this, you also get a chance to monitor your accounting data in real-time.
Global Business Management
Another popular solution being offered by NetSuite is global business management. If your business is spread far and wide, you must incorporate a system that helps you manage multiple subsidiaries and branches along with business units in different locations.
Through this management software, you can standardize your business processes all across your business’s network. You can do all this while aligning your company’s operations as per the standards and protocols of the specific location.
Achieving standardized processes, improving reporting, simplifying accounts administration becomes super easy with this software.
Human Resource Management System
One of the most crucial elements of a business is its human resource department. It is the department responsible for your employee’s satisfaction and happiness. Also, this department helps fill the vacancies in your company with the most suitable candidates. It can be said that your company’s HR team contributes significantly to your company’s internal stability.
If you think your HR isn’t performing at its best, you need to introduce NetSuite SuitePeople Human Resource Management System (HRMS). Managing people isn’t easy. It takes a great deal of effort to make your employees feel ‘happy’ and ‘satisfied’ with the company. HRMS by NetSuite lets your HR team manage people in a more engaging and insightful manner.
With this software, you can swiftly connect your HR with payroll along with budgeting, project planning, procurement, and many other tasks. This means, with NetSuite, you can significantly cut down the cost of running payroll, improve the overall service delivery, and boost workforce performance.
The next in line is NetSuite Commerce. This is also a very popular software offered by NetSuite as it allows companies to curate smooth and satisfying commerce experiences, be it online or brick-and-mortar stores. It is a complete solution on its own as it offers capabilities such as inventory control, order management, and accounting.
The benefits that you can enjoy with this software include a well-knit multi-channel or multi-location business, seamless assistance and engagement for customers, efficient order fulfillment. Along with this, it also allows you to really know your customers.
If you’re running a business but your internal instability is making it difficult for you to focus on other matters, the commerce system offered by NetSuite is a great choice.
While discussing the many NetSuite solutions, it is hard not to shed light on its cloud infrastructure solution.
As businesses have been relying on data since the beginning, even the slightest negligence in securing the data can lead a company to its downfall. Data is an asset for every company, and this is where the NetSuite Cloud Infrastructure comes into play.
Not only does it allow you to manage data but also offers top-notch security features efficiently. Many business owners are skeptical about using cloud technology, given the rising cybercrime rate, NetSuite helps provide that added layer of security.
While significantly cutting down infrastructure and maintenance costs, this software offers compliance benefits and also ensures business continuity.
Besides this, NetSuite offers its SuiteCloud platform. It assists a business owner in achieving the highest peaks of success due to its capability of offering high-level security, reliability, and scalability.
Another solution that we’re discussing here is the NetSuite SuiteSuccess. This solution has proved extremely beneficial in building customer relations that last long. Companies that have incorporated this solution into their business model have enjoyed customer success in the long term.
What is SuiteSuccess? Well, the perfect description of this solution is “the amalgamation of NetSuite unified suites, industry-leading practices, and modernized customer engagement model.” This unified industry cloud solution brings industry expertise; effective business process flows, turnkey deployment to assist in business activation.
Still, thinking how SuiteSuccess is a wondrous tool for your company? If business visibility is of constant stress, if financial management is taking the best of you, if IT management and services are not effective enough, it’s time you integrate this software into your business model.
Analytics and Reporting BI
NetSuite, a leading cloud-based business management suite, offers super-efficient reporting and analytics through its Business Intelligence (BI) tools. How does it help businesses? NetSuite analytics and reporting BI tools provide actionable insights that enhance your decision-making capability. You can easily identify market trends through which you can strategize for your company’s growth and expansion.
You don’t have to spend hours and sometimes days creating reports as with this software, you get access to prebuilt reports and dashboards. With insightful reports easily accessible, you can add to your company’s decision-making capability.
In a Nutshell
These are just a few solutions that NetSuite offers. If you step into the world of NetSuite, you’ll know exactly why you might struggle to choose the right solution. We have discussed all the most useful and powerful tools that NetSuite has to offer. If you want to know more, you can head to Folio3, an Oracle NetSuite Alliance Partner specializing in the implementation, integration, and customization of NetSuite. If you wish to succeed in the corporate sector, you need to integrate NetSuite into your business management strategy.