Back in 1998, Evan Goldberg founded NetSuite. Originally known as NetLedger, the company provided web-based accounting solutions. In November 2016, Oracle Corporation acquired NetSuite, giving the company a significant financial boost.
NetSuite Inc. is a cloud computing company based in Austin, Texas. They were the first to offer business management software over the Internet. Today, after over 25 years, NetSuite serves over 30,000+ customers in 200+ countries. Oracle’s acquisition has allowed NetSuite to expand its customer support and offer services to businesses of all sizes.
In this article, let’s dive into the excellent features of NetSuite and why it’s a must-have for modern businesses.
A Comprehensive Review of Oracle NetSuite Software
NetSuite Software started its journey 26 years ago as a trailblazer in cloud-powered enterprise resource planning systems (ERP). Today, it has evolved into a top-notch business management platform with multiple products that empower businesses of all sizes and industries to operate smoothly, leveraging its core benefits. With real-time reports, companies can gain valuable insights to track department performance and automate repetitive manual tasks.
Who Uses NetSuite Software?
NetSuite products are being implemented by almost all businesses and industries serving different verticals. It’s amazing to see how widespread their usage has become!
These include:
- Advertising & Digital Marketing Agencies
- Financial Institutions
- Manufacturing
- Education
- Healthcare
- IT Service Providers
- Media & Publishing
- Energy
- Campus Stores
- Food & Beverage
- Apparel & Footwear Stores
NetSuite ERP was actually the first software product introduced by NetSuite. It was followed by other suites of applications like accounting, CRM, and inventory management, among others. The ERP Software is the core platform that efficiently handles essential functions such as inventory, warehousing, finance, and order and supply chain management.
You can integrate this ERP system with CRM solutions, HR software, and accounting applications. The best part is that NetSuite provides a common digitized database for all these modules, making it easy to access all data insights.
What is NetSuite for Modern Businesses?
NetSuite is the first ERP solution provider that gives you a unified view of your business so you can run everything from one platform. It brings all your critical functions together in one database. You can insert and extract information and data from a centralized database and integrate it with third-party tools.
The Software-as-a-Service model makes scaling and adding new features accessible without any infrastructure worries. NetSuite has covered you with a wide range of versatile and handy products that will streamline your operations and take your business processes to the next level.
Does NetSuite ERP Help You to Optimize Business Processes With Ease?
Netsuite’s ERP is an excellent next-gen software that effortlessly handles all the essential aspects of your business. It takes everything from accounts and finance to order processing, inventory, warehouse, production, and supply chain management. Plus, it allows different teams and departments to access and view the same data from anywhere simultaneously. How convenient is that?
When implementing NetSuite ERP, Folio3 follows a systematic approach. First, we identify the objective and set up the software. Then, we move on to configuration, data resetting, testing, and training. Netsuite has customized its ERP module to meet specific user requirements, providing even more benefits to companies. Here’s what one of our clients had to say about NetSuite ERP.
The Distinguished Netsuite Capabilities
The Enterprise Resource Planning Software is the main product of NetSuite. It’s designed to automate and streamline various business processes to boost operational efficiency and give businesses more control over their resources. The features are categorized based on different business operations.
Financial Management
NetSuite Financial Management is an advanced solution that helps speed up your day-to-day financial transactions, curtail budget and project costs, ensure accurate compliance, predict market trends, and close deals faster. NetSuite financial management software has covered key features like accounting, billing, planning and budgeting, revenue recognition, financial reporting, financial consolidation, governance, risk, and compliance. Plus, you can access real-time financial reports and performances. Automating your complex financial processes? It’s a breeze with the NetSuite Cloud Financial Management solution.
Order Management
NetSuite has developed a fantastic order management tool that helps you efficiently handle and automate the entire order cycle. It covers everything from capturing order details and maintaining accurate records to validating, processing, warehousing, dispatching, and shipping. Plus, you can even track your orders in real-time after they’ve been dispatched. And guess what? The software also supports drop shipping and split shipment options. It’s very easy to manage multiple orders, sales orders, returns, and pricing with this tool.
Inventory Management
Netsuite gives you real-time inventory visibility across different locations and sales channels. It helps businesses avoid running out of stock and ensures that products are always available when customers place orders. The software also helps minimize inventory costs and provides customers a better experience. Netsuite Inventory Management System has crucial features like multi-location fulfillment, replenishment, cycle counting, and traceability.
Warehouse Management
As the name suggests, the NetSuite warehouse management system is designed to optimize and streamline daily warehousing activities. It leverages digitized technologies like RF barcode scanners to make processes more efficient. It simplifies operations with functionalities such as order fulfillment, inbound logistics, and mobile device management of multiple warehouses. Plus, you can use an advanced process to pick and place items easily. By eliminating manual spreadsheets and reducing maintenance costs, NetSuite Warehouse Management takes the hassle out of record-keeping and managing multiple warehouses.
Supply Chain Management
With NetSuite Supply Chain Management Software, companies get a complete view of the entire flow of goods – from manufacturing units to reliable suppliers and end-users. It’s all about managing the supply chain, from planning to execution. This solution ensures production runs smoothly across all locations with enough materials. Plus, businesses can easily connect with suppliers to streamline the procurement process.
Wrapping it Up
NetSuite is truly a trailblazer in cloud-powered enterprise resource planning systems. Throughout its 26-year journey, it has evolved into a comprehensive business management platform. With multiple products designed for various industries, NetSuite empowers businesses of all sizes to operate seamlessly and efficiently.
The cornerstone of NetSuite’s offerings is its ERP software, which integrates essential functions like finance, inventory, and supply chain management into a unified platform. This fosters real-time reporting and streamlined operations, making business management a breeze.
NetSuite’s widespread adoption across diverse sectors, including advertising, manufacturing, healthcare, and more, underscores its versatility. The acquisition by Oracle Corporation in 2016 further strengthened NetSuite’s capabilities, allowing it to expand customer support and provide services to a global clientele.
