What is NetSuite? A Comprehensive Guide in 2023

Imagine a world where all your business processes are seamlessly integrated, providing you with real-time data to make informed decisions. Sounds like a dream, right?

Enter NetSuite – a comprehensive cloud-based business management suite designed to transform how companies handle their financials, operations, and customer relationships.

In this blog post, we’ll dive deep into the world of NetSuite, exploring its core components, features, modules, implementation process, pricing, and how it compares with its competitors. Get ready to discover “what is NetSuite” and how it can revolutionize your business!

Short Summary

• NetSuite is a cloud-based ERP solution with powerful features such as customizability, integration, and scalability.

• It offers a subscription-based pricing model tailored to user needs and comprehensive support options.

• NetSuite stands out from its competitors by providing businesses with an integrated ERP system and cloud architecture for data consolidation and hardware elimination.

What Is NetSuite? – The Basics

NetSuite is a cloud-based enterprise resource planning (ERP) solution that enables businesses to manage key financial processes, operations, and customer relationships through a secure and user-friendly interface. Its popularity is attributed to its ability to disrupt the traditional business model, providing a more efficient way of conducting critical business functions. NetSuite is suitable for businesses of all sizes, from early-stage startups to large enterprises, as well as those that provide services produce products, or sell on a B2B or B2C basis.

Established in 1998, NetSuite has evolved to include a variety of product offerings such as customer relationship management (CRM), human resources management (HRM), e-commerce, and professional services automation (PSA). These offerings allow organizations to unify their software systems into a single platform, optimize their operations, and gain immediate insight into their financial and operational data.

NetSuite’s Core Components

NetSuite comprises four core components: financials, operations, customers, and additional capabilities. The financials package includes essential features such as finance, financial management such as accounting, budgeting, forecasting, and reporting, ensuring businesses have a firm grasp on their financial health. On the operations side, NetSuite offers inventory, order, and supply chain management capabilities to keep businesses running smoothly and efficiently.

Regarding managing customer relationships, NetSuite’s customer package includes customer relationship management (CRM), e-commerce solutions, and marketing automation, providing businesses with the tools needed to attract, retain, and delight customers. These core components work seamlessly, allowing organizations to streamline their core business processes and focus on growth.

The Evolution of NetSuite

From its inception in 1998, NetSuite has come a long way, backed by initial investors such as Tako Ventures, StarVest Partners, ADP, and PaineWebber Group. In 2002, Zach Nelson assumed the role of CEO, steering the company on a path of rapid growth and innovation.

The game-changing moment arrived in 2016 when Oracle acquired NetSuite, allowing it to operate as an independent global business unit. Today, NetSuite maintains a global presence with offices and personnel in various locations worldwide and is ranked highest overall in G2Crowds’ Magic Quadrant.

With its cloud-based architecture and extensive product offerings, NetSuite continues to lead the way in the ERP industry, providing businesses with the tools and capabilities they need to succeed in an ever-evolving market landscape.

Key Features of NetSuite

NetSuite offers a range of features that set it apart from other cloud ERP software, including its cloud-based architecture, customizability, integration, scalability, and user-friendly interface. These features enable businesses to manage their key financial and operational processes more efficiently and effectively while also providing a unified platform for managing customer relationships and e-commerce operations.

Cloud-Based Architecture

NetSuite’s cloud-based architecture offers a software platform that is hosted and delivered via the internet instead of being installed and run on a business’s own servers. This enables businesses to implement the ERP system more rapidly than on-premises systems, as there is no need for server setup or device configuration. Moreover, with an internet connection, users can access NetSuite anytime, making it an ideal solution for businesses with remote or mobile workforces.

One of the most significant benefits of cloud-based architecture is its cost savings. With a vendor-managed cloud solution like NetSuite, businesses no longer need to invest in expensive hardware, maintenance, or IT personnel to manage their ERP systems. Additionally, the cloud allows for virtually unlimited scalability, ensuring that as your business grows, your ERP system can grow with it.

Customizability and Integration

NetSuite’s customizability and integration capabilities set it apart from many other ERP systems. Integration involves connecting the platform with other systems, such as accounting software, CRM, or e-commerce platforms, to facilitate data exchange. With its SuiteCloud platform, NetSuite enables customers and partners to extend the system’s functionalities and customize it to their precise business requirements.

SuiteCloud offers a range of applications and tools, including SuiteTalk, SuiteFlow, SuiteAnalytics, and SuiteBuilder, that allow businesses to create custom workflows, automate processes, and extend the capabilities of the NetSuite platform. This level of customization and integration ensures that businesses can tailor their ERP system to meet their unique needs and requirements, streamlining operations and enhancing overall efficiency.

NetSuite Modules and Their Applications

NetSuite provides business-process modules, including finance, customer relationship management, e-commerce, warehouse management system, manufacturing, and global business management. Depending on the business requirements, these modules can be purchased individually or as part of a specific package.

This modular approach allows businesses to build a customized NetSuite solution that addresses their unique needs and challenges.

Financial Management

NetSuite’s financial management module offers a comprehensive range of tools and capabilities to help businesses manage their finances effectively. Automation can be set up for various financial processes like the general ledger, accounts payable and receivable, invoice submission tracking, financial planning, budgeting, and billing management. This ensures that all these financial activities are carried out efficiently and quickly. Additionally, NetSuite offers NetSuite OneWorld, a feature that allows multinational and multi-subsidiary companies to manage their full enterprise within a single system, addressing unique needs such as support for multiple currencies, languages, tax laws, and reporting requirements.

SuiteBilling, NetSuite’s billing management system, facilitates tax management with the support of all billing models, ensuring revenue is recorded by regulatory standards. The Planning and Budgeting module provides business leaders the necessary tools to create detailed departmental or companywide budgets and forecasts. At the same time, financial analysts can access statistical models to run what-if scenarios that project revenue, expenses, and more based on various potential outcomes.

Customer Relationship Management (CRM)

NetSuite CRM enables organizations to efficiently manage prospects, customers, partners, and vendors in a unified system. The CRM module offers a comprehensive 360-degree view of customers, featuring sales force automation tools to facilitate the lead-to-cash process, customers’ customer relationship management, and forecasting tools to support more accurate predictions of future sales.

The CRM application provides an advantage to customer service by organizing vital data, for example, sales history and open support cases, in one location. Additionally, it offers an easy way to access the necessary information quickly.

The CRM module also includes marketing automation tools to assist with campaign management and customer segmentation for more targeted messaging. NetSuite CRM empowers businesses to build stronger relationships, improve customer satisfaction, and drive revenue growth by providing a complete view of customer interactions and data.

E-commerce Solutions (SuiteCommerce)

SuiteCommerce, NetSuite’s e-commerce solution, is a cloud-based platform that allows businesses to manage their online sales. Pre-integrated into the ERP system, SuiteCommerce facilitates seamless order, payment, and inventory management, helping businesses streamline their e-commerce operations. The platform enables retailers, distributors, and manufacturers to build exceptional omnichannel shopping experiences, providing companies with the tools to launch and manage mobile-friendly e-commerce websites.

SuiteCommerce also integrates with other NetSuite modules, such as the SuiteCommerce InStore point-of-sale application, which allows businesses to unify their online and offline sales. By offering a comprehensive e-commerce solution that integrates with other core business functions, NetSuite helps businesses stay competitive in the rapidly evolving world of online commerce.

Implementing NetSuite: Steps and Considerations

Implementing NetSuite involves customizing the platform to suit the requirements of a business, which is essential to ensure the successful utilization of the product. NetSuite’s SuiteSuccess methodology helps businesses tailor the implementation to their needs while customization and configuration options allow for further personalization.

This ensures that businesses can get the most out of their NetSuite investment.

SuiteSuccess Methodology

SuiteSuccess is NetSuite’s implementation methodology that facilitates a tailored implementation of the platform for businesses of different sizes and industries, with a deployment timeline of up to 100 days and covering 12+ verticals. This methodology provides pre-configured business processes, industry-specific functionality, and best practices designed to facilitate rapid and effortless implementation of NetSuite for small and medium-sized businesses.

Many companies have been able to reap the benefits of NetSuite within 100 days or less. This is attributed to the SuiteSuccess methodology adopted by these companies. Rapid deployments and faster time-to-value offered by this approach give customers a greater chance of success. This makes it easier for employees to adopt the strategy readily and quickly.

Additionally, the system has pre-configured key performance indicators (KPIs), dashboards, reports, and reminders, allowing businesses to hit the ground running with their new ERP system.

Customization and Configuration

NetSuite offers many customization and configuration options, allowing businesses to tailor their ERP system to meet their unique needs and requirements. Customization involves modifying or extending a software system through custom coding or development to meet specific business needs or requirements. In contrast, configuration involves setting up a software system using out-of-the-box functionality to achieve business goals.

With its SuiteCloud platform, NetSuite enables customers and partners to extend the system’s functionalities and customize it to their precise business requirements. SuiteCloud offers a range of applications and tools, such as SuiteTalk, SuiteFlow, SuiteBuilder, and SuiteAnalytics, that allow businesses to create custom workflows, automate processes, and extend the capabilities of the NetSuite platform.

NetSuite Pricing and Support Options

NetSuite is a subscription-based model with a modular pricing structure and annual license fee, including an implementation fee, and delivers automatic software updates. This pricing model allows businesses to pay for only the features they require and scale up as their needs grow.

Support options for NetSuite customers include self-service, phone, email, and chat, ensuring that businesses have access to the help they need when they need it.

Subscription Model and Costs

NetSuite’s subscription-based pricing model is tailored to each user’s requirements. The subscription cost is determined by the annual price of the software package, which can range from $999/month for the base package to $2000-$3000/month for small businesses. The pricing can vary significantly depending on the NetSuite modules implemented and the number of users.

NetSuite’s modular pricing structure allows businesses to activate additional modules, deactivate those that are no longer necessary, and add additional users for unrestricted scalability. This flexibility ensures businesses can effectively manage their NetSuite investment, tailoring their ERP system to their evolving needs.

Support Options

NetSuite provides its customers a range of support options, including Basic, Premium, and Advanced Customer Support. Premium Support offers additional assistance and increased priority, including telephone support during business hours and 24×7 support for critical issues.

Customers can access NetSuite support via phone, email, live chat, or SuiteAnswers, providing them with the help they need when they need it. With various support options available, businesses can be confident that they have the resources and assistance necessary to make the most of their NetSuite investment.

Who Can Benefit from NetSuite?

NetSuite is a comprehensive ERP solution provider that can benefit businesses of all sizes and types, offering support to various roles in all departments operating in diverse industries. From startups to well-known enterprises, NetSuite provides solutions to businesses that offer products, services, or both to other businesses, consumers, or both. Its wide range of modules and customizability options ensure businesses can tailor their ERP system to meet their unique needs and challenges.

NetSuite supports personnel across numerous departments and roles within companies, ranging from the C-suite to sales representatives and HR professionals. No matter the role or industry, businesses can benefit from NetSuite’s streamlined processes, comprehensive features, and scalability.

NetSuite vs. Competitors

NetSuite is a comprehensive ERP system that can replace QuickBooks for growing businesses and competes with other cloud-based ERP solutions such as SAP, Microsoft Dynamics, and Intacct. Its cloud-based architecture and extensive product offerings set it apart from its competitors, providing businesses with the tools and capabilities they need to succeed in an ever-evolving market landscape.

Compared to its competitors, NetSuite offers several advantages, such as its ability to consolidate business data into one comprehensive suite and its cloud-based system that eliminates the need for expensive hardware and maintenance. By providing a unified platform for managing financials, operations, and customer relationships, NetSuite enables businesses to streamline their processes and focus on growth.

Summary

In conclusion, NetSuite is a powerful cloud-based ERP solution that can revolutionize how businesses manage their financials, operations, and customer relationships. With its comprehensive features, customizable modules, seamless integrations, and robust support options, NetSuite empowers businesses to optimize their processes and drive growth. Whether you’re a startup looking to scale or an enterprise seeking to streamline your operations, NetSuite is the ideal solution to help your business thrive in today’s competitive market. Are you ready to take your business to new heights with NetSuite?

Frequently Asked Questions

What is the use of NetSuite?

NetSuite is a comprehensive cloud-based platform that enables businesses to efficiently manage their financials, operations, and customer relationships. Its features allow users to handle accounting, CRM, inventory management, e-commerce, and more from one unified system.

With NetSuite, organizations can streamline critical business processes and maximize efficiency. Apr 22, 2022.

What is the difference between QuickBooks and NetSuite?

QuickBooks and NetSuite are different solutions for managing business processes. QuickBooks is a simple accounting program used to manage payroll and invoicing, while NetSuite is a comprehensive business management solution that includes ERP, CRM, and e-commerce features.

Is NetSuite considered a CRM?

Yes, NetSuite is considered a CRM. It provides enterprise-level CRM tools to support omnichannel commerce and offers a complete view of your entire business.

With features from the ERP platform and other available add-on modules, it is one of the most comprehensive CRM solutions.

Is NetSuite the same as Oracle?

No, Oracle ERP and NetSuite are not the same. Oracle ERP is an on-premises system that requires a large IT staff to maintain and manage it. On the other hand, NetSuite offers greater scalability and standardization and can operate in a multi-tenant cloud environment, which gives it an edge over Oracle ERP Cloud solutions.

What is NetSuite used for?

NetSuite provides businesses with a complete solution for managing their essential operations. Integrating multiple business processes, such as accounting, customer relationship management (CRM), e-commerce, and other operations inventory management, it helps organizations optimize efficiency while providing accurate insight into financial performance.

With its cloud-based architecture, NetSuite simplifies the overall management of cloud software providers and key business functions.