What is NetSuite?
NetSuite is the first enterprise resource planning (ERP) software solution designed for the cloud. That means you can access all your critical business data anywhere, anytime. All you need is an Internet connection. You don’t need to be in the office or connected to your company’s VPN.
As an enterprise ERP, NetSuite provides all of the necessary features and functionality to run your business. The software offers real-time visibility into all aspects of the company. Key modules include management of core business areas like finance, orders, supply chains, procurement, and more.
How Does NetSuite Work?
As a cloud application, the software runs in a cloud platform that can be either a public cloud or your company’s private cloud. It provides all departments with a single source of real-time truth when it comes to your business data.
Key Core Modules of NetSuite
NetSuite ERP has many core modules tightly integrated to ensure an exceptional user experience. Here are the primary features of the software:
Financial Management:
Used for managing financial transactions and provides visibility into the company’s financial performance in real-time. This module improves compliance and accuracy in your financial activities.
Financial Planning
Used to automate budgeting processes and centralize forecasts and financial reports for finance teams. This module improves visibility and collaboration within your organization.
Order Management
Used to streamline and automate order processing from quote to fulfillment. This integration leads to improved accuracy, reduced errors, and fulfillment accuracy.
Production Management
Used to monitor every aspect of the manufacturing process from anywhere. This module improves time-to-market for your products.
Supply Chain Management
Used to manage the entire end-to-end supply chain globally from manufacturing to distribution. This module improves visibility and ease of management from anywhere.
Warehouse and Fulfillment
Used for controlling inventory and fulfillment at all your warehouses. This module improves resource utilization, efficiency, and visibility into your processes.
Procurement
Used to manage all aspects of purchasing processes for goods and services. This module reduces costs and improves real-time visibility into every decision.
What are the challenges & benefits of using it?
As good as the NetSuite ERP solution is, no software is perfect. It’s essential to understand both the benefits and challenges of the solution before implementing it.
Some benefits include:
- Complete 360-degree view of your entire business
- Suitable for small to medium companies in various industries
- Superior order fulfillment process vs. competitors
Some challenges include:
- High training and support costs vs. competitors
- Difficulties with the offline edition
- Unintuitive user interfaces for some users
Conclusion
The cloud-based NetSuite ERP software is an excellent solution for many companies. The software provides key modules that integrate all aspects of your business into a single, collaborative interface. That means that sales, finance, manufacturing, logistics, and support all have real-time visibility into everything that is happening.
The NetSuite ERP solution is intelligent, fully integrated, and simple to use. Located in the cloud, your departments can collaborate anytime, anywhere. You can expect increased efficiencies, visibility, and reduced costs by using NetSuite ERP software.
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