While covering the evolution of ERP (enterprise resource management) software, over the past decade or so, it is difficult to ignore the role played by NetSuite in universalizing the numerous advantages of cloud-based ERP.
In the truest sense, the phenomenon of ERP systems arrived on the world stage around 12-13 years back when several small and large corporate houses began to actively explore the cutting edge solutions to break away from the shackles of monotonous operations and augment their processes.
NetSuite, along with Microsoft, was one of the very first entities to realize this and made the right strategic moves to address the high-scale technical needs of IT customers. Growing from strength to strength, the company has now become one of the leading ERP solution providers in the world.
An absolute boon for small-scale enterprises
Even its critics agree with the notion that NetSuite is probably the most suitable solution for small-to-medium sized enterprises because of a wide variety of intrinsic advantages. Firstly, customers are not obligated to purchase hardware, software or servers to take advantage of the solutions, which helps them save massive amount of capital.
All one needs to do is to sign up for a monthly package depending on the number of users they intend to allow to use the system. This allows smaller firms to avail the advantages of high-quality ERP systems at a much lesser price than other rival ERP systems that entail an initial investment on hardware, software, technical equipment and in-house staff.
While this can potentially lead to a few predicaments in some technical situations like modifying work flows, report creation involving multiple sources, that generally is not the case because of the simplicity in which the systems can be handled.
Services offered by NetSuite ERP
NetSuite cloud ERP solution encompasses the following:
- Supply Chain and Inventory Management: The solution accounts for comprehensive warehousing, manufacturing and inventory management, while streamlining purchasing and vendor management.
- Financial Management: NetSuite ERP solution offers features for financial management such as accounts receivable, ledger, accounts payable, currency management, fixed asset management, revenue management, revenue recognition and also financial reporting, among others.
- Financial Planning: NetSuite offers planning and budgeting services, which includes absolute integration with core financials to spearhead planning and execution operations.
- Billing Management: NetSuite's billing management functionality expedites the process of order-to-cash. It not only boosts quote accuracy, but also offers speed invoicing and eliminates billing errors.
- Revenue Management: Accommodates comprehensive revenue management (recurring) functionality that streamlines the billing processes. This in turn helps companies increase renewals.
- Shipping: The ERP solution from NetSuite boosts shipping efficiency while reducing the costs of order processing. It also integrates with leading shipping providers like UPS, FedEx, etc.
- HCM (Human Capital Management): The solution also streamlines companies’ human resource management systems including time management, reporting, invoice, payroll and bonuses, etc.
Key advantages
- One of the biggest advantages of NetSuite ERP is that it accommodates single, enterprise-level business software. The system boasts of the enviable combination of product depth and application width, which addresses every type of need.
- The solution also offers a great user-interface in the form of stylish, digital dashboards. The dashboards are actually one of the highlights of the entire setup.
- Role-based application navigation, which is seen as a USP from the standpoint of other competing ERP systems. Provides convenience and ease when it comes to using the system remotely.
- A range of vertical market as well as industry specific software to address a global audience that may have varied requirements.
- Strong investment mechanism. NetSuite i.e. one organisation that takes the continual evolution of ERP systems very seriously and regularly puts in money and resources to augment the R&D team. As an example, it is known to invest almost $100 million every year in development, advertising and marketing.
- Another strong point of NetSuite ERP is its PRM (Partner Relationship Management) module that achieves integration with the application. It also promotes sound lead distribution techniques and other attributes like commission management, forecasting and performance measurement analysis.
- Shopping cart: Without doubt, NetSuite’s e-commerce shopping cart is regarded as the most useful solution in the SaaS (software as a service) domain. Apart from comprising of the usual features that one expects from a shopping cart, it also accommodates advanced aspects like affiliate management, keyword marketing module, real-time processing, integration with eBay, promotional URL management, etc.
- Cost cutting: Because the ERP is essentially on the cloud, companies can achieve significant CAPEX as well as OPEX savings. Also, the absence of any upfront costs translates into greater efficiency and convenience.
- Reporting: Generating reports through NetSuite ERP is as simple as taking a snap. With just about every piece of information available at your disposal, you can also improve your decision making skills because you have reliable reports to base your thinking on.
- Security of data: Regardless of what others feel about the feasibility and long-term suitability of cloud-based services, the fact remains that the sophistication of data security via cloud platform is much more robust and extensive, when compared to a client based model. By using NetSuite ERP, companies have the peace of mind that their data is kept absolutely safe and secure at all times because any data loss can translate into losses worth millions of dollars.
- User Friendliness: Finally, NetSuite’s ERP model is essentially simple, neat and intuitive. Once you get acclimatized to its various functionalities and attributes, you’ll get to know why it is the number one ERP solution on the planet deployed by big and small players alike.