What is NetSuite? Full NetSuite Review 2021 - Details, Pricing, Features
What is Netsuite?
NetSuite is one of the Enterprise Resource Planning (ERP) software from Oracle that powers organizations all over the globe. It is a highly scalable ERP solution that is delivered over the web and offered as a cloud-based solution. NetSuite provides a single platform where one can streamline business process operations and automate key functional areas like CRM, Inventory, Finance, Order Management, Billing, Accounting, Ecommerce just to name a few.
NetSuite provides a suite of tools and customizable views of the company's Key Performance Indicators (KPI) to everyone from top-level management to clerical staff within the organization.
NetSuite is targeted at mid-sized and large-sized businesses that have a huge team and lots of resources to manage. Companies that are growing rapidly can also use NetSuite to quickly scale their business.
Since NetSuite is accessed online, businesses save a lot of upfront cost of development, customization, and integration of business automation software. NetSuite is being used by 25,000+ businesses in over 200+ countries. NetSuite is probably the first and the last business management solution that your business will ever need!
Comprehensive list of NetSuite Features
NetSuite offers everything that you can expect from an ERP Solution. Anything that you need in terms of technology to manage your organization, you would find that in NetSuite. It comprises interrelated modules that share a common database. Due to this connectivity, users can select only the specific modules that they wish to implement.Here is a detailed list of modules and features that NetSuite offers:
✅ Accounts Payable
|1. Aging Tracking||7. Fraud Detection|
|2. Approval Process Control||8. Invoice Processing|
|3. Cash Management||9. PO Reconciliation|
|4. Check Writing||10. Recurring Payments|
|5. Data Extraction||11. Vendor Management|
|6. Duplicate Payment Alert|
|1. Accounts Receivable||6. Payroll Management|
|2. Billing & Invoicing||7. Project Accounting|
|3. Expense Tracking||8. Purchase Orders|
|4. Fixed Asset Management||9. Tax Management|
|5. Fund Accounting|
✅ Accounts Receivable
|1. ACH Payment Processing||7. Online Payment Processing|
|2. Aging Tracking||8. Overpayment Processing|
|3. Billing & Invoicing||9. Partial Payments|
|4. Check Processing||10. Receivables Ledger|
|5. Collections Management||11. Recurring Billing|
|6. Customer Statements|
✅ Apparel Management
|1. Billing & Invoicing||8. Purchasing|
|2. Catalog Management||9. Returns Management|
|3. Inventory Management||10. Shipping Management|
|4. Materials Management||11. Supplier Management|
|5. Order Management||12. Supply Chain Management|
|6. Product Management||13. Warehouse Management|
|7. Production Management|
✅ Business Intelligence
|1. Ad Hoc Reports||7. Profitability Analysis|
|2. Benchmarking||8. Publishing / Sharing|
|3. Dashboard||9. Scorecards|
|4. Key Performance Indicators||10. Strategic Planning|
|5. Performance Metrics||11. Trend / Problem Indicators|
|6. Predictive Analytics||12. Visual Analytics|
✅ Business Management
|1. Billing & Invoicing||7. Performance Metrics|
|2. CRM||8. Project Management|
|3. Financial Management||9. Purchasing|
|4. Inventory Management||10. Time & Expense Tracking|
|5. Marketing Management||11. Vendor Management|
|6. Order Management|
|1. Barcoding / RFID||5. Returns Management|
|2. Inventory Management||6. Sales Forecasting|
|3. Order Management||7. Shipping Management|
|4. Purchasing||8. Warehouse Management|
✅ Enterprise Resource Planning
|1. CRM||7. Order Management|
|2. Distribution Management||8. Project Management|
|3. Enterprise Asset Management||9. Purchase Order Management|
|4. Financial Management||10. Reporting/Analytics|
|5. HR Management||11. Supply Chain Management|
|6. Inventory Management||12. Warehouse Management|
✅ Financial Management
|1. Budgeting & Forecasting||6. Investment Management|
|2. Cash Management||7. Project Management|
|3. Consolidation / Roll-Up||8. Revenue Recognition|
|4. Currency Management||9. Risk Management|
|5. Financial Reporting||10. Tax Management|
✅ Financial Reporting
|1. "What If" Scenarios||7. Consolidation/Roll-Up|
|2. Access Controls/Permissions||8. Data Import/Export|
|3. Audit Trail||9. General Ledger|
|4. Balance Sheet||10. Multi-Company|
|5. Budgeting/Forecasting||11. Profit/Loss Statement|
|6. Cash Management|
✅ Inventory Control
|1. Barcoding/RFID||7. Item Management|
|2. Check-in/Check-out||8. Reorder Management|
|3. Cost Tracking||9. SKU/UPC Codes|
|4. Forecasting||10. Serial Number Tracking|
|5. Inventory Optimization||11. Supplier Management|
|6. Inventory Tracking|
✅ Inventory Management
|1. Alerts/Notifications||8. Product Identification|
|2. Forecasting||9. Reorder Management|
|3. Inventory Optimization||10. Reporting/Analytics|
|4. Kitting||11. Retail Inventory Management|
|5. Manufacturing Inventory Management||12. Supplier Management|
|6. Mobile Access||13. Warehouse Management|
|7. Multi-Channel Management|
|1. Bills of Material||7. Quote Management|
|2. Document Management||8. Reporting/Analytics|
|3. Inventory Management||9. Safety Management|
|4. Order Management||10. Supplier Management|
|5. Production Scheduling||11. Supply Chain Management|
|6. Quality Management|
|1. Accounting Integration||7. Quality Management|
|2. ERP||8. Quotes/Estimates|
|3. MES||9. Reporting/Analytics|
|4. Maintenance Management||10. Safety Management|
|5. Material Requirements Planning||11. Shipping Management|
|6. Purchase Order Management|
✅ Manufacturing Execution
|1. Document Management||5. Quality Management|
|2. Forecasting||6. Supplier Management|
|3. Inventory Management||7. Supply Chain Management|
|4. Order Management||8. Traceability|
✅ Order Management
|1. Backorder Management||6. Order Tracking|
|2. Catalog Management||7. Recurring Orders|
|3. Inventory Management||8. Returns Management|
|4. Order Entry||9. Shipping Management|
|5. Order Fulfillment||10. Special Order Management|
|1. Agile Methodologies||8. Idea Management|
|2. Budget Management||9. Kanban Board|
|3. Client Portal||10. Milestone Tracking|
|4. Collaboration Tools||11. Portfolio Management|
|5. Cost-to-Completion Tracking||12. Resource Management|
|6. Customizable Templates||13. Time & Expense Tracking|
|7. Gantt Charts||14. Traditional Methodologies|
✅ Resource Management
|1. Capacity Management||6. Resource Scheduling|
|2. Collaboration Tools||7. Search/Filter|
|3. Drag & Drop||8. Skills Tracking|
|4. Forecasting||9. Utilization Reporting|
|5. Reporting/Project Tracking|
✅ Retail Management Systems
|1. CRM||8. Multi-Location|
|2. Commission Management||9. Order Management|
|3. Email Marketing||10. Purchase Order Management|
|4. Employee Management||11. Reporting/Analytics|
|5. Loyalty Program||12. Returns Management|
|6. Mail Order||13. ECommerce|
|7. Merchandise Management|
✅ Supply Chain Management
|1. Demand Planning||6. Sales & Operations Planning|
|2. Electronic Data Interchange||7. Shipping Management|
|3. Import/Export Management||8. Supplier Management|
|4. Inventory Management||9. Transportation Management|
|5. Order Fulfillment||10. Warehouse Management|
✅ Warehouse Management
|1. 3PL Management||7. Purchasing|
|2. Barcoding/RFID||8. Quality Management|
|3. Forecasting||9. Real-Time Synchronization|
|4. Inventory Management||10. Receiving/Putaway Management|
|5. Multi-Location||11. Returns Management|
|6. Order Management||12. Shipping Management|
Is Oracle NetSuite the Right Solution for you?
Since NetSuite ERP is a complete ERP solution, it helps businesses of almost all sizes and industries.
Any organization that wishes to achieve the below-mentioned things is an ideal candidate for using NetSuite as their ERP:
1. Optimize their financial processes
2. Reduce IT costs
3. Cut down Infrastructure costs
4. Improve Scalability
5. Eliminate Operational Inefficiencies
6. Gain Business Intelligence
7. Get better reporting
8. Automate Business Processes
Due to the scalable nature of NetSuite, small, mid-sized, and Enterprise businesses can manage their organization using NetSuite. It is the perfect ERP solution for B2B and B2C companies alike. Companies from various industries and verticals can opt for NetSuite implementation on their premises even if they are a multinational and multilingual company.
However, small-sized businesses aren’t the most ideal organizations for using Oracle NetSuite.
How NetSuite ERP Adds Value to an Organization?
There are various ERPs available in the market that offer various features and at a cheaper price. Then, why should one choose to use the NetSuite software in their organization? Here are the main reasons why:
Crowned the World’s No. 1 Financial Management Solution
Finance Management is the backbone of any organization and there is no better software for Accounting Management than NetSuite ERP.
NetSuite accounting tools are used by thousands of companies to take care of their accounting needs, that include:
1. Expense Management
2. Financial Close
3. Auditable Revenue Management
4. Real-time Financial Reporting
5. Budgeting & Forecasting
6. Currency Management
7. Risk Management
8. Tax Management
Not only is this useful in itself, the accounting management seamlessly integrates with other tools such as Order Management, CRM, Inventory, and E-Commerce. This integration makes it a must-have tool to manage every aspect of a company's finance.
According to a lot of NetSuite reviews from NetSuite official partners, NetSuite developers, NetSuite consultants, and NetSuite customers, it is the best tool when it comes to Financial Management.
Oracle NetSuite has built-in business intelligence tools that are highly efficient and useful in helping the decision-making process. These Business Intelligence tools crunch data from various sources such as your finances, production, sales, etc. for the most accurate suggestions/predictions.
Using these tools, you can also convert these numerical figures to various charts and figures to monitor the health of your business. You can create custom visual analytics charts with different data points to customized summaries and generate actionable insights for business growth.
With such a large ERP tool containing all your business data, security becomes a great concern. On top of that, running your business from any device all over the globe poses an even greater security concern.
But, unlike other tools that live on your system, NetSuite ERP runs on the cloud. Therefore, it is more resistant to hackers and offers greater data security. The possibility of a data breach is highly unlikely as the data is encrypted and accessible only by authorized personnel. NetSuite reviews from existing customers confirm that their data is very secure.
There is nothing worse than building/using a system that works great up to a certain extent and then starts to choke either because of computing limitations, bandwidth, or functionality. Such conditions have a direct impact on the growth and development of a business directly and can be a cause of concern.
NetSuite ERP has been in the ERP industry for a very long time and companies trust NetSuite for a reason - It is highly scalable. You would rarely be in a position where you wish to scale your business processes but are limited. NetSuite from the get-go is highly scalable and is efficient at it.
NetSuite Solution Providers such as Kanak Infosystems LLP. understand that businesses need to scale and hence provide NetSuite Consultation and NetSuite implementation accordingly.
Efficient and Error-Free Automation Processes
Entering data manually into systems doesn't just slow down your operations, it is also a source of greater mistakes. NetSuite offers various modules to create seamless transitions between various business processes.
Using NetSuite's management modules such as billing management, you can easily create an efficient workflow for your sales, finance, and fulfillment operation teams. Not only that, you can improve quote accuracy, reduce billing errors, automate invoicing, and reinforce revenue recognition.
Similarly, you can use various modules that share the same database for creating an automation process that suits your requirements.
Optimize Employee Capabilities
Oracle NetSuite's Human Capital Management enables you to understand the productivity levels of different employees. This allows you to create better roles and responsibilities for key people in your organization while reducing the management cost.
Moreover, this module gathers data about the day-to-day functioning of your company to offer cost-effective solutions to create a motivated, diverse, and efficient workforce.
A One-Stop-Shop for All Requirements
NetSuite ERP is most probably the only software solution that you will ever require for your business. It covers almost all the areas of business management from Production to Customer and everything in between. From a single platform, you can govern and run an entire firm efficiently.
With NetSuite, every aspect of your business can be tracked, managed, integrated, and optimized from a single tool. Not only that, the data from various touchpoints are accumulated into a single point allowing for greater control over the workings of your business.
Perform Advanced Tasks
NetSuite ERP does way more than just basic housekeeping. It can deal with businesses in multiple countries, languages, subsidiaries, and currencies. On top of having support for different currencies, NetSuite can comply with various international accounting standards. No wonder it is ranked as the No. 1 Financial Management solution.
Not only does NetSuite help you track your income and expenses, but it also facilitates advanced revenue recognition management. Since the software handles the entire supply chain, you can do more than just tracking inventory and your bills. You can even automate routine and mundane processes, or create rule-based workflows, or look at various data points from various perspectives.
The number of advanced tasks that you can perform with NetSuite is endless and NetSuite developers are highly trained to gather any requirement and help you achieve what you want to do.
Every business is different with different processes and different requirements. Therefore, instead of charging the same for each organization, NetSuite pricing system is tailored to each customer's specific requirements. The NetSuite pricing for a company depends on the use-cases, ERP Configurations, Add-Ons, No. of users, Contract Length among other factors.
The NetSuite license has a subscription model which can be paid annually or at any other convenient interval. NetSuite also offers a free product tour in case you want to examine the features of the product before having a NetSuite login.
If you are unable to understand the complicated NetSuite pricing policies you can always consult an official NetSuite partner such as Kanak Infosystems to help you.
Where Does NetSuite ERP Lack?
There are tons of advantages and benefits of using NetSuite software, but of course, nothing is perfect. NetSuite helps organizations all over the globe to achieve their goals, but there are a few shortcomings of this great ERP tool as well.
The entire NetSuite ERP software lives on the cloud and handles all your operations. As the number of users increases, the cost of their annual subscription also starts to increase too. Every penny spent on NetSuite is worth the Return on Investment, but the costs do keep growing over time.
Sophisticated Customization Process
Since NetSuite is a mammoth ERP, it has a lot of moving parts. To add customization on NetSuite requires constant support and maintenance from the NetSuite developer team as every customization is unique. Customizations do require a lot of effort from the NetSuite team, but they ensure that your business isn't burdened by it.
Inability to Support Small Businesses
NetSuite is targeted at medium-sized to large-sized businesses that are growing rapidly. But due to the no. of software features and size, it becomes unaffordable for small businesses and they are unable to take advantage of the ERP.
How Kanak Infosystems helps with NetSuite Implementation
Having served multiple clients across the globe for more than 8 years, we have earned a stellar track record in NetSuite implementation. No matter the size, type, and nature of your business, our certified NetSuite professionals follow the industry’s best practices for NetSuite ERP Implementation in your company.
Kanak Infosystems is an official NetSuite implementation partner and so we follow the standard procedure of implementing NetSuite as follows:
1. Requirement Analysis: Understanding the company processes and possible implementation areas to boost productivity
2. System Design: Planning, Designing, and configuring NetSuite before implementation
3. Development: Experienced NetSuite professionals start developing an MVP of the solution
4. Test Data Migration: Migrating existing data into NetSuite
5. Internal Testing: Our implementation expert starts using NetSuite to ensure all functionalities are working correctly.
6. Training: Rigorous training is then provided to the actual user
7. Complete Data Migration: All data now migrated to NetSuite
8. Going Live: NetSuite successfully implemented in your company
9. Post Live Support: Our NetSuite expert will be available for providing support
NetSuite is an industry-standard ERP solution that is loved by thousands of companies all over the globe. Getting started with NetSuite implementation for your organization isn’t a simple process and it is highly advisable to opt for a NetSuite solution provider to help you along the implementation journey as they have more experience.
As NetSuite Partners, Kanak Infosystems provides a variety of NetSuite Services such as - NetSuite Consultation, NetSuite Integration, NetSuite Developer, NetSuite Implementation, etc. For any queries, you can reach us at firstname.lastname@example.org