What is NetSuite – The Leading Cloud Solution
NetSuite is widely regarded as the first cloud computing software company, founded in 1999. And nowadays is the leading cloud solution on the market, offering consolidated ERP, CRM, and e-commerce features.
As cloud-based software, it enables companies to manage important business processes in a unified system. It is highly efficient thanks to its modular approach and cost-effective because it doesn’t involve hardware, upfront license fees or maintenance fees and it’s easy to set up.
These are only a few of the benefits of NetSuite for growing companies, and in this article, we’ll dig deeper and expound the most important for accelerated growth.
Benefits of the Cloud
But before tackling NetSuite, it makes sense to understand why its underlying technology is so great for businesses.
Every day, more companies are turning to the cloud when looking for a solution to track their financials, manage inventory, improve their customer relationship management (CRM) system and even implement e-commerce stores.
The cloud technology gains adepts every moment and is a technological trend that grows stronger among small and mid-size companies due to its lower cost and among larger enterprises because of its high power and efficiency.
NetSuite in a Nutshell
According to NetSuite, users can run their company from the point the customer touches the organization right through the journey of ordering, managing, delivering, invoicing and accounting the products. The whole business process is managed within a single system.
An ERP System for Growing Companies
NetSuite works under a subscription model which many small companies find appealing because they can pay per use only. Thanks to this, users can reduce initial investments and reduce the effort on maintaining the software.
Businesses can implement the standard software suite which includes the core functionality for both ERP and CMR. However, companies that require other specific, more advanced modules, can license them on demand.
In general, companies can obtain a bundle of modules specific for their industry, or cherry-pick only the ones they need the most.
9 NetSuite Benefits
1. Richness of features
NetSuite fits well across different industries as well as company sizes. It provides rich functionalities for Manufacturing, Software, Wholesale Distribution, Professional Services, Nonprofits, and Retail/E-commerce companies out of the box. All included in a single ERP product.
2. Pricing approach
Also worth mentioning is the modular approach of NetSuite. Essentially, it enables users to select and license only the modules they need. This empowers the user and reduces costs.
3. Ease of NetSuite Integration
One of the major benefits of NetSuite is that it provides robust APIs that make possible the integration with other important software application. It can be done directly or through an integration platform (iPaaS). For example, one of the most popular integrations is Salesforce and NetSuite integration because many users want to continue using the Salesforce CRM system but also implement NetSuite ERP in their businesses.
4. Improved visibility
Real-time visibility is crucial when it comes to making informed decisions. Data can be accessed instantly and users don’t have to waste time extracting and tying data from various sources. This allows for more accurate and timely reports, which translate into quicker decisions. Additionally, NetSuite pools data across the whole organization, as opposed to silos of data, which leads to more powerful insights.
5. Speed-up growth
Having integrated software in place makes it possible to expand to multiple locations and establish new sales channels much faster. These are the benefits of unified order and accounting management processes and data.
6. Centralized information about your company
NetSuite offers a software system that covers your whole business. One single, integrated system translates into information flowing seamlessly throughout all departments. This way, employees avoid having to manually input data when sending reports to a different department. Manual input often leads to errors and inaccuracies in the information as well as time spent in low-value tasks.
7. Extending processes to the supply chain
Being able to collaborate closely with customers, suppliers and partners is a benefit of an extended organization. It is possible to offer self-service portals that make B2B and B2C collaboration better. NetSuite includes timely notifications about partner-specific events that help speed up process cycles and keeps you positioned as a partner of choice.
Fast-growing companies at some point may decide to go global and NetSuite can be easily scaled to that extent thanks to multiple currencies, multiple languages, multiple subsidiaries, and related functions. If a company grows horizontally it can add more users to the subscription rather than undergoing an infrastructure change. And if it expands vertically into new operations, additional modules can be added to the ERP system. In general, the business can be assured that the system won’t place any limitations to their growth.
9. Customization and extension
NetSuite is regarded as the most customizable SaaS solution in the world. The high degree of customization is possible with NetSuite’s SuiteFlex, in which the user can set up all the modular implementations with some clicks rather than coding. Also, with the help of the industry-specific modules, you’ll be able to tailor the business processes to meet the particular requirements of your company.
Netsuite can be integrated with other applications by using an iPaaS solution like DBSync. This platform provides a NetSuite connector that is highly customizable and has the ability to connect your NetSuite account with many other applications such as Salesforce, SkuVault, and MSCRM. It also lets you connect your NetSuite account to several databases, such as Oracle, MySQL, and MSSQL. These apps can be on-premises or available as SaaS.
The NetSuite connector exposes all standard and custom objects available within the NetSuite instance of the connected user through the use of a trigger and one or more rules. The trigger defines the reading components, which are then related to the receiving apps via rules that contain mappings. These mappings are highly customizable and easily defined by way of a drag and drop mechanism.
Each NetSuite connector instance represents a single NetSuite account, including login credentials. If a user wishes to connect to multiple instances of either a sandbox or production data, he can create a separate connection for each of them, and configure each URL and login credentials accordingly.
Added to this, another nice feature of the DBSync platform is its online updater, which enables customers to automatically acquire all the product’s different features available in new releases.