Running a company is a big headache unless you are an expert in one. Especially after the Covid-19 crisis where all the companies have to work online. It is very difficult to manage the function and process of the company online. Mainly the finance and customer relationship management (CRM).
Not to worry, the task has been sorted for you with the help of their NetSuite ERP. This software comes in handy for all those businesses and organizations that are struggling. It will help them to manage the business with the aspects of finance and customers. This software has a lot of features that can make your work ease. NetSuite ERP can benefit your company and organization in many ways. But before let us know what is NetSuite ERP?
What is a NetSuite ERP?
NetSuite Enterprise Resource Planning (NetSuite ERP) is an online-based service tool. NetSuite enables the companies so that they can manage all their key business-related processes in just a single system. Companies use NetSuite for ERP and to manage the inventory, to track all their financial activities. It also manages the e-commerce websites and stores and maintains the CRM (Customer Relationship Management) systems.
What is a NetSuite ERP software?
As mentioned above, NetSuite is cloud-based enterprise resource planning software that allows its user companies to streamline their business processes.
It also helps its user companies to scale their business for faster growth in the market. NetSuite is an integration and automation process for the key functional areas like revenue management, financial activity management, an order placed and order management, inventory management, e-commerce, billings, and most importantly customer relationship management.
Benefits of NetSuite ERP
NetSuite is the only software that delivered its promise by delivering an integrated, intelligent and very simple application for all the mid-sized and large-sized businesses. If you are planning to use it, then these are the advantages of NetSuite ERP;
- Reduction in IT costs: It reduces the cost by implementing comprehensive functions. Functions like accounting, reports, finances for your business at each and every stage of the business growth process. This is how NetSuite ERP helps and allows you to cut the costs in getting the best reports and reducing manual errors
- Improvement in productivity: NetSuite ERP helps businesses and organizations to optimize their handling costs, accounts, elimination of manual reporting and order management. This will improve the productivity of both company and employees.
- Systems are integrated: NetSuite ERP will help your employees to access the customer data easily and quickly because of all the sub-systems which are integrated into the software. This will save time for employees in searching the data.
- Mobility: NetSuite ERP’s mobility extends productivity and collaboration beyond the imagination in the workplace. Here the automatic tools will provide the ability to access and upload the important data quickly.
- Financial processes are accelerated: NetSuite ERP’s solution for financial management expedites everyday financial transactions quickly and easily. This cloud-integrated platform makes sure that all the financial processes are completely real-time visible and accelerated.
- Customization: NetSuite ERP provides you with a wide range of customization with the help of NetSuite’s Suiteflex. In Suiteflex, the user can set all the modular requirements and preferences as per his requirements. You can also make navigation through the software easy for all your users.
- Improvement in visibility: All the information should be real-time visible so that there is transparency maintained and also to make informed decisions. The data can be obtained easily and directly so that the users don’t waste their time trying and extracting the data.
What is NetSuite Cloud ERP?
NetSuite Cloud ERP is a cloud system based on Software as a Service (SaaS). It allows all its users to have access to Enterprise Resource Planning (ERP) software on the internet.
NetSuite Cloud ERP is used to have fewer upfront costs for the company. This is mainly because all the computing resources can be taken on lease for a month rather than buying them or maintaining them in the premises. This NetSuite ERP system is great for all the small-sized and mid-sized businesses and organizations.
What does NetSuite ERP cost?
NetSuite ERP costs vary from customer to customer. It depends mainly on the services taken like the inclusion of ERP configuration, add-on modules required, length of the service contract, and total user count. It costs you around 999 dollars per month and an extra 99 dollars per user for access costs.
This NetSuite ERP license is used as a subscription service model and can be renewed as per the companies requirements. There are a lot of pre-bundled vertical editions of the NetSuite ERP available with the variation in costs as per content.
Overall, NetSuite ERP proves to be one of the trusted and prominent systems which can help your company and business. It helps you to grow in one or another way. The features like secured management and customization UI can help the users to ease and excel in their work. It will initially help them and the company become more productive. To conclude, if your company belongs to a mid-sized or large business category and is dreaming of taking your company to new heights, then NetSuite ERP is a one-stop solution for you.
Promising elements constitute the NetSuite ERP System:
- Financial and Accounting Management:
Netsuite ERP comes with considerable capabilities that can help you manage both accounting and finance through a single cloud-based platform. The platform provides many end-to-end business transactions like procure to pay, lead to cash, order to cash and so on. This helps the company in handling the financial management functions via a single/one source of finance, customer data and sales.
- CRM – Customer Relationship Management:
Netsuite offers many optimized tools for CRM through which you can manage interactions and relations with your prospects and customers more effectively. Netsuite CRM provides the benefit of assisting your business through more optimized CRM tools to improve business relations with your customers, enhanced business profitability and streamlining the processes.
- Warehouse and Manufacturing Management:
For dealing with different industries like warehousing and manufacturing, Netsuite provides some very helpful extensive functions. The process involves the optimization of the activities of large-scale business production along with the required financial management and specific needs of the industry.
- Inventory Management:
Netsuite provides robust solutions for managing inventory functions. Netsuite helps in dealing with the logistics, finances of business operations and the inventory in a single business platform to derive the potential benefits.
- Analysis and Reporting:
The best of the best tools are used by Netsuite to generate reports for analyzing the business performance and for driving business intelligence. Through this, the business can have benefits such as boosting and gaining insights into sales volumes, services and product developments, retention and satisfaction of the customers, improved business decisions, and so on.
The following constitute the constitutes of the Cloud ERP Software
All the cloud-based ERP software comes with core accounting and financial operations. From there, the organization can choose required applications or modules for implementation based on their industry and particular business needs. The available cloud ERP modules come with:
- Accounting and Financials
- Human Resource Management Software (HRMS) or Human Capital Management (HCM)
- Management of the Inventory
- Customer Relationship Management (CRM)
- Management of Order
- Management of the Project
- Management of the Supply chain
- Material Requirements Planning (MRP)
Concepts of Cloud ERP:
Here are some of the basic concepts related to Cloud ERP which are important to understand
- Deployment Strategies:
ERP Softwares can be installed/deployed on-premises or on servers that are privately hosted or can also be purchased in an “as a service” model. The cloud-based functionalities are usually delivered more quickly. In both cases, the companies are required to set some particular time aside for data migration, planning, staff training, configuration and customization.
- Cloud-based ERP:
It is software for Enterprise Resource Planning and has offsite hosting on the servers of the ERP Vendor’s and is provided as a service. It can be accessed from the web-browser.
- On-premises ERP:
It is a software for Enterprise Resource Planning which is installed locally in the company’s systems and servers. This software can be managed internally or by contracted IT, staff. The in-house itself can manage, maintain and store the software and its supporting infrastructure.
- Hosted ERP:
The deployment of ERP software and the infrastructure associated with it are managed by the company or by the hosting provider. When the company wants to outsource the IT operations then hosted deployment models are utilized from the software. Though this set-up comes with some of the cloud benefits, it is not an actual “as a service” model.
- End-to-End Security:
The connection between the vendor of cloud-based ERP and its customer is completely secured and encrypted.
- Subscription licensing:
For using the software, the company pays a fixed amount of subscription fee at particular time intervals (monthly or annual). This fee generally includes all the maintenance and upgrades of the software. The subscription can also be charged per organization or per user basis.
Is NetSuite an Enterprise Resource Planning (ERP)?
Yes, NetSuite is an ERP and possesses all the required activities that should be there in an ERP.
Get the NetSuite ERP Consultant Services for NetSuite Enterprise Resource Planning. We have a professional team of NetSuite Developer.