Why do companies use NetSuite?

NetSuite is a comprehensive cloud-based business management software that streamlines operations, improves efficiency, and supports data-driven decision-making. Renowned for its integrated suite of ERP, CRM, and eCommerce solutions, NetSuite offers a unified view of business operations through a single platform. Its cloud-native architecture provides scalability, agility, and real-time visibility into critical business processes.

Companies use NetSuite to integrate various functions like finance, inventory, and customer management into a single, easy-to-use platform. By consolidating operations into a single, unified platform, NetSuite eliminates data silos, enhances operational efficiency, and promotes collaboration across departments.

With its robust features, customization options, and global reach, NetSuite stands as a versatile solution for businesses aiming to optimize their operations and enhance customer experiences. In this blog, we explore the key reasons why companies use NetSuite and its role in supporting business success. 

NetSuite offers a wide range of integrated applications for various business functions. This includes everything from financial management, customer relationship management (CRM), eCommerce, inventory management, and more. By having all these applications within one platform, businesses can eliminate the need for multiple disparate systems and improve their overall efficiency.

• Enterprise resource planning (ERP): NetSuite ERP automates processes and provides real-time visibility into operational and financial performance, helping businesses streamline operations and make informed decisions.
• Accounting: The platform simplifies recording transactions, managing accounts payable and receivable, and closing the books. It includes features like general ledger, cash management, tax management, and fixed assets management.
• Customer resource management (CRM): NetSuite provides a comprehensive CRM solution, offering sales force automation, marketing automation, customer service management, partner relationship management, and configure, price, and quote (CPQ) capabilities.
• Human resource management: NetSuite simplifies HR and workforce management processes, including payroll, performance management, and workforce management.
• Field service management: The platform streamlines workflows and digitizes field service operations, including scheduling and dispatch, mobile app access, asset management, inventory management, and billing.
• Professional services automation (PSA): NetSuite helps complete projects more quickly and profitably, offering project accounting, project management, resource management, timesheet management, expense management, and project analytics.
• Commerce: NetSuite SuiteCommerce enables integration between business operations and commerce applications, supporting B2C and B2B e-commerce, point of sale, order management, inventory management, and CRM, all from a single platform.

Companies use NetSuite because its scalability and customizability allow businesses to grow and adapt their systems to meet evolving needs and specific requirements. Whether you’re a small startup or a global enterprise, NetSuite scales with your company, accommodating more users, transactions, and functionalities. At the same time, it provides a high degree of customization to adapt workflows, fields, and processes to your specific business requirements. This flexibility ensures that NetSuite can support your company at every stage of its growth journey.

• Scale NetSuite to handle increasing volumes of transactions, users, and data, supporting business expansion without compromising performance
• Tailor NetSuite to fit specific business processes and industry requirements through customizable workflows, fields, forms, and reports, enhancing operational efficiency
• NetSuite’s modular architecture allows businesses to select and integrate only the solutions they need, reducing complexity and optimizing resource allocation

NetSuite is a cloud-native solution that offers significant advantages over traditional on-premises systems. As a cloud-based platform, NetSuite eliminates the need for costly hardware, reduces maintenance efforts, and ensures that businesses always have access to the latest features and updates without downtime or disruption. This cloud-native approach provides flexibility, reliability, and scalability, making it easier for businesses to adapt to changing needs.

• Cost savings: By eliminating the need for on-premises hardware and maintenance, NetSuite reduces IT costs and improves ROI. Businesses can redirect resources previously allocated to infrastructure towards strategic initiatives.
• Predictable pricing: NetSuite’s subscription-based model offers predictable pricing, which helps businesses manage their budgets effectively and plan for future growth without unexpected costs.
• Continuous updates: Businesses benefit from automatic updates and feature releases without disruption, ensuring they always have access to the latest functionalities and security enhancements.

NetSuite offers industry-specific packages, called SuiteSuccess, that are tailored to the individual needs of each industry. These packages include specialized features and functionalities designed to address the unique challenges of industries such as retail, manufacturing, wholesale distribution, and professional services. By offering industry-specific solutions, NetSuite ensures that businesses get the most relevant tools and capabilities for their sector.

NetSuite SuiteSuccess packages incorporate industry-leading practices, pre-defined roles, dedicated process flows, KPIs, turnkey setup, and hundreds of prebuilt reports and dashboards. With SuiteSuccess, businesses can reduce the time and money spent on configurations and custom development, enabling faster implementation and quicker return on investment. This streamlined approach helps organizations grow, scale, and adapt to change with minimal disruption, leveraging best practices gained from thousands of successful deployments. SuiteSuccess Editions deliver a unique set of processes and functionalities that provide a strong foundation for businesses to transform their operations.

Below are some of the most popular SuiteSuccess Editions:

• Financials First: SuiteSuccess Financials First is a complete financial solution that accelerates financial reporting and maintains compliance requirements while enhancing performance.
• Manufacturing: SuiteSuccess Manufacturing allows you to manage all your product data in one place, simplify the design process, and reduce time to market for new products.
• Wholesale Distribution: Gain control of inventory movements and transactions in real-time and optimize day-to-day warehouse operations with SuiteSuccess Wholesale Distribution.
• Retail: NetSuite’s modern Point-of-Sale implementation package delivers a superior retail experience, providing real-time insights into customers, inventory, sales, and financials.
• Services: Transform your services business with NetSuite’s cloud-based professional services automation, featuring powerful capabilities in project management, resource management, project accounting, billing, and invoicing.
• Software: SuiteSuccess for software companies helps automate billing across multiple revenue streams, manage recurring revenue, and comply with evolving standards.
• Food & Beverage: SuiteSuccess for the food and beverage industry offers a complete solution with an optimized supply chain, advanced order management, and integrated customer service management.
• Nonprofit: SuiteSuccess for nonprofits helps organizations improve operational performance and exceed constituent expectations in an increasingly competitive environment.

Companies use NetSuite’s SuiteSuccess because it provides specialized features and functionalities designed to address the unique challenges of various industries

NetSuite incorporates artificial intelligence to enhance decision-making and automate tasks, providing businesses with deeper insights, optimized operations, and improved customer experiences. AI-powered features like predictive analytics, intelligent recommendations, and automated workflows streamline processes, enhance productivity, and foster innovation. NetSuite’s AI capabilities seamlessly integrate into its suite of business management tools, unlocking the full potential of AI and driving digital transformation.

NetSuite AI Capabilities:

• Invoice processing with AI: Automates data extraction and integration from invoices, reducing manual entry errors and streamlining financial operations.
• Content generation with Text Enhance: Uses generative AI to automate the creation of financial reports, supply chain documents, marketing emails, and HR materials.
• Planning and budgeting with AI: Enhances forecasting accuracy and identifies anomalies in data for better financial decision-making.

NetSuite provides access to real-time business intelligence and analytics, enabling businesses to make informed decisions based on up-to-date information. With real-time dashboards and reports, companies can monitor performance, identify trends, and respond swiftly to changing market conditions. SuiteAnalytics delivers comprehensive visibility into operational and financial performance across all business functions, offering prebuilt and customizable reports that streamline reporting processes and improve communication. By consolidating NetSuite and non-NetSuite data, the platform offers deep insights into issues, trends, and opportunities, helping businesses grow and adapt.

NetSuite real-time data and analytics capabilities:

• Reporting & dashboards: Real-time searches, reporting, KPIs, dashboards, and SuiteAnalytics Workbook capabilities help decision-makers understand business performance at a glance.
• Data warehouse: NetSuite Analytics Warehouse consolidates NetSuite and non-NetSuite data, providing deeper insights to identify issues, trends, and opportunities.
• Flexible querying tools: Customizable querying tools, such as Saved Searches, and operational reports allow for tailored analysis and better, faster decision-making.
• Centralized data: By eliminating multiple spreadsheets and data silos, NetSuite streamlines data consolidation and reconciliation, saving time and improving accuracy.

NetSuite significantly enhances efficiency and productivity by automating routine tasks, streamlining business processes, and providing real-time insights. By eliminating manual data entry and integrating various functions into a single platform, NetSuite reduces operational bottlenecks and enables employees to focus on strategic activities. This leads to faster decision-making, improved resource management, and a more agile business environment. Companies use NetSuite to optimize their operations, reduce costs, and drive growth through enhanced productivity.

Benefits of improved efficiency and productivity with NetSuite:

• Automation of routine tasks: Reduces time spent on manual data entry and repetitive processes, allowing employees to focus on higher-value tasks.
• Streamlined business processes: Integrates various functions such as accounting, CRM, and inventory management into a single platform, ensuring seamless operations.
• Real-time insights: Provides up-to-date information through real-time dashboards and reports, enabling quick and informed decision-making.
• Enhanced collaboration: Facilitates communication and collaboration across departments with centralized data and role-based access.

NetSuite supports multi-currency, multi-language, and multi-subsidiary operations, allowing companies with international operations to manage their global business from a single platform. NetSuite’s global capabilities help businesses standardize their processes, maintain compliance with local regulations, and improve overall efficiency. By consolidating financial and operational data, NetSuite provides real-time insights and streamlines reporting across multiple regions and entities.

Global business management capabilities:

• Multi-currency management: Supports over 190 currencies and exchange rates with real-time currency conversion and financial consolidation, enabling seamless global transactions.
• Multi-language support: Offers a user interface translated into 27 languages, including Chinese, Japanese, French, and German, facilitating global communication and collaboration.
• Global accounting and consolidation: Multi-book accounting accommodates different accounting standards and automatically consolidates financial statements at both local and headquarters levels.
• Compliance and tax management: SuiteTax provides comprehensive global tax management with preconfigured tax codes for over 110 countries, ensuring compliance with local tax regulations and simplifying cross-border transactions.

NetSuite offers robust security features and compliance capabilities that help companies safeguard their data and meet regulatory requirements. With built-in controls, role-based access, and comprehensive audit trails, NetSuite ensures that sensitive information is protected and all activities are monitored and logged. Its compliance management tools help businesses adhere to industry standards and regulations, reducing the risk of fines and legal issues. 

Benefits of strong security and compliance with NetSuite:

• Role-based access: Ensures that only authorized personnel have access to sensitive information, reducing the risk of data breaches.
• Comprehensive audit trails: Provides detailed records of all system activities, helping companies monitor compliance and identify potential security issues.
• Built-in controls: Includes security controls such as two-factor authentication, encryption, and regular security updates to protect against cyber threats.
• Regulatory compliance: Helps businesses comply with industry standards and regulations such as GDPR, SOX, and HIPAA, minimizing the risk of legal penalties.

NetSuite provides a comprehensive, scalable, and customizable ERP solution that helps businesses improve efficiency and achieve their goals. With its wide range of integrated applications, real-time data, and robust security features, it’s no wonder that companies choose NetSuite to manage their operations. If you’re considering a powerful business management system for your company, explore NetSuite to see how it can support your growth and success.

By understanding these key benefits, you can make an informed decision about whether NetSuite is the right choice for your company. Contact us today to learn more about how NetSuite can transform your business.