A Complete Beginner's Guide About Oracle NetSuite
A Complete Beginner's Guide About Oracle NetSuite
NetSuite is a unified business management suite, including ERP, CRM, and eCommerce capabilities. It is a cloud-based solution that streamlines an organization’s day-to-day operations to make it more productive. It builds a strong foundation for any business to drive growth in every business function.
Oracle NetSuite can manage several business functions for organizations of different sizes. It has modules for CRM, accounting, analytics and reporting, eCommerce, human capital management, and many more. A powerful solution from the Oracle software ecosystem, NetSuite provides you with complete visibility of your operations.
It can manage many of your processes, business workflows, and functions to deliver the best results. But you must understand its features and functionalities comprehensively and clearly to use the solution best. This article will provide a complete guide for you to make an informed decision on investing in NetSuite.
About the Company
The company NetSuite started as NetLedger in 1998 as a web-hosted accounting management software provider. Evan Goldberg found this company with funding from Larry Ellison – Oracle CEO, and other staff members. It brought out its IPO in December 2007 and was acquired by Oracle Corporation in 2016.
Some of the key products of NetSuite include:
NetSuite ERP is your go-to solution for all your business management needs. It automates your business’s core processes and procedures, improving its productivity. You get better visibility of your operations, data, and performance. A better outlook leads to improved decision-making and tighter control over operations.
You can manage global operations from one location due to continuous monitoring at local, national, and international levels. The NetSuite solution runs your global operations smoothly because of the following features:
- You experience faster financial closing, a smoother compliance process, and a complete view of financial performance.
- Your management of general ledger, accounts payable, accounts receivable, and taxation improves, resulting in accuracy and timeliness.
- You can track inventory at multiple points, conduct demand planning, facilitate intelligent order fulfillment, and manage demand-based replenishment.
- You have a better hold over the supply chain processes, leading to delivery to customers as per the requirements, on time, and within budget.
- Your efficiency at every step of managing orders improves because of a single data source and automation of the flow of information and products.
- You can optimize the store space, improve data capture, rationalize order fulfillment, track inventory movement, and, thus, satisfy customers.
- Whether you have several subsidiaries, multiple business units, or branch offices in local and global locations, you can track them all from one solution in one location.
Thus, NetSuite ERP manages your supply chain, inventory, and ordering processes, resulting in a balanced supply and demand. You are able to meet your customers’ expectations and outpace the competition.
NetSuite CRM allows you to create exceptional customer experiences to develop customer loyalty. The solution manages your marketing, sales, and services, driving your revenues in every department. The features that make NetSuite CRM one of the best solutions for managing customer relationships include:
- Your sales team enjoys automated sales processes – generating opportunities, managing quotes, forecasting sales, managing ordering and fulfillment, and commissions.
- You enjoy a smooth process of qualifying leads, tracking their activity, converting them to customers, and measuring the success of your marketing campaign.
- You can ensure successful partner relationships while executing marketing campaigns with them because of a smooth real-time information flow.
- You can measure the achievement of your goals with customized, role-based dashboards and reporting and analytics templates.
- The solution has integrated CPQ software to aid in configuring, pricing, and quoting with guaranteed accuracy, swiftness, and reliability.
- Your efficient customer service and complaint resolution result in higher customer satisfaction, retention, and loyalty.
All these NetSuite CRM features help you align marketing with sales to generate effective results. It also automates the process of generating commissions, bonuses, and other monetary benefits based on the information fed in the solution. Being the centralized source of customer data, the collaboration between teams improves, generating business value.
NetSuite Professional Services Automation (PSA) makes project management smoother and easier. While starting a project, you always wish for a smooth execution with minimum hiccups and great results. NetSuite PSA promises a great project run from start to finish, producing expected results.
NetSuite PSA handles everything, whether it’s accounting for your project, allocating resources, or managing expenses. You have full access to all the project data, helping you with informed decision-making in a quick time.
Collaboration between teams and internally among team members becomes easier. Such collaboration improves communication and sharing of project status during the entire lifecycle. This is also possible because of intelligent resource management – identifying skill needs and allocating qualified resources accordingly.
NetSuite PSA records working hours and absenteeism to manage timesheets accurately. It allows managers to track and approve leaves, allocate tasks, and check employees’ performance on the timesheet.
Besides, the reporting and analytics feature brings your project performance in full view of the management. You can track it every minute, identify loopholes or obstacles, resolve them, and get back to the usual on-track performance. You can prepare forecasts and then compare the actuals with forecasts as well as other KPIs to analyze project performance.
NetSuite OneWorld is the answer to your global business requirements. The solution:
- Supports several languages
- Supports multiple currencies worldwide
- Manages business operations for subsidiaries, branch offices, and business units
- Handles vendors from every corner of the world
- Serves customers around the world
- Complies with local regulations and tax structures
Because of a shared system across all company locations, your processes stay updated and run smoothly. Communication and coordination across global teams make employees more productive, leading to performance improvements. You also make smarter and more timely decisions because of complete visibility of the entire business performance from any location.
With automation and standardization of core business processes, you can facilitate consistency in your operations. Consistency in terms of data, templates, formats, and workflows improves business efficiency. Also, consolidated reporting of data and insights gives you more flexibility in decision-making.
NetSuite SuiteSuccess is a complete solution for all your company’s processes, procedures, and workflows. It contains pre-configured KPIs, templates, workflows, reports, and dashboards to make your operations faster and more efficient. With this solution, you can save yourself from the stress of implementation, business intelligence, and customer engagement.
- A complete suite of ERP, HR, CRM, business intelligence, and commerce.
- Leading practices to continuously engage with customers so you can add value at every touchpoint.
- An approach to help you use the features and functionalities of NetSuite based on your business needs to better your ROI.
- A focus on your customers so that you can satisfy them with more functionalities and engagement.
The NetSuite Ecommerce solution manages all your online and in-store transactions. The system connects all customer touchpoints to ensure seamless workflow for a better experience. Even your business locations in different countries or cities are unified with a single data view.
The solution has CRM features that connect customer data from all channels in a single repository to give you a complete, summarized view. You can collect all data types and fill customer profiles to understand them better. Analyzing these rich customer profiles helps you create customized marketing campaigns, targeted promotions, and consistent services.
The inventory management feature gives you real-time visibility of your inventory across channels. You can manage your warehouses, retail stores, online stores, and pop-up shops from one location. Thus, you can avoid overstocking or missing items in the store, satisfying your customers.
You can track the journey of your orders with NetSuite Commerce. The real-time visibility of inventory enables customers to enjoy a ‘buy anywhere, fulfill anywhere’ experience. Thus, you reduce your operational costs and develop better relationships with customers.
Your POS transactions, such as checkout, returns, exchanges, checking customer information, etc., are streamlined to make them faster, more accurate, and more efficient. This allows you to work on strategies to engage more with customers for better experiences.
You can improve the online experiences you give to your customers on B2B or B2C portals. With the integration of all departments and business functions, the solution helps you make timely, informed decisions. You can manage your operations conveniently, improve business agility, and gain more scalability.
Target Industries of NetSuite
Based on your industry of operations, NetSuite customizes the solution to ensure it renders maximum benefits to you. NetSuite’s products can be customized for industries such as:
- Financial services
- Health and beauty
- IT services
- Media and publishing
- Apparel, footwear, and accessories
- Professional services
- Transportation and logistics
- Food and beverages
- Restaurants and hospitality
- Software and technology companies
- Wholesale distribution
- Advertising and digital marketing agencies
- Campus stores
Not only industry-specific solutions, but NetSuite customizes solutions as per your business type. Whether you are:
- Family-owned business
- Midsize business
- Small business
- Fast-growing business
- Enterprise business
- Or, PE-backed
NetSuite provides customized solutions to all. The requirements of different business types differ because of the ecosystem, models, and structure. NetSuite caters to these differences with its customized solutions optimized to your needs.
Benefits of NetSuite Solutions
The following benefits of NetSuite make it the number one cloud business software solution:
- NetSuite solutions are flexible enough for any business type in any sector, whether a small business or enterprise.
- One of the highlights of NetSuite solutions is that it is scalable and grows along with your business growth.
- You can analyze your company’s performance by monitoring its KPIs in real-time on personalized dashboards with data in the form of graphs, charts, numbers, etc.
- Being cloud-based, you can access NetSuite from any internet-connected device on a web browser, including mobiles.
- It gives you a complete, integrated view of your performance across different business functions to help you have control over them.
- Another key benefit is it is convenient, easy, and quick to deploy and implement the basic system without customization.
- NetSuite solutions make your business more productive and efficient by automating and integrating all processes.
- Your decision-making improves because you have more information on your hand, accessible at any time from anywhere on any device.
- You can have as many customizations and add-ons as per your business requirements to make your business flexible and scalable.
- Your IT costs are reduced because the cloud-based NetSuite systems do not require separate IT infrastructure.
How can Cloudiotech help you with NetSuite Services?
We are a leading provider of NetSuite solutions and services in the UAE and US. Our team of business analysts and NetSuite consultants help clients leverage the maximum benefits from NetSuite. We understand your business requirements to suggest the NetSuite solution for your productivity and efficiency improvement.
We have the knowledge, experience, and expertise for NetSuite implementation in several industries. We cater to all requirements of our clients related to NetSuite solutions, including change management.
Step on to the way of growth for your business.
With Cloudiotech’s NetSuite Services.