Much of the work done in a business happens in a silo. Teams have their preferred platforms, creating disparate sources of data that exist in separate spaces, and a disconnect across the organization.
This infrastructure happens naturally as a business grows, with solutions implemented as needed. But what you might not see is the inefficiency this creates, as none of your data is working together to provide meaningful insights and connections.
This is where ERP systems like Oracle NetSuite come in. By unifying functions across teams in a single space, you get consistency, efficiency, and empowerment for everyone in the organization.
What is Oracle NetSuite?
Oracle NetSuite is a cloud-based business management platform that combines multiple business functions in a single system. It’s used to manage accounting, financial planning, inventory management, order management, and customer relationships, integrating the data from each for a seamless experience.
You can use Oracle NetSuite as an enterprise resource planning (ERP), customer relationship management (CRM), and e-commerce management platform.
With its robust functionality, Oracle NetSuite is widely used across businesses of different sizes and industries. Over 43,000 companies across manufacturing, retail, wholesale, services, and the nonprofit sector currently use NetSuite for their business management needs.
Core features of Oracle NetSuite
Oracle NetSuite seamlessly blends multiple tools and features in a comprehensive package, with data flowing across functions.
ERP and financial management
NetSuite provides financial management capabilities that are fundamental to business operations. This includes the general ledger, accounts payable, accounts receivable, cash management, financial planning and analysis (FP&A), and revenue recognition.
These tools ensure compliance with accounting standards (like generally accepted accounting principles). Plus, automation keeps data and reporting up-to-date, giving you access to real-time visibility into your financial reporting.
This is especially helpful for businesses that operate across borders. Multi-currency functionality makes sure you’re following all the right rules and keeping reports consistent.
Inventory and warehouse management
The inventory management tools in NetSuite help you monitor and plan stock levels across locations.
Rather than manually choosing when to order additional inventory, NetSuite can use sales data to set reorder points. Once inventory reaches a certain level, purchasing managers get notified to place a replenishment order.
Not only do you get a comprehensive overview of inventory, but you also take out the guesswork of inventory purchases, always maintaining the ideal stock level.
Customer relationship management (CRM)
The CRM functionality of NetSuite ensures that everyone is operating off of the same comprehensive, 360-degree view of customer interactions. Whether it’s a sales, marketing, or customer service team, everyone has the same data to plan and operate off of.
Sales teams can manage leads and opportunities, marketing teams use automation tools for campaign management and lead nurturing, while customer support teams can track cases and customer communication history.
Since NetSuite has financial management tools, the sales activity happening in the CRM seamlessly feeds through and becomes financial data without manual entry.
E-commerce
SuiteCommerce connects online stores directly to inventory, order management, and financial systems, turning sales activity into instant updates. Any time a sale is logged, inventory and your financial reporting are automatically updated, and the fulfillment process begins.
Instead of having functions fractured across platforms, everything is integrated and connected to keep all data up-to-date and consistent without lifting a finger.
Additional capabilities of Oracle NetSuite
Beyond the core functionality of Oracle NetSuite, additional tools and functions provide value in multiple facets of business:
- Global business management is made easy with tools that handle the needs of businesses across currencies, languages, tax laws, and reporting requirements. OneWorld gives users the ability to look at the business from a regional, national, or global level, allowing you to go as broad or narrow as you need.
- Project management functionality helps service and project-based businesses track time, expenses, resource usage, and measure profitability on a project basis. This gives you easy project accounting and billing.
- HR management is handled through SuitePeople. Employee records, onboarding workflows, time and attendance tracking, payroll processing, and performance management are all managed in NetSuite, connecting your workforce management and planning directly with projects and financial planning.
- Analytics and reporting real-time dashboards and customizable reports make it easy to follow the stats most important to your operations. With role-based dashboards, every user gets visibility into what matters most to them.
- SuiteApps expand NetSuite’s functionality with pre-built integrations and applications. These can be anything from industry-specific compliance tools, connections to other business systems, or advanced capabilities that go beyond the standard package. Every SuiteApp entry is vetted to give you peace of mind on its functionality.
How Oracle NetSuite works
Every NetSuite solution is delivered through the cloud by subscription. There are no on-premise options, and, as a pioneer in cloud delivery, there are currently no plans to offer any.
NetSuite is what’s considered a multi-tenant cloud solution. This means that all customers are operating on the same version of the software with an automatically updated back-end infrastructure.
The integration capabilities of NetSuite keep it connected with other business tools through APIs and middleware platforms. This means any work you do in a localized platform is sent through to NetSuite, allowing for centralized reporting in NetSuite, no matter where the user is based.
Users access the platform via a browser on any device, giving you the same powerful reporting and tools on a laptop, desktop, smartphone, or tablet, so long as you have an internet connection. This includes role-based access so employees can access the information they need and receive alerts based on the work they do.
And no matter where that work is done, it’s updated for all users across the globe, keeping everyone up-to-date with the latest information.
What is an ERP and why use Oracle NetSuite
ERP stands for enterprise resource planning. ERP systems are built to integrate data and processes across business operations in a centralized platform, preventing data from being fractured and siloed across platforms or functions.
Think about it this way: if the finance team needs sales data for financial projections, they may need to get in contact with the sales team to get the latest reports needed to finish their work. With an ERP, all of this data is centralized and accessible, so anyone with the right permissions can see it when needed.
With the right ERP system, functions like financial planning and analysis, inventory planning, sales management, and human resources are all integrated with each other, feeding the information necessary for effective planning.
What sets Oracle NetSuite apart is its unified architecture, which keeps all modules operating off the same database and business logic without the integration challenges that hamper pieced-together systems. Plus, the cloud-native design means you can take advantage of NetSuite without worrying about hardware limitations. This flexibility makes it a popular option for businesses of all industries and stages of growth.
Benefits of using Oracle NetSuite
Implementing Oracle NetSuite helps businesses across multiple fronts, providing the following benefits.
Scalability for growing businesses
NetSuite isn’t a solution that needs to be replaced down the line. Its core modules can be expanded on with additional functions, and SuiteApps helps it adapt to your ever-changing needs.
Whether it’s growing into a new location or a new country, NetSuite is prepped to help with the transition. With some additional configuration, it’s ready to handle your processes and reporting needs, no matter where your growth takes you.
Since everything is operating on the cloud, you don’t need to worry about scaling up your physical hardware to keep NetSuite functional. It will always be accessible, no matter where you are or what device you’re using.
Cost-effectiveness of cloud software
Instead of having large capital expenses to build and maintain an ERP system, cloud software and subscription models keep costs in an easily digestible and budgetable monthly operating expense. There are no server hardware or data center costs, plus you’ll keep your IT staffing needs in check.
Building an ERP system takes time and a massive capital investment. Instead, you get instant value that’s quickly deployed and operational.
Improved decision-making and analytics
Real-time dashboards and customizable reports highlight the mission-critical information needed by teams to complete their work, all without waiting for the manual process of a month-end close to provide an update.
Instead, you can monitor key metrics daily or even hourly. If there are any anomalies or irregularities, you can dig into them immediately to prevent any disruptions.
Automation for operational efficiency
Integrating systems allows for data to flow seamlessly between platforms without the need for manual entry. This cuts down on errors and processing times on essential tasks.
Consider a sale logged in a CRM with the information fed directly into the financial management system. Or a sale processed through the company website that automatically updates the inventory count, flagging the need for a reorder to the right team.
These efficiencies help teams do more without being burdened by administrative tasks or manual workflows. Instead, they can focus on the value-adding activities that help businesses thrive.
A better customer experience
The seamless integration of systems doesn’t just improve the experience for your teams. Your customers benefit from a better overall sales and support experience.
A support case can be serviced with a communication history, past support tickets, and account details. And any support provided can be done with the most up-to-date, real-time information.
This visibility and immediacy of data help your teams provide a personalized and effective sales and support experience. This quality of service strengthens customer relationships and keeps them loyal.
Getting started with Oracle NetSuite
Implementing Oracle NetSuite happens in phases that can take anywhere from 1-12 months, depending on the size of the business and the complexity of the solution.
Assessment and planning
Start off by documenting your existing business processes and what you require from NetSuite to fit in with or automate what’s in place. It’s also helpful to list out the current pain points to brainstorm what an optimal solution looks like.
You may want to work with a NetSuite solution provider who can consult with best practices and expert advice that will help you avoid common pitfalls.
Data migration and configuration
Your reporting is only as good as your data, so taking the time to build a clean and accurate foundation is essential. The configuration process involves mapping data from existing systems to NetSuite’s data structures.
Configure NetSuite to match your existing processes, including the chart of accounts, item records, customer and vendor lists, and workflow rules. Start with NetSuite’s best practices and customize as you go.
Testing and training
Your NetSuite setup should be thoroughly tested before going live. This includes testing your processes with real-world data scenarios to see how the platform reacts. Include end-users in the testing process who are the best equipped for identifying issues or usability shortfalls.
Take advantage of NetSuite’s training resources to supplement your own hands-on training sessions.
Go-live and optimization
Pick a go-live date that doesn’t conflict with any important business periods. Plan on needing extra support immediately after launch to support users with the transition and adjustment.
Once the core functionality is locked in and humming, continue to optimize with additional features, apps, and integrations to maximize NetSuite’s efficacy.
Remember that the implementation process isn’t a one-and-done practice. You can continually customize the reporting to match your needs and discover new features that provide additional value as time goes on.
Common challenges and solutions
Issues with data quality can disrupt the implementation process, raising questions about whether it’s the data or implementation that needs revisiting. Review your data before the migration process so you aren’t importing issues into your new system.
There may be some resistance to change from people who are comfortable with existing platforms and workflows. Involve these end-users early in the process so they have an opportunity to shape the end product, learn the benefits, and are given sufficient training.
Be careful with scope creep, which can extend the implementation process. Focus on getting your pre-planned product out the door with an openness to revisiting extensive customization once everything is up and running.
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Frequently asked questions
Is NetSuite easy to learn?
NetSuite’s learning curve is largely dependent on role and prior experience. Basic end-users who will be checking reports or managing customer information will typically become proficient in a few days. But power users who configure the system and its reporting may need more time for training and mastering the system.
What are the four types of ERP?
ERP systems are generally categorized as one of four types:
- On-premise ERP systems are installed on the company’s own hardware and infrastructure. This gives complete control and ownership of the system, but requires significant management and resources.
- Cloud-based ERP systems like Oracle NetSuite are housed on the vendor’s infrastructure. They’re accessed via the internet, typically on a subscription model, which lowers upfront costs and management.
- Hybrid ERP systems combine cloud and on-premise components, often used if certain processes need to be handled in a specific way.
- Industry-specific ERP systems are tailor-made and provide pre-configured functions for particular sectors, making them a better fit for specific businesses but not others.
How much does Oracle NetSuite cost?
NetSuite pricing varies based on the number of users, selected modules, and level of customization. The larger and more complex your operations, the more you can expect the cost to be.
You may also want to pay for consultations or assisted implementation from a NetSuite partner. While this is an additional cost, it cuts down on the time to provide value immensely.
