Irrespective of industry, every business has certain objectives, processes, requirements & tasks that need to be completed each day. In order to stay ahead in the competitive world, organizations with multiple departments and teams look at ERP solution that synchronizes all information and communication within that. Cloud-based ERP solution bridges the gap between processes and people by aligning and streamlining critical business processes. ERP software is common across organizations that need to track all the moving parts of manufacturing and distribution. However, other industries such as healthcare, nonprofit groups, construction and hospitality are no different and use ERP to improve productivity and efficiency. One such ERP solution is Oracle NetSuite which streamlines mission-critical processes, enabling businesses to accelerate growth and drive innovation.
What Is NetSuite?
NetSuite is a cloud-based, true SaaS (Software-as-a-Service) business management solution that enables companies to manage all key business processes in a single system. Developed to support small to large enterprises, NetSuite enables companies to leverage digital transformation without investing huge in infrastructure, servers, computers, & maintenance fees associated with hardware or software and no complex set-ups. As a highly flexible & scalable platform, NetSuite can be used to manage inventory, for enterprise resource planning (ERP), to keep track of financials, to host eCommerce stores, and to maintain customer relationship management (CRM) systems. Furthermore, built-in business intelligence enables organizations make mission-critical decisions quickly and efficiently based on actionable insights.
Core Capabilities of NetSuite
Financial Management – As a trusted cloud financials and accounting software, NetSuite helps finance leaders to design, transform and streamline their processes and operations. Powered with core finance and accounting functions with strong compliance management, NetSuite helps in improving business performance by increasing financial close efficiency and reducing back-office costs. NetSuite delivers real-time visibility across financial data, enabling organizations to quickly drill into details to quickly resolve delays and generate statements and disclosures. NetSuite supports multiple regulatory financial compliance requirements including ASC 606, GAAP, SOX and others.
Budget & Planning – With Planning and Budgeting capabilities, NetSuite delivers both company-wide and departmental financial planning. With modeling capabilities, approval workflows and reporting, NetSuite streamlines financial process, enabling you to have comprehensive view of your company. Powered with calculation engine having built-in business logic, NetSuite offers instant financial planning analysis and reporting. NetSuite enables management to prioritize and plan capital expenditure. With NetSuite, decision-makers and managers can efficiently communicate across request, justification, review, and approval process. With travel & expense planning capability, organizations can plan and implement business strategies using built-in intelligence and analytic power.
Order Management – With NetSuite, organizations can streamline order processing while eliminating manual bottlenecks to prevent errors. NetSuite provides smooth flow from sales quote to order fulfillment to ensure timely invoicing and payment. You can also integrate sales, finance and fulfillment teams to improve quote accuracy while eliminating billing errors. NetSuite native capabilities enable you to establish multiple price levels, customer and currency. In-built business intelligence helps you to check the effectiveness of your pricing strategy. NetSuite enables organizations to automate tasks across order management process ensuring fulfillment & on-time delivery. You can integrate return material authorization feature into customer support area that enables you to easily track recurring issues over time and provide strategic insights through dashboard analytics.
Production Management – NetSuite delivers real-time visibility across sales order, work order processing, routing and scheduling, order fulfillment and product costing, enabling you to make more informed decisions. NetSuite, further, enables users to create and edit information that is required to effectively manage multi-level BOM structures with minimal effort. NetSuite work order can be used as a control document, enabling you to configure how much control and influence you want over your production process. With NetSuite, you can perform automatic batch creation, full traceability, production control and scheduling. NetSuite also enables you to efficiently plan material purchases. You can also position inventory and schedule employees, machines and work centers in production to ensure on-time delivery. NetSuite capabilities across quality management enable you to quickly and easily define tests and set parameters to evaluate the quality of products.
Supply Chain Management – NetSuite delivers global time phase view that provides you visibility about current and future inventory position across our entire global supply chain. With real-time visibility of inventory alongside demand or supply across different time horizon helps you to identify potential issues. With NetSuite, you can identify future imbalances in demand and supply. NetSuite enables you to generate transfer orders between across single or multiple subsidiaries. With NetSuite, you can create and manage work orders across all locations and subsidiaries to ensure consistency and accuracy.
Warehouse Management – NetSuite enables you to control inventory, fulfillment and shipping cost by increasing agility, visibility and labor efficiency. By optimizing all resources within the distribution operations, NetSuite minimizes the total cost of operation or ownership (TCO). NetSuite enables manufacturing companies to optimally manage their distribution operations with RF device directed putaway. NetSuite enables users to pick tasks as per customized strategies and advanced capabilities like wave management, cartonization, cycle count planning, real time inventory updates and integration with shipping systems. With NetSuite, you can efficiently perform inventory management through multi-location inventory, bin tracking, and cycle counting.
Procurement – NetSuite enables companies to buy goods and services at the best cost and in a timely manner by channeling purchases and improving visibility across company spend and vendor performance. By automating and linking key procurement transactions, NetSuite improves the accuracy of the procure-to-pay process. With approval and matching workflows to support internal controls and compliance requirements, NetSuite helps in streamlining procurement process. By using native requisition and RFQ tools, organizations can manage vendor selection while improving product quality.
HCM – With NetSuite, managers and HR professionals can streamline employee information, new hires, employee on-boarding, payroll, promotions and compensation changes. NetSuite empowers employees with the ability to access directories and organization charts, monitor upcoming vacation schedules, monitor new hires, and publicly recognize peers for good work. NetSuite also helps in streamlining payroll process, reducing cost while ensuring timely payroll processes. With NetSuite, you can also print cheque, offer support for multi-state employees, and handle year-end tax filings for your employees and contractors. With NetSuite, you can also create customized time-off plans that match your policies, including eligibility, entitlement, accrual frequency and carryover. Automatic accruals and reporting in NetSuite allow proactive planning and approvals with user-friendly self-service workflows.
The Bottom Line
NetSuite is cloud-based, business management suite with single platform architecture that delivers real-time visibility across different aspects of your business. By consolidating subsidiary and parent entity level, NetSuite enables you to manage business globally as well as locally while ensuring compliance. With multi-language capabilities, NetSuite India helps bridge communication barriers while enabling you to confidently conduct business across multiple geographies. With multi-currency supports, NetSuite allows you to do business with both customers and vendors globally. Real-time currency conversion and financial consolidation enables you to seamlessly manage an international business.
Sapna Gupta is a technology enthusiast who is passionate to write about Netsuite Service Providers, ERP, cloud solutions, IoT, Crypto and much more. Brittany believes in delivering content with a pitch that makes topics easy to understand.
