Blog Credit: Ian McCue, May 18, 2021(What Is NetSuite and How Does It Work? | NetSuite)
Introduction to NetSuite:
Back in the late 1990s, entrepreneur Evan Goldberg had a bold vision: deliver business software straight over the internet. This was revolutionary back then! NetSuite, his brainchild, became a pioneer in cloud-based business management. And guess who recognized the potential of this web-based approach? Oracle co-founder Larry Ellison, who played a key role in NetSuite’s early days.
NetSuite's Evolution and Current Status:
Forget NetLedger, NetSuite’s the name on everyone’s lips now. This cloud-based ERP system is more than just software – it’s a toolbox for growth trusted by over 29,000 businesses worldwide. Streamline operations, boost efficiency, and watch your company flourish with NetSuite.
Functionality of NetSuite:
Core Functions: NetSuite’s ERP system manages essential business functions such as finance, accounting, inventory, orders, and procurement.
NetSuite offers additional features like CRM, HR, and marketing tools you can plug in to fit your specific business needs, like a choose-your-own-adventure for business software!
Real-time Data Integration: All modules share a centralized database, enabling real-time updates and access to information across different business functions.
Achieve Better Business Results with NetSuite & CE
360° View of Business:
NetSuite gives leaders a complete, up-to-the-minute picture of their entire business. This “360-degree view” allows them to make smarter decisions, faster.
Software as a Service (SaaS) Model:
Subscription-Based Access: Customers pay a subscription fee for access to NetSuite’s technology without the burden of managing underlying infrastructure or system maintenance.
Ongoing Support: Oracle NetSuite handles system maintenance, including software updates and patches, relieving customers of these responsibilities.
Easy Growth with SaaS: The beauty of SaaS (Software as a Service) is that it scales with your business. In Need of more features? No problem! Simply and add them on as you go, without worrying about expensive hardware or IT staff.
Benefits of NetSuite:
Cost Savings: NetSuite eliminates maintenance and upgrade costs associated with traditional on-premises solutions, enabling businesses to redirect resources towards core objectives.
Focus on What Matters: NetSuite takes care of the tech headaches, allowing your employees to focus on what they do best: serving customers and driving the company forward.
Faster, Smarter Business: NetSuite’s central system and modular design make your business more agile. This means you can adapt to changing markets and opportunities quickly and efficiently.
History of NetSuite:
Founded in 1998 as NetLedger, later renamed NetSuite. Launched by Evan Goldberg and supported by Larry Ellison, with initial funding from Tako Ventures. Experienced rapid growth under CEO Zach Nelson, leading to a successful IPO in 2007. Acquired by Oracle in 2016 for .3 billion, operating as a Global Business Unit within Oracle thereafter.
Core Features of NetSuite:
Unified View of the Business: NetSuite has Providing the single platform source for managing finance, supply chain, manufacturing, HR, and e-commerce. In Centralized database it enables real-time monitoring of operations.
Native Integrations: All NetSuite applications integrate seamlessly, eliminating the need for unreliable third-party integrations. Common user interface across modules reduces training time.
True Cloud Architecture: NetSuite is a multi-tenant, vendor-managed cloud solution, offering scalability and flexibility. Built for the cloud, avoiding issues associated with hosted or hybrid cloud systems.
Deep Reporting Capabilities: NetSuite’s reporting capabilities go above and beyond! Its robust tools help unveil valuable insights throughout your entire business. Plus, personalized dashboards ensure that everyone, from the CEO to the freshest team member, stays in the loop and well-informed.
Built-in Flexibility: Customizable to accommodate different industries and business requirements. SuiteCloud apps and tools enable adaptation to specific processes and corporate structures.
Products Overview:
Finance:
- Financial Management
- Global Business Management
- Planning and Budgeting
- Billing
Operations:
- Inventory Management
- Order Management
- Procurement
- Warehouse Management System (WMS)
- Manufacturing
- Demand Planning
Customers:
- Customer Relationship Management (CRM)
- Commerce
Additional Capabilities:
- Payroll
- Human Resources (SuitePeople)
- Professional Services Automation (PSA)
- Analytics (SuiteAnalytics)
Founded in 1998, NetSuite has transformed into a versatile cloud-based business management platform that provides unified solutions for finance, operations, customer management, and other essential business functions. It Offers robust reporting tools, seamless integrations, and inherent adaptability, NetSuite enables organizations to optimize operations, boost efficiency, and foster growth in today’s ever-changing business landscape.
How NetSuite Works:
NetSuite is exclusively cloud-based, following a subscription model. It operates as a multi-tenant cloud solution, ensuring that all users are on the same software version and receive updates automatically.
Access and Security: Users securely access NetSuite through a web browser from any device with an internet connection. Role-based access ensures employees only see relevant data.
Single Sign-On Portal: All ERP modules are accessible through a single sign-on portal, providing a centralized platform for managing business operations.
Customization and Personalization: SuiteCloud platform allows for customization and tailoring of NetSuite to meet specific business needs. Customers can customize dashboards with key metrics and tools.
Customization with SuiteCloud:
Customizations: SuiteCloud enables the creation of custom fields, forms, records, and roles, allowing for tailored adaptations to organizational structures.
Process Automation: SuiteFlow facilitates the creation of custom workflows to automate various business processes.
Platform Development: SuiteScript enables the development of new applications and processes through JavaScript application scripting.
Integration: SuiteTalk enables the creation of custom integrations to ensure seamless data flow between NetSuite and other software applications.
Application Distribution: SuiteBundler simplifies the deployment of customizations and applications for both customers and partners.
Internationalization: NetSuite supports multiple languages, currencies, and tax and accounting rules to accommodate global businesses.
Types of Businesses Using NetSuite:
Diverse Industries: NetSuite caters to businesses of all sizes and across various industries, including advertising, manufacturing, retail, and financial services.
Global Support: Supports more than 29,000 customers across the globe, with capabilities for over 190 currencies, 27 languages, and automated tax compliance in 100+ countries.
Departmental Support: From C-suite executives to sales representatives and HR professionals, NetSuite serves employees across different departments and roles.
Speedy Implementation: Cloud ERP systems like NetSuite are implemented quickly compared to on-premises systems due to the absence of physical infrastructure setup.
Suite Success Methodology: Utilizes the Suite Success implementation methodology tailored to specific industries and business sizes.
Preconfigured KPIs and Reports: Comes with preconfigured key performance indicators (KPIs), reports, dashboards, and reminders for faster deployments and increased employee adoption.
Flexibility and Customization: Despite standardized best practices, NetSuite can be configured and customized to meet the unique requirements of each company.
Cost Structure of NetSuite:
Annual License Fee: Companies subscribe to NetSuite for an annual license fee, comprising core platform, optional modules, and number of users.
Modular Pricing: Customers pay for specific modules and functionalities they require, with the flexibility to add new modules and users as the business grows.
Implementation Fee: One-time implementation fee for initial setup, varying based on customization requirements.