What is NetSuite & Why We Love It

NetSuite is the world's leading integrated cloud business software suite, providing a complete enterprise resource planning (ERP) solution for businesses of all sizes. This all-in-one business management platform helps organizations streamline processes, gain real-time visibility, and make data-driven decisions. In this comprehensive guide, we'll explore what makes NetSuite the go-to ERP software and why it could be the key to unlocking your business's full potential.

What is NetSuite ERP?

NetSuite ERP is an all-in-one cloud business management solution that helps organizations manage their financials, operations, and customer relationships in a single, integrated system. By consolidating key business processes into one platform, NetSuite eliminates data silos and provides real-time visibility across the entire organization.

The NetSuite ERP system manages core business processes, including accounting, inventory management, order management, and customer relationship management (CRM). With NetSuite, businesses can access their ERP system from anywhere, at any time, using any device with an internet connection.

A Brief History of Oracle NetSuite

NetLedger, the original name for NetSuite was founded in 1998 by Evan Goldberg, which at the time offered web-hosted accounting management software. It’s widely recognized in the industry that NetSuite was the very first cloud computing software company, even pre-dating Salesforce.com by about one month.

Fast forward to July 2002, Zach Nelson joined NetSuite to become the CEO and lead the company from around $1 million an annual revenues to a billion-dollar run rate right up until the acquisition by Oracle in July 2016.

Both Evan Goldberg and Zach Nelson had previously worked for Larry Ellison (Oracle co-founder and CTO), prior to forming and leading NetSuite.  In fact, Larry Ellison was one of the original main investors in NetSuite to the tune of $125 million back in 1998.

Since the Oracle acquisition in July of 2016, NetSuite has intentionally continued to operate as a separate Global Business Unit (GBU) with the majority of the original management team intact.

How NetSuite Got Here

NetSuite’s core product offering has primarily been the result of organic growth. However, there has been quite a few notable acquisitions over the last 10 years in ecommerce, retail, manufacturing, and professional service automation.

NetSuite's Notable Acquisitions

2008: OpenAir – Professional Service Automation (PSA)

2009: QuickArrow – Professional Service Automation (PSA)

2013: Retail Anywhere – Point of Sale (POS)

2013: TribeHR – Human Capital Management (HCM)

2013: LightCMS – Content Management Software (CMS)

2014: Venda – Ecommerce Software

2014: eBizNET solutions – Advanced Warehouse Management

2015: Bronto Software – Marketing Automation Software

2015: Monexa – Subscription Billing Software

How Does NetSuite Software Work?

NetSuite is a cloud-based software solution, which means that all data and software applications are hosted on remote servers (in Oracle data centers)  and accessed via the internet. This eliminates the need for businesses to install and maintain the software and its back-end infrastructure, reducing IT costs and complexity.

Users can access the NetSuite ERP system through a web browser or mobile app, allowing them to work from anywhere with an internet connection. NetSuite also integrates with other business software applications, such as e-commerce platforms and marketing automation tools, creating a seamless end-to-end solution.

What Are the Key Features of NetSuite?

NetSuite offers a comprehensive suite of features designed to streamline business processes and drive growth. Some of the key features include:

1. Financial Management: NetSuite's financial management modules includes general ledger, accounts payable and receivable, cash management, and financial reporting. NetSuite's accounting software encompasses NetSuite OneWorld, offering robust capabilities for managing multiple subsidiaries with features like multi-currency, multi-language intercompany transactions, and seamless consolidations.
2. Inventory Management: NetSuite supply chain management software goes beyond just providing real-time visibility into inventory levels. It offers businesses a comprehensive solution to optimize their entire supply chain operations, from procurement to distribution. By utilizing advanced forecasting and demand planning tools, businesses can accurately predict inventory needs, reduce stockouts, and minimize excess inventory, ultimately saving costs and improving overall efficiency. 
3. Order Management: NetSuite streamlines the order-to-cash process seamlessly, starting from the initial creation of sales orders, all the way through to efficient fulfillment and timely invoicing. By automating and integrating these crucial steps, businesses can eliminate bottlenecks and manual errors, ensuring a smooth and efficient flow of transactions.
4. Customer Relationship Management (CRM): NetSuite CRM is a powerful tool that not only helps businesses manage customer interactions and track sales opportunities but also goes above and beyond to deliver exceptional customer service. With its robust features and user-friendly interface, NetSuite CRM allows businesses to gain valuable insights into their customers' behaviors, preferences, and needs. By centralizing customer data and interactions, businesses can create personalized and targeted marketing campaigns, enhance customer loyalty, and drive revenue growth.
5. E-commerce: NetSuite SuiteCommerce is a powerful tool that empowers businesses to establish a strong online presence by creating and managing fully customizable online stores. With seamless integration capabilities, businesses can efficiently process payments, manage transactions, and ensure secure and reliable order fulfillment. This user-friendly platform offers a wide range of features to enhance the customer shopping experience, from personalized product recommendations to streamlined checkout processes. 

How Much Does NetSuite Cost?

NetSuite pricing is based on a subscription model, with costs varying depending on the size of the business and the modules required. Typically, businesses subscribe to NetSuite for an annual license fee, which includes access to the ERP system, regular updates, and support.

The cost of NetSuite can vary significantly based on factors such as the number of users, the complexity of the implementation, and the level of customization needed. To get an accurate estimate, it's advisable to consult with a NetSuite partner or solution provider like Techfino who can assess your specific requirements and provide a tailored pricing plan.

NetSuite is a versatile and dynamic platform that caters to businesses of all sizes and industries. Whether you are a small startup looking to streamline your operations or a large enterprise in need of a scalable solution, NetSuite has you covered. Its ability to adapt to changing business needs makes it an ideal choice for companies at any stage of growth.

While industries like wholesale distribution, manufacturing, professional services, software, and retail commonly utilize NetSuite, its flexibility extends far beyond these sectors. With the platform's customizable features and robust capabilities, businesses in virtually any industry can tailor NetSuite to meet their specific requirements and enhance their overall efficiency and productivity.

How Can I Learn More About NetSuite?

To gain a deeper understanding of NetSuite and its potential benefits for your business, consider the following steps:

First, request a demo or free NetSuite trial. Contact a NetSuite solution provider or reach out to NetSuite directly to schedule a personalized demonstration of the software. This will give you a firsthand look at its capabilities and how it can address your specific business needs.

Additionally, attend webinars and events hosted by NetSuite or other Solution Providers. These informational sessions are designed to showcase the features and benefits of the platform, providing valuable insights into how NetSuite can enhance your business processes.

Another useful approach is to read case studies. NetSuite's library of case studies offers numerous examples of how other businesses have successfully implemented and benefited from the software. These real-world examples can provide a clearer picture of what to expect from NetSuite.

Lastly, consult with a certified NetSuite partner. Working with a NetSuite partner allows you to assess your business needs comprehensively and determine if NetSuite is the right fit for your organization. NetSuite Solution Provider partners are equipped with the expertise to guide you through the evaluation process and ensure a successful implementation.

What Are the Benefits of Using NetSuite ERP Software?

Implementing NetSuite ERP offers businesses a wide range of benefits that can significantly enhance their operations and drive growth. One of the primary advantages is increased efficiency. NetSuite automates manual processes and eliminates data silos, allowing businesses to streamline their operations and boost productivity.

NetSuite also provides real-time visibility into critical data. This feature empowers businesses to make informed decisions quickly, leveraging up-to-date information to respond to market changes and operational challenges more effectively.

Another key benefit is scalability. NetSuite is designed to grow with your business, accommodating changing needs and requirements. As your company expands, NetSuite can easily scale to support new users, additional processes, and increased data volumes.

Cost savings are another significant advantage of using NetSuite. By consolidating multiple systems into one unified platform and reducing IT infrastructure costs, businesses can achieve substantial financial savings. This reduction in overhead allows companies to allocate resources more efficiently.

Lastly, NetSuite enhances customer service through its robust CRM capabilities. With a 360-degree view of customer interactions, businesses can deliver personalized and exceptional service, improving customer satisfaction and loyalty. NetSuite CRM enables businesses to better understand their customers' needs and tailor their services accordingly.

How to Get Started with NetSuite's Cloud Enterprise Resource Planning (ERP)

Getting started with NetSuite involves a few strategic steps to ensure a smooth implementation and maximum return on investment. Begin by identifying your business needs. Determine which processes and functions you want to manage within NetSuite, such as financial management, inventory management, or customer relationship management (CRM). Having a clear understanding of your requirements will help tailor the solution to your specific needs.

Next, find a NetSuite partner. Working with a certified NetSuite solution provider is crucial for a successful implementation. These experts can help you customize the software to meet your unique requirements and guide you through the entire process.

Planning your implementation is the next critical step. Develop a detailed plan that covers data migration, system configuration, and user training. This plan should outline each phase of the implementation process to ensure everything runs smoothly.

Training your team is essential for maximizing adoption and ROI. Ensure all users are properly trained on how to use NetSuite, as this will help them leverage the platform effectively and make the most out of its features.

Finally, go live and continually optimize. After launching NetSuite, continuously monitor your processes and make necessary adjustments to optimize performance. Regularly review how the system is being used and identify areas for improvement to ensure you're getting the most value from the platform.

Why We Love NetSuite

NetSuite ERP software combined with our expertise as a leading NetSuite Solution Provider creates tremendous value to our customers and partners. There’s really nothing else available in the marketplace like NetSuite that can provide robust, scalable and tightly integrated solutions delivered in the cloud like a NetSuite solution does.  Whether you’re a 10 person company or a 1,000 person company NetSuite could make sense for you.

Now that you can confidently answer "What is NetSuite?" are you ready to take the next steps in uncovering whether NetSuite might be right for you?  LETS TALK!

Common NetSuite FAQs

1. Is NetSuite easy to use? Yes, NetSuite is designed to be user-friendly and intuitive. The platform offers a modern, streamlined interface that enables users to quickly navigate and access the features they need.
2. Does NetSuite offer customer support? Yes, NetSuite provides comprehensive customer support, including phone, email, and chat support, as well as an extensive online knowledge base and community forum.
3. Can NetSuite integrate with other business software applications? Yes, NetSuite offers a wide range of integrations with popular business software applications, such as Salesforce, Google Apps, and Shopify, allowing businesses to create a seamless, end-to-end solution.
4. Is my data secure in NetSuite? Yes, NetSuite employs industry-standard security measures to protect customer data, including encryption, firewalls, and regular security audits. NetSuite is also compliant with various security and privacy regulations, such as SOC 1, SOC 2, and GDPR.
5. How long does it take to implement NetSuite? The implementation timeline for NetSuite varies depending on the size and complexity of the business, as well as the specific modules and features required. On average, a NetSuite implementation can take anywhere from a few weeks to several months.