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What is Netsuite ? : Everything You Need to Know | Expert’s Top Picks | Free Guide Tutorial

Last updated on 03rd Nov 2022, Artciles, Blog

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Smita Jhingran (ERP Process Specialist II )

Smita Jhingran leads Sage X3, Oracle ERP Cloud, SAP S/4HANA, and Microsoft D365 ERP processes. She has worked with ERP, CRM, SCM, BPR, NetSuite ERP, Odoo, Sage Intacct, MRP, and BPM for more than 6 years.

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    • In this article you will learn:
    • 1. What is a NetSuite?
    • 2. NetSuite Products .
    • 3. NetSuite Tools .
    • 4. conclusion.

What is a NetSuite:

NetSuite is the unified business management suite encompassing an ERP/financials, eCommerce, CRM, Inventory, HR, professional services automation, and more by a single, fully integrated system. It helps enterprises to achieve a business growth and progress by an optimizing business processes efficiently. It automates the business processes with high-end benefits in cloud platform.Customers use a NetSuite modules across different industries to run effectively and efficiently in a modern business environment. More than 24,000 companies worldwide are running the businesses on NetSuite. With a cloud-based engineering, it can be accessed from any device and anywhere.

NetSuite Products:

1. NetSuite ERP:

NetSuite ERP (Enterprise Resource Planning) solution operates all the critical financial business processes and back-office operations in the cloud. It enables an enterprises to manage IT costs, streamline a order management, procurement processes, improve employee productivity, an optimize accounting efficiency, and more.The important features of NetSuite ERP solution are listed :

Financial Management: Financial management with built-in business intelligence drives a quicker and smarter decision-making.

Order Management: can accelerate order-to-cash processes by the combining Finance, Sales, and fulfillment to pricing and returns management.

Financial Planning: With an intuitive budgeting, planning, and forecasting solutions, users can engage a business users, shorten cycle times, and improve business planning.

Production Management: can get a products to market quickly and efficiently by the inculcating real-time visibility into the production management processes.

Supply chain management: can execute and explain support chain/distribution management plans from single, collaborative platform.

Warehouse and Fulfillment: Handle end-to-end inventory and inbound/outbound logistics by a minimizing total costs.

Procurement: Enhance procure-to-pay processes accuracy and also optimize for cost certainty.

Key Benefits:

  • Improves the financial operations efficiency and productivity with single integrated system.
  • Timely financial close centralizing management checks all activities to reduce a time, resources and resolve errors.
  • An Effective compliance and controls .
  • Real-time visibility checks a consolidated financial results for the any business.

2.NetSuite CRM:

NetSuite CRM (Customer Relationship Management) is only solution that delivers the real-time and 360-degree view of customers. Provides a seamless flow of information across an entire customer lifecycle—from lead through the opportunity, sales order, renewal, fulfillment, upsell, cross-sell and support to the improve productivity.

Features:

SalesForce Automation: Provides a sales with real-time access to the customer, prospect, and order records.

Reporting and Analytics: Real-time dashboards provide a role-based, customizable reports to the sales, marketing, and service teams.

Sales Forecasting and Quota Management: Builds a reliability and predictability into sales process.

Upsell, Quote, and Order Management: Convert a quotes into approved sales orders easily and process with the back-end financials automatically.

Partner Relationship Management: Controls an every aspect of partnering process.

Marketing Automation: an Automates multi-channel campaigns according to the sales efforts.

Ecommerce: Connect with the NetSuite’s eCommerce solution to create a single record system for customer, transaction data, and activity.

Key Benefits:

  • Streamlines a lead-to-cash processes.
  • Improves the sales performance through upselling, forecasting, and commission management.
  • Access CRM data remotely on a mobile device.
Netsuite

3.NetSuite OneWorld:

  • NetSuite OneWorld presents the unified and integrated business management platform for an enterprises that seamlessly handles multi-national and the multi-subsidiary operations globally.
  • It drives the operational and financial efficiencies of global businesses by providing a real-time visibility and flexibility for customizations to corporate-specific and also subsidiary needs. Financials are backbone of a NetSuite OneWorld.

Features:

Global Accounting and Consolidation: NetSuite OneWorld gives the seamless experience for financials and operations by bringing down subsidiary restrictions.

Accounting Hub: Handles a certain functionalities within a business entity where a company has the other subsidiaries that are not using NetSuite.

Multi-Currency Management: This feature supports a more than 190 currencies and exchange rates, and different payment options. It gives a real-time currency conversion and financial consolidation for the global operations.

Audit and Compliance Reporting: Supports a global standard as well as country-specific requirements. All within a framework ensures security, scalability, globalization, and also built-in capability of being kept up to date with a software’s latest versions.

Configurable Tax Engine: NetSuite SuiteTax provides the flexible and scalable tax determination, calculation, and reporting engine to support any tax rule anywhere in a world.

Key Benefits:

  • Allows the effortless management for a multiple subsidiaries, legal entities, and business units.
  • A Delivers real-time global business insight .
  • Manage a global compliance of internal and external processes.
  • Supports the consistent processes across subsidiaries and countries.

4.NetSuite SuitePeople:

NetSuite SuitePeople offers a power functionality of managing the HR processes throughout the Suite giving a complete business control. SuitePeople HR manages human resources and workforce management processes with an exceptional employee experiences to complete most everyday tasks.

SuitePeople is the built-in NetSuite enabling:NetSuite:

Flexible: SuitePeople platform can be simply customized and integrated on latest releases.

Role-based security: Sophisticated a role-based security enables employees to the support their teams.

Universal data: SuitePeople provides an employee information throughout an enterprise allowing companies to develop their talent.

Unified access: can seamlessly report and analyze the services.

Global reach: Built on global platform, companies can be manage global workforces.

Key Benefits:

  • The centralized solution to the manage global employee records.
  • Provides a real-time people analytics are alongside financial analytics.
  • It’s unified NetSuite solution that connects to HR data with financial, payroll, planning, project, procurement, and also budgeting processes.
  • Redefining an employee experiences with simple -to-use tools.

5.NetSuite PSA (Professional services automation):

NetSuite Professional Services of Automation maximizes the business services performance. NetSuite delivers complete a web-based PSA, including project accounting, resource management, expense management, everything integrated with a SaaS accounting, eCommerce, and CRM capabilities. NetSuite PSA allows to manage and automate a key aspects of business across complete bid-to-bill lifecycle.

Features:

Project management: Project management capabilities are allow project managers and team members to the cooperate on projects and ongoing project status at all times, allowing them to recognize and resolve the potential effects with each management.

Resource management: This feature allows the project managers to optimize staffing and utilization, ensuring a resources are managed on a right projects.

Timesheet management: This is one of important features that allow users to capture the detailed timesheets easily.

Project accounting: Connects an entire project activities with the company financials.

Billing: NetSuite provides a complete flexible billing options.

Expense management: This powerful feature arew optimizes productivity, maximizes accuracy, timeliness of an expense reporting, enables better tracking and compliance, and enhances overall the user experience.

Analytics: Delivers a real-time, on-demand data, allowing us to the monitor, report and analyze overall project performance.

Key benefits:

  • Provides a real-time visibility into an organization’s performance and profitability.
  • Optimizes a resource utilization with resource-advanced management functionality.
  • Upgrades easily with the cloud-based delivery and reduce a hardware maintenance costs.
  • Provides mobile access to the services team and expense management.
NetSuite Products

6.NetSuite OpenAir:

NetSuite OpenAir PSA solution supports the complete professional services are delivery lifecycle with a cloud-based suite. It also empowers organizations with a mobile services at any time, anywhere, access in a cloud.

Key features:

Project management: This feature provides a high web-based project management capabilities that can improve project delivery and profitability by making it simple to update, manage, and report on project status from anywhere at any time.

Resource management: This feature offers an advanced resource optimization functionality to the manage valuable resources across globe more effectively.

Project accounting: This feature allows the efficient monitoring and management of a project revenues, profitability, expenses while ensuring the project is on a time and budget.

Timesheet management: can easily create a detailed timesheets with the NetSuite OpenAir.

Expense management: NetSuite OpenAir implements the powerful expense management that can optimizes employees’ productivity by allowing them to present an expenses from anywhere.

Dashboards and reporting: This feature provides the instant access to vital information for the users.

Collaboration: NetSuite OpenAir is the platform to help teams, business leaders, project managers, and even customers stay in a closer contact, gain more visibility, and facilitate a better quality work.

Integrate with Enterprise Systems: This allows to integrate with an existing front-office and back-office business systems seamlessly.

Key benefits:

  • Drag and drop resource management enables us to assign a right resource with best costs.
  • Tracks are availability of resources .
  • Delivers project on a time within budget.

7.Omnichannel Commerce:

  • NetSuite offers the complete commerce solution for delivering the unified customer experience called a SuiteCommerce.
  • Delivers an innovative customer experiences.
  • Get a 360-degree customer view of all the interactions, transactions across all the touchpoints and channels.
  • Manage all orders and inventory across all the channels and supply chains.
  • Unlimit a potential for the growth and expansion.

8.NetSuite Analytics :

NetSuite is the leader in delivering embedded analytics that allows the making critical business decision by uncovering hidden information that improves company’s performance across the teams, subsidiaries, and multiple departments. SuiteAnalytics offers an incredible flexibility to create a Saved searches and reports.

SuiteAnalytics Workbook: With a SuiteAnalytics, can easily an explore a data and create filters with real-time visualizations. can analyze data further with a Workbook pivot and chart capabilities, with an intuitive drag and drop interactions. Workbook provide pivoting, charting, updating data models, dashboard portlets, templates, and datasets.

SuiteAnalytics Saved Search: a NetSuite Analytics Saved Search functionality offers a valuable tool to filter and match data to answer all sorts of the business queries. A saved search is the set of real-time results depending on a criteria and filters.

SuiteAnalytics Reports: NetSuite supports a SuiteAnalytics to provide a set of standard and customizable reports for all the transaction types. can modify the reports and create custom reports based on a business needs with the tools provided within platform.

SuiteAnalytics KPI: SuiteAnalytics KPIs improve the business efficiency and agility. There are different ways to visualize KPIs to drill down, allowing users to interact with the data.

SuiteAnalytics Dashboard: These dashboards can be customized to the drive maximum productivity and actionable insight meeting dynamic changing needs of the business.

SuiteAnalytics Connect: This service allows to analyse, archive, and report NetSuite data using of any custom-built application or a third-party tool.

9.NetSuite Business Intelligence:

NetSuite Business Intelligence offers the power of built-in a real-time dashboards, analysis, and reporting across all integrated processes within software suite.

Key benefits:

  • Provides a real-time transparency across all the business functions of company performance from a summary level to transaction level.
  • Gain comprehensive show and granular control of global inventory demand and supply with the supply chain management.
  • Use a Multi-Subsidiary Customer for clear, single view of customer to remove duplication across the multiple subsidiaries.

10.NetSuite SuiteSuccess:

NetSuite SuiteSuccess is the transformative customer engagement methodology that drives a customer success through the leading practices in cloud ERP implementation.

NetSuite Tools: NetSuite’s SuiteCloud offers a tools for cloud customization to develop a new applications or extend NetSuite for the business needs. SuiteCloud Developer Tools are provide a comprehensive functionality from the workflows and scripting to analytics and web services to enable to customize, develop, test, and build a applications on NetSuite.

Conclusion:

An Oracle NetSuite is the cloud-based business management program that caters to be industry-specific businesses and efficiently handles different company departments.

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