NetSuite ERP is regarded as the leading cloud-based ERP software worldwide and is used by over 20,000 organisations. NetSuite ERP provides a complete financial solution for managing core business functions of organisations ranging in size from tiny companies to large enterprises. NetSuite is offered as Software as a Service (SaaS) over the Internet, and its affordable, usage-based charges ensure it is a viable solution for all organisations.
NetSuite is unique in that modules are structured around one central database, an approach which ensures information integrity, avoids errors and duplication of data, and gives full visibility into every process.
Why NetSuite ERP?
Many businesses rely on an assortment of manual and software systems to manage their operations, a solution that becomes increasingly complex and unwieldy as businesses grow. These solutions require significant manual input and are extremely slow, leading to long financial period close-off times.
Traditional on-premise ERP, while offering a solution, is very expensive, inflexible, and inherently difficult to implement and maintain. The cost is such that only large organisations can afford on-premise ERP.
NetSuite’s award winning SaaS ERP is a cost effective software solution that’s easy to implement, flexible, and robust and which automates the entire front office to back office processes, reduces costs, and condenses financial closure times.
Who Uses ERP?
The number of companies using ERP is growing, especially those choosing SaaS ERP. Research by Price Waterhouse Coopers indicates revenues for SaaS ERP have already overtaken those for on-premise ERP. This reflects the swing to SaaS ERP from on-premise software and is further illustrated by NetSuite’s 41.6 per cent market share growth.
In the UK, Nu-Heat, a supplier of underfloor heating, replaced various propriety applications with NetSuite and in doing so improved customer relations, reduced costs, and increased sales force productivity. Another company, Isys Intelligent Systems, who supply workforce management systems, improved revenue by 72 per cent and increased their customer base substantially.
How Do Organisations Use ERP?
Businesses who adopt ERP for the first time frequently replace a mishmash of ad hoc systems that were previously used to manage their financial systems. NetSuite ERP consolidates these business processes and does away with the multiple, manual, and error-prone data entries required by disparate systems. NetSuite’s single database approach ensures that a record is entered only once and all transactions are reflected against that record. This gives full visibility of each and every process and the ability monitor progress against orders.
A key benefit of NetSuite’s integrated approach is that batch update processes are not needed and transactions take place in real time, providing a complete and accurate up-to-date picture.
Key Features of NetSuite ERP
NetSuite ERP presents companies with the ability to manage all financial aspects of their businesses. Features of NetSuite ERP include:
- Full financial management: Provides all features and facilities needed to manage financial aspects of the business.
- Procurement: This module offers advanced purchase requisition management tools with the ability for automated approval routing. Also handles contracts and blanket purchase requisitions.
- Order management: An integrated quotation and order management system that streamlines order processes and includes billing and invoice management features.
- Supply and inventory management: Optimises inventory and ensures materials are ordered to meet production requirements. Manages manufacturing processes and facilitates production planning.
- Human resources: Provides advanced and flexible human resource features including payroll administration and human capital management
- Financial planning: Comprehensive financial planning including flexible modelling and what-if tools for scenario planning.
- Compliance to accounting standards: NetSuite ERP complies with the accounting standards of multiple countries. Full audit trail facilities are provided.
- SaaS: Available as a flexible cloud-based SaaS solution that is cost effective and with the ability to customise to suit individual requirements.
- Anywhere access: Access to NetSuite is available from anywhere there is an Internet connection, meeting the needs of national and international organisations. Also provision for high-level functionality on mobile devices.
- Dashboards: Users have fully configurable dashboards that provide real-time overview of their areas of responsibility with the ability to dig down to transaction level if required.
Benefits of NetSuite ERP
NetSuite ERP will provide your organisation with the tools you need to become more effective, profitable, and dynamic. Benefits that can be expected include:
- Lower costs and higher revenue: NetSuite ERP enables companies to reduce administrative costs, speed up order processing, and manage cash flows more effectively.
- Real-time visibility and reporting: Management have access to real-time information that helps them make better and faster decisions.
- Lower IT costs: NetSuite’s SaaS software reduces upfront costs, lowers ongoing IT expenditure, and demonstrates lower total life-time costs than on-premise ERP solutions.
- Faster financial close: Financial closure times can be expected to improve by between 20 and 50 per cent.
- Integration: NetSuite is fully integrated with only one record or source of data shared by all modules, ensuring total accuracy throughout the system. This is not only within ERP but throughout each NetSuite module.
- Productivity: Employee productivity is increased with fewer errors, better information, and the use of advanced order processing, financial management, procurement and manufacturing systems.