Do you have a growing business that is looking for a comprehensive, cloud-based software solution to help manage everything from finances to operations? NetSuite, a leading enterprise resource planning (ERP) solution for global companies, might be the perfect choice for you. But is your business really “big enough” for NetSuite and its powerful capabilities? This article seeks to answer that question.
What Is NetSuite?
NetSuite is an integrated, cloud-based software suite that provides a range of solutions for businesses of all sizes. NetSuite was first developed by Oracle in 1998 and has since become one of the most popular solutions for mid-sized and large organizations around the world. It includes modules for financials, inventory management, customer relationship management (CRM), enterprise resource planning (ERP), and other related functions. NetSuite also provides support and services to customers, making it an attractive choice to companies looking for a comprehensive solution.
We integrate NetSuite with over 70 shipping carriers, but we'll leave that for another article and stay focused on asking the questions as to if NetSuite is right for you.
NetSuite is designed to be user-friendly and easy to use, with a range of features that make it simple to manage and track business operations. It also offers a range of customization options, allowing businesses to tailor the software to their specific needs. Additionally, NetSuite is highly secure, with built-in security measures to protect customer data and ensure compliance with industry regulations.
Benefits of Using NetSuite
NetSuite offers a range of benefits, such as lower overhead costs, improved visibility and control of operations, and increased profitability. The NetSuite software suite is designed to integrate all your business data into one system, so you always have up-to-date information on the go. Additionally, it streamlines processes and automates management of key operations, resulting in fewer errors and more efficient business flow. The software also includes a suite of tools for gaining insights into customer behaviors, facilitating quick decisions based on real-time information.
NetSuite also offers a range of customization options, allowing you to tailor the software to your specific business needs. This includes customizing the user interface, creating custom reports, and integrating with other applications. With NetSuite, you can also access your data from anywhere, anytime, making it easier to manage your business on the go. Finally, NetSuite provides a secure platform for storing and managing your data, ensuring that your information is always safe and secure.
How to Evaluate Your Business for NetSuite Readiness
Before deciding if NetSuite is right for your business, you'll need to evaluate its size and operational requirements. It's important to understand that NetSuite is built to support large organizations with multiple offices, departments and divisions. If your business isn't quite at that level yet, a smaller ERP solution may be more suitable. You should also consider the cost of implementing the system and any customization that may be necessary.
It's also important to consider the scalability of the system. NetSuite is designed to grow with your business, so you'll need to make sure that it can accommodate your future needs. Additionally, you should evaluate the system's features and capabilities to ensure that it meets your specific requirements. Finally, you should consider the level of support that NetSuite provides and whether it is sufficient for your business.
Features of NetSuite for Growing Businesses
NetSuite's suite of features makes it a great choice for growing businesses. It provides scalability to ensure that your business can grow even as demand increases. Additionally, it offers customizable reporting and analytics, so you can gain insights into key KPIs and make informed decisions. And with its comprehensive suite of financial and enterprise applications, NetSuite can help you efficiently manage everything from accounts receivable to supply chain activities.
NetSuite is highly customizable so businesses can integrate solutions that suit their specific needs. Companies can customize their accounts receivable (AR) and accounts payable (AP) process, payroll options, CRM portals and more. From industry-specific solutions to custom reports or dashboards to tailor user experiences, businesses can take advantage of the powerful tools in NetSuite that help them meet their unique needs.
Conisder the following features, these are big pros of using NetSuite – But they are only valauble to your business if you are ready to exploit them...
Analyze and Forecast Data with NetSuite
NetSuite offers a comprehensive suite of business analytics tools designed specifically to help businesses accurately forecast their performance. Companies can leverage predictive analytics capabilities to identify patterns, insights and key trends from their data so they can make better informed decisions. With built-in forecasting capabilities, businesses can sort through past performance data quickly to project future outcomes accurately.
Increase Efficiency and Productivity with NetSuite
NetSuite makes it easier for businesses to maximize their efficiency and productivity. By centralizing data and providing a single source of truth across the enterprise, NetSuite helps eliminate redundant tasks, reduces errors, and simplifies processes. With the capability to quickly access customer and company data online, through mobile devices, or in the field, decision-makers can act quickly on information when they need it.
Improve Financial Management with NetSuite
NetSuite helps businesses improve financial management with accurate and real-time tracking of revenue, profit, cash flow, and expenses at all levels of the organization. NetSuite also simplifies budgeting and forecasting with predictive insight into future performance. With automated integration of transactions across departments and the ability to reconcile transactions and generate invoices automatically, NetSuite streamlines accounting processes and provides actionable data points for better decision making.
NetSuite also offers a range of financial reporting tools to help businesses gain visibility into their financial performance. Reports can be customized to provide insights into key performance indicators, such as customer profitability, sales trends, and inventory levels. Additionally, NetSuite’s financial reporting capabilities can be used to generate financial statements, such as balance sheets, income statements, and cash flow statements, to help businesses stay compliant with regulatory requirements.
Considerations When Choosing NetSuite
When selecting Enterprise Resource Planning (ERP) software for your business, there are several things to consider. First, you should think about the size of your organization now and in the future to determine if NetSuite is the right choice for you. You’ll also need to consider how long implementation will take, how much customization is needed, the cost of implementation and support, the features and functionalities available, and the overall value the system brings to your business.
It is also important to consider the scalability of the system, the level of security it provides, and the level of customer service and support you can expect. Additionally, you should research the vendor's reputation and track record to ensure that they are reliable and trustworthy. Finally, you should consider the system's ability to integrate with other software and systems you may already have in place.
Cost and Pricing of NetSuite Solutions
The cost of implementing NetSuite varies based on the size and complexity of your organization. One-time setup fees may include licensing costs as well as costs associated with customizing the software. In addition to upfront costs, most companies pay an annual subscription fee based on the number of users, modules, and storage capacity needed. Depending on the subscription plan you choose, there may also be additional training and support costs.
NetSuite offers a variety of subscription plans to meet the needs of different businesses. The most popular plans include the Standard, Professional, and Enterprise plans. Each plan offers different features and pricing options, so it's important to evaluate your business needs and budget before selecting a plan. Additionally, NetSuite offers a free trial period so you can test out the software before committing to a subscription.
Alternatives to NetSuite
If your business is not quite ready for a comprehensive ERP solution like NetSuite, there are a number of other options available. For example, small businesses may opt for an integrated set of accounting tools like Quickbooks or Xero; or a point of sale system like Vend or Lightspeed. Larger organizations may want to consider specialized ERPs such as Acumatica or SAP.
Final Considerations Before Making a Decision
Choosing an ERP system for your business is a major decision that shouldn't be taken lightly. It's important to consider all of the factors discussed in this article before making a final decision. Ultimately, it is up to you to assess your needs and choose a solution that best fits your organization’s requirements.
If you are interested as to how Shiptheory can help streamline your NetSuite shipping, please get in touch.