Are you looking to increase the efficiency of your corporate operations and finance team? ERP systems combine and automate financial and operational processes and deliver data insights from GL, accounts payable, accounts receivable, payroll, and financial reporting. Modern systems manage NetSuite’s advanced inventory features, NetSuite’s manufacturing features, orders, supply chains, procurement, distribution, and fulfilment. Companies with HRMS, CRM, and e-commerce will benefit more. Understanding essential NetSuite ERP features shows why this software is beneficial. The ERP system evaluation should include these 8 NetSuite cloud features.

The History of NetSuite

Evan Goldberg, a software developer who used cloud computing to streamline intricate corporate processes, developed NetSuite in 1998. Originally known as NetLedger, the company aimed to give small and midsized enterprises a reliable online financial management solution. 

To better represent its wider range of products that went beyond finance, NetLedger soon changed its name to NetSuite. Oracle Corporation purchased NetSuite in 2002, enhancing its skills and resources even more. Ever since, features and benefits of NetSuite have developed and grown to become one of the most popular cloud ERP systems in the world.

What Services Does NetSuite Provide?

NetSuite Services has thousands of successful installs and a large pool of qualified specialists to support your organization, from go-live to constant optimisation. NetSuite Services knows NetSuite best and can offer practical guidance based on insights from businesses of all sizes, regions, and business types. The goal: faster success and ROI.

The Proven Implementation Method

NetSuite’s agile, phased SuiteSuccess model lets customers go live quickly and expand using industry-specific functional roles, procedures, and KPIs.

Learn Flexibly

Access NetSuite training at your convenience, in your preferred format, and within your budget. NetSuite offers virtual courses and expert-led seminars.

NetSuite Provides Assistance When Required

Personal product guidance, setup support, and constant optimization help your NetSuite system perform well as your business grows.

Top 8 Features of NetSuite Integration

Most people need help maximizing ERP value because of its NetSuite implementation service, configuration, and daily activity management. Most companies lack the knowledge and resources to integrate the NetSuite features list in-house. Please review the top eight basic NetSuite features to look for when choosing a partner to strategically deploy NetSuite.

Finance Management

The NetSuite key feature of financial management helps them manage finances efficiently, correctly, and lawfully.

  • NetSuite handles general ledger, accounts payable, accounts receivable, tax administration, and fixed assets. Connected tools enable real-time financial data visibility for organizations.
  • Multi-Currency and Global Financial Consolidation: This NetSuite feature assists subsidiaries in managing their finances, currencies, and taxes, improving the general ledger process.
  • NetSuite helps organizations comply with revenue recognition rules, including ASC 606 and IFRS 15. The technology tracks revenue from established contracts and eliminates human computations that lead to inaccuracies.

CRM: Customer Relationship Management

NetSuite is a complete CRM program for sales, service, and customer engagement.

  • 360-Degree Customer View: NetSuite CRM provides sales, support, and marketing with real-time, multi-channel customer interaction data. This tool helps organizations improve customer happiness and efficiency so they can build stronger ties.
  • Sales Force Automation: Sales lead management, opportunity management, and sales forecasts save salespeople from paperwork and monotonous tasks.
  • Customer Service and Support: NetSuite CRM handles support cases, tracks customer problems, and offers self-service through a customer portal. Customer help is timely, coherent, and meets expectations with this function.

E-Commerce Management

A comprehensive e-commerce solution, NetSuite helps clients with online presence, order fulfillment, and customer happiness.

  • Open-source NetSuite business management software has an integrated web store. It integrates with inventory and ordering systems. This integration lets customers know product availability, pricing, and order status, improving the shopping experience.
  • Purchasing Experience: Consumers can customize their purchasing experience using their history, purchase behaviour, and preferences. Sales conversions and client loyalty may increase with such personalization.
  • The unified omnichannel commerce system controls sales on websites, physical locations, and smartphone apps. This integrated strategy enhances client experiences by standardizing them.

Inventory and Order Management

NetSuite’s Order Management system manages inventory and order processing files.

  • NetSuite provides real-time inventory visibility across stores, giving firms necessary stock control. Reduce stockouts and overstocking with this tool, optimizing inventory control and purchasing expenses.
  • Automation: From order entry to product invoicing, the program automates most of the order-to-cash cycle. Automation speeds up order processing, reduces errors, and ensures accurate and timely delivery.
  • NetSuite’s demand planning solutions use previous data and trends to estimate future demand. This approach lets companies predict their stock needs and match market demand without losses owing to pricey stock.

Human Capital Management

The NetSuite HCM module handles hiring, onboarding, payroll, and performance review.

  • Employee Data Management: NetSuite HCM organizes employee data, such as names, departments, pay schemes, and appraisals. This centralized system simplifies personnel data management and ensures accuracy.
  • Goal-setting, assessment, and training are included in NetSuite modules. It ensures employees meet organizational goals, resulting in increased output.

Storage Management

Businesses can manage the entire warehouse process with NetSuite WMS.

  • NetSuite WMS enables warehouses to update product tracking data during transportation through barcode scanning and mobile access. Warehouse efficiency and accuracy improve with real-time data capturing.
  • Wave Picking and Task Management: The system uses wave picking to bundle difficulties connected to comparable orders. Task management makes sure jobs are assigned and completed to maintain warehouse operations.
  • NetSuite WMS integrates key shipping companies, enabling system-generated labels to track shipment status. Shipping is faster, and customers get delivery updates with this integration.

Supply Chain Management

Logistics solutions help companies deliver items on time and cheaply.

  • Supply Chain Planning: They offer demand forecasting, supply planning, inventory management, and production scheduling. These products help businesses with stockouts and overstocks.
  • NetSuite streamlines supplier management procedures like sourcing, procurement, and performance assessments. Supplier connection tools help companies buy inputs at a lower NetSuite project management cost, on time, and on favorable terms.
  • Order fulfilment and logistics are essential components of supply chain management NetSuite features and functions include order fulfilment and logistics interfaces for efficient client delivery. The system helps choose inventories for order processing or shipment and tracks orders for delivery.

Analytics/Reporting

Businesses may use Oracle NetSuite ERP features, analytics, and reporting to make better decisions and improve operations.

  • NetSuite lets users create custom dashboards with key indicators and values. So decisions may be taken quickly; such dashboards show business performance patterns.
  • Balance sheets, cash flow reports, and earnings and loss statements are available on the portal with advanced financial reporting. This feature of Oracle NetSuite implies that a business can tailor any of these reports to suit its financial decision-making requirements.
  • Business intelligence and data visualization: NetSuite users can generate dynamic charts, graphs, and reports to understand huge amounts of data. Business intelligence features provide additional views of business processes and may indicate trouble spots.

What Are the Benefits of NetSuite?

The NetSuite ERP system’s many capabilities can improve organizational procedures and performance. For sustainable growth in a competitive market, any company should install NetSuite to improve resource management and decision-making. The benefits are:

Safeguard data

Every company requires data protection, and NetSuite’s robust and comprehensive security measures are noteworthy. To prevent data theft, the application uses an Oracle cloud solution to encrypt data in transit and storage. Finally, role-based access controls in NetSuite let businesses control data access. Audits and compliance with GDPR, HIPAA, and SOC 1 and 2 reduce the risk of data breaches and regulatory non-compliance, which helps NetSuite maintain high security standards.

Centralized/standard data

Businesses must also address data integration, which compromises uniform data management. It uses NetSuite to consolidate company data. Each department will use the same accurate real-time data. No need to track down data from disparate systems makes central data easier for reporting, analytics, and decision-making. Business intelligence is more reliable, and plans are better across organizational structures.

Productivity Rises

NetSuite ERP improves corporate efficiency and productivity. NetSuite streamlines financial, inventory, sales order, and customer relationship management by eliminating repetitive chores and manual efforts and reducing human error. Automatic billing, workflow approvals, and real-time notifications help staff complete key activities, improving organizational efficiency. In addition, the platform’s simple design and customization of the dashboard and other interfaces make tools and data easier to use, increasing company acceptance.

Cost Reduction

Adopting an ERP, like NetSuite ERP, can optimize IT and operational expenditures, saving money. NetSuite in the cloud reduces the expense of installing pricey on-premises equipment and software. Using this business model, companies can pay for specific NetSuite features, capabilities, and modules designed by developers without worrying about unused resources. NetSuite pricing also reduces the cost of using several systems by unifying most company processes into one. Consolidation reduces IT support and operating expenses.

Organized Processes

Businesses can plan and execute well-coordinated operations with NetSuite ERP. Automate and design corporate work based on goals and objectives with the platform. NetSuite provides real-time visibility into any process’s activities, allowing managers to solve immediate issues. Overall, enterprise at this level ensures organizations run smoothly during growth.

Real-time Reporting

NetSuite ERP’s real-time reports remove decision-making delays. The latest financial, operational management, and performance data are available with personalized dashboards and reports. You can access specific metrics and KPIs to gain essential information for strategic development and operations. 

Accessing this information in real time improves market responsiveness and rational problem-solving, as well as decision-making. It takes less It is time to gather and analyse data for business and other necessities, especially when reliable reports are consistently available.

Working Effectively

NetSuite ERP prioritises operational efficiency. NetSuite automates business functions in one system rather than parallel systems used for similar tasks to reduce duplication. Complex methods can be used to operate a firm with many elements without much bother since automated and standardized data control and collection reduce the time needed for most actions. The modular system enhances an organization’s operations to better meet its needs. NetSuite has many features that can optimize business processes over time.

Conclusion

NetSuite is a flexible and sophisticated ERP solution that helps organizations of all sizes compete. NetSuite has solutions for either tiny startups looking to kick-start operations or major enterprises looking to scale and improve. This blog has discussed essential NetSuite features and benefits, NetSuite implementation cost, and success suggestions. DevTeamPro, a NetSuite ERP solution provider, helps you streamline processes, improve customer interactions, and make data-driven decisions to win in today’s changing market.