What is NetSuite? Main Modules
NetSuite’s fully integrated “all-in-the-box” solution provides customers with all the capabilities needed to run their business processes entirely on the platform. Some of NetSuite’s main business modules are:
Financial Management and Planning
Production Management (Manufacturing)
Supply Chain Management
Warehouse and Fulfillment
SuitePeople (HR and Human Capital Management)
How Does NetSuite Work?
NetSuite is a leading cloud-based ERP software that helps companies run their business operations in one location – creating one source of truth for business data. Use dashboards with real-time information to make informed decisions. These user-friendly tools allow you to gain useful insight into company profit, inventory, project planning and more. Additionally, users can easily drag and drop various tools, allowing you to better personalize your dashboard to your preferences.
Run your supply chain and warehouse through NetSuite to ensure proper inventory management, logistics and more. Manage your finances by setting up approval workflows, enhancing your reporting and ensuring compliance. Streamline the purchasing process through automation, which saves time, as well as improving the accuracy of the procure-to-pay process by linking transactions, providing approval and matching workflows.
NetSuite, while more commonly utilized by small- and mid-sized businesses, can be operated by companies of any size thanks to its scalable and agile nature. As smaller businesses grow and expand, NetSuite continues to offer the same useful tools that accommodate your operations and still provide a clear end-to-end picture of your business at every stage.
At the large enterprise level, NetSuite remains a leading ERP software option. In addition to its affordability and agility, NetSuite is also a good solution for larger businesses that have subsidiary companies. Instead of purchasing separate technology that manages different parts of the business, NetSuite provides real-time visibility to the company as a whole.
ERP software provides numerous benefits to businesses in order to run their operations. NetSuite, a cloud-based ERP system, allows you to access your data in real time and from anywhere while always operating on the same release as other customers. Its proven track record not only provides a positive ROI for businesses that run it, but also peace of mind. Some of NetSuite’s top features are:
In addition to the user-customized dashboards that allow employees to design how they interact with their workspace, NetSuite makes work easier for the user. Up-to-date analytics are quickly accessed and allow you to make informed decisions. Authentication is role-based, which makes it simpler and more secure. Users can manage and share documents with ease, while NetSuite software’s responsive design makes mobile access standard.
Real-time analytics provide you with the context of a business decision. All data is maintained within your NetSuite platform, allowing you to have a clear view of your operations. Reporting tools are easy to use and allow users to identify issues, trends and opportunities.
NetSuite is an “all-in-the-box” system, designed to be the complete solution for the entire business. As your business grows, you can add users and modules to your existing platform with ease. Unless special coding, enhancements or other configuration is required, customers can purchase the necessary applications or additional users and install themselves.
While NetSuite has broad capabilities that can be utilized effectively across many industries, the software is optimized to be used best for specific ones. More than 40,000 companies in more than 160 countries run NetSuite in industries such as distribution, manufacturing, professional services, high technology, publishing, retail, nonprofits and more.
Due to its cloud-based nature, 100 percent of NetSuite users are running the same version. As new features are introduced, they are pushed out to users on a rolling basis (usually over the course of two months) instead of requiring an upgrade project to implement updated tools. The most recent version, NetSuite’s 2019.1 version, began rolling out in February and continued through April. Some of its new enhancements include:
A new analytical tool found in the SuiteAnalytics application that allows users to create highly customizable workbooks. Users can create charts, share workbooks, filter conditions, add fields to the data grid and more to gain a more comprehensive view of company data using a single tool.
The 2019.1 update adds low- or no-code extensions that allow businesses to make alterations to their site. Updates to NetSuite SuiteCommerce include new featured products categories, product feeds, multi-cart options for B2B businesses, Google Tags Manager, size charts and best-selling products.
Complex domestic and global tax calculations are now more easily determined. Tax return templates are now editable, and extra tax types – such as in-country, worldwide and intra-community transactions – have been added. Other enhancements include automatic updates to tax rates, improved tax code look-up and more.