Retailers who want to expand their businesses may face a lot of challenges, such as problems relating to finances, languages, or inventory management. Especially for global retailers, a powerful Enterprise Resource Planning (ERP) system is needed to maintain a smooth-running business.
The ERP market is going through a stage of rapid expansion, with its market size projected to pass $49.5 billion by 2025. Within this industry, NetSuite was established and now is a leading ERP provider. If you are wondering what it is, here is everything you need to know about NetSuite retail.
Used by more than 26,000 organizations all over the world, NetSuite is a cloud computing company that provides the applications to run businesses and prepare for growth. It is a cloud-based management platform, yet still able to process enormous data entry. NetSuite’s solutions include ERP, financials, CRM, and eCommerce.
NetSuite was developed in 1998 and acquired by Oracle in 2016. It was originally an accounting software that was hosted on the web before other applications (inventory management and CRM) were added. Since the acquisition, NetSuite has been focusing on the shift to a cloud software provider. In fact, it is widely known as the first cloud software company and has continued to grow rapidly until the present day.
NetSuite for retail provides a wide range of cloud services for businesses of all sizes, including Finance, Operations, Customers, and Additional Capabilities.
- Finance: NetSuite supports financial management efficiently by automation, global business management tools, handling budget & financial plans, and managing invoices and bills.
- Operations: NetSuite provides the tools needed for frontline and back-office operations, ranging from inventory, warehouse, order management to procurement and demand planning.
- Customers: NetSuite covers the essential systems for your customer management, such as CRM or creating a seamless omnichannel experience.
- Additional capabilities: NetSuite also offers other functionalities, such as app extensions, payroll, analytics, automation, and human resources system.
How does it work?
You can pay for NetSuite’s products via subscriptions and get the updated versions automatically. Although every user can access the platform from a browser on any device, customers’ data are separately and securely stored. In addition, users can give permissions to their employees so they only view the data relevant to their jobs.
If you pay for several ERP modules, you can access all the information and tools in one place. The dashboard can be customized to fit your own needs.
How can businesses benefit from NetSuite?
Businesses of all sizes, ranging from a startup to large enterprises, can use NetSuite to prepare for their growth. It can support employees from multiple roles, from managers to sales associates. A wide range of industries can be applied, namely fashion, food and beverage, media and publishing.
With NetSuite, companies can be better prepared for a long-term expansion strategy. It leverages traditional business operations, saves time, and speeds up your daily processes. It is exceptionally beneficial for companies aiming to go global.
Do you know that NetSuite retail also has options for additional integration with specialized features? ConnectPOS is a leading point of sale provider that is available to integrate with your NetSuite ecosystem. Having the same vision as NetSuite, which is to empower businesses, ConnectPOS takes pride in the excellent omnichannel experience. Contact us today if you are interested!