What is NetSuite and How Does It Work? Huong Vu September 28, 2023

What is NetSuite and How Does It Work?

What is NetSuite and How Does It Work?

Curious about NetSuite and its inner workings? This article provides a concise overview of what is NetSuite and delves into its functioning. Discover how this cloud-based ERP solution empowers businesses, streamlines operations, and maximizes efficiency. Let’s uncover the essence of NetSuite and how it transforms modern enterprises’ operations.

What Is NetSuite?

“What Is NetSuite?” is a common question by many businesses. NetSuite is a comprehensive cloud-based enterprise resource planning (ERP) software solution offering a unified application suite for managing various business processes. Initially founded in 1998 and later acquired by Oracle Corporation, NetSuite has become a popular choice for businesses of all sizes, providing them with a scalable, flexible, and integrated platform to streamline operations, improve efficiency, and gain real-time visibility into their entire business ecosystem.

NetSuite’s suite of applications covers a wide range of functionalities, including financial management, customer relationship management (CRM), inventory management, order management, human resources, e-commerce, and more. This all-in-one approach eliminates the need for multiple disparate systems and enables seamless data flow across different departments, promoting better collaboration and informed decision-making.

How Does NetSuite Work?

NetSuite is a piece of cloud-based enterprise resource planning (ERP) software that works on a Software-as-a-Service (SaaS) model. This means that the software is hosted on Oracle’s secure cloud infrastructure, and businesses access it through web browsers over the internet. Let’s delve deeper into how NetSuite works:

  • Cloud-based ERP Transformation: NetSuite significantly shifts towards cloud-based enterprise resource planning (ERP) systems. By hosting the software in the cloud, businesses can enjoy the benefits of easy accessibility, scalability, reduced IT infrastructure costs, and the ability to work remotely.
  • Unified Business Management: This system offers a unified suite of applications that cover various business functions, such as financial management, CRM, inventory, HR, and e-commerce. This unified approach eliminates data silos, promotes collaboration, and provides a single source of truth for all departments.
  • Real-time Data and Insights: With NetSuite’s unified data model and integrated modules, businesses gain real-time visibility into their operations. Access to accurate and up-to-date data empowers organizations to make informed decisions, respond quickly to market changes, and identify growth opportunities.
  • Scalability for Business Growth: NetSuite’s modular design allows businesses to start with the needed applications and scale as their operations expand. This adaptability makes NetSuite suitable for small startups and large enterprises, accommodating changing business needs.
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How NetSuite Can Be Customized to Cater to Your Precise Needs

NetSuite is renowned for its flexibility and customization capabilities, allowing businesses to tailor the software to their precise needs. Here’s how NetSuite can be customized to cater to specific requirements:

Customizations

NetSuite provides a range of customization options that empower businesses to modify existing features or create new ones. Administrators can customize forms, fields, and workflows to match their unique business processes. Customizations ensure that the ERP system aligns seamlessly with the organization’s specific requirements, workflows, and industry standards.

Process Automation

NetSuite allows businesses to automate various processes, reducing manual intervention and streamlining operations. Through SuiteFlow (workflow automation tool) and SuiteScript (custom scripting), businesses can automate approvals, notifications, data updates, and other repetitive tasks. Process automation improves efficiency, minimizes errors, and enables employees to focus on more strategic activities.

Platform Development

Its SuiteCloud platform provides developers the tools and resources to build custom applications and extensions. Developers can create SuiteApps (custom apps), SuiteBundles (collections of customizations), and SuiteCommerce extensions to extend NetSuite’s functionality according to specific business needs.

Integration

NetSuite is designed to integrate with third-party applications and external systems seamlessly. Web services, RESTful APIs (Application Programming Interface), and connectors can be integrated. This allows businesses to connect NetSuite with other software solutions, such as CRM platforms, marketing automation tools, payment gateways, etc. This ensures smooth data flow between different systems, promoting consistency and reducing duplication efforts.

By leveraging these customization options, businesses can adapt NetSuite to suit their industry-specific needs, comply with regulatory requirements, and optimize workflows for maximum efficiency and productivity. Customizations and process automation enhance user experience, drive innovation, and empower organizations to maximize their NetSuite investment.

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What Types of Businesses Use NetSuite?

NetSuite is a versatile ERP solution that caters to many businesses, including large enterprises, rapidly growing companies, and multinational corporations. Its scalability and comprehensive suite of applications make it an ideal choice for businesses with complex requirements. Here are some types of businesses that commonly use NetSuite:

  • Large Enterprises: NetSuite is well-suited for large enterprises that require an integrated platform to manage their extensive operations. With its ability to handle high volumes of data, support multiple subsidiaries, and offer advanced reporting capabilities, NetSuite’s provides the necessary tools to streamline complex business processes.
  • High-Growth Businesses: Startups and rapidly growing businesses benefit from NetSuite’s scalability. As these companies expand, NetSuite can easily accommodate increasing transaction volumes, additional users, and the integration of new modules, ensuring a smooth growth trajectory.
  • Multinational Corporations: NetSuite’s global capabilities, including multi-currency support, multi-language functionality, and compliance with international accounting standards, make it a preferred choice for multinational corporations seeking a unified ERP solution to manage operations across different regions.
  • Professional Services: As per Statista,the professional services industry represents 28 percent of NetSuite’s customer base. Professional services firms, such as consulting, accounting, and marketing agencies, benefit from NetSuite’s project management, time tracking, and resource planning features, enabling them to manage client projects and resource allocation efficiently. 

The accredited POS system ConnectPOS offers seamless integration with NetSuite directly, eliminating the need for third-party intermediaries. With this integration, businesses can efficiently manage sales across multiple touchpoints, such as brick-and-mortar stores, online stores, and mobile devices, while synchronizing all data in real-time with NetSuite. 

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This integrated approach enhances sales efficiency, improves inventory management, and gives businesses a comprehensive view of their operations for better decision-making. ConnectPOS is a valuable addition to NetSuite’s, empowering enterprises to deliver exceptional customer experiences and optimize their retail and e-commerce strategies.

Conclusion

NetSuite is powerful cloud-based ERP software that empowers businesses of all sizes with a unified suite of applications. As a popular choice for modern enterprises, it continues transforming how businesses operate, driving efficiency, growth, and success in today’s dynamic marketplace. So, now that you know what NetSuite is, you can explore its vast potential to revolutionize your business management and embrace the future of ERP solutions.

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