NetSuite ERPProduct Overview
NetSuite ERP product overview
NetSuite ERP is an all-in-one cloud business management solution that allows organizations to operate more effectively by automating core processes. The platform provides real-time visibility into operational and financial performance. With an integrated suite of applications for managing accounting, order processing, inventory management, production, supply chain, and warehouse operations, it gives companies clear visibility into their data and tighter control over their businesses.
NetSuite ERP enables businesses of all sizes and industries to automate manual processes to save time and free up resources to better serve customers, identify new opportunities, and outpace the competition. As the first cloud ERP system, the solution helps businesses worldwide gain the agility to build and run a successful business. This unified system includes ERP, financials, commerce, inventory management, HR, supply chain, and CRM.
Pros of NetSuite ERP
- The platform’s flexibility lets organizations scale up, spin-off, and adopt new business models more quickly. With every NetSuite upgrade, configurations and customization migrate seamlessly.
- It delivers real-time analytics so users know what they should be doing and how they’re helping the business, with vital business data displayed from right within the system.
Cons of NetSuite ERP
- According to some users, NetSuite ERP’s interface is complex and not intuitive.
- Others commented that the software has a steep learning curve.
Breakdown of core features
NetSuite ERP’s accounting feature transforms general ledger, optimizes AR, automates AP, and streamlines tax management. It gives a complete view of cash flow and financial performance. In addition, it simplifies the process of recording transactions, managing payables and receivables, collecting taxes, and closing the books. It also enables timely, accurate reporting and greater control of financial assets. With real-time access to financial data, companies can drill into details to resolve issues and generate statements and disclosures to comply with multiple regulatory financial compliance requirements.
Businesses can expedite daily financial transactions, accelerate the financial close process, and ensure compliance with the platform’s financial management feature. The software presents a real-time view of the business’s financial performance, from a consolidated level to individual transactions. It reduces budgeting and forecasting cycle times and integrates with additional business applications — including order management, inventory, CRM, and commerce.
NetSuite ERP has tools for tracking inventory in multiple locations, determining reorder points, managing replenishment, and optimizing safety stock. Its Inventory Management offers a single view of inventory across all sales channels, allowing businesses to reduce inventory on hand to free up cash while avoiding stockouts. Furthermore, it lets businesses keep inventory costs low while exceeding customer expectations by optimizing inventory levels and ensuring product availability across multiple channels.
With this ERP, organizations can improve order processing by eliminating manual bottlenecks, preventing errors, and establishing a smooth flow from sales quote to order fulfillment. The software automates and manages the life cycle of an order — from the moment a customer places an order to delivery to post-sales service. It supports accurate recordkeeping, covering order capture and validation, order release, shipment confirmation, customer communication, and settlement.
NetSuite ERP Order Management facilitates complex processes such as split shipments and dropship. It also ensures orders move quickly and efficiently by tracking and managing the flow of information across all fulfillment locations and providers.
(Last updated on 02/04/2022 by Liz Laurente-Ticong)