THE TOP 7 BENEFITS OF NETSUITE ERP

Thousands of users are reaping the benefits of NetSuite, but what do they include? Let’s take a look at some of the top offerings the software giant features.

 

Customization

With over 30 varying modules and add-ons, each designed for different business requirements, organizations can easily tailor NetSuite ERP to its liking. SuiteBuilder, for example, allows users to build custom fields, forms, and records without any programming expertise. They can modify existing forms or create entirely new ones to capture specific data relevant to their business processes. Another is SuiteFlow, a built-in workflow management tool that allows users to create custom workflows to automate business processes. Users can define rules and triggers to automate tasks such as approvals, notifications, and record updates. These are just a couple examples to show how NetSuite ERP can be specifically designed for the way an organization requires.

 

Convergence of Business Processes

NetSuite ERP allows you to strategically grow the business in all aspects, from sales and marketing to finance—all in one platform. Keeping all these elements connected in one place allows for transparency to various departments within the organization, preventing users from going to other systems to search for what they need. The software provides real-time visibility into all business processes, keeping users on the same page and enabling them to make more informed decisions.  With its many collaboration tools, NetSuite facilitates communication among employees, customers, and partners, which helps to break down silos and promotes cross-functional teamwork within the organization.

 

benefits of netsuite

Simplified Integration With Third-Party Systems

NetSuite ERP offers many methods for integrating with third-party systems to streamline processes and data flow. SuiteTalk is NetSuite’s web services API and allows for integration with external systems and applications. Developers can use it to build custom integrations that sync data between NetSuite ERP and many other business systems. For integration of external eCommerce systems, businesses can use SuiteCommerce, which allows developers to create seamless shopping experiences by syncing data. SuiteAnalytics Connect allows users to connect NetSuite data with third-party business intelligence tools like Tableau and Power BI. This integration enables users to create interactive dashboards and reports using NetSuite data alongside data from other systems. These are just some of the tools available, but there are many more.

 

Scalability

NetSuite ERP is highly scalable, grows along with the business, and can adapt to the unique requirements of many industries and organizations. Because it’s cloud-based, it eliminates the need for on-premise hardware and allows organizations to scale operations by simply adjusting their subscription level or configuration. Due to its flexible configuration, as organizations grow and change, NetSuite ERP can adapt to accommodate new processes, workflows, and business requirements without significant redevelopment or disruption. With its modular nature for various business functions like financials, inventory management, CRM, and eCommerce, organizations can start with the modules they need and add additional ones as the needs arise. Built on a scalable infrastructure that can handle the data processing and storage requirements of growing organizations, it’s designed to scale horizontally and vertically to accommodate increases in data volume, user load, and transaction volume without sacrificing performance.

 

NetSuite ERP Automation

Offering a wide range of automation capabilities across the board, NetSuite ERP allows users to simplify their business processes, save time, and avoid human error. Its workflow automation facilitates approvals, notifications, and data updates based on predefined rules and conditions it can schedule recurring data imports, generating reports and backups according to when they’re scheduled. This lessens manual efforts and saves time on tasks that are consistently repeated. NetSuite ERP also offers automation for inventory management, including generating purchase orders and monitoring stock levels, among others. Its financial automation capabilities work for billing tasks, invoicing, and managing expenses, as well. It streamlines workflows, minimizes possible mistakes, and overall, boosts efficiency and effectiveness. NetSuite also offers automation of certain CRM tasks like managing leads, forecasting, and ticketing for customer support. eCommerce automation in NetSuite improves online sales processes, including communication with customers, order processing, and synchronization of inventory.

 

ERP netsuite

Real-Time Data in NetSuite ERP

Offering a slew of real-time data, users can instantly see underlying patterns and trends across various business processes. With real-time dashboards, NetSuite ERP offers clear visualization of financial metrics, sales performance, employee performance, and so much more. Other types of real-time data include financial information like income and cash flow statements, balance sheets, and more. Inventory data is also given in real-time and offers visibility into stock on hand, in order, and in transit, among others. It enables the tracking of sales orders and performance KPIs, as well as procurement data such as vendor and supplier information, allowing users to better manage their relationships. Customer data is also in real time, which gives users the ability to view transactions and their history, as well as communications, which helps support staff to better understand the 360-degree view of the customer.

 

Accurate Reporting

For leadership to make informed decisions, accurate reporting capabilities are provided in NetSuite through real-time data consolidation and automated processes. Because all data is centralized and stored in one platform, it eliminates discrepancies that can arise from utilizing various systems, thereby making its reporting capabilities completely accurate. Reports are based on the most recent information, which lessens the likelihood of mistakes caused by old data. They’re also customized by the user according to their business needs and can be configured using relevant data. Financial reports are also in compliance with accounting standards, including GAAP and IFRS, ensuring accuracy.

 

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Your NetSuite Implementation Guide: A 7-Step Checklist

What’s involved in a NetSuite ERP implementation? Let’s dive into this complete checklist that will give you all the details you need to know before connecting with a NetSuite implementation partner.

What to expect from kick-off to go-live and beyond:

    • Requirements Gathering
    • System and Customization Design
    • System Configuration
    • System Testing
    • Training
    • Deployment, Preparation, and Go-Live
    • Support and Maintenance
 

Requirements Gathering for NetSuite Implementation

The first step is to discuss and lay out the business goals with your NetSuite implementation partners. What are you trying to solve? What are the ERP requirements of the various departments within the organization and the issues they have that they will need to address? A deep dive into the needs, along with the challenges and goals, is imperative to the discovery and assessment phase. Look at current workflows and processes and identify inefficiencies that can be addressed with NetSuite ERP.

 

Once you have identified the issues that need solving, clarifying which processes you’d like the ERP system to take responsibility for and the business goals the new system will need to support is next. It’s also vital to examine the current systems within the organization that are working or not working to help reach business goals and decide whether or not to keep them.

 

Part of the assessment process is to also identify the key stakeholders that will be involved in the implementation, including the leads of different departments. These stakeholders should be involved in this initial phase, as their input is invaluable. At this stage, it’s also time to identify what KPIs will need to be monitored, tracked, and optimized. At the end of this portion of the process, your team and NetSuite implementation partners should be able to clearly identify the objectives and results you expect to come out of deploying the new ERP.

 

Throughout the implementation process, ensuring that accurate and complete data is transferred to NetSuite is pivotal. Conducting a thorough check of current data and its integrity is critical, as well as identifying what needs to be moved. If data must be cleansed prior to migration, then organizations must complete this effort prior to any other step. Once data has been cleansed and validated and is free of errors and redundancies, developing a mapping strategy to align the old with the new system is necessary. Determining which data sets are necessary for operations should be prioritized for migration. Be sure that security and compliance measures are taken to protect any sensitive information during the data migration. Consider how the data will flow between systems after the migration and that these integration points are configured properly. Decide whether data will be migrated in phases or in one fell swoop based on needs and limitations.

 

Once all these determinations have been solidified, testing the migration process to identify issues before going live is essential. Validation of the data’s accuracy and the completion of the migration should be verified and reconciled. A backup and contingency plan should be implemented as well, in case of unexpected failures, and to address any risks or disruptions. All of these considerations should be taken into account to maximize the success of data migration into your new NetSuite ERP system.

netsuite requirements

System and Customization Design

After the discovery and assessment phase, a plan for customization should be next on the checklist. Customizations should be prioritized based on their impact on the business, availability of resources, and strategic significance. The focus should be on customizations that present the most value. Consideration for out-of-the-box functionality should be evaluated first, as those may already meet the needs of the organization without the need for customization. When considering customizations, scalability should be taken into account to ensure they’re flexible and can accommodate future growth without too much rework. Prior to deploying any customizations, thorough testing should be done to ensure they function properly.

System Configuration

This vital step in the ERP implementation process involves setting up items like language preferences, assigning user roles and permissions, and changing any default settings to meet the needs of the organization. Your partner will also help to optimize any database settings for performance, security, backup, and recovery. At this point, you may also integrate the ERP with other applications, depending on the various phases in which you agree. This stage also includes the implementation of any change management practices to minimize interruptions and manage any changes effectively.

System Testing

Evaluation and testing of your new NetSuite ERP’s functionality, performance, and reliability is to make sure it meets the needs of the organization. There are several types of tests to perform, including functional testing, which ensures that all works as intended. These can include data entry, transaction processing, and generating reports. Another phase involves testing the integrations with other applications to ensure that data smoothly flows from the ERP to the other systems. Performance testing, another phase, evaluates the responsiveness of the ERP, as well as its performance under different workloads. Testing the security is also vital to address any vulnerabilities and includes user authentication, data encryption, and more. You will also want to test the user interface and experience to ensure that layouts, navigation, and overall user satisfaction are up to par. Once this phase is completed, full deployment across the organization occurs.

netsuite system testing

Training

Training not only involves educating new employees on the system but also teaching those who will be training others. There should always be a set group of employees that will be responsible for training new employees on the system, so they need to be read in first. Multiple scheduled training sessions take place in order to completely familiarize users with the new system. This involves providing hands-on practice where users can interact with NetSuite in a simulated environment, ask questions, and get assistance as needed. Feedback is an important part of the process, as it identifies any areas of improvement as well as the effectiveness of the training sessions.

Deployment, Preparation, and Go-Live

At this stage, testing and training have been completed and all parties agree that the next phase is to go live with the implementation. Change management strategies have been implemented to help users adapt to the new processes and system. Detailed plans have been developed for the launch of NetSuite, including scheduling the actual go-live, identifying key stakeholders and support personnel, and outlining contingency plans for any issues that may arise.

 

netsuite deployment

Support and Maintenance

Your NetSuite implementation partner should offer support services long after going live so that you and your team can focus on the business. Support services can include anything from administrative to analytical and technical support, as well as operations and integration support. These services should be offered through various channels, such as via phone, email, or even web-based support portals. You should also ideally be assigned a dedicated support manager who will look after your needs and make sure that your ERP continues to run smoothly.

 

Now that we understand how the implementation of NetSuite is not merely a technical endeavor, we can see how strategy, meticulous planning, thorough communication, and comprehensive training play a role as well. By utilizing this checklist, you can be more confident in knowing what to expect from an astute NetSuite implementation partner and how they can help transform your business processes and thrive in today’s dynamic business landscape.

 

Caravel is an award-winning NetSuite Alliance Partner who has worked with over 750 clients in various industries ranging from small businesses to enterprise-level corporations. Interested in learning more? Contact us below, and let us show you how we can help.

 

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