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The Top 7 Benefits of NetSuite ERP

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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.

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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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