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Posted by Matt Osborn - 03 December, 2019

How NetSuite ERP Modules Can Help You Accelerate Growth

Running a business in today's fast-paced, global business environment means you have to juggle many moving parts. From supply chain and finance to demand forecasting, sales order management, and customer service -- any inefficiency in the system can impact your profitability.

Manual processes are prone to costly errors and delays while the use of disparate software applications to manage various aspects of the business can lead to a siloed approach that makes communication and collaboration among departments highly cumbersome.

To stay competitive and profitable, you need an integrated ERP (enterprise resource planning) solution that can consolidate all the key functions and automate workflows so you can improve operational efficiency, reduce cost, and improve profitability.

There's a variety of ERP systems on the market with various capabilities to serve different business needs. One of the industry leaders is NetSuite ERP, a popular business management software used by many fast-growing enterprises. It helps streamline business processes and offers the flexibility to meet the need of companies of different sizes, allowing you to scale up quickly with minimal efforts.

What's NetSuite ERP?

NetSuite ERP is a complete and scalable cloud ERP solution by Oracle designed for high-growth mid-size businesses and large enterprises.

It improves operating efficiency, reduces cost, and streamlines workflow by automating many front- and back-office processes such as financial management, demand planning, assets management, revenue recognition, procurement, project management, sales order management, billing, advanced inventory management, fixed asset management, resource allocation, warehouse management, and more.

netsuite solution(source)

NetSuite ERP modules can be mixed and matched to deliver the exact capabilities needed by individual organizations, providing management solutions to support finance, HR, sales, operations, and service departments.

The Benefits Of NetSuite ERP

NetSuite ERP is used by over 18,000 enterprises worldwide and is one of the most deployed cloud ERP solutions on the market. Here's are some of its key benefits:

Streamlined Financial Management

Finance and accounting have many moving parts and NetSuite ERP modules allow you to consolidate them onto one single platform so you can streamline workflow and minimize errors. Some key functions include expense management, auditable revenue management, financial planning, multi-book accounting, and revenue recognition.

NetSuite ERP's accounting software provides real-time visibility into an organization's financial performance. It integrates with other NetSuite ERP modules (e.g., order management, inventory, and demand planning) to help facilitate collaboration between finance and other internal departments so you can streamline workflows and minimize errors.

Cloud Capabilities

Offered as cloud-based software, there's minimal upfront IT investment to start using the NetSuite ERP platform since you don't need to purchase or set up expensive hardware (e.g., servers). The platform can be accessed from anywhere with an Internet connection, allowing employees to stay productive no matter where they are and collaborate with internal teams or external vendors from around the world.

Since the vendor will handle all the software maintenance and upgrade, you can significantly lower IT overhead. In addition, you don't have to worry about the high cost associated with IT security because the vendor takes care of all software updates and has a comprehensive backup and recovery plan in place to ensure maximum uptime and protect against data loss.

Flexible Pricing

Offered as a cloud-based software-as-a-service (SaaS) product, NetSuite ERP users are charged a monthly base license fee plus a per user, per month access fee. The monthly subscription model allows you to scale up or down quickly by adding functions and users as they're required so you don't have to pay for capabilities that you don't need.

NetSuite ERP has a quote-priced system based on each customer's requirements so you can get a price that covers the exact features your business needs to optimize your budget while taking advantage of system's scalability to grow your company.

Complete Supply Chain Visibility

Real-time updates via the order management, demand planning, procurement, manufacturing WIP, and warehouse management modules provide you with a complete view into the entire supply chain so you can optimize the efficiency of your end-to-end, procure-to-pay process.

In addition, the ERP solution includes a B2B business portal with self-service capabilities for partners, suppliers, and customers. It enhances collaboration throughout the supply network so you can improve communication and business relationships. 

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Demand Planning Capabilities

NetSuite Demand Planning module supports various projection methods such as linear regression, moving average, seasonal average, and sales forecast to help you anticipate market trends and customer demand. This can help you improve supply chain management to optimize inventory and profitability. 

You can create demand forecasts by using historical data and/or sales forecasts and establish supply plans, from which you can automatically generate purchase or work orders. In addition, the software allows you to model how expected sales and purchase orders can affect future inventory levels.

Order-To-Cash Process Automation

NetSuite ERP’s order and billing management module enables you to consolidate sales, finance, and fulfillment operations for more efficient workflows. It also allows you to automate various procedures to reduce delays, eliminate bottlenecks, and minimize errors caused by manual data input.

The streamlined and automated processes will allow you to improve quote accuracy, reduce billing mistakes, and strengthen revenue recognition. In addition, automating approval, invoicing, and payment management will help you accelerate the order-to-cash process and improve cash flow.

Customer Experience

A streamlined, error-free, and responsive customer experience is the key to retaining B2B customers. The NetSuite ERP platform allows you to manage customer profile, order, invoicing, and shipping information all on one centralized platform to minimize fulfillment errors that could lead to delays and frustrations.

The software application integrates with major shipping carriers (e.g., FedEx, UPS) so you can manage all your shipping needs in one place. Real-time updates on shipping rates and order processing costs help you provide the most accurate delivery information to buyers and improve customer service.

Robust Financial Planning

The financial planning module in NetSuite ERP gives you the flexibility to address fast-changing business requirements and stay profitable without losing sight of your company's vision. Some key capabilities include financial modeling for budgeting and forecasting, evaluation of financial scenarios, annual target setting, and gap analysis of actual and projected results to help effectively manage expectations.

The unlimited database capabilities allow you to perform advanced project accounting by executing custom, system-wide queries using any criteria. Custom reports provide key stakeholders with real-time access to business-critical information so they can make accurate data-driven decisions.

Here is a demonstration of one of the financial layouts:

management software(source)

Human Resource Management

The ability to manage a growing, diverse, and dispersed workforce is key to scaling up successfully in today's global economy. NetSuite's Resource Management module helps you accurately forecast staffing needs, maximize productivity, and improve employee utilization rates while minimizing the cost associated with running HR.

The application covers both big picture staffing needs and project-level resource allocation. Some key features include comprehensive resource management, project staffing, resource forecasting, and utilization tracking to help ensure that the right resources are working on the right projects.

Reporting, Analytics, and Business Intelligence

NetSuite ERP provides employees with a customizable view of key performance indicators (KPIs) and reports tailored for their roles so they can get the necessary information at a glance. It also has built-in business intelligence functions, which seamlessly integrates with financial and production management data for maximum accuracy.

The real-time customizable dashboard enables you to turn the data into visual analytics so you can quickly extract insights or create custom data summaries to inform further actions. In addition, it helps facilitate employees' daily responsibilities by listing routine details and showing reminders for deadlines, calls, meetings, etc.

Global Commerce Capabilities

NetSuite ERP is designed to support companies that are serving customers worldwide. With its multi-currency capability, you can cater to buyers from all over the world with the same streamlined purchasing process. In addition, the system complies with various international accounting standards to help you easily conduct business in different countries. 

In addition, NetSuite ERP's customer center function offers robust self-service account management features so customers from all over the world can manage their profile information, place orders, check account balance, view transaction history, set up payment methods, and pay invoices around the clock without timezone constraints.

Final Thoughts

NetSuite's ERP provides organizations with a flexible and scalable solution to manage their business processes. The various management modules integrate seamlessly with each other to streamline workflows and deliver the highest levels of efficiency and accuracy.

The applications help facilitate cross-departmental collaboration, improve business communication, enhance customer service, increase employee productivity, and reduce operating cost. Meanwhile, real-time data visibility and reporting features provide leadership a 360-degree view of the business operation to facilitate timely and accurate data-driven decision-making.

The fully configurable and scalable platform can be expanded to accommodate the growth of your business at any pace. Customized functions can be added at any point so you can build up the platform as your company grows to create a fully-integrated end-to-end business management system optimized for your unique business requirements to maximize profitability.

Summary

  • ERP helps consolidate all the key functions and automate workflows so you can improve operational efficiency
  • Netsuite ERP allows you to consolidate your finance and accounting practices to one platform
  • It enhances collaboration within the supply chain so that you can create better relationships with everyone involved
  • Netsuite ERP gives you a lot of data and metrics to help you make real business decisions
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Topics: Finance, Netsuite, Software as a Service, ERP

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