Global adoption of cloud technology continues to grow as businesses move from on-premises technology to achieve business efficiency, on-demand service, network elasticity, and improved network access. 53% of organizations with ERP software are using cloud-based solutions instead of on-premise systems.
Oracle NetSuite ERP is considered the first cloud ERP in the entire world, having rich features such as Accounting and Finance management, Order to Cash Procure to Pay, Supply Chain Management, Demand Planning, Inventory Management, Workflow Management, Manufacturing Routing, etc. The product has a large base of customers and is serving more than 30,000 organizations across 160 plus countries.
But what is Oracle NetSuite, and why is it important for your business? We answer these and other questions for those considering NetSuite as an ERP candidate.
Understanding The History of Oracle Netsuite
Netsuite has been around in the ERP space for over 20 years and is one of the first, if not the first, pure Software As A Service (SaaS) or Cloud-based ERP systems.
Initially, it was developed as a web-hosted accounting system to cater to various business needs, including managing finance, other operations, and ensuring customer satisfaction. Yet today, Netsuite has evolved into a subscription-based, multi-tenant SaaS offering.
Oracle acquired Netsuite later in 2016 to enhance its suite of products. So, Oracle has its ERP offering, which is meant for larger organizations, while NetSuite is designed for small and medium businesses.
Why Is NetSuite The Best Cloud-Based ERP Solution for VARs?
Besides being the number one provider of cloud ERP, Netsuite is also the fastest-growing financial management platform in the world. Almost every new IPOs over the last 9 years has been running on NetSuite. So, what makes Netsuite the best fit for so many organizations?
1. Native And Mature Business Solution
The biggest advantage that the product provides is that it is a native cloud solution. This means it’s a lot more mature than many of the products that are now trying to rewrite their systems for the cloud. So, in many ways, NetSuite has a 15 to 20-year head start on developing enterprise technologies for the cloud because this is what they’ve always done.
2. Standardized Workflows
Given that Netsuite is a SaaS-based solution, some standard workflows can help a company scale – Especially a smaller high-growth organization that is operating with QuickBooks or spreadsheets or a combination of both.
Netsuite Enterprise Integration provides a certain amount of standard business processes and workflows that will allow you to scale your organization faster than if you were to continue with some of the more manual business processes.
3. Great Cloud Alternative to Manually Processed Spreadsheets
Netsuite is considered a big step up from excel spreadsheets and the tools that a lot of small and mid-sized companies are using early in their growth cycles.
So, it can be a good entry point into the world of ERP for a smaller mid-market company that hasn’t deployed ERP technology before.
4. Efficient Business Intelligence (BI) Tools
NetSuite gives a complete spectrum of analytic tools to meet the needs of your business. These BI tools help companies to achieve progressive growth and business well-being. It helps understand revenue recognition, charts, and figures, and much more influence on better decision-making processes.
5. Real-time Business Flexibility & Visibility At The Global Level
In the modern business world, global ERP solutions are a must. There is no longer a need for localized solutions for each country to meet local management needs and produce accurate reports across countries and regions.
Because NetSuite Enterprise integration is also global, it is capable of dealing with businesses in multiple languages, multiple currencies, and various subsidiaries in different countries. This level of flexibility helps Value-added Resellers get real-time visibility into business processes at all levels: local, regional, and corporate.
6. Easy To Configure And Customize
NetSuite is flexible and easy to configure and customize. Certain benefits such as customizable dashboards, unified customer records, and real-time access can help with timely business decisions. There is no limit to the number of people inputting data since everything is linked to the home base. So, it becomes easier to pinpoint errors and resolve them afterward.
The result is an extremely efficient and personalized sales cycle, customer fulfillment, and exceptional customer service processes.
7. Secure and Scalable
As a cloud technology, NetSuite Enterprise Integration is equipped with features to protect sensitive data, including credit card numbers and personally identifiable information. Netsuite has been audited and certified to meet SOC 1 Type 2 and SOC 2 Type 2 standards (SSAE18 and ISAE3402), as well as ISO 27001 and 27018, PCI DSS, and PA DSS.
This is why 63% of technology IPOs have been running on NetSuite since 2011. Each quarter, there are 2.2 million log-ins and 18000 transactions made through apps or web services during 24 hours. These numbers are substantial and are only expected to increase.
Features & Functionalities NetSuite ERP Offers
Adaptability is more important than ever. NetSuite Enterprise Integration delivers a wide array of features designed to provide adaptive business operations, enhanced operational awareness, and greater control over resources.
1. Accounting Management
Cloud accounting software like NetSuite makes it easier to record transactions, manage payables and receivables, collect taxes and close the books while enabling more accurate reporting and better control over financial assets.
Real-time financial data gives you the ability to quickly resolve issues, generate reports and disclosures, and conform to a wide range of regulatory compliance requirements, including ASC 606, GAAP, SOX, and so on.
And all you need is an internet connection to access financial data like profitability ratios, inventory margins, liabilities, etc. This cloud system allows employees, executives, and operational teams to work whenever and wherever they want.
2. Financial Management
NetSuite financial management solutions enable organizations to manage daily financial transactions, reduce budgeting and forecasting cycle times, comply with regulatory requirements, and accelerate financial closes.
With the platform, VARs can view their financial performance at a consolidated level and the individual transaction level in real-time. As a result, businesses can improve their cash flow, lower costs, and increase profitability.
3. Inventory Management
The inventory and demand planning module of Netsuite helps you buy the right products for inventory and reduce overstock and waste. This module uses artificial intelligence to analyze your historical data to make suggestions for inventory replenishment as well as which items to liquidate or mark down if they aren’t selling.
When you’re close to selling out of a product, Netsuite can send notifications to let you know when it’s time to reorder.
As a result, NetSuite Inventory Management helps businesses lower inventory costs while exceeding customer expectations by ensuring product availability across multiple channels and optimizing inventory levels.
4. Sales Order Management
NetSuite Order Management automates and ensures the smooth flow of orders, from the moment a customer places an order through delivery and on to post-sales support. Aside from accurately capturing and validating orders, it sends orders, confirms shipments, and communicates with customers.
NetSuite Order Management also supports complex processes such as split shipments and dropshipping.
The platform automates the flow of information across all the fulfillment locations and providers. This allows VARs to deliver an omnichannel experience, allowing customers to buy anywhere, receive anywhere and return anywhere.
5. Supply Chain Management
NetSuite supply chain management software helps VARs manage their supply chain, from suppliers through production and into the hands of customers. The system facilitates smooth production by ensuring material is available and in the correct locations and accurately scheduling both equipment and labor resources.
The NetSuite procurement features enable VARs to communicate with suppliers and ensure accuracy in the purchasing process. Next, integrated demand planning, inventory management, and predictive analytics help optimize the production strategies. Finally, work orders and routing help fulfill supply plans and ensure products are delivered on time.
6. Warehouse Management
With NetSuite’s Warehouse Management System (WMS), VARs can optimize day-to-day warehouse operations using industry-leading practices, such as mobile RF barcode scanning, defined pick and putaway strategies, task management, and authorized return receipts.
If you’re using spreadsheets – or worse, pen and paper – to manage hundreds, or even thousands, of SKUs in many locations, warehouse management can easily become a manual, chaotic, and inefficient process.
With Netsuite Enterprise Integrations, you can minimize handling costs, run your warehouses more efficiently, and meet customer expectations consistently.
7. Customer Relationship Management
Netsuite’s CRM module works well for wholesalers, but retailers can also use it to create targeted marketing campaigns for certain customer segments based on their purchase and interaction history.
Netsuite CRM keeps a record of contacts, activity history with customers, communications credits, and more. It is also possible to assign customers to segments automatically based on customizable rules. The combination of a CRM and ERP system provides total customer visibility as it combines front-end customer touchpoints with essential back-end data.
Grow Your VARs Business With Netsuite Enterprise Integration
Modern-day sales demand integrations. Not only do they benefit sellers, but also customers. More than 80% of Business Operations leaders, including those in services, manufacturing, and supply chain, say data integration is critical for success. Given the number of data and workflow integration points needed to run a business effectively and competitively, these figures are not surprising.
Point-to-point connections can accomplish Enterprise Data Integration – but they will cost you more time and money than necessary to achieve the desired results – and over the long run, they will prove more difficult to operate and maintain. VARStreet is the foundation you need to become agile, secure, scalable, and flexible with your business solutions.
VARStreet Netsuite Enterprise Integration – The simplest and fastest way to take your VARs business online
Streamline all your processes with tight integration between quotation, eCommerce, CRM, and ERP. With the VARStreet’s Netsuite Enterprise Integration, you can align your VARs business for success
- Integrated ERP, CRM, eCommerce, and quotation software gives you complete control over all of your sales channels.
- Automation of business processes can eliminate disparate spreadsheets and software. Integration between business applications removes redundancies and speeds up order processing.
- With real-time insight into your entire business process, you can make informed decisions.
- VARStreet’s sales quoting and eCommerce application communicates bi-directionally with NetSuite, ensuring that key information about orders is available in real-time across all departments.
- The ability to view every step of the sales process and every contact with a customer will enable your sales team to close sales faster and improve after-sales service.
- B2B buyers of well-integrated applications enjoy enhanced customer experience through relevant search, faster order processing, customized solutions and landing pages, and other features necessary for B2B purchases.
VARStreet understands the needs of VARs and is built to cater to their needs. By integrating all the business applications seamlessly, VARStreet offers a comprehensive business solution that aligns and unifies disparate business systems, helping Value-Added Resellers save time, eliminate errors, maximize profitability, and sell more products.
VARStreet is equipped to help you build any customized or off-the-shelf integration you require to make your business successful.
