Reasons to consider NetSuite ERP for your business
Posted On September Thursday 30, 2021
Today, Enterprise resource planning (ERP) is one of the most comprehensive and robust enterprise-wide data management solutions in the business landscape. Yet, with so many ERP systems in the market, choosing the right one may seem overwhelming. however, don’t get lost in the sea of bells and whistles – successfully implementing a cloud ERP strategy for your business means choosing the most proven, trusted, and activated solution in the world i.e. NetSuite ERP.
Let’s dive deeper into the topic and explore what is Netsuite and the benefits provided by NetSuite ERP
What is NetSuite?
NetSuite is a software enterprise designed to provide business management solutions. It provides ERP software that is used by more than 20,000 organizations around the world. The platform consist of a suite of applications such as ERP, CRM, e-commerce, etc, that helps companies to manage the business process using a single integrated system
With an innovation-oriented value base and two decades of successful platform deployments, Oracle NetSuite has an adequate understanding of global companies in all segments and the challenges they face in day-to-day activities. One of the essential characteristics of NetSuite is its scalability aimed at executing fundamental operations and financial business processes in the Cloud.
As NetSuite uses the SaaS model, customers can rent it out on a subscription basis without taking the responsibility of underlying infrastructure or maintenance costs. This way, it not only reduces cost but also increases employee productivity.
A brief history about NetSuite
It’s all started in 1998 when Evan Goldberg founded NetSuite in San Mateo, California (USA). Then, it was named, “NetLedger” which offered accounting software hosted on the web. In 1998, Evan Goldberg received initial financial support of approximately $125 million from Larry Ellison, founder and CEO of Oracle Corporation through, Tako Ventures, Ellison’s venture capital firm. The other early investors were StarVest Partners, ADP, and UBS PaineWebber.
In July 2002, Zach Nelson was appointed as CEO of NetLedger. Before joining Netledger, Nelson had prior experience on enterprise applications via the Internet in MyCIO.com, a division of McAfee Corp. This experience led him to the conviction that all software can be delivered over the Internet, and he left McAfee to join NetLedger. In 2002, NetLedger changed its name to NetSuite after the company added applications for inventory management and CRM. This led the company to climb annual revenue of nearly $1 billion from about $1 million before its acquisition by Oracle Corp.
In December 2007, NetSuite became a publicly-traded company after its initial public offering (IPO) of 6.2 million shares at $26, raising more than $160 million and giving the organization a market cap of $1.55 billion on the New York Stock Exchange.
As a result of this growth, in July 2016, Oracle announced its offer to acquire NetSuite for $9.3 billion to support its transition to become a cloud software provider. Before closing the deal, the process went through some complications, and then finally, in November of the same year, NetSuite began operating as a Global Business Unit within Oracle.
After the acquisition, NetSuite has continued to grow swiftly – a quarter of the employees are based in their Philippine office. Also, NetSuite has additional offices in Denver, Las Vegas, Austin, Chicago, Atlanta, New York, Boston, Toronto, UK, Spain, Czech Republic, Hong Kong, Singapore, Australia, and Uruguay.
Core capabilities of NetSuite ERP
Consistency and homogeneity of information
Obviously, with an integrated and centralized information system, the risk of duplicates and errors is drastically reduced. The NetSuite Cloud-based application helps you to keep your data in a uniform and coherent way. And that’s not to mention the fact that your NetSuite ERP will also protect you from many faults in terms of information security and confidentiality standards by centralizing sensitive data in a single place where duplicates, copies, falsification, and even access are controlled through a secure identification system.
Oracle NetSuite ERP is fully customizable cloud computing software, where the user can configure the platform according to their needs and business goals, organizing functions through business process flows, metrics, and value-based dashboards.
This system is prepared to scale business in all sectors. It provides customized interfaces according to their respective tasks and functions and important resources to meet the needs of each area.
Real-time visibility is critical when it comes to is making decisions effectively. With NetSuite ERP, data can be accessed instantly and users don’t need waste their time capturing and collecting information from several sources. Through its system’s built-in reporting tools, users can draw reports on everything and anything they want to measure. In addition to this, NetSuite also gathers data across the entire organization, as opposed to data silos, which leads to more powerful insights.
Benefits of NetSuite ERP
NetSuite customer referrals score very high on overall customer satisfaction. It receives high scores in product evaluation/contract negotiation, implementation, and integration, and some less in services and support. Moreover, NetSuite has robust and comprehensive financial management functionality. It has improved subscription billing, revenue recognition, and continuous consolidations in real-time. NetSuite is specially designed mainly for:
- Optimize business processes through global financial functionality.
- Access real-time information on the main business performance indicators Obtain a unified vision of the organization and a single version of reality.
- Quickly and easily add functionalities tailored to your business.
- Improves business performance with real-time metrics and role-based dashboards.
- Accelerates financial close while maintaining compliance with applicable accounting standards.
As an additional feature, it can be added that it supports the following languages: English, Spanish, Chinese (traditional), Danish, Dutch, French, German, Indonesian, Italian, Japanese, Korean, Portuguese, Russian, Swedish, Taiwanese, Thai.
For all these benefits, we can assure you that the investment in NetSuite ERP will be worth it since the improvement of the entire operational system of the company will reflect greater productivity and an increase in sales/orders. And in this way, the initial investment will be recovered in few months.
The ERP NetSuite by Oracle is a comprehensive solution that allows companies to optimize all their internal management processes to grow successfully. It is today the world’s leading ERP around the globe. It is a platform that has managed to change paradigms in the world of business management, where today sales are focused on the customer and not the other way around.
At Techcloudpro, we analyze how your business operates, install the required NetSuite Solution according to your business needs, and provide you your own customized ERP to assure that your business is running with advanced capability.
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