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What is NetSuite ERP? NetSuite ERP is a next-generation enterprise resource planning (ERP) software that can help you eliminate organizational blind spots and maximize business process transparency.
During your research, have you come across the NetSuite ERP platform as a potential solution but found yourself unsure if it is the right fit for your business? Are you looking for answers to straightforward questions like “What is NetSuite?”
If any of this sounds familiar, you are precisely where you need to be. As leading NetSuite accounting software partners, the QBIX Analytics team are some of the foremost experts on this robust ERP solution.
Our team specializes in connecting clients like you with enterprise resource planning and enterprise performance management (EPM) technologies that can elevate their growth trajectory.
Join us as we answer the question, “what is Netsuite?” We also discuss important topics like NetSuite implementation, which types of organizations would benefit most from deploying this technology, and more.
What Is NetSuite ERP?
NetSuite ERP is a cloud-based business management technology suite. Put simply, it is your one-stop shop for a dynamic array of tools and features that can help you regain control of your organization’s resources.
Additionally, NetSuite ERP contains a multitude of different automation tools that you can use to reduce your dependence on manual processes and drive efficiency in your organization.
Instead of using piecemeal solutions that are cobbled together, you can adopt NetSuite ERP and manage a multitude of different financial and operational processes from a single platform. This capability eliminates data silos, increases information transparency, and helps you make better use of all of the information that you gather on a daily basis.
Ultimately, NetSuite ERP gives organizations the ability to identify and capitalize on new growth opportunities. They can zero in on inefficiency pain points and then remedy those shortcomings using data-driven decision-making. Over time, this will help organizations become more competitive in the increasingly crowded global marketplace.
NetSuite ERP Core Features
The NetSuite ERP offers many different features and capabilities. For the purposes of this piece, we will focus on the seven core functionalities of NetSuite ERP:
Accounting Software
For those only interested in accounting software, NetSuite offers a more focused solution. However, the NetSuite ERP also includes robust accounting software as part of its technology package.
With this software, your organization can automate accounts payable, streamline accounts receivable processes, and optimize tax management tasks. The end result is greater cash flow, better insights into revenue generation, and improved compliance.
Financial Management
NetSuite ERP’s financial management tools allow you to get incredibly granular — right down to individual transactions. This capability provides otherwise inaccessible insights that can help you better understand your company’s financial health and performance.
Global Business Management
NetSuite’s global business management solution is known as OneWorld. As the name suggests, it is purpose-built to tackle the pain points facing international enterprises.
It can assist in ensuring compliance with international taxation laws, provide accurate currency conversion for reporting and tax purposes, and otherwise ease the flow of globalization initiatives. OneWorld is a must-have tool for organizations that operate beyond domestic borders.
Inventory Management
In the last few years, businesses have been forced to reckon with previously ignored inventory management practices. Those that had neglected to address inventory management efficiencies were faced with prolonged stockouts and struggled to meet customer demand for products.
Even if your organization’s inventory management practices were modernized prior to the challenges created by the pandemic, you undoubtedly faced your own set of inventory-related challenges.
Fortunately, you can increase inventory management capabilities and overall organizational agility by leveraging NetSuite’s inventory management tools.
These tools help you make better use of just-in-time ordering principles while simultaneously guarding against stockouts. The results are reduced costs and greater customer satisfaction.
Order Management
Manual order management processes are inefficient and set you up to experience costly fulfillment delays. If these delays become too frequent, you will experience diminished trust in your brand and damage to your reputation.
You can avoid the most common order management headaches by implementing NetSuite ERP’s order management software. It can streamline every phase of the sales process, including invoicing, order fulfillment, and receipt of payment.
Supply Chain Management
Agility is key if your business wants to prepare for the next global supply chain disruption. NetSuite ERP’s supply chain management tools can help you create flexible and resilient supply chains that can better withstand rapidly evolving market conditions.
You can move materials or finished products across your supply chain with unmatched efficiency and get them in the hands of paying customers.
Warehouse Management
No ERP solution would be completed without warehouse management tools, which is why NetSuite was sure to include this technology in its product offering.
NetSuite ERP warehouse management tools can dramatically increase the efficiency of redundant tasks, thereby allowing you to fulfill orders faster. The technology also provides real-time updates regarding item inventory so that you can better manage your stock.
NetSuite Accounting Software Core Features
NetSuite accounting software is revolutionizing the way that organizations manage their financial assets. It simplifies traditionally tedious processes such as document transactions, keeping up with AR and AP invoices, managing tax payments, and financial compliance.
In short, NetSuite accounting software serves as your single source of truth for all financial data across your entire organization. As a result, it can significantly increase your financial management capabilities and help you identify ways to improve your bottom line.
NetSuite Implementation Overview
Now that we have addressed the question “What is NetSuite ERP?” and outlined its capabilities, let’s shift our attention to the implementation process. NetSuite ERP implementation includes not only the deployment itself but the ramp-up as well. A typical implementation process will include:
- Planning
- Configuration
- Data Migration
- Training
- Testing
- Activation
From the outset, you will need to designate someone to lead the NetSuite ERP transition. This need holds true if you are adopting the accounting software or the entire suite of products.
Frequently, overseeing a NetSuite ERP implementation will consume the entirety of the project manager’s work week. That is why many organizations choose to partner with a third-party implementation firm like QBIX Analytics.
Once you have a plan in place, it is time to configure your solution in accordance with your organization’s needs.
The configuration process can take weeks or even months, depending on the complexity of your organization and several other factors. After the solution is appropriately configured, you are ready to begin migrating existing data to the new platform.
Your next two phases should occur simultaneously. You should begin training your staff while your deployment partner works with your in-house team to test the solution.
Investing in adequate employee training is critical if you want to maximize the return on your new technology investment. Employees who feel comfortable using the program will have higher buy-in rates, leading to a decreased time to value for your business.
The final phase is to activate or “go live” with your NetSuite ERP. Even the most well-planned implementations are bound to have a few hiccups along the way. That is all the more reason to partner with a deployment firm as they can help you navigate the potentially bumpy days following the go-live date.
Two Key Industries that Could Benefit from NetSuite ERP
NetSuite ERP is a versatile solution that can benefit many different organizations and sectors. However, there are two sectors that tend to experience the most significant benefits from NetSuite ERP:
NetSuite and Food Production
Businesses operating in food production, distribution, or other links on the food industry supply chain should strongly consider implementing NetSuite ERP. The robust set of features and tools provided by the technology can help these businesses navigate the complexities of the food supply chain.
These businesses can achieve unmatched supply chain transparency, improve inventory management, and reduce profit losses related to damaged or spoiled food products.
Another benefit of NetSuite ERP for businesses in this industry is that the technology will help them combat food fraud. Food fraud is a major pain point for virtually every business in the chain. Incidents of food fraud cost the industry billions each year and drive up prices for end consumers.
NetSuite Healthcare Solutions
Healthcare organizations have notoriously complex business processes. This industry is not only closely scrutinized by various governing bodies but must also contend with insurance companies and adhere to stringent billing requirements — all while attempting to provide top-quality care to patients.
Traditionally, healthcare organizations have attempted to manage all of these responsibilities using disjointed software collections. This setup can cause disconnects between various departments and make it exceedingly challenging to monitor overall organizational performance.
NetSuite ERP eliminates this hurdle to optimal business performance by reducing the complexity of internal processes.
Additionally, the technology can increase transparency and visibility between departments. Accounting, billing, and other departments can share information to streamline core processes, thereby optimizing efficiency and leading to improved patient care.
The organization itself will benefit because it can drive down the cost of providing patient care. This work will lead to improved revenue generation capabilities and can also result in cost savings for patients.
From a broader perspective, NetSuite ERP will give various departments the ability to automate redundant business processes. This automation will decrease the frequency of billing errors and other mistakes that are detrimental to a company’s cash flow.
Employees will then have more time to address dynamic tasks that add more value to the organization, such as interacting directly with patients.
QBIX and NetSuite Partnership
NetSuite ERP and accounting software solutions are some of the most dynamic business process management solutions on the market.
While these technologies are incredibly easy to use, the implementation process itself can seem daunting. Fortunately, you can easily navigate this journey towards optimized business efficiency by working with an expert implementation partner like QBIX Analytics.
QBIX Analytics’ team is full of NetSuite ERP experts, and our organization has an active partnership with the technology developer. We have been a trusted deployment partner for many years and stay apprised of the latest developments within the NetSuite ERP ecosystem.
This partnership demonstrates our commitment to mastering the NetSuite deployment process and makes us uniquely suited to oversee your ERP implementation.
Ready to Leverage NetSuite Accounting Software?
If you would like to tap into the power of NetSuite ERP technologies to gain valuable insights about your organization, you need an experienced implementation partner like QBIX Analytics.
Our highly experienced team can help your team locate data, structure and enrich it, and use said data in meaningful ways. We can oversee your entire NetSuite ERP implementation to ensure a smooth transition and minimize your time to value.
In addition to assisting with NetSuite ERP implementation, we can help you deploy other data integration tools. To learn more about the services provided by QBIX Analytics, contact us today.