The process where businesses handle and unify the core parts of their companies is called Enterprise Resource Planning (ERP).
NetSuite’s ERP is widely known for being both friendly and effective: it lets you integrate all of your businesses main activities and processes to fit your needs.
NetSuite consists of many modules integrated to its ERP system. These modules are meant to enhance your business processes, such as custom fields and workflow.
NetSuite’s modules can be incorporated to your business structure to improve it and make it more efficient. Of course, the kind of modules you should add to your business structure will depend on your operational systems and specific needs.
Since there are many NetSuite modules types, it is not always easy to know which ones are best for you and how to manage them all.
Helping you out with these decisions is why we have created this article. Join us to learn everything you need to know about NetSuite’s modules!
What is NetSuite?
NetSuite is an online business assistant prepared to manage and integrate your business’s key activities by centralizing data.
Let’s start from the beginning digging a little bit into NetSuite’s history.
NetSuite was founded as Net Ledger by Evan Goldberg in 1998. NetLedger was a web-hosting service for accounting software management.
Later in 2002 a new CEO jumped into the team: Zach Nelson, who successfully led the company and increased its revenues up to billions.
Finally, Oracle bought NetSuite in 2006.
Do not miss this article If you want to get to know everything about NetSuite!
How many modules are available in NetSuite?
NetSuite offers two standard module types: NetSuite CRM and NetSuite ERP. As we already mentioned, NetSuite ERP is the most popular one.
Both of these software packages have a bunch of important features that will improve processes for almost any company in any field.
Every NetSuite module will enable you to boost your business and increase the efficiency of your processes. At the same time, this will allow you and your team to focus on your main tasks and spend your time more wisely.
The automation of manual activities and the ability to use one single system to manage every department of your company will free you from wasting a lot of time and many resources.
In addition, incorporating NetSuite modules reduces human mistakes and ensures productivity. The software establishes the step-by-step way of following procedures and workflows.
What’s more, NetSuite modules allow you to receive real-time data on how your team is performing their duties and share it with them.
Also, this data is always synchronized in one system so there will not be confusing double data entries. You will always be able to access your key information!
More about this: What is NetSuite?
Best NetSuite modules available
Let’s take a look into NetSuite’s most popular modules and find out how they can help your company.
Getting to know them all is key to deciding which ones you should use for your business!
1. Advanced Financials module
This module is the perfect for financials managing operations like budgeting, billing and expenses management.
Advanced Financials include a statistical accounts option that calculates allocations in a dynamic way.
2. SuiteBilling module
SuiteBilling is ideal for recurring billing processes. Managing NetSuite projects with revenue recognition specs has become a friendly task thanks to this module!
3. Planning and Budgeting module
This module gives you relevant financial insights to help you make business related decisions.
Analyzed data by the Planning and Budgeting module is key to scheduling, modeling, reporting and perfectioning workflows.
4. Advanced Procurement module
This module takes many requisitions and turns them into purchase orders numbers. This way the transactions costs lower.
5. Demand Planning module
This NetSuite module studies your historical demand and allows you to predict your future inventory. In addition, this module manages your inventory. This reduces the costs of order consolidation.
Consequently, running out of stock is no longer a problem for you.
6. Contract Renewals module
Does your business have different contract types? If so, this module’s subscription methodology is perfect to deal with them.
7. Advanced Inventory
Controlling your inventory and being able to connect your multiple locations is key for your business success.
The Advanced Inventory module lowers shipping costs, fulfillment costs, procurement and warehousing.
As you can probably imagine, this increases your customers’ satisfaction!
8. Fixed Assets
This module basically helps you to have your work organized and to customize your processes to suit your needs.
Say goodbye to multiple spreadsheets! Fixed Assets makes your job easier by tracking depreciating and non-depreciating assets.
9. Warehouse and Assemblies module
UPC codes, task management and inbound reversal to support your inventory and your manufacturing and picking processes.
10. Netsuite CRM module
This NetSuite software connects your ERP to your customer’s information, allowing you to get real-time information about their purchases.
11. InStore module
This NetSuite module integrates both digital and in-store shopping experience, providing information about the customer and the inventory.
NetSuite’s e-commerce platform is called SuiteCommerce.
One of the most important benefits of using SuiteCommerce is that it is natively integrated with NetSuite, which means a formidable user experience is guaranteed.
Relaying on an integral solution of e-commerce and ERP is key for businesses to succeed.
A holistic solution will help you avoid wasting time, money and resources, and enable you to use them wisely at software customization and management.
SuiteCommerce stands out for being very customizable. There are not many customizable platforms available!
This module can take your company to a whole new level if your developers’ team is smart enough to make the most out of it.
13. Suitecommerce Advanced
SuiteCommerce Advanced (usually known as SCA) is a NetSuite’s module consisting of a premium e-commerce solution.
SCA integrates both e-commerce and ERP with the main operational tasks at the core of your business. This includes inventory, order management, marketing, financials and customer support.
This module generates worldwide web stores of the highest standard.
Omnichannel shopping experiences unified with back-office systems.
14. NetSuite Advanced Revenue Management module
This solution is one of the best ERP modules! It recognizes each industry revenue and guarantees a full control over your operations.
15. NetSuite Manufacturing module
NetSuite Manufacturing lets businesses design their workflows to control each link in the production chain.
16. NetSuite Accounting module
When it comes to NetSuite financial modules, NetSuite Accounting module is the best choice. This module allows you to have full control of your financial transactions. It ensures a neat financial management. It also enables teamwork.
In addition, you can personalize your transaction’s preferences and save them for future instances.
17. SuitePeople module or Human Capital Management module
As the name indicates, this module was created to enhance your team management both in an individual and collective way.
Besides, SuitePeople also allows you to track timing and make productivity reports.
18. NetSuite Professional Services Automation module
NetSuite PSA enables you to create multiple independent projects for each team and establish rules on how to manage each one of your clients.
19. NetSuite Quality Management module
This NetSuite solution sets quality practices, policies and standards and takes care of product quality.
Removing NetSuite modules
Sometimes you only need NetSuite modules temporarily, and then your business requirements change and you do not need them anymore.
If so, you can only remove the module during the contract renewal period. This means that you will have to stick to it until then. And, of course, pay for it until then.
Once the contract renewal period ends, you are free to take it off your plan.
Therefore, you should be careful when licensing modules to avoid getting more than you need!
You can choose to get an industry suite or to design your own module package.
Either way, it is essential to make sure you are choosing the right software. As important as it is not to license unnecessary modules, it is key to cover all your business core functions.
Boosting your business and enhancing your business efficiency is what every NetSuite software package was built for.
Therefore, every module we have mentioned before has the potential to take your business to the next level, just like they do with many companies around the globe.
However, do not go crazy on the modules! Make a smart choice when deciding which one best fits your business needs.
You also might like to know that NetSuite customer service is outstanding, so feel free to contact them right away if you have further questions about which module you should license for your business.