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What is Netsuite used for? Features, Benefits & Solutions (2020)

What is Netsuite used for? Features, Benefits & Solutions (2020)

I think I know why you are here! Let me guess: you heard again and again about NetSuite and decided that time has come for you to get some information about it, right?

You’re in the right place.

As NetSuite experts, we have a particular view of how Netsuite works and which businesses would benefit from its capabilities.

And, of course, we are willing to tell you all about it. Are you ready?

What is NetSuite?

NetSuite is an online service based on an Enterprise Resource Planning (ERP) software, that takes care of the main tasks at the core of every business.

Whether you are in India, The United States, Philippines, Australia or Canada, this provides huge opportunities to take your business to the next level

what is netsuite

Some of them are inventory management, Human Resources, manufacturing, order management, and payroll, among others (don’t worry, we’ll get into this later!). 

To put it simply: NetSuite is an online business assistant that offers integral solutions by centralizing data.

Still not clear? Check this video out to help you understand:

However, NetSuite hasn’t always been what it is today. Let’s dig a little bit into NetSuite history

It started as NetLedger in 1998, a web-hosting service founded by Evan Goldberg dedicated to accounting software management

In 2002, Zach Nelson became a member of the NetSuite team as CEO, leading the business from a revenue of 1 million dollars per year to billions.

Then, NetSuite was acquired by the Oracle company in 2016.

When this happened, Evan Goldberg, Zach Nelson and Oracle co-founder and CTO Larry Ellison started leading the company together

NetSuite was also the first cloud computing software to ever exist. It even came out one month earlier than Salesforce.com.

Even though NetSuite’s star service is organic growth, this last decade has shown an important increase of NetSuite ecommerce, retail, manufacturing and professional service.

oracle company

Nowadays, NetSuite has 18,000+ customers in more than 200 countries.

What is NetSuite used for?

netsuite ecommerce

NetSuite’s data automatization leads to a reduction of inefficiencies made by human mistakes

NetSuite hosts multiple modules by a subscription model, which has two main advantages.

First of all, avoiding huge investments.

Secondly, allowing entrepreneurs and small businesses to detach from software maintenance and manual data entry and calculation

features of netsuite

Summing it up, NetSuite enables cost reduction and allows businesses to focus on building a strong competitive advantage.

Features of NetSuite

Scroll through this list of NetSuite core features regarding Finances, ERP, CRM and E-Commerce!

  • General Ledger
  • Global Financial Management
  • Time and Billing
  • Accounts Receivable
  • Accounts Payable
  • B2B and B2C Capabilities
  • Inventory Management
  • Order Management
  • Drop Shipment and Special Orders
  • Vendor Records
  • Campaign Management
  • Competitor Tracking
  • Online Lead Forms
  • Customer and Contact Management
  • Salesforce Automation
  • PCI Compliance
  • Multi Language

For which type of business NetSuite is the perfect solution?

As we mentioned before, NetSuite is mostly about making scalable and continued growth possible.  

That’s why it’s suitable for small, mid-market and enterprise businesses.

Thanks to NetSuite’s important customizable capability, essential operations can perfectly run on the software. 

netsuite solution

NetSuite has also a wide variety of functions perfect for both business-to-consumer (B2C) and business-to-business (B2B) companies of any region, country and industry!

In addition, NetSuite can be accessed from desktop, smartphones and tablets in real-time. This means full control of your business, anywhere, anytime

To make it easy for you, we’ve prepared a list of items you should take into consideration to decide if NetSuite is the solution you are looking for. 

netsuite products

So here are some of the main benefits of NetSuite:

  • Fast scalability and customization of your business.
  • The best solutions for the following industries: advertising, media, publishing, financial technology, manufacturing, nonprofit, retail, service-based businesses, software/internet, wholesale distribution.
  • Avoids data limitation and enhances data interpretation’s approach
  • Unifies every software your business needs in just one complete solution

Netsuite Products

There are several scenarios where NetSuite can boost your business. The following are the ones we consider the 7 main reasons why you should totally get on board with NetSuite.

  1. ERP (enterprise resource planning)
  2. CRM (customer relationship management)
  3. Openair PSA (professional services automatization) 
  4. Unified Solution
  5. E-commerce (aka SuiteCommerce)
  6. Retail
  7. Manufacturing
  8. EPM (enterprise performance management)

Let’s take a look at each of them.

netsuite erp

1. ERP

Running key financial business processes such as accounting, inventory, supply chain and order management.

2. CRM

You are probably wondering what NetSuite CRM is. Basically, this involves enhancing customer relationship management (CRM) to provide a deep understanding of your consumers and their behaviour

3. Openair PSA

Professionalising projects by building strategic plans and tracking and executing them.

NetSuite OpenAir PSA focuses on giving organizations the ability to run their main operations, such as project management and accounting, resource optimization, billing and revenue recognition. 

netsuite openair

This end-to-end automation is key to providing real time insights for making smart and profitable decisions

4. Unified Solution

Hosting all your data in the cloud so you get real-time access to each one of your business operations. Including every country you are in, every currency you work with, every language you speak and every subsidiary you need.

5. E-commerce

Standardizing every step of the buying journey of your online store to unify the marketing, merchandising, inventory, financial and support processes. 

6. Retail

Offering cloud-based retail software for customers buying from multiple channels.

7. Manufacturing

Providing a manufacturing solution to let businesses concentrate on product and service delivery. This allows businesses to achieve scalable growth

What is SuiteCommerce?

NetSuite’s e-commerce application is called SuiteCommerce. It is a complete platform for both online shopping and in-store point of sale (POS) applications. 

suitecommerce service

It is also meant for both business-to-business and business-to-consumer organizations. Nowadays, SuiteCommerce is used by more than 1,600 companies

SuiteCommerce is focused on improving ecommerce.

How? By increasing website’s loading speed and generating better website’s design interfaces

The whole point of SuiteCommerce is to provide consumers with a better shopping experience, optimized not only for each of them, but also for any device they are using. 

In addition, SuiteCommerce links e-commerce with your main operational business systems. This means, finances, inventory, order management and customer support.

suitecommerce experience

Thanks to this characteristic, businesses get to see their main information (customers, orders, inventory, etc.) in a single platform

This doesn’t only makes work so much easier, but it also allows building a full omnichannel experience.

In conclusion:

  • SuiteCommerce provides a full and unique e-commerce solution.
  • SuiteCommerce unifies multiple brands, languages and currencies in one platform
  • SuiteCommerce is meant for both B2B and B2C companies.
  • SuiteCommerce enables adding new features and functionalities to your website.
  • SuiteCommerce is linked to NetSuite’s other features

So, if you’ve already realised what a great acquisition SuiteCommerce is, remember that we at Broken Rubik are here to guide you and provide the best SuiteCommerce solutions.

In fact, that’s what we’ve been doing for many years for multiple projects and clients.

What is NetSuite Success?

SuiteSuccess is NetSuite’s most recent launch. It’s a new product designed to overcome the historical limitations that companies usually have to deal with when it comes to growing, scaling and facing changes.

netsuite success

SuiteSuccess’s micro-vertical solutions were specially made to accomplish each specific market needs.  

How much does NetSuite cost?

NetSuite pricing depends on many aspects, such as company size, business needs and complexity level of the industry

You can also access an annual licensing, which depends on company size, amount of consumers, tools required, implementation and subscriptition type too.

What do we love about this platform?

how much does netsuite cost

If you are not quite there yet, let us give you a few more comments on why you should choose SuiteCommerce as well

  1. The NetSuite Platform, known as SuiteCloud, adapts perfectly to any kind of company and project, from the smaller ones to the most complex. This is possible thanks to NetSuite’s customization, which also allows the creation of new applications in one single platform
  2. NetSuite integration is very simple, since it provides strong APIs that enable system integration with other software applications. This can be done directly or through a connector or integration platform (iPaaS). 
  3. NetSuite is suitable for a wide range of industries and companies, from market leaders to local ventures. 

NetSuite is the best way to say goodbye to those long and expensive software license agreements that asked both for your body and soul to access. The NetSuite model based on subscription allows customers to pay only for what they need.