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Why Netsuite – Understanding Its Core Capabilities

Marketing 685 Views 0

In this competitive marketing landscape, even the most innovative businesses are finding it difficult to overcome the organizational inefficiencies. The most common reason is some organizations have outgrown the accounting system. Another reason can be inefficiencies associated with disparate systems. If you’re using multiple systems for business operations then not only these require too much money for maintenance and software license renewal but also your employees have to spend their valuable time trying to figure out where all the information is, since there is no centralized source of information. Furthermore, multiple disparate systems are not meant to work seamlessly together. Other aspects that prevent you from growing include use of spreadsheets, lack of internal communication, & no centralized knowledge base. To overcome such problems, NetSuite is considered as the best available cloud-based solution.

As a comprehensive, highly scalable & robust cloud-based, true SaaS ERP solution, Oracle NetSuite is engineered for mid-sized businesses and large enterprises. Availability as Software-as-a-Service (SaaS), NetSuite enables companies to manage all key business processes in a single system without investing huge in hardware, infrastructure, & IT teams. With NetSuite, organizations can automate front- and back-office processes including: financial management, revenue management, fixed assets, order management, billing, and inventory management, enabling businesses to accelerate growth and drive innovation. One of the most astonishing features of NetSuite is that it delivers real-time view of key performance indicators across entire organization to the top management, enabling them to make more informed decisions. NetSuite is built in a modular architecture. This means that you only pay for the functionality which you are using. As a highly scalable solution, you can add up modules as your business starts growing.

One of the most wonderful features that set NetSuite apart from other available solutions is the combination of financial management operations and built-in business intelligence. Built-in intelligence, dashboards, analytics and actionable insights enable companies to make data-driven and well-informed decisions. With comprehensive functionality across inventory management, manufacturing, and purchasing features, NetSuite enables organizations to follow an end-to-end, procure-to-pay process to make Supply Chain more efficient. Self-service capabilities in NetSuite help in fostering vendors and customer relationship.

Core Capabilities of NetSuite

Financial Management – As a globally recognized financial management solution, NetSuite accelerates your financial transactions, closure while ensuring compliance. By seamlessly integrating order management, inventory, CRM and ecommerce functions, NetSuite consolidated your business, delivering real-time visibility into its financial performance. Having core finance and accounting functions such as General Ledger, Accounts Receivable, Accounts Payable, Tax Management, Fixed Assets Management, Cash Management & Payment Management, NetSuite ensures that you can quickly drill into financial details. Moreover, NetSuite complies with multiple regulatory financial compliance requirements such as ASC 606, GAAP, SOX and others. By delivering unified billing framework, NetSuite transforms your billing process. With billing support for transaction, subscription, usage-based and any hybrid model, NetSuite enables you to manage revenue accurately and as per latest revenue recognition standards.

Financial Planning – NetSuite enables organizations to adopt world-class financial planning and budgeting using workflow approvals and comprehensive reporting capabilities. By accommodating wide range of business logic for analysis, NetSuite enables organizations to drive optimal business performance with confidence. By delivering seamless integration with Microsoft Office tools such as Microsoft Outlook, Excel, Word and PowerPoint, NetSuite enables organizations to leverage Excel environment for performing common financial planning actions, such as spreading and allocation. With NetSuite, management can prioritize and plan for capital expenses. Using CapEx capabilities, you can create a model of your organization’s capital expenses and seamlessly communicate throughout the request, justification, review, and approval process. 

Order Management – With order management capabilities of NetSuite, organizations can efficiently eliminate manual bottlenecks and errors to streamline order processing. By establishing a smooth flow from sales quote to order fulfillment, NetSuite ensures timely invoicing and payment. With integrated capabilities across sales, finance and fulfillment, NetSuite helps in improving quote accuracy, eliminating billing errors, strengthening revenue recognition processes and driving fulfillment accuracy and efficiency. Moreover, NetSuite also offers exceptional capabilities across sales order management & returns management to keep your customers happy by hitting defined service levels, delivering on-time and from most appropriate location. You can also establish multiple price levels, customer and currency specific pricing with NetSuite.

Production Management – With production management capabilities like sales order, work order, routing and scheduling, order fulfillment and product costing, NetSuite enables manufacturers to have real-time visibility into every step of the production process. NetSuite’s self-service capabilities brings research, development and design at centralized database, using which engineers and other professionals can easily gather answers to their queries. With work order management capabilities, you can configure manufacturing functionality, ensuring control and influence over the production process. You can also perform planning and scheduling with NetSuite. You can effectively plan material purchases and position your inventory while scheduling employees, machines and work centers in production to ensure on-time delivery. With quality management capabilities, NetSuite helps manufacturers to deliver the highest quality in your products with minimal overhead. NetSuite offers Manufacturing Execution System (MIS) capability, enabling you to have real-time information from your production facilities, regardless of location.

Supply Chain Management – NetSuite enables you to plan, execute, manage, support & collaborate across multiple continents and time zones. By delivering right combination of cost control, lead times and service level, NetSuite enables you to efficiently plan supply chain. With demand planning techniques, you can make the right decisions while increasing your on time delivery metrics. NetSuite enables you to communicate with your distributors, partners, suppliers and contract manufacturers to gather their exact requirements. NetSuite is accessible from anywhere on any device with a browser and internet access. This will help in improving collaboration to foster relationships. Support and case management capabilities of NetSuite enable you to enter, route, escalate and resolve issues customer issues. NetSuite also helps you to coordinate with warranty claims and initiate a repair process when necessary.

Warehouse and Order Fulfillment – NetSuite helps in improving your warehouse operations by increasing agility, visibility and labor efficiency. With NetSuite, you can optimally manage all resources to minimize the total cost of operation. You can optimize distribution operation by automating picking tasks using customized user defined strategies. Advanced capabilities like wave management, cartonization, cycle count planning, real time inventory updates and integration with shipping systems help in optimizing overall warehouse.

Procurement – With NetSuite, companies can buy goods and services at the best cost and in a timely manner. By channeling purchases with approved suppliers and pre-negotiated contracts, NetSuite saves lot of time. Furthermore, by delivering real-time information into company spend and vendor performance, NetSuite streamlines and improves the accuracy of the procure-to-pay process.

These are the core capabilities of NetSuite. Organizations should leverage these functionalities to eliminate the inefficiencies associated with the disparate system.

How can we help you?

inoday is a leading cloud solution provider company. With extensive experience across ERP implementation and customization, inoday delivers solution to meet your specific business needs. Apart from this, inoday also offers NetSuite Support Services. If you are looking for system upgrade, migration or NetSuite Maintenance services then inoday is one-stop destination for you.

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