What is Netsuite?
Netsuite is a customer relationship management platform, an online software package or service that helps handle all the business processes and business management activities in a single system. An organization collaborates with multiple departments like payroll, inventory, financial management, etc. Netsuite is the best platform that provides its extensive support to business organizations by linking and associating all the different departments together.
Netsuite’s cloud-based business software solution helps in understanding and delivering the growing business needs, leading to the organization’s growth and development. The Netsuite software does not require any hardware or large license fee, maintenance fee with no complicated setups. Netsuite is a flexible platform that is applied on a large scale of business applications these days.
Most organizations are looking for migrating their business processes into cloud-based systems to ensure that the business is running using low operating costs. Netsuite delivers its service, which is reliable, flexible, and easy to manage by the organization’s different departments. Netsuite is suitable to work with any type of business, small, medium, or large businesses.
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Implementation of Netsuite in the business organizations helps improve the efficiency of the business processes and streamline them accordingly based on the business requirements and deliverables. It helps reduce the cost and human errors, providing the reports, analytics, and insights that would help enhance the business processes. It also allows adding new functionalities like custom functionalities based on the business needs and enhancements.
Enterprise resource planning is the primary focus area where every organization prepares a plan and implements it within the business. There are several modules in enterprise resource planning. All these modules entirely help in the enhancements and business improvements. Let us have a quick review of the Enterprise resource planning modules.
Financial Management :
Financial Management is a module in resource planning that helps to automate the operations related to finance. Financial Management module ensures a high level of flexibility and transparency across the different departments, which will further help make the right decisions. The NetSuite Financial management is flexible and compatible with other ERP modules like order management, inventory management, e-commerce functions, etc.
Financial Planning :
Oracle Netsuite has come up with a module that delivers the financial planning solutions required for the organizations. Financial Planning solutions are flexible to integrate with Microsoft tools like word, excel, etc. The financial planning department ensures managing, prioritizing, planning, and organizing the capital expenses and impacting the overall expenses.
Demand Planning :
Netsuite helps in demand planning, allowing in estimating the demand for the products in the near future. It helps in forecasting the demand for the products based on the previous historical data available. This will provide an insight to the managers and the related teams to plan and work for the purchases and meet the business needs as and when required.
Payroll Management :
Payroll management is an essential business function that has to work efficiently without any errors. It has to be crystal clear and deliver the results most effectively. The NetSuite’s payroll management maintains accuracy by eliminating the paperwork, and all the calculations purely run on the system. Hence, there is no need to create or prepare payroll tax forms.
Procurement Management :
The procurement management module in the Netsuite’s enterprise resource planning would be responsible for streamlining the procurement process, paving the way for an integrated solution with some pre-approvals. Procurement management helps the organization in buying the resources at the best cost on time.
Incentive Compensation :
The incentive compensation module in Netsuite offers an opportunity to ensure an easy to use process, allowing the business teams to track and compensate the sales team with multiple commission plans. This module helps in gaining a better understanding of the incentives aligned to the sales team. It gives a picture of how to achieve the business goals based on the alignment of the incentives.
Advanced ERP Modules:
Netsuite advanced Software module is flexible and compatible to integrate with the NetSuite Customer relationship management platform, which helps the different software and internet companies to track the flaws and provide a resolution on a timely basis. This helps in eliminating or reducing the downtime. Netsuite offers advanced ERP modules as well. Let us have a quick review of the advanced ERP modules.
The advanced financials module in Netsuite helps in a broader financial picture of the business. It does not allow you to miss out on any kind of opportunities that would help in improvement with respect to the billing, fixed asset management, revenue management, multi-book accounting, etc.
The advanced analytics module in Netsuite would be involved in transitioning your business intelligence to a different level with the SuiteAnalytics Connect. The SuiteAnalytics connect a reporting module that plugs into the sophisticated data processing capabilities.
Most of the power of an organization would depend on the planning aspect. It purely involves the ability to forecast and manage the business process accurately and strategically. Netsuite empowers the specialist modules for demand planning, resource allocation, job costing and project management, etc.
Netsuite helps in matching the production to the inventory with the dedicated work orders and helps in tracking the performance against volume and cost targets with the routings.
The advanced commerce NetSuite module will help build a professional eCommerce store by using the SuiteCommerce site builder module. It helps in creating a single cloud management platform for all the required sales operations with SalesCommerce Advanced. For the business with high volumes and which involve B2C and B2B transactions, SiteCloud Plus premium data center tiers will allow you to process as much as traffic when required.
Frequently asked NetSuite Interview Questions and Answers !!
How do you select the right ERP module for your organization?
In order to gain the most out of Netsuite packages, you must choose the right modules based on your business. Choosing the right modules and including them in your plan will help you endeavor. When it comes to the selection of the right Enterprise resource planning module, there is a lot that you need to think and implement over.
The next step would be identifying or determining the requirements to check if all the requirements are met fully or if any additional modules are required. In some cases, additional modules might be required by the business teams to ensure that every team performs the operations well. You will need to look into the additional modules to find the missing requirements and add them if needed.
As everything is running based on the technologies, there is a good chance that the business organizations are achieving their goals by streaming the business processes using the Netsuite platform.