10 Benefits of NetSuite ERP for Businesses in 2023
ERP implementation is a costly proposition for your business. If you’re considering Oracle NetSuite ERP for your business in 2023, the very first question that comes to your mind is how this ERP solution can help your business. This is the most pertinent question in a scenario when the market is flooded with a range of ERP solutions. With this blog, we’ll try to answer this question. Here, we’ll highlight what Oracle NetSuite ERP is and how it can help your business.
What is Oracle NetSuite ERP?
Oracle NetSuite is an all-in-one cloud business management solution that helps organizations to manage core business processes - accounting, inventory, operations, distribution and more. NetSuite automates manual processes and offers real-time access to financial, operational and transactional data, enabling resources to make well-informed data driven decisions. Since NetSuite centralizes your corporate data, your business users don’t have to juggle around across applications to find data. It enables them to serve customers better.
10 Benefits & Advantages of NetSuite ERP
1. Real-time Visibility
NetSuite ERP solution perfectly addresses the challenges related to data silos. By storing all information from different departments in the cloud, NetSuite offers real-time visibility into operational and financial performance. Having real-time visibility means stake-holders have tighter control over business. Personalized dashboards, reports and visual analytics allow decision makers to have an in-depth overview of business activity.
Apart from offering standard industry specific templates, NetSuite also offers a customization option. It means that NetSuite can be tailored as per your unique business needs. As different companies follow different processes and workflows, they can customize NetSuite to create a role within an organization to gain insight into business through analytics based on customers, departments, sales, and more.
If standard NetSuite templates don’t fit into your company’s business process, you can leverage NetSuite Customization services from AGSuite. As a leading Oracle Cloud solution provider, AGSuite can perform fit-gap analysis and tailor NetSuite as per your unique business needs.
The beauty of NetSuite ERP system is that it allows you to start as per your current needs and scale as per your growing needs. It means that you can use the functionality you need now and add modules as your business grows and evolves. Furthermore, NetSuite also provides you the flexibility to add new users as your teams grow. As NetSuite is a cloud ERP solution, your IT team doesn't need to think about adding up the resources to keep the solution running smoothly. Oracle will take care of this.
4. Global Business
If you’re a fast-growing company and want to extend your reach across multiple geographies, you don’t have to worry about global compliance with NetSuite. It is used over 217 countries, supports 27 languages and 190 currencies. With country-specific configurations, it helps ensure compliance with local accounting, tax and regulatory requirements. Rather than purchasing ERP to manage businesses across multiple countries, you can use NetSuite to manage multiple subsidiaries, business units and legal entities. Built-in global standards and country-specific audit, tax and data security requirements helps you remain compliant.
5. All-in-one Business Management Solution
NetSuite is an all-in-one cloud-based business management solution. You don’t require multiple systems to support your business as NetSuite offers everything from financial management, inventory, order management, warehouse, and supply chain management to manage your business. One integrated system means that information can be moved in real-time across departments. As employees don’t have to manually input data every time information is sent to a different department, it also improves productivity.
6. Integration with third-party systems
NetSuite comes with powerful integration capabilities. Leveraging REST or SOAP web services, NetSuite can be extended into any business process, and securely exchange data from on-premises applications and cloud-native environments. NetSuite can be connected with any external system or third-party application including HubSpot, Salesforce, Amazon, and Shopify to name a few.
7. Real-time access to data
As NetSuite is available as software-as-a-service (SaaS), it can easily be accessed anywhere through a web browser (or NetSuite’s app). It means that business owners, managers and executives can access data on the fly.
8. Continuous Innovation
NetSuite is built on a principle of continuous innovation. That’s why customers receive two major updates every year that include new features and functionalities, enabling them to do their business more efficiently.
NetSuite’s simpler UI makes it easy to adopt by business users. They don't require hours of training to understand the new system.
10. Cost Effective
Since NetSuite is a cloud ERP solution, organizations don’t need to spend on hardware, server, and IT teams. Apart from this, managing updates with NetSuite is also easy as they are automatic and don’t impact customizations.