NetSuite Modules Guide: All You Need To Know
In this era of cut-throat competition, businesses need to utilize their resources and data to maximum potential in order to stay competitive. This is where cloud ERP solutions comes in. ERP (Enterprise resource planning) systems are critical for your business success since they automate critical business processes and serve as a shared database for all financial and operational information across the company. They utilize different modules to support business processes across various departments – accounting, manufacturing, human resources, for example.
Among some of the well-known and reputed ERP systems, Oracle NetSuite has gained significant popularity among small and mid-sized companies. In the previous blog, we learnt how NetSuite helps with business management. Here, we’ll discuss about NetSuite modules. This will help you make a well-informed decision on how to start with NetSuite.
What Are NetSuite Modules?
NetSuite has a modular structure and offers high scalability to its customers. It means that it is designed for fast-growing enterprises. NetSuite provides unique opportunity to start and scale up by adding new modules as your organization start growing.
Different modules in NetSuite supports different business processes. This modularity in NetSuite allows organizations to easily tailor the solution to meet their unique needs. As NetSuite is a cloud based unified business management suite, new features are seamlessly added to the existing capabilities.
NetSuite Modules List
1. NetSuite Financial Management Modules
- NetSuite Advanced Financials: This module offers financial management capabilities and includes capabilities like budgeting, expense allocations, amortization and statistical accounts.
- NetSuite SuiteBilling: This module supports in managing invoice and billing. Key capabilities include transaction, subscription, usage-based and hybrid models.
- Revenue Management: Using this module, companies can comply with revenue recognition regulations. By automating revenue forecasting, allocation, recognition, reclassification and auditing, companies can report results in a timely manner.
- AP Automation: It automates the entire invoice-to-pay process, from data capture, making payments and reconciliation, increasing efficiency and reducing accounts payable processing costs.
- Planning & Budgeting: You can do company-wide and departmental budgeting and planning using modeling capabilities, approval workflows and reporting.
- Multi-Book Accounting: Finance departments can create business transaction records. They can automate posting the activity to multiple books and issue financial statements.
- NetSuite OneWorld: This module is perfect for companies with multinational and multi-subsidiary operations. From holistic global business reporting to adjustment for local currency and compliance for taxation and legal requirements, all are covered in this.
- Fixed Assets Management: It is used for company-owned and leased assets, providing flexible depreciation and amortization schedules and detailed asset reporting.
2. NetSuite Customer Relationship Management Modules
- Customer Relationship Management: It covers all aspects of customer relationships - sales force automation, marketing automation, interaction history, customer service and more.
- Incentive Compensation: It is used to create commission and other incentive-based compensation plans. It can manage complex and tiered setups.
- NetSuite CPQ: Leveraging this, sales teams to quickly configure, price and quote (CPQ) complex products with complete accuracy.
3. Business Intelligence
- This is an analytics solution that consolidates data from NetSuite and many other business applications to deliver easy to understand actionable insights.
4. Inventory and Order Management
- Inventory Management: It allows you to manage inventory. Capabilities include demand-based inventory replenishment, multi-location inventory management, matrix item, lot and bin management and serialized inventory.
- Order Management: It automates order promising, allocation, orchestration and execution processes.
5. Commerce Modules
- NetSuite SuiteCommerce: Create an ecommerce website that natively integrates with NetSuite financials, order and inventory management and CRM.
- SuiteCommerce Advanced: Let developers create a customized ecommerce solution based on your unique business needs.
- SuiteCommerce InStore: It is a mobile point-of-sales solution that offers complete inventory and customer information to engage with customers more effectively.
6. Human Resources Modules
- Payroll: Organize and automate payment for employees and contractors.
- SuitePeople: Centralize and maintain employee records and information while serving up real-time HR and financial analytics.
- Workforce Management: A single solution to manage workforce shift scheduling, capture time and attendance and calculate wages.
7. Professional Services Automation
- OpenAir: It delivers real-time visibility into a complex project with features like time tracking, project management reporting and dashboards, resource management, expense management and invoicing.
- SuiteProjects: It is a professional services automation solution that helps in project management, job costing and resource allocation.
Learn more: NetSuite Professional Service Automation
8. Supply Chain Module
- Procurement: Automate requisitioning and purchasing processes, match purchase orders, receipts and invoices to more efficiently manage cash flow.
- Warehouse Management: Efficiently manage every aspect of warehouse operations, from receiving to picking, and returns.
- Demand Planning: Better manage your entire supply chain to make sure you have the appropriate amount of product in stock with
- Quality Management: Set up the parameters, schedule and workflow of all your product testing and inspections.
- Work in Process (WIP) and Routings: See what resources you need, which are being over- or under-utilized, how much time the process will take and the cost of materials consumed.
Choosing the Right NetSuite Modules
Choosing the right module for your business is a daunting task. It depends on the bottlenecks you’re facing while running an organization. You can do internal survey before opting for module. You can also take help of NetSuite implementation partners like AGSuite Technology. Not only they offer NetSuite Consultancy but also perform fit gap analysis and provide you a tailored solution.