For CEOs, CFOs and CIOs aiming to increase turnover, profit and scalability
If you are a CXO facing challenges related to scalability and growth, financial control, regulatory compliance, sales and customer experience, or operational efficiency, it may be time to upgrade to a modern process-oriented business system, also known as an ERP- system. Here's when Oracle NetSuite could be the ideal solution.
For many corporations an Enterprise Resource Planning (ERP) system is essential. And, nowadays, it’s not only large corporations that use ERP-systems. Also midsize, and even small businesses, increasingly implement system-support to increase their efficiency, control, and competitiveness.
This trend has been accelerated by the rise of cloud-based ERP-systems, which offer flexibility, scalability, and cost-effectiveness. Oracle NetSuite, a cloud-based ERP-system, is among the leading solutions in this category.
Oracle NetSuite Overview
NetSuite is a cloud-based ERP-system that is a part of the Oracle family of applications. It is utilized by businesses of all sizes across various industries, including manufacturing, retail, wholesale distribution, and professional services.
It offers various modules designed to streamline operations, improve efficiency, and reduce costs. The system offers great visibility into operations, which in turn empowers businesses to make informed decisions and manage resources effectively.
The modules are fully integrated, allowing businesses to manage their operations seamlessly from one platform. Additionally, NetSuite offers customization options and integrations with third-party applications to further enhance its functionality.
The system comes with built-in business intelligence (BI) components like KPIs, reports and conditional reminders, providing real-time insights from a centralized data source.
Why NetSuite is One of the Fastest Growing ERP-Systems
Globally, NetSuite is one of the most popular ERP-systems among midsized companies. With over 34,000 successful implementations in more than 200 countries, it stands as one of the fastest growing business systems worldwide.
One key factor contributing to its popularity is its user interface. NetSuite is developed with the end user in mind, consequently boosting adoption rates and employee productivity. The NetSuite interface has in fact set a standard for modern business systems.
The system being cloud-based is another reason for its popularity. This makes it faster and easier to implement than traditional ERP-systems. It also makes it very cost effective with as much as a 77% lower total cost of ownership compared to on-premises ERP-systems (Source Oracle).
User Benefits of NetSuite’s Subscription-Based Cloud Solution
NetSuite, as a cloud-based ERP-system with a subscription-based licensing model, provides several benefits to its users. Here are five examples:
- Flexibility and scalability: Users can easily adjust their subscription to align with changing business needs
- Cost-efficiencies: NetSuite’s multi-tenant architecture (where multiple customers share the same underlying infrastructure) enables cost savings while maintaining data isolation and security
- Automatic upgrades and maintenance: Users benefit from automatic updates, eliminating version-lock and costly upgrading projects
- Reduced IT complexity: The cloud-based nature of the system relieves organizations' IT resources from infrastructure maintenance responsibilities
- Accessibility and mobility: Users can access the system from anywhere with an internet connection, fostering efficient remote work, collaboration, and support for multi-location operations
Business Benefits
So, what are the applications within NetSuite and what benefits you could expect?
Oracle NetSuite offers a suite of modules covering financial management, customer relationship management (CRM), e-commerce, inventory and order management, manufacturing, human capital and project management.
While business impact may vary, recent customer studies (by Oracle) reveal significant improvements in process efficiency, as well as enhanced visibility, after implementing NetSuite. Other benefits reported include revenue improvement, reduced reporting time, and minimized manual processing.
Credit: Oracle
When is NetSuite a Good Fit?
NetSuite proves to be a suitable choice for organizations seeking a cloud-based ERP-system with integrated modules to support their business processes. Here are a few examples where NetSuite may be the right fit:
- Organizations of all sizes and industries looking to streamline their business processes.
- Startups and small businesses seeking an affordable and scalable ERP-solution to support their growth.
- Service companies with project management requirements and businesses with a subscription-based business model.
- Wholesale distribution companies that need to effectively manage inventory, sales, and supply chain operations. The inventory management and supply chain modules provide real-time visibility into inventory levels, demand, and production capacity, helping distribution companies to optimize their operations and reduce costs.
- Businesses with multiple locations or subsidiaries, as the system provides a centralized platform for managing financial, inventory, and supply chain operations across all locations.
Is NetSuite Always the Best Fit?
While NetSuite is suitable for many organizations, unique needs or challenges may call for an alternative solution.
For instance, organizations with highly specific customization requirements may opt for a solution that is even more adaptable than NetSuite. This is particularly relevant for companies with complex manufacturing or distribution processes. For example, corporations that need meticulous planning and control, employ diverse manufacturing methods, oversee complex supply chain networks, or face exceptionally high demands for asset management.
In such cases, JD Edwards, another Oracle ERP-system, stands out as a highly customizable option that can be tailored precisely to meet the organization's specific needs.
Conclusion
In summary, NetSuite is a powerful ERP-systems that helps businesses streamline operations, improve efficiency, reduce costs, and provide comprehensive data for better decision-making.
As a cloud-based solution, it offers numerous benefits, including cost-effectiveness and scalability, making it an attractive choice for businesses of varying sizes and industries.
However, when considering an ERP-system, it is vital to evaluate the unique needs and requirements of the organization. There are many options and given the significant role of an ERP-system in business operations, careful consideration and exploration of available options are important.
At Xperitus, we have carried out numerous implementations of Oracle NetSuite and JD Edwards EnterpriseOne. We assist our customers with system queries, but also to a great extent with their process and business development. Furthermore, we support companies in the choice of an ERP system. If you have questions about NetSuite and/or JD Edwards, feel free to reach out to us. We can probably assist you.