Knowing the characteristics of NetSuite will help you define the pros and cons of the different management systems available on the market. Besides that, by finishing this short article, you will know that it is the best investment for the growth of your business, whether you are a small, medium or large company.
What is NetSuite?
NetSuite is a company management solution software. It is an ERP used by over 40,000 businesses worldwide. The scalability of NetSuite to carry out large operations and financial transactions in the cloud are an important aspect of its activities. The incorporation of financial accounting, sales management and billing, procurement, supply chain and warehouse management systems are its main strength. NetSuite is for all markets and businesses of all sizes. In specific, the approach used is primarily medium-sized businesses (50-1000 employees). It should be noted. Roughly 60 percent of its introduction in 2018 was completed in organizations of this kind in a limited span of time.
Another of its important characteristics is that it is a flexible solution that allows growth and innovation. It has a BI (business intelligence) module with reports and analysis in real time. In addition, it facilitates real-time monitoring of financial performance, while accelerating the management of the accounting close. With NetSuite, streamlined and auditable income and expense management is possible.
NetSuite accelerates business cycles, improves data reliability, and offers higher levels of service to customers, vendors, and partners. It is characterized by providing real-time visibility of key business metrics for better and faster decision making. NetSuite implementation the best ERP with the functionalities of the best CRM and ecommerce. All the tasks of all the administrative roles of your company are supported.
A bit of NetSuite history
NetSuite was founded in 1998 to provide web-based financial applications. It was one of the first vendors to develop business applications. In November 2016, it was acquired by Oracle, where it operates as an independent global business unit. This integration allowed for a greater exchange of research and development efforts at Oracle, in particular with integration in financial analysis and FP&A (financial analysis and planning).
NetSuite features: strengths
NetSuite is a proven and established cloud service provider targeting the lower middle market. These are those companies with annual revenues of more than $ 50 million and less than $ 500 million. However, it is important to note that the product itself is designed for businesses of any size.
NetSuite customer referrals score very high on overall customer satisfaction. It receives high scores in product evaluation / contract negotiation, implementation and integration, and some less in services and support. NetSuite app has robust and comprehensive financial management functionality. It has improved subscription billing, revenue recognition, and continuous real-time consolidations.
Since it is wider, customers who are mostly involved in financial applications will disregard NetSuite ‘s approach. The strong presence of other specialized or very standard applications on the market is especially significant. The target market for NetSuite remains incongruous globally. For companies with annual sales below 200 million dollars (less than 500 million dollars for 2018), Oracle is targeting NetSuite. While the marketing purpose strategy clarifies some distribution issues, Oracle’s sales teams cannot reliably monitor the placement of NetSuite.