Oracle NetSuite ERP Review 2021

What is NetSuite? Full NetSuite Review 2021 Details, Pricing, Features Etc.

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What is NetSuite?

NetSuite is the one of the Enterprise Resource Planning (ERP) software from Oracle. It is a highly scalable ERP solution that is delivered over the web and offered as a cloud-based solution. NetSuite provides a single platform where one can streamline business process operations and automate key functional areas like: CRM, Inventory, Accounting, Finance, Billing, Order Management and E-Commerce, etc.

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NetSuite provides a suite of tools and customizable views of the company's Key Performance Indicators (KPI) to everyone from top-level management to clerical staff within the organization.

NetSuite is targeted at mid-sized and large-sized businesses that have a huge team and lots of resources to manage.

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Since NetSuite is accessed online, businesses save a lot of upfront cost of development, customization, and integration of business automation software.

NetSuite is being used by 25,000+ businesses in over 200+ countries.

It is probably the first and the last business management solution that your business will ever need!

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Comprehensive list of NetSuite Features NetSuite offers everything that you can expect from an ERP Solution. It comprises interrelated modules that share a common database. Due to this connectivity, users can select only the specific modules that they wish to implement.

Here is a detailed list of modules and features that NetSuite offers: Accounts Payable, Accounting, Accounts Receivable, Apparel Management, Business Intelligence, Business Management, Distribution, Enterprise Resource Planning, Financial Management, Financial Reporting, Inventory Control, Inventory Management, MRP, Manufacturing, Manufacturing Execution, Order Management, Project Management, Resource Management, Retail Management Systems, Supply Chain Management, Warehouse Management. www.kanakinfosystems.com

Here is a Detailed List of Modules and Features that NetSuite offers: ACCOUNTS PAYABLE 1. Aging Tracking

7. Fraud Detection

2. Approval Process Control

8. Invoice Processing

3. Cash Management

9. PO Reconciliation

4. Check Writing

10. Recurring Payments

5. Data Extraction

11. Vendor Management

6. Duplicate Payment Alert

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ACCOUNTING 1. Accounts Receivable

2. Billing & Invoicing

3. Expense Tracking

4. Fixed Asset Management

5. Fund Accounting

6. Payroll Management

7. Project Accounting

8. Purchase Orders

9. Tax Management

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ACCOUNTS RECEIVABLE 1. ACH Payment Processing

2. Aging Tracking

3. Billing & Invoicing

4. Check Processing

5. Collections Management

6. Customer Statements

7. Online Payment Processing

8. Overpayment Processing

9. Partial Payments

10. Receivables Ledger

11. Recurring Billing

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APPAREL MANAGEMENT 1. Billing & Invoicing

2. Catalog Management

3. Inventory Management

4. Materials Management

5. Order Management

6. Product Management

7. Production Management

8. Purchasing

9. Returns Management

10. Shipping Management

11. Supplier Management

12. Supply Chain Management

13. Warehouse Management

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BUSINESS INTELLIGENCE 1. Ad Hoc Reports

7. Profitability Analysis

2. Benchmarking

8. Publishing / Sharing

3. Dashboard

9. Scorecards

4. Key Performance Indicators

10. Strategic Planning

5. Performance Metrics

11. Trend / Problem Indicators

6. Predictive Analytics

12. Visual Analytics

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BUSINESS MANAGEMENT 1. Billing & Invoicing

7. Performance Metrics

2. CRM

8. Project Management

3. Financial Management

9. Purchasing

4. Inventory Management

10. Time & Expense Tracking

5. Marketing Management

11. Vendor Management

6. Order Management

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DISTRIBUTION 1. Barcoding / RFID

5. Returns Management

2. Inventory Management

6. Sales Forecasting

3. Order Management

7. Shipping Management

4. Purchasing

8. Warehouse Management

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ENTERPRISE RESOURCE PLANNING 1. CRM

7. Order Management

2. Distribution Management

8. Project Management

3. Enterprise Asset Management

9. Purchase Order Management

4. Financial Management

10. Reporting/Analytics

5. HR Management

11. Supply Chain Management

6. Inventory Management

12. Warehouse Management

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FINANCIAL MANAGEMENT 1. Budgeting & Forecasting

6. Investment Management

2. Cash Management

7. Project Management

3. Consolidation / Roll-Up

8. Revenue Recognition

4. Currency Management

9. Risk Management

5. Financial Reporting

10. Tax Management

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FINANCIAL REPORTING 1. "What If" Scenarios

7. Consolidation/Roll-Up

2. Access Controls/Permissions

8. Data Import/Export

3. Audit Trail

9. General Ledger

4. Balance Sheet

10. Multi-Company

5. Budgeting/Forecasting

11. Profit/Loss Statement

6. Cash Management

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INVENTORY CONTROL 1. Barcoding/RFID

7. Item Management

2. Check-in/Check-out

8. Reorder Management

3. Cost Tracking

9. SKU/UPC Codes

4. Forecasting

10. Serial Number Tracking

5. Inventory Optimization

11. Supplier Management

6. Inventory Tracking

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INVENTORY MANAGEMENT 1. Alerts/Notifications

8. Product Identification

2. Forecasting

9. Reorder Management

3. Inventory Optimization

10. Reporting/Analytics

4. Kitting

11. Retail Inventory Management

5. Manufacturing Inventory Management 12. Supplier Management 6. Mobile Access

13. Warehouse Management

7. Multi-Channel Management

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MRP 1. Bills of Material

7. Quote Management

2. Document Management

8. Reporting/Analytics

3. Inventory Management

9. Safety Management

4. Order Management

10. Supplier Management

5. Production Scheduling

11. Supply Chain Management

6. Quality Management

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MANUFACTURING 1. Accounting Integration

7. Quality Management

2. ERP

8. Quotes/Estimates

3. MES

9. Reporting/Analytics

4. Maintenance Management

10. Safety Management

5. Material Requirements Planning

11. Shipping Management

6. Purchase Order Management

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MANUFACTURING EXECUTION 1. Document Management

5. Quality Management

2. Forecasting

6. Supplier Management

3. Inventory Management

7. Supply Chain Management

4. Order Management

8. Traceability

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ORDER MANAGEMENT 1. Backorder Management

6. Order Tracking

2. Catalog Management

7. Recurring Orders

3. Inventory Management

8. Returns Management

4. Order Entry

9. Shipping Management

5. Order Fulfillment

10. Special Order Management

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PROJECT MANAGEMENT 1. Agile Methodologies

8. Idea Management

2. Budget Management

9. Kanban Board

3. Client Portal

10. Milestone Tracking

4. Collaboration Tools

11. Portfolio Management

5. Cost-to-Completion Tracking

12. Resource Management

6. Customizable Templates

13. Time & Expense Tracking

7. Gantt Charts

14. Traditional Methodologies

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RESOURCE MANAGEMENT 1. Capacity Management

6. Resource Scheduling

2. Collaboration Tools

7. Search/Filter

3. Drag & Drop

8. Skills Tracking

4. Forecasting

9. Utilization Reporting

5. Reporting/Project Tracking

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RETAIL MANAGEMENT SYSTEMS 1. CRM

8. Multi-Location

2. Commission Management

9. Order Management

3. Email Marketing

10. Purchase Order Management

4. Employee Management

11. Reporting/Analytics

5. Loyalty Program

12. Returns Management

6. Mail Order

13. eCommerce

7. Merchandise Management

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SUPPLY CHAIN MANAGEMENT 1. Demand Planning

6. Sales & Operations Planning

2. Electronic Data Interchange

7. Shipping Management

3. Import/Export Management

8. Supplier Management

4. Inventory Management

9. Transportation Management

5. Order Fulfillment

10. Warehouse Management

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WAREHOUSE MANAGEMENT 1. 3PL Management

7. Purchasing

2. Barcoding/RFID

8. Quality Management

3. Forecasting

9. Real-Time Synchronization

4. Inventory Management

10. Receiving/Putaway Management

5. Multi-Location

11. Returns Management

6. Order Management

12. Shipping Management

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Is Oracle NetSuite the Right Solution for you?

Since NetSuite ERP is a complete ERP solution, it helps businesses of almost all sizes and industries. Any organization that wishes to achieve below mentioned things is an ideal candidate for using NetSuite as their ERP :

1. Optimize their financial processes

5. Eliminate Operational Inefficiencies

2. Reduce IT costs

6. Gain Business Intelligence

3. Cut down Infrastructure costs

7. Get better reporting

4. Improve Scalability

8. Automate Business Processes

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Due to the scalable nature of NetSuite, small, mid-sized, and Enterprise businesses can manage their organization using NetSuite. It is the perfect ERP solution for B2B and B2C companies alike. Companies from various industries and verticals can opt for NetSuite implementation on their premises even if they are a multinational and multilingual company.

However, small-sized businesses aren’t the most ideal organizations for using Oracle NetSuite.

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How NetSuite ERP Adds Value to an Organization?

There are various ERPs available in the market that offer various features and at a cheaper price. Then, why should one choose to use the NetSuite software in their organization? Here are the main reasons why:

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1. Crowned the World’s No. 1 Financial Management Solution Finance Management is the backbone of any organization and there is no better software for Accounting Management than NetSuite ERP. NetSuite accounting tools are used by thousands of companies to take care of their accounting needs, that include: 1. Expense Management

5. Budgeting & Forecasting

2. Financial Close

6. Currency Management

3. Auditable Revenue Management

7. Risk Management

4. Real-time Financial Reporting

8. Tax Management

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Not only is this useful in itself, the accounting, management, seamlessly integrates with other tools such as Order Management, CRM, Inventory, and ECommerce. This integration makes it a must-have tool to manage every aspect of a company's finance.

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2. Data-Driven Decision-Making Oracle NetSuite has built-in business intelligence tools that are highly efficient and useful in helping the decision-making process. These Business Intelligence tools crunch data from various sources such as your finances, production, sales, etc. for the most accurate suggestions/predictions.

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3. Data Security Unlike other tools that live on your system, NetSuite ERP runs on the cloud.

Therefore, it is more resistant to hackers and offers greater data security. The possibility of a data breach is highly unlikely as the data is encrypted and accessible only by authorized personnel. NetSuite reviews from existing customers confirm that their data is very secure.

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4. Highly Scalable NetSuite ERP has been in the ERP industry for a very long time and companies trust NetSuite for a reason - It is highly scalable. You would rarely be in a position where you wish to scale your business processes but are limited. NetSuite from the get-go is highly scalable and is efficient at it.

NetSuite solution providers such as Kanak Infosystems understand that businesses need to scale and hence provide NetSuite Consultation and NetSuite implementation accordingly.

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5. Efficient and Error-Free Automation Processes Entering data manually into systems doesn't just slow down your operations, it is also a source of greater mistakes. NetSuite offers various modules to create seamless transitions between various business processes.

Using NetSuite's management modules such as billing management, you can easily create an efficient workflow for your sales, finance, and fulfillment operation teams. Not only that, you can improve quote accuracy, reduce billing errors, automate invoicing, and reinforce revenue recognition.

Similarly, you can use various modules that share the same database for creating an automation process that suits your requirements.

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6. Optimize Employee Capabilities Oracle NetSuite's Human Capital Management enables you to understand the productivity levels of different employees. This allows you to create better roles and responsibilities for key people in your organization while reducing the management cost.

Moreover, this module gathers data about the day-to-day functioning of your company to offer cost-effective solutions to create a motivated, diverse, and efficient workforce.

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7. A One-Stop-Shop for All Requirements It covers almost all the areas of business management from Production to Customer and everything in between. From a single platform, you can govern and run an entire firm efficiently.

With NetSuite, every aspect of your business can be tracked, managed, integrated, and optimized from a single tool. Not only that, the data from various touchpoints are accumulated into a single point allowing for greater control over the workings of your business.

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8. Perform Advanced Tasks NetSuite ERP does way more than just basic housekeeping. It can deal with businesses in multiple countries, languages, subsidiaries, and currencies. On top of having support for different currencies, NetSuite can comply with various international accounting standards. No wonder it is ranked as the No. 1 Financial Management solution.

Not only does NetSuite help you track your income and expenses, but it also facilitates advanced revenue recognition management.

The number of advanced tasks that you can perform with NetSuite is endless and NetSuite developers are highly trained to gather any requirement and help you achieve what you want to do.

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9. Pricing/Affordability NetSuite pricing system is tailored to each customer's specific requirements. The NetSuite pricing for a company depends on the use-cases, ERP Configurations, Add-Ons, No. of users, Contract Length among other factors.

The NetSuite license has a subscription model which can be paid annually or at any other convenient interval. NetSuite also offers a free product tour in case you want to examine the features of the product before having a NetSuite login.

You can also consult an official NetSuite partner such as Kanak Infosystems to help you.

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Where Does NetSuite ERP Lack?

There are tons of advantages and benefits of using NetSuite software, but of course, nothing is perfect. NetSuite helps organizations all over the globe to achieve their goals, but there are a few shortcomings of this great ERP tool as well.

Subscription Cost The entire NetSuite ERP software lives on the cloud and handles all your operations.

As the number of users increases, the cost of their annual subscription also starts to increase too. Every penny spent on NetSuite is worth the Return on Investment, but the costs do keep growing over time.

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Sophisticated Customization Process Since NetSuite is a mammoth ERP, it has a lot of moving parts. To add customization on NetSuite requires constant support and maintenance from the NetSuite developer team as every customization is unique. Customizations do require a lot of effort from the NetSuite team, but they ensure that your business isn't burdened by it.

Inability to Support Small Businesses NetSuite is targeted at medium-sized to large-sized businesses that are growing rapidly. But due to the no. of software features and size, it becomes unaffordable for small businesses and they are unable to take advantage of the ERP.

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How Kanak Infosystems Implementation.

helps

with

NetSuite

Having served multiple clients across the globe for more than 8 years, we have earned a stellar track record in NetSuite implementation. No matter the size, type, and nature of your business, our certified NetSuite professionals follow industry’s best practices for NetSuite ERP Implementation in your company.

Kanak Infosystems is an official NetSuite implementation partner and so we follow the standard procedure of implementing NetSuite as follows:

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1. Requirement Analysis: Understanding the company processes and possible implementation areas to boost productivity.

2. System Design: Planning, Designing, and configuring NetSuite before implementation.

3. Development: Experienced NetSuite professionals start developing an MVP of the solution.

4. Test Data Migration: Migrating existing data into NetSuite.

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5. Internal Testing: Our implementation expert starts using NetSuite to ensure all functionalities are working correctly.

6. Training: Rigorous training is then provided to the actual user.

7. Complete Data Migration: All data now migrated to NetSuite.

8. Going Live: NetSuite successfully implemented in your company.

9. Post Live Support: Our NetSuite expert will be available for providing support.

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Summary NetSuite is an industry-standard ERP solution that is loved by thousands of companies all over the globe. Getting started with NetSuite implementation for your organization isn’t a simple process and it is highly advisable to opt for a NetSuite solution provider to help you along the implementation journey as they have more experience.

As NetSuite Partners, Kanak Infosystems provide a variety of NetSuite Services such as - NetSuite Consultation, NetSuite Integration, NetSuite Developer, NetSuite Implementation, etc. For any queries, you can reach us at sales@kanakinfosystems.com

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