What is NetSuite?

What is netsuite

Used by more than 33,000 fast-growing companies worldwide, NetSuite is an Enterprise Resource Planning (ERP) platform that those organizations use to manage their end-to-end operations. Part of the Oracle software family, NetSuite was founded in 1998 by Evan Goldberg. Operating as NetLedger at the time, the innovative software company became the first to offer its customers web-hosted business applications.

After a name change in 2007, a subsequent public offering and then an acquisition by Oracle (in 2016), NetSuite took its proper place in the IT history books as the world’s very first cloud computing software company.

Fast-forward to today and NetSuite has maintained a strong foothold in the cloud ERP space, where it is the platform of choice for companies across many different industry verticals. The ERP is comprised of a suite of applications that help organizations run their business, track operational performance and reap significant efficiency gains and cost savings.

The company’s ERP system manages core functions like:

  • Finance and accounting
  • Inventory management
  • Order management
  • Procurement

Along with NetSuite’s native functionality, the ERP also comes with add-ons like Customer Relationship Management (CRM); service and marketing automation; human resources for personnel records, performance management and payroll; professional services automation (PSA); and SuiteCommerce, a robust ecommerce management platform. Using the NetSuite OneWorld global businesses management platform, you can manage global legal compliance, multi-currency and consolidation across multiple subsidiaries or entities.

One of NetSuite’s biggest selling points is the fact that all of these modules (and more) share a single, common database. That means information from across all nodes in the system is always updated in real-time, accurate and accessible to authorized users across all business functions. Leaders have 360-degree views of their enterprises around the clock in real-time—no more waiting for Excel spreadsheets to be reviewed and reports to be generated at the end of the month or quarter. In NetSuite, all of the information is right at those leaders’ and managers’ fingertips.

NetSuite Puts the Power Right in Your Hands

NetSuite is software as a service (SaaS), which means low upfront costs, no capital expenses (CapEx) and the opportunity to leverage the tax advantages of an ongoing operating expense (OpEx). There’s also no need for your own servers, you can count on twice-yearly software updates (and always being on the most updated version) and your internal IT team can focus on more important projects.

Here’s how it works:

  • You’ll pay a subscription fee to access the technology.
  • You won’t be responsible for any underlying infrastructure or system maintenance.
  • There’s no purchasing and setting up of servers, installing software or testing and deploying patches and upgrades.
  • NetSuite handles all of that for you, along with the two new software updates per year.
  • You’ll be able to work with a reliable partner like Vursor to add new functionality as you need it, and also without the need for infrastructure and/or staff resources.

Because NetSuite is a multi-tenant cloud solution, everyone using it is running on the same version of the software, with each customer’s data stored and protected separately. Users access the platform securely through a browser from any device, be it a laptop, mobile phone or tablet.

NetSuite’s Top Features:

Once in place, NetSuite provides visibility and control through a single source of real-time information that companies can use for good decision-making, strategic positioning and optimal competitiveness in the modern business world. Here are five core features that companies can expect when they work with Vursor to implement and/or optimize NetSuite: 

  1. Unified view of the business: NetSuite empowers any firm to run its entire business from a single platform. It brings together finance, supply chain, manufacturing, HR and ecommerce on one system, with one database, rather than using disparate software for each of those functions.

  1. Native integrations: All NetSuite applications feed information into, and pull it from, the central database to ensure there’s only one source of knowledge. This unified architecture delivers a common user interface across all modules; that decreases training time and gets people productive faster.

  1. True cloud: As we mentioned earlier in this article, NetSuite was born in and built for the cloud. In contrast, many “cloud” ERP systems are actually hosted or hybrid cloud — essentially, on-premises software retrofitted for access through the internet. NetSuite is a multi-tenant, vendor-managed cloud solution with endless room to support growth.

  1. Deep reporting capabilities: The vast amount of data flowing from departments and business units into the NetSuite platform fuels its extensive reporting capabilities. Users can pull reports on everything and anything they may want to measure or understand, thanks to the system’s built-in reporting tools.

  1. Built-in flexibility: NetSuite serves a broad array of industries not only because it comes with impressive functionality, but also because it can adapt to meet the requirements of different businesses. For example, Vursor can help connect your existing applications to NetSuite using a variety of application programming interfaces (APIs) and “connectors” that get all of the systems working in sync and using the same unified database. 

Making the Move to NetSuite

Supported by an experienced implementation partner like Vursor , NetSuite can be up and running quickly using unique methodology, which relies on the best practices established across thousands of successful ERP implementations. Vursor also provides the integration and customization support to current NetSuite users that fully optimize their ERP investments.

As your trusted NetSuite partner, Vursor will help activate change throughout your entire organization—inspiring, influencing and moving your business forward from day one. We pride ourselves on our superior depth of experience and our hands-on approach to your NetSuite transformation. Our team of experts is transparent, respectful, responsive, knowledgeable and personally committed to every project.