Software Guide: Oracle NetSuite

Intro

Oracle NetSuite was the first cloud ERP to gain a global footprint and one of the earliest to launch, back in 1998. After more than two decades in operation, NetSuite has built a stable and powerful platform that has successfully challenged the on-premises software sold by incumbents in the ERP space. 

NetSuite is particularly popular in wholesale distribution, retail/e-commerce, professional services and light manufacturing. Oracle bought NetSuite in 2016 and has expanded its presence among larger enterprises.

Highlights

• Robust personalisation and customisation options for dashboards, reports and screens eg. Automated reports and saved searches that find data from all modules
• Relatively user-friendly interface for an ERP 
• Effective workflows and automations in financial module 
• OneWorld edition is strong in managing multi-currency, multi-entity arrangements
• Easy for business users to add customised fields without requiring a developer

Limitations

• Detailed reporting for Non-profits requires customisation or third-party tools
• Automating common functions can require third-party tools eg. processing bank cards, automatic billing and dunning/collecting AR
• Phone and email support charged separately
• E-commerce module not as powerful as third-party alternatives

List of Modules

NetSuite Financial Management Modules

• NetSuite Advanced Financials brings added financial management capabilities to NetSuite for budgeting, expense allocations, amortization and statistical accounts.
• NetSuite SuiteBilling adds invoice and billing management to support transaction, subscription, usage-based and hybrid models, while accounting for revenue accurately and in accordance with the latest revenue recognition standards.
• NetSuite Revenue Management helps companies comply with revenue recognition regulations and report results in a timely manner by automating revenue forecasting, allocation, recognition, reclassification and auditing.
• NetSuite Planning & Budgeting facilitates both company-wide and departmental budgeting and planning with modeling capabilities, approval workflows and reporting.
• NetSuite Multi-Book Accounting allows finance departments to create business transaction records while automatically posting the activity to multiple books and issue financial statements as per all relevant accounting standards.
• NetSuite OneWorld delivers global business management capabilities for companies with multinational and multi-subsidiary operations. It lets your finance team adjust for local currency and automatically comply with local and regional taxation and legal requirements. And it provides holistic global business reporting.
• NetSuite Dunning Letters sets up automated dunning processes in NetSuite to help collect accounts receivable by sending reminder letters before payment.
• NetSuite Fixed Assets Management is used for company-owned and leased assets, providing flexible depreciation and amortization schedules and detailed asset reporting.
• NetSuite Electronic Bank Payments securely automates electronic funds transfer payments and collections.

NetSuite Customer Relationship Management Module

• NetSuite CRM helps you align and oversee all aspects of customer relationships, including marketing automation, interaction history, customer service and more. It tracks sales and partner performance, as well as providing quotes, managing orders, forecasting sales and integrating with ecommerce platforms.
• NetSuite Contract Renewals automates the contract renewal process.
• NetSuite Incentive Compensation creates commission and other incentive-based compensation plans, and it can manage complex and tiered setups. Account for quotas, quantities, service contracts and even profitability margins, and share this information with sales reps so they can easily understand their incentives and goals.
• NetSuite CPQ enables sales teams to quickly configure, price and quote (CPQ) complex products with complete accuracy. Reduce manufacturing costs while increasing efficiency by creating detailed bills of materials (BOM) and routing instructions specific to each configured product.

NetSuite Inventory and Order Management Modules

• NetSuite Advanced Inventory Management adds complex inventory management functionality, including demand-based inventory replenishment, multi-location inventory management, matrix item, lot and bin management and serialized inventory.
• NetSuite Advanced Order Management provides allocation orchestration by automating the order promising, allocation, orchestration and execution processes.
• Grid Order Management simplifies order entry and management of multi-attribute SKUs.

NetSuite Commerce Modules

• NetSuite SuiteCommerce provides a mobile optimized ecommerce site that is seamlessly unified with NetSuite financials, order and inventory management and CRM. Create and edit your site with simple-to-use tools designed for businesses users and support both B2B and B2C audiences.
• NetSuite SuiteCommerce Advanced ecommerce solution puts complete control in the hands of developers. Developers and designers have ultimate adaptability while still integrating with other NetSuite modules.
• NetSuite SuiteCommerce InStore empowers sales associates with a full featured mobile point-of-sales solution as well as providing complete inventory and customer information to engage customers more effectively, drive more sales and provide a satisfying shopping experience.
• NetSuite SuiteCommerce MyAccount allows business buyers to perform common tasks, such as pay invoices, view account balances, check order status and file support cases, online, 24/7.
• NetSuite Connector allows you to set up data mapping between NetSuite and your ecommerce storefronts, point-of-sale (POS) systems, online marketplaces and third-party logistics providers.

NetSuite Human Resources Modules

• NetSuite Payroll organizes and automates payment for employees and contractors. It helps you monitor time and attendance, as well as account for deductions and taxes and adjust for multi-state workers.
• NetSuite SuitePeople HR centralizes and maintains employee records and information while serving up real-time HR and financial analytics. The easy-to-use tools connect HR data with other information sources, including payroll, budget and more.
• NetSuite SuitePeople Performance Management gives new life to employee reviews with goal tracking and recognition tools.

NetSuite Professional Services Automation Modules

• NetSuite SuiteProjects. Natively integrated into NetSuite, provides professional services automation solution to help with project management, job costing and resource allocation.
• NetSuite Project Management gives you the ability to create and manage project schedules, assign resources to tasks, control project billing and revenue and report on project profitability.
• NetSuite OpenAir supports large services organization focused on delivering complex projects with real-time visibility anytime, anywhere with access to the tools and information you need, like time tracking, project management reporting and dashboards, resource management, expense management and invoicing.

NetSuite Supply Chain Modules

• NetSuite Procurement improves the purchasing operations of your business. Standardize the vendors and rates for commonly purchased items company-wide, automate requisitioning and purchasing processes and match purchase orders, receipts and invoices to more efficiently manage cash flow.
• NetSuite Warehouse Management System (WMS) helps you more efficiently manage every aspect of warehouse operations, from receiving to picking, cycle counting and returns. It includes shelf-life tracking, barcode scanning to track and suggest putaway locations, interactive warehouse activity dashboards and reporting and warehouse team management — and it can all be done from a mobile RFID device.
• NetSuite Demand Planning forecasts anticipated sales based on various automated factors and manually entered data. Your sales forecasts can be more than guesswork and you can better manage your entire supply chain to make sure you have the appropriate amount of product in stock by analyzing historical data and accounting for other factors, such as seasonal variability.
• NetSuite Quality Management guides and organizes data for your product testing. Set up the parameters, schedule and workflow of all your product testing and inspections. Evaluating real-time results can be done through a user-friendly interactive application accessible from any browser or mobile device.
• NetSuite Work in Process (WIP) and Routings gives you the tools you need to understand the complete manufacturing process. It can help you better 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 during the process.
• NetSuite Work Orders and Assemblies powers the assembly of multi-component products. Create multi-faceted work orders to share with production what you want made, when you need it and all the component parts needed to make it. This module also connects inventory to the manufacturing process, so you have a better, real-time understanding of current inventory status.
• NetSuite Advanced Manufacturing connects disparate systems used by manufacturers to more efficiently manage the overall supply chain process so you can cut operating costs and increase revenue. It connects financial reports, inventory and outstanding orders with real-time data and helps you better understand capacity and resource utilization.

Acquisitions

2008: OpenAir – timesheets and expense reports

2009: QuickArrow – professional services automation 

2013: Retail Anywhere – e-commerce 

2013: TribeHR – HR software 

2013: LightCMS – content management 

2014: Venda – e-commerce 

2014: eBizNET solutions – warehouse management

2015: Bronto Software – email 

2015: Monexa – subscription billing

2013: Order Motion – B2C order management 

2021: FarApp - e-commerce integration