What is Netsuite?
Netsuite is a customer relationship management platform, an online software package or service that helps handle all the business processes and business management activities in a single system. An organization collaborates with multiple departments like payroll, inventory, financial management, etc. Netsuite is the best platform that provides its extensive support to business organizations by linking and associating all the different departments together.
Netsuite's cloud-based business software solution helps in understanding and delivering the growing business needs, leading to the organization's growth and development. The Netsuite software does not require any hardware or large license fee, maintenance fee with no complicated setups. Netsuite is a flexible platform that is applied on a large scale of business applications these days.
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Implementation of Netsuite in the business organizations helps improve the efficiency of the business processes and streamline them accordingly based on the business requirements and deliverables. It helps reduce the cost and human errors, providing the reports, analytics, and insights that would help enhance the business processes. It also allows adding new functionalities like custom functionalities based on the business needs and enhancements.
ERP Modules
Enterprise resource planning is the primary focus area where every organization prepares a plan and implements it within the business. There are several modules in enterprise resource planning. All these modules entirely help in the enhancements and business improvements. Let us have a quick review of the Enterprise resource planning modules.
FINANCIAL MANAGEMENT:
Financial Management is a module in resource planning that helps to automate the operations related to finance. Financial Management module ensures a high level of flexibility and transparency across the different departments, which will further help make the right decisions. The NetSuite Financial management is flexible and compatible with other ERP modules like order management, inventory management, e-commerce functions, etc.
FINANCIAL PLANNING:
Oracle Netsuite has come up with a module that delivers the financial planning solutions required for the organizations. Financial Planning solutions are flexible to integrate with Microsoft tools like word, excel, etc. The financial planning department ensures managing, prioritizing, planning, and organizing the capital expenses and impacting the overall expenses.
DEMAND PLANNING:
Netsuite helps in demand planning, allowing in estimating the demand for the products in the near future. It helps in forecasting the demand for the products based on the previous historical data available. This will provide an insight to the managers and the related teams to plan and work for the purchases and meet the business needs as and when required.
ORDER MANAGEMENT:
Netsuite offers order management that helps in managing the orders of the business efficiently. It is responsible for streamlining the processes and operations right from when the billing until the product's delivery. It helps minimize the business errors, human errors, billing refunds and reduces the customers' efforts.
WAREHOUSE MANAGEMENT:
The warehouse management system (WMS) in Netsuite helps in handling, managing all the activities related to the warehouses. The warehouse management system is designed and developed to improve or enhance the production, shipping accuracy, efficiency, and warehouse utilization aspects. Netsuite also includes the Netsuite WMS Lite module designed and useful for managing small warehouses and stock rooms.
PAYROLL MANAGEMENT:
Payroll management is an essential business function that has to work efficiently without any errors. It has to be crystal clear and deliver the results most effectively. The NetSuite's payroll management maintains accuracy by eliminating the paperwork, and all the calculations purely run on the system. Hence, there is no need to create or prepare payroll tax forms.
PRODUCTION MANAGEMENT:
The production management module in Netsuite helps the industries and businesses to automate their business processes. This automation would start from the sales order, work order processing, scheduling, routing, product costing, and order fulfillment. This is one of the most essential modules as every organization would strive hard to meet the production levels.
PROCUREMENT MANAGEMENT:
The procurement management module in the Netsuite's enterprise resource planning would be responsible for streamlining the procurement process, paving the way for an integrated solution with some pre-approvals. Procurement management helps the organization in buying the resources at the best cost on time.
INCENTIVE COMPENSATION:
The incentive compensation module in Netsuite offers an opportunity to ensure an easy to use process, allowing the business teams to track and compensate the sales team with multiple commission plans. This module helps in gaining a better understanding of the incentives aligned to the sales team. It gives a picture of how to achieve the business goals based on the alignment of the incentives.
Conclusion
As everything is running based on the technologies, there is a good chance that the business organizations are achieving their goals by streaming the business processes using the NetSuite platform.
