WHAT IS NETSUITE ERP?
MODULES & FEATURES
PROS & CONS
Modules & Features List
Financial Management & Accounting
Oracle NetSuite's financial management and accounting module includes accounts receivable, accounts payable, multi-currency, billing, invoicing and statutory reporting. With thousands of customers around the world, NetSuite also supports several localizations delivered out of the box or via its network of partners.
Professional Services Automation (PSA)
Oracle NetSuite OpenAir module provides robust professional services automation functionality covering project management and accounting, resource management, billing, revenue recognition, time recording and expenses.
Oracle NetSuite omnichannel commerce unifies the various buying channels including point of sale (POS), ecommerce/online sales or traditional sales order processing, for both B2B & B2C business models.
Supply Chain Management (SCM)
Oracle NetSuite’s manufacturing, distribution and supply chain management capabilities are all built on the premise that the physical location that a product is made or stored in should be irrelevant to your decision making process—it may add to your lead time, but NetSuite let's you manage it all with ease.
Human Resources (SuitePeople)
SuitePeople enables managers and HR professionals to streamline employee information, new hires, employee onboarding, payroll, promotions and compensation changes, all from a single Suite. SuitePeople also provides employees with the ability to request time-off, access employee directories and organization charts, monitor upcoming vacation schedules, monitor new hires and publicly recognize peers for good work.
Customer Relationship Management (CRM)
Oracle NetSuite CRM provides global visibility into and management of every aspect of CRM, including marketing campaigns, sales opportunities, forecasts, customer service, partner management and more
Pros & Cons
- Netsuite is one of the most widely used Cloud ERP systems in the world, meaning that research and development is continuous.
- There are hundreds of Netsuite partners around the world to support you, many of which provide unique industry capabilities and templates for specific business models.
- Netsuite is made up of several solutions which were acquired over the years and some users suggest that this leads to issues.
- Many Netsuite users complain of price hikes after the initial contract period.
Netsuite ERP is used by companies in various industries, including:
Oracle NetSuite offers a lot of functionality that can help professional services firms including integrated financial management & accounting, deep project management, billing, customer relationship management and more. This is provided via one of Oracle NetSuite's early acquisitions, OpenAir for Professional Services Automation.
Ecommerce & Online Retail
With integrated sales, marketing, stock and financials, Oracle NetSuite ERP has proven to be popular with many small and growing e-commerce businesses. Oracle NetSuite even offers an integrated commerce portal or can easily be integrated with common eCommerce platforms such as Shopify or Magento.
Oracle NetSuite's core products were built alongside the success ofOracle NetSuite itself, one of the first SaaS companies in the world. As such it provides strong capabilities for billing, revenue recognition and professional services automation. This allows SaaS businesses to manage the whole quote to cash process as well as project fulfilment.
Oracle NetSuite was first created in 1998 under the name 'Netledger' by entrepreneur Evan Goldberg, providing web accessible financial and accounting software. From the very beginning, Oracle NetSuite had huge involvement from Oracle and the money to start the company was provided by then CEO of Oracle and Founder, Larry Ellison to the tune of $125 million. Many of the early employees at NetSuite came from Oracle, including the CTO.
Very quickly, Oracle NetSuite made several acquisitions to complement it's core accounting functionality, including Bronto, Venda, OpenAir, QuickArrow, Monexa, Retail Anywhere, OrderMotion, iQuity Solutions, TribeHR & Element Fusion. With these acquisitions under it's belt, Oracle NetSuite now offers rich capabilities for marketing automation & CRM, ecommerce, human resources solutions, professional services automation and more.
In December 2007, NetSuite IPO'd and floated on the New York Stock Exchange.
Estimates suggest that as of 2021, Oracle NetSuite has over 24,000 customers around the world running their ERP software.
Oracle NetSuite is only offered only as a Cloud ERP solution, in a true Software-as-a-Service (SaaS) model.
The solution is hosted by Oracle NetSuite themselves and includes quarterly upgrades and product support directly from the vendor.
Oracle NetSuite customers can deploy the ERP solution in any of 11 data centers globally.
Frequently Asked Questions (FAQ)
Can Oracle NetSuite do payroll?
Payroll is offered as part of the core Oracle NetSuite offering under the SuitePeople umbrella for HCM. Despite this, users have claimed that payroll in Oracle NetSuite is not provided by the core Oracle NetSuite functionality and is provided by an outsourced provider.
How much does Oracle NetSuite cost?
As with any ERP solution, Oracle NetSuite has it's own set licensing, implementation and support costs. The minimum cost of a Oracle NetSuite subscription is around $25,000 annually, with implementations being 1-4x that cost. Get a free Oracle NetSuite quotation here.
Can Oracle NetSuite integrate with Salesforce?
Yes, Oracle NetSuite offers many prebuilt integration scenarios with Salesforce solutions including CRM, marketing and more.
Which companies use Oracle NetSuite?
Oracle NetSuite is used by more than 15,000 companies in multiple industries, all over the world. The typical Oracle NetSuite customers are small businesses and SMEs ranging from $5M in revenue to multiple billions and with as few as a couple of employees to several thousands.
Can you customize Oracle NetSuite?
Yes, Oracle NetSuite offers many out of the box customization capabilities.
Where is Oracle NetSuite hosted?
According to the Oracle NetSuite website, Oracle NetSuite can be hosted in any of 11 global data centers, increasing from 5 initially deployed by Oracle NetSuite themselves by leveraging additional Oracle data centres. This gives Oracle NetSuite customers the ability to leverage hosting in North America, Europe, Germany, China, Japan, Australia and Singapore.
For companies who need to follow specific rules about where their data is stored or organizations that are simply risk averse, this provides a great deal of flexibility and choice versus other Cloud ERP providers.
Who are the Oracle NetSuite competitors?
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Third Party Extensions
In this section we'll discuss the third party extensions and add-ons for Oracle NetSuite which provide additional functionality to the coreOracle NetSuite product. Oracle NetSuite calls these add-ons and modules 'SuiteApps'. SuiteApps are developed by members of the Oracle NetSuite Cloud Developer network which is Oracle NetSuite's third party developer program.
SuiteApps extend the functionality of the core Oracle NetSuite product to perform tasks and capabilities for specific company and industry needs. Although SuiteApps generally work well with Oracle NetSuite, they are ultimately developed and supported by third parties rather than by Oracle or NetSuite themselves.
Oracle NetSuite SuiteApp third party extensions include additional functionality including:
- Shipping & logistics integrations.
- Expenses management & invoice automation.
- Payment gateways and processing.
- Additional localization packages.
- Configure, Price, Quote (CPQ) solutions.
- EDI integration.
- Barcode scanning.
- Field Service Management (FSM) extensions.
Integration & SuiteTalk
Oracle NetSuite can be integrated with other third party applications and services. The primary way to achieve this is through the cloud using Oracle NetSuite SuiteTalk. SuitTalk REST API provides a REST-based interface for interacting with Oracle NetSuite and acts as an integration channel that extends the capabilities of SuiteTalk.
Oracle NetSuite Localization, Languages & Support
In this section we'll cover the localization packs, languages and support available in Oracle NetSuite.
Oracle NetSuite claims that their software has been deployed in over 110 countries, configured towards local tax standards.
However, from Oracle NetSuite's SuiteApp website, many of them are offered via local partners rather than via Oracle NetSuite themselves.
Oracle NetSuite currently supports 27 languages.
Oracle NetSuite themselves offer two levels of support (SuiteSupport): basic and premium which offer different service level agreements (SLA's). Oracle NetSuite's local partners also offer further local support.