What is NetSuite?
Industry Specialties: Serves all industries
Benefits and Insights
Key differentiators & advantages of NetSuite
- Customization and visibility: The ability for clients to develop solutions that are tailored to their own business needs is a driving benefit of NetSuite ERP. The tool also provides visibility across workflows, which provides heightened transparency across departments.
- Built-in workflows: Built-in workflows are helpful because they allow for the automation or streamlining of various business tasks, therefore improving productivity. This benefit includes more accurate financial management and omnichannel engagement.
- Control over business processes: NetSuite ERP gives companies more control over business processes. For example, the program contains a supply chain portal that makes sure your customers benefit from the same experience, no matter where exactly they decide to convert within the sales funnel.
- Real-time insights: Real-time data is a key benefit that, when paired with NetSuite ERP’s personalized dashboards, can help your company develop insights more quickly. This can reduce the amount of time you spend filtering and sorting data to develop actionable solutions for your business.
- Easily accessible: NetSuite ERP is a cloud-based solution, meaning that as long as you have internet access, you can use it. This means you won’t have to be tied to your desktop computer to work with its suite of tools, which gives you the freedom to work where and when you want.
- Relatively low cost of ownership: Cost is an essential factor to consider when implementing an ERP solution, which is why NetSuite ERP seeks to lower its price by eliminating IT expenses (both initially and on an ongoing basis.) It also provides automatic updates so that you don’t have to pay extra for maintenance.
- Sales Order Management: The sales order management tool provides automation that works to reduce manual errors and to speed up the billing and order management process. It is also integrated with other business functions such as finance and fulfillment.
- Source Management: This tool helps ensure compliance during the purchasing process through its centralized supply portal. It also has forecasting abilities that are able to recalculate predictions based on actual fluctuations.
- Warehouse Management: The warehouse management feature streamlines warehouse operations by decreasing overhead and cycle times. It can also improve rates of on-time delivery, therefore improving customer retention and ultimately boosting revenue.
- Production Management: The production management tool is integrated with CAD and PLM functionality. This feature assists in the development of quotes, tracking of contract renewals and cost estimation.
- Manufacturing Accounting: All of the basic features of accounting are present in this tool, from invoicing to forecasting. It can also help your company determine the amount of taxes you need to pay based on factors such as location and revenue.
- Transportation and Logistics: This tool is well-integrated with IoT functionality, as it lets you see in real-time where your transportation units are located. The logistic side of this tool provides inventory estimation based on historical data to help you decide what to order more of and what to order less of.
- Doesn’t contain social media tools
- Can be difficult to configure a specific role-based aspect
- Doesn’t include support for South-East Asian languages
- Incompatible with accounting and reporting rules for countries such as Israel, and therefore requires a third-party package for these functions
Cost of Ownership
|License/Subscription Cost||NetSuite ERP uses a subscription-based pricing model. The base monthly cost is $999, plus $99 per extra user per month.|
|Maintenance Cost||The NetSuite ERP maintenance cost is included in the price of your subscription. If you purchase a license directly with NetSuite, you will also get NetSuite Support. There are silver, gold and platinum packages that are priced based on your annual contract value. This tool includes FAQs, tips and online user guides.|
|Installation/Implementation Cost||Installation and/or implementation is an additional cost with NetSuite ERP. NetSuite requires that you use a third-party for implementation support. Therefore, price varies depending on which consulting firm you decide to go with.|
|Customization Cost||Customization is an extra cost when purchasing NetSuite ERP. This is associated with the introduction of tools or programs that go above and beyond the “out of the box” software capabilities.|
|Data Migration Cost/Change Management/Upfront Switching Cost||This is another cost that goes above and beyond that of the basic software package. The price of this is dependent on factors such as complexity and the amount of data that you need to move over to the new system.|
|Recurring/Renewal Costs||Your recurring costs are dependent on the elements listed above, such as the number of users needed for your software solution, implementation, support and training services.|
Average customer reviews & user sentiment summary:
of users would recommend this product
Synopsis of User Ratings and Reviews
Based on an aggregate of reviews taken from the sources above, the following pros & cons have been curated by a SelectHub Market Analyst.
NetSuite ERP extends an elaborate platform of modules that serve various industries and departments including accounting, manufacturing, warehouse fulfillment, HR, payroll and more that users are happy to merge with their business practices to boost productivity. Overall, the interface is user-friendly and comprehensive. However, there are costly subscription and payment plans that may be cost prohibitive to small and medium-sized organizations. Implementation can be difficult and customer support may lag in providing the ideal resources when problems arise. Most users believe NetSuite is worth the price tag.