Key Takeaways
1. Companies using NetSuite reported 50% faster financial close times, with a 12.5% increase in sales productivity and 50% improvement in inventory turnover rates.
2. NetSuite’s ERP integration reduced order processing times by 66%, streamlining business operations for greater efficiency.
3. Businesses utilizing NetSuite’s e-commerce features benefit from multi-language, multi-site support, enabling global operations with seamless inventory and customer data management.
4. NetSuite’s built-in CRM provides a 360-degree view of customer interactions, making it a strong choice for integrated customer relationship management.
Netsuite has been tilting the heads of various businessmen, entrepreneurs, and other enthusiasts.
There are numerous advantages to using the tool but there seems to be confusion about the exact purpose and capabilities of the NetSuite platform.
If you are one such individual who wants to know “what does NetSuite do”, then this NetSuite overview is just the perfect thing for you.
Here you will find out how the tool works and what modules & products are offered to the business within the platform. So, let’s have a look at the same right away.
What is NetSuite? What is NetSuite used for?
NetSuite is a software or tool for businesses that allows them to automate, manage, and understand different attributes related to the business.
This definition of management and automation contains a varied list of items, modules, and other attributes.
The ERP or enterprise resource planning options are offered to all users with a single subscription to the tool. However, for advanced control, they can also add some modules like customer relationship management (CRM), SuiteCommerce (e-Commerce management module), and some other modules.
Let’s know more about these modules to know how does NetSuite work.
What are the Modules of NetSuite?
The modules of NetSuite are divided in a way that addresses and controls specific areas of interest in any organization. The specific module allows you to take control of that specific area of the business and also offers you the flexibility to add or remove any module as and if required.
Below are some of these modules of NetSuite that can help you understand what is NetSuite used for:
- ERP or Enterprise Resource Planning: Is NetSuite an ERP? This is one of the most commonly asked questions related to NetSuite. Generally, when you adopt NetSuite in your business, then you get access to the ERP module of the tool. This module alone provides you access to manage the problems and requirements associated with finance, warehousing, sale purchase, produce, and supply chain management options. If you are wondering what is NetSuite used for, ERP is the best suitable answer.
- CRM or Customer Relationship Management: CRM is an individual or standalone module of NetSuite. This means that to use this module, the business needs to purchase it individually or separately. What is NetSuite CRM, you may ask? This module is related to the management of different aspects connected to the customer, vendor, partner, and sales as a whole. This module includes options like different techniques to automate the workflow.
- Suite Commerce: If you are using multiple eCommerce platforms for trading and doing business, then the best module for you is SuiteCommerce. This module alone is capable of managing the B2B and B2C aspects of any business. Apart from eCommerce platforms, the tool can also manage the requirements of a store in which the Point of Sales takes place. SuiteCommerce is one of the main modules of the platform and a viable answer to ‘what is NetSuite used for’.
- Professional Services Automation (PSA): Yet another module related to NetSuite is Professional Services Automation (PSA). Just like its name, the module is used for businesses to take care of their professional needs. Under the module, you will find two products named OpenAir and NetSuite PSA. Both of these products collectively allow you to manage expenditures, projects, accounts, and more. So, this module easily answers what does NetSuite do.
- Enterprise Performance Management (EPM): The next and last module of NetSuite is Enterprise performance management (EPM). This module, just like its name, is associated with the performance management functions of organizations. This module includes services like analytics, report creation and management, budget management, forecast, and others.
Some other modules are also available for businesses. You will find out about all of these in the next section of this article. For a better and deeper understanding of what is NetSuite used for, let’s have a look at various products offered under different modules.
Netsuite Automation "Just Everything."
Products Offered Under Different NetSuite Modules
To help you get a better and deeper solution to the query, what is NetSuite used for, now we will look at various products offered under various modules of NetSuite. You will find out all of these tools and products below:
Finance Module
The finance module of the NetSuite includes tools such as:
- NetSuite Advanced Financials: The product is concerned with the features like allocation of the budget, expense monitoring, and statistics.
- NetSuite Suite Billing: The tool takes care of all the billing needs of an organization and follows all the viable and legal accounting standards while providing features like invoicing, revenue accounting, and more.
- NetSuite Revenue Management: The toll is solely responsible for all the attributes related to the revenue and income of the organization like the recognizing patterns, forecasts, the budget allocated, and more.
- NetSuite Accounts Payable AP Automation: This product of NetSuite is responsible for taking care of all the payment-related requirements of the business like reduced costing, reconciliation, and more.
- NetSuite Planning & Budgeting: Just like the name, this product of NetSuite is responsible for managing and reporting all the plans and budgets of an organization.
- NetSuite Multi-Book Accounting: Just like the name of the tool, this product of NetSuite is associated with the recording of all the transactions into different books of accounts whilst ensuring that all the accounting standards are being followed while doing so.
- NetSuite One World: This tool of NetSuite allows your business to manage every individual subsidiary and global operations of the business in a single space. This tool also handles local taxes as well.
- NetSuite Dunning Letters: The tool, just like the name, allows the business to Dunn and send notifications before the due date of payments.
- NetSuite Fixed Assets Management: The product allows the business to manage all the assets-related tasks.
- NetSuite Electronic Bank Payments: The tool allows the business to manage all the e-payment-related tasks like transfers and receipts.
CRM Module
The CRM module of the NetSuite includes tools such as:
- NetSuite CRM: The NetSuite CRM tool manages all the customer relationship attributes of the business inducing automation of marketing, sales management, and more.
- NetSuite Contract Renewals: The product does what it says, renews the contract on time.
- NetSuite Incentive Compensation: This tool collects all the compensations and incentives related to the business. This makes it easy for the sale-team to know how the incentive is created.
- NetSuite CPQ: The NetSuite CPQ allows the business to do everything related to configuration, price, and quote.
Business Intelligence Module
The Business Intelligence Module of the NetSuite includes only one tool named:
NetSuite Analytics Warehouse: This is a smart solution from the house of NetSuite that allows you to manage the data from the warehouse and inventory of the business from different sources.
Inventory Management Module
The inventory management module of the NetSuite includes tools such as:
- NetSuite Advanced Inventory Management: The tool’s sole purpose is to manage the stock requirements like when to restock, where to restock, how’s the flow of stock, etc.
- NetSuite Smart Count: This automated tool makes it easy for the business to keep an accurate inventory count.
- NetSuite Advanced Order Management: The tool automates the whole process of order management right from placement to delivery.
eCommerce and Business Operations Module
The eCommerce and Business Operations Module of the NetSuite includes tools such as:
- NetSuite Suite Commerce: The sole product that allows you to manage everything there is related to the eCommerce platforms.
- NetSuite Suite Commerce In-Store: Just like the name, this tool manages the in-store requirements of the business and motivates additional sales.
- NetSuite Suite Commerce MyAccount: This product of NetSuite allows you to manage the account-related details of your business like due payments, tech support tickets, etc.
- NetSuite Connector: With the help of a connector, you can integrate or connect other platforms that you are currently using in the business to NetSuite.
Human Resource Module
The Human Resource Module of the NetSuite includes tools such as:
- NetSuite Payroll: This tool collects all the information related to the payroll of the employees and manages the same. The tool is also responsible for the calculation of employee remuneration or salary after the suitable deduction if any.
- NetSuite Suite People HR: This tool collects and retina all the information related to the employee and smoothens the tasks of the HR.
- NetSuite Suite People Performance Management: The tool manages and monitors the actual performance of the employees.
- NetSuite Suite People Workforce Management: This product of NetSuite allows you to manage the shift timings of the employees and their attendance.
PFA Module:
The PFA module of the NetSuite includes tools such as:
- NetSuite Suite Projects: This tool allows businesses to manage existing and upcoming business projects and their budgeting.
- NetSuite Project Management: Using this tool, you can create and develop new projects suitable for your business using an optimal allocation of resources.
- NetSuite OpenAir: The tool shows an actual time status for the completion of any project, however complex.
Supply Chain Module
The Supply Chain Module of the NetSuite includes tools such as:
- NetSuite Procurement: This tool handles all the buying needs and sources for the business including multiple sellers and more.
- NetSuite Warehouse Management System (WMS): This tool handles the return orders, shipping, cancellations, and other similar requirements of the business.
- NetSuite Ship Central: This is a standalone option that makes it easy and mobile to manage the shipping and other related data.
- NetSuite Demand Planning: Just like the name of the tool, NetSuite Demand Planning ascertains the future demand for any product for the business using pre-recorded and manually-entered data.
- NetSuite Quality Management: The tool keeps in check the quality of the goods and products offered to the customers.
- NetSuite Work in Process (WIP) and Routings: This is an important tool that shows how manufacturing works within a business factory or other location along with the real-time status for the same.
- NetSuite Work Orders and Assemblies: If your business is dealing with a product that needs assembly, then this tool manages and monitors the same.
So, this is the answer to ‘what is NetSuite used for’ and ‘how does NetSuite work’.
What is NetSuite Used For: The Conclusion
All we can say in the end is that even though we have offered a lot of information to you in the previous sections, it’s still not everything. There is so much more than a simple NetSuite overview can not cover everything. If you want extensive details and answers to specific questions related to NetSuite and its relevance in your business, then you need to connect with a professional NetSuite ERP service provider and ask everything you need to know.
As for the overview of an answer to, what is NetSuite used for, the above sections and their data are more than enough.
