What is NetSuite ERP software?

A look into the #1 Cloud ERP software

May 25, 2022
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NetSuite ERP services

What is NetSuite?

Businesses are changing and adapting at a faster pace than ever before. There’s no better way to stay ahead of the curve and grow your business than with Oracle NetSuite. But what is NetSuite exactly? It’s the leading integrated cloud business software suite for enterprise resource planning. It helps you manage inventory, track financials, host e-commerce stores and maintain customer relationship management systems. NetSuite was acquired by Oracle in November 2016.

NetSuite goes beyond what spreadsheets and point solutions can accomplish while reducing operating costs and enhancing productivity. Its built-in functionality allows it to support multiple applications under one platform with customizable dashboards to measure progress.

And since NetSuite is built in the cloud, all your important accounting and operational information is accessible from anywhere and on any device. NetSuite can help your business gain visibility, control and agility.

To give you a better idea if NetSuite is right for your business needs, we’ve put together an overview to answer the following:

  • How does NetSuite work?
  • NetSuite features and capabilities
  • NetSuite frequently asked questions

How does NetSuite work?

NetSuite is the No. 1 enterprise resource planning (ERP) software solution. It gives you real-time insights into how well your business is performing so you can adjust or pivot based on changing marketing conditions.

NetSuite’s cloud-based business management platform provides you with a range of applications to run your business entirely on a single platform. You can apply this platform to a number of business modules.

For example, users have access to all business models through a single sign-in portal. Drag-and-drop tools let departments personalize dashboards with metrics, charts, graphs, reminders and shortcuts. Every module shares a common database where information from across the system updates in real time and is accessible to departments across business functions. This gives your company a 360-degree view of the business to see which departments are thriving and which need more attention.

Users can access NetSuite’s platform securely from any device with an internet connection. You can track business performance and receive alerts no matter where you are. There’s also a role-based option that gives authorized workers only information pertaining to their job.

NetSuite is a multitenant cloud solution. This means that every user runs the same version of the software and its back-end infrastructure. Users also receive automatic updated versions of the software.

Each user’s data is stored and secured separately. NetSuite’s security team provides round-the-clock monitoring to ensure the strongest operational data center security. For instance, implementing strong encryption, role-based access controls and robust password policies are just a few ways NetSuite protects its users. Additional layers of protection include multifactor end-user authentication and token-based application authentication.

NetSuite uses the software as a service, or SaaS, model. This means that your business pays a subscription fee to use the technology without having to worry about additional infrastructure or system maintenance costs. Eliminating maintenance and upgrade costs allows your company to focus on serving your customers instead of hiring additional employees to maintain the system.

NetSuite features and capabilities

There’s a reason why more than 29,000 companies in over 200 countries and territories use NetSuite. Its cloud-based service doesn’t involve the need to install hardware or require additional system maintenance costs. Plus, it gives businesses a competitive edge in today’s market.

Some of NetSuite’s capabilities include:

  • Enterprise resource planning: NetSuite ERP runs all your accounting, inventory, supply chain and order management in the cloud.
  • Customer relationship management: NetSuite CRM helps you manage all your prospects, customers, partners and vendors in a single, integrated system.
  • Professional services automation: NetSuite OpenAir helps your company plan, track and execute projects.
  • Human resources: NetSuite SuitePeople is a scalable and secure human capital management software to streamline HR processes such as onboarding, payroll, employee performance tracking and more.
  • International: NetSuite OneWorld is a real-time, unified global management platform that manages multiple applications in different countries, currencies, languages and subsidiaries.
  • E-commerce: NetSuite SuiteCommerce integrates every step of your web store, from point of sale and order management to marketing, merchandising, inventory, financials and support.
  • Planning and budgeting: NetSuite can create and consolidate plans, worksheets and documents. Collaborate using sharing and commenting to accelerate results.

RSM is one of the largest Oracle NetSuite partners, bringing over 30 years of ERP implementation and industry knowledge to clients. We offer a wide range of NetSuite consulting services, including implementation, customization, training and support.

Our team is dedicated to helping you get the most from your NetSuite investment. Whether you’re just getting started with NetSuite or optimizing your current configuration, we’re here to help. We apply leading industry practices and a field-tested approach to meet any client need.

We’ve helped more than 1,500 clients get the most out of their NetSuite experience. 

Related solutions

Learn about the different NetSuite services we offer.

NetSuite FAQs

What is NetSuite used for?

NetSuite helps companies manage key business processes with a single, fully integrated cloud-based system. Some of those processes include enterprise resource planning and financials, CRM, e-commerce, inventory and more.

Is NetSuite an ERP?

NetSuite is the most used cloud enterprise resource planning, or ERP, solution globally. Its ERP system manages core business functions including finance and accounting, inventory, orders and more.

What is unique about NetSuite?

NetSuite allows companies of any shape and size to manage their entire business applications in one unified system. It even handles the diverse needs of global businesses that use different currencies, languages, tax laws and reporting requirements.

Is NetSuite easy to use?

NetSuite has an intuitive and user-friendly interface; however, many new users will benefit from dedicated training hours to get familiar with the tool. NetSuite consultants, like RSM, often provide blogs for new tips and tricks for their customers.

Is NetSuite a replacement for QuickBooks?

Yes, for companies that are growing, many replace QuickBooks with a more comprehensive ERP system, like Oracle NetSuite. Often this is a necessary process for growing businesses as the QuickBooks solution ceases to meet business needs and can have adverse effects, such as growth constraints and inaccurate, insufficient business data.

Download the NetSuite buyer’s guide

Our guide will review the benefits of NetSuite for different industries, the added capabilities businesses can expect to gain from RSM and NetSuite, and how to qualify and purchase it.