The Ultimate Guide to Using NetSuite Solutions in 2021

 When you begin your investigation into how Oracle NetSuite Cloud ERP can turn your company into a powerhouse, it is indeed a good idea to have some preliminary ideas about how your NetSuite deployment could play out. This guide’s helpful tips will give you a greater chance at successful implementation.

In this article, we’ve discussed various costing, ordering, implementation, installation, and services choices for your corporation, whether you’re a big organization looking for NetSuite’s whole product range or a small business just looking for NetSuite CRM. Here’s your go-to guide to starting your journey with NetSuite solutions.

Why Are Companies Migrating To Netsuite?

NetSuite is the world’s largest supplier of cloud-based business administration tools, assisting businesses in managing key business operations with a single, professionally automated solution encompassing ERP, Financials, CRM, E-commerce, Business Services Management, inventory, and much more. NetSuite is quick to implement, simple to use, and adaptable enough to serve all facets of your market.

There is an explanation why thousands of businesses around the world use NetSuite ERP to:

• Control and optimize activities, records, and processes.
• Gain enterprise-wide exposure from a centralized source.
• Scale for market expansion.
• Improve your strategic plans and competitiveness.
• Get rid of knowledge silos and other shortfalls in your business.

How to Determine If NetSuite Is Appropriate for You

If you’re wondering if you should consider migrating to NetSuite, ask yourself the following questions:

• Is the company expanding at a fast pace?
• Is the new market structure struggling to scale in order to meet potential business demands?
• Will real-time data help the company make a more effective decision?
• Are you relying on spreadsheets and out-of-date data?
• If you want to expand into new markets?

If you replied YES to even one of these questions, NetSuite is the solution!

As global cloud penetration accelerates, NetSuite effectively continues to provide the finest cloud ERP / financial suites to companies all over the world. NetSuite is highly flexible, versatile, and cost-effective, and it is built to evolve with your company.

Best Practices For A Successful NetSuite Implementation

Introducing a modern ERP scheme into an enterprise would still be difficult. However, making the execution method correct is not difficult.

The majority of business system problems can be avoided with proper preparation and buy-in.

We’ll get into the specifics of the NetSuite deployment technique. A skilled ERP deployment consultant is ideally suited to handle the implementation services themselves.

As a company that has decided to incorporate NetSuite, the staff should concentrate on the following:

Understand The Project’s Objectives

Why are you considering an ERP upgrade? Which market processes do you want to influence?

You are not required to create a project plan if you do not wish to, but you should start criteria preparation for your organisation.

These discussions could perhaps take place both with and without the assistance of the NetSuite implementation consultant. A good NetSuite consultant will write a development plan that represents your business process.

Include All Partners Of The Project

Bring to the table all end-users that execute business operations. End users who are invested in the process contribute to the overall performance of the NetSuite implementation.

Introduce Industry Focus Whenever Necessary

Is your partner aware of your company’s requirements? Is the NetSuite approach they’re recommending tailored to your industry?

Since NetSuite is a highly configurable network, specialist suppliers and their technologies should be searched out to better comply with your business needs.

Determine Your Project Roll-out Strategy

Do you require everything right now? NetSuite has a plethora of appealing features for companies. Many of the more popular implementations do so in stages.

Think Of The Change Management Strategy

Who is the guiding force in your organization?

It is important to consider a project roadmap for how the company can implement the NetSuite platform. While an implementation collaborator would be well-versed in NetSuite, ultimate market performance begins internally.

Assist The Netsuite Installation Team

Have a main point of communication and a project coordinator.

A good service company is an expert at this and could install and teach you as quickly as you can hear. Get a project manager in charge of managing the internal staff. It will pay off, and they will not have to give up their day job.

NetSuite Implementation Process Steps

There are a number of critical elements to the NetSuite Implementation phase that can determine whether or not you are successful.

Introductory and Planning Step

• Introduce yourself: Discuss high-level priorities (your answers to the preceding questions) and agree on the scope of the project.
• Finalize the roles: Establish the squad, including key partners, project managers, and management teams.
• Examine the NetSuite deployment procedure: Until papers are signed, a good partner compiles framework specifications for their customers. Before beginning the job, go through the NetSuite deployment process once again.

Data Migration and Work Sessions Step

• Configuration at the start: Connect critical business processes to NetSuite features. Perform a difference review and propose a workaround based on workflow, SuiteScript, or SuiteApps.
• Migration of data: Often done by NetSuite partners and project heads, so having the staff participate will help with buy-in and system awareness (while also lowering implementation costs!).

Test & Train Step

• Testing: The team conducts User Acceptance Testing (UAT) based on the partner’s architecture.
• Training: Your partner will lead the team through the planned procedures and solicit reviews. Involve key workers in this process to ensure that their company’s desires, criteria, and goals are fulfilled.

Go-Live Phase

• Go-Live Date: With the partner, the NetSuite deployment project should have a fixed go-live date. Work hard to keep on track!

Post-Go-Live Support Phase

• Support: One big advantage of working with a client on-device deployment is that they continue to contribute in the long term. A successful NetSuite implementation partner would provide you with a thorough understanding of your company. Since you will be working with the same project manager and staff in the future, long term NetSuite operation, preparation, procedure, and system changes will run more efficiently.

NetSuite Implementation Timeline

It’s critical to estimate how long your NetSuite installation would take so that you can schedule the move from the other program you’re replacing. This is an infographic depicting a traditional NetSuite implementation timeline, which breaks down the standard project. You will need to extend the timetable in some cases to meet a wider variety of work.

This is a brief overview of three NetSuite implementations: simple, normal, and complex.

Simple — A smaller organization of less than ten NetSuite customers would find this to be a fairly simple implementation.

Normal — A company can have several agencies that need more than four NetSuite modules, as well as 10 to 100 NetSuite users.

Complex — A large company with more than 100 Netsuite customers is considered complex due to the dynamic network of business processes that have emerged as a result of the company’s expansion, this would require more customization.

Key Differentiators Contributing to NetSuite Implementation Time

• The amount of information you would like to clear up from the previous regime as well as the amount of information you want to migrate
• The number of employees who are committed and readily accessible for prompt answers.
• The number and sophistication of one-of-a-kind customizations/functional gaps
• The number and kind of third-party integrations available in NetSuite.
• Number of NetSuite Users
• Currencies of Various Types
• Amount of Subsidiaries of the Company
• Amount of physical places

NetSuite Implementation Post Go-Live Timeline

There will always be criteria that emerge through deployment as you start thinking more seriously about what you desire. Consultants will always recommend several stages for post-go-live to guarantee that you get started on NetSuite with a minimum viable product to actually maintain the deployment on track (MVP). This suggests that if a commodity is not vital to the company’s survival in the near term, it can be postponed until later.

There should be a quality development process in place, with these ideas thought out ahead of time. As a result, we also compile a quality improvement timeline to assist clients in determining when their upcoming tasks will fall. Furthermore, we develop a cadence to find areas that need improvement that hasn’t even been thoroughly considered, allowing us to determine the low hanging potential that can significantly increase the market turnaround.

What is NetSuite Pricing?

How much would NetSuite cost to purchase? Will NetSuite be able to accommodate into the budget? Recognizing the long-term cost benefits of switching your company to NetSuite’s Cloud ERP would help the company. With NetSuite pricing, several considerations must be considered, including setup, difficulty, components, total user count, agreement span, and scope of the project.

NetSuite is much more than just software; it is also a global pioneer in Enterprise SaaS (Software as a Service), as per IDC Marketplace.

NetSuite runs on a contractual basis, with instalments made weekly, yearly, or over longer periods of time. The majority of the simple NetSuite product licensing prices begin at a lower price. As for most businesses, the more you stick to a subscription, the greater your price and renewal protection. NetSuite will help any employee of your company.

NetSuite Pricing Licensing Levels

NetSuite Limited Edition: NetSuite Limited Edition is ideal for small companies with a sole company, less than 50 staff, and 1–10 customers.

NetSuite Mid-Market Edition: NetSuite Mid-Market Edition is ideal for businesses with two or more legal organizations, 11–1,000 subscribers, and the need for centralized financial statements across various currencies.

NetSuite Enterprise Edition: NetSuite Enterprise Edition is intended for a minimum of 1,000 people.

*Limited pricing per-user license fees: If only a couple of the workers will be doing minor activities in NetSuite, such as regular time-clocking, they do not need to be listed as a simple, routine user.

5 Common NetSuite Implementation Pitfalls and Mistakes

Not Removing Outdated Data

Garbage goes in, garbage goes out. A transition in ERP schemes provides an excellent chance to “spring clean.” Until data migration, deduplicate consumer masters, replant old suppliers, and delete old products. Since you are the expert on your company’s data, your partner would depend on you to do most of the work. Even, don’t be afraid of asking for assistance, guidance, and best practices, and make sure the service provider has a comprehensive data transfer plan.

Attempting To Replicate The Legacy Scheme

When it comes to a new scheme, have an open mind. The traditional legacy device approach isn’t always the strongest. NetSuite does well when used in specific ways. A strong partner can understand how to bridge the divide between best practices and specific business processes.

Make Training A Top Priority

It takes a lot of effort to get a new device up and running. Things that is easy isn’t worthwhile doing. Don’t throw your hard work away by failing to attend or paying attention to preparation. Use the framework and stick to the training schedule. Training is normally done at the end of execution, so exhaustion is a possibility. Don’t give in to the temptation.

Document, Document, Document

When you use the framework, a strong collaborator will still log the procedures. Take ownership of the procedure with the partner to ensure it is complete and correct. Quality documentation will make investments even after the deployment project is completed. Particularly when it comes to hiring and training new team members or answering questions regarding business processes.

Inquire With The Subject Matter Experts

NetSuite is the partner’s responsibility. They enjoy NetSuite and enjoy assisting others with their NetSuite performance. Make an investment. Pose inquiries. Your questions and commitment make life more fun for everyone.

What Are Your Netsuite Implementation Choices?

Self Implementation

It is not difficult, but it is also not advised, to carry out your own implementation.

NetSuite is a versatile software kit. The configuration decisions you make at the outset have an effect on you for the duration of your use. Mistakes in the main setup can be expensive and, in some cases, difficult to fix.

That should be the most important lesson from this essay.

NetSuite automation has the potential to turbocharge and turn your market. But it all comes down to execution.

Before convincing your employer that you can do the installation, double-check the strategy and consult with a third party.

NetSuite Direct Implementation

NetSuite is a fantastic product for businesses, however, their delivery unit (commonly referred to as “NetSuite direct”) is not the right one for all company needs.

Why is this so? Before going direct, check a few items.

• They favour turn — key installations (SuiteSuccess).
• They may not be familiar with your product or service.
• Any kind of customization is prohibitively expensive.
• There has been little or no direct experience of third-party add-ons.
• The company’s turnover rate is high.
• They will not be present after the launch.
• Perhaps you’re already testing NetSuite with NetSuite direct. You should also work with a team to incorporate NetSuite.

It never harms to have a discussion about your company.

Partner Implementation

Imagine if you create, sell, and provide a service. Your competitors produce, sell, or have something similar, however, you are exclusive.

You are:

• Still shopping around for the right deal.
• Get the most experienced and professional staff possible.
• Give cookies to your customers over the holidays.

A NetSuite deployment partner is just that. NetSuite partners get the best of both worlds.

They:

• You would have recourse to the same rates as Oracle NetSuite company.
• Implementation and data migration can be less costly.
• Examine your distinct enterprise practices and devise a distinct execution plan.
• Have SuiteScripters on hand to help with modifications, implementations, and SuiteApps.
• Includes financial analysts and CPAs on staff.
• Know the industry or have collaborated with someone similar to you.
• Will be available for assistance after the launch.

Partners are smaller organisations that distinguish themselves by hard work, deep knowledge, and the creation of long-term relationships. Much like you.

A good partner is often available for a discussion at any moment.

Choose Aarialife As Your NetSuite Implementation Partner

Most businesses favour smaller businesses because they can have the personal attention required without being stuck in service cases or navigating a maze of steps to find the correct person to respond to questions. Arialife has deliberately limited the number of NetSuite implementations it does per year.

The explanation for this is to have excellent NetSuite implementations while still being available for post-go-live support. The same people who worked on the applications will continue to work on Post Go-Live tasks without getting distracted by another ERP deployment.

Everything to Know About Netsuite Solutions

 Each day, the corporate climate gets more dynamic. To control business operations, organizations desperately need cutting-edge technology such as robust ERP applications or a powerful cloud facility. Oracle NetSuite has always been ahead of the curve in anticipating these needs and assisting market organisations by the incorporation of NetSuite ERP.

NetSuite is a streamlined Enterprise resource planning (ERP) application. It supports companies in achieving economic growth and progress by improving company operations effectively. It also aids in the automation of corporate operations and operations in a cloud platform, which has many advantages.

An Overview of NetSuite

NetSuite is a relative newcomer to the ERP universe. Evan Goldberg first launched it in 1998 under the name Netledger. It began as a web-hosted accounting program to appeal to the following needs: efficient management of corporate finances, other processes, and customer relations and satisfaction.

It serves the requirements of small, medium-sized, and large businesses in a cloud environment. 

Later, Oracle purchased NetSuite and nurtured its development from a small business suite to a powerful ERP solution that operates in a variety of capacities to improve business operations.

Why Should You Use NetSuite?

Choosing an ERP solution is challenging since there are multiple ERP providers offering critical solutions for various companies. However, all of these ERP options can not suit your needs. As a result, companies should select ERP applications that can be customized to their particular specifications. NetSuite is one of these dependable ERP solutions. NetSuite deployment is highly advanced, and implementation partners go above and beyond to ensure its performance. One of the most common questions is, “Why does my organization need NetSuite?” The answer is actually quite simple.

NetSuite’s ability to ramp up enterprise operations is extraordinary. The following are the significant factors that demonstrate the significance of NetSuite ERP in addition to other practical ERP applications, some of which are mentioned below: 

1. NetSuite can easily manage the whole financial management system of your company, such as accounting, stock, supply chain, and order management, in the cloud.
2. It is possibly the best ERP tech solutions for companies looking to develop their customer experience management.
3. NetSuite automates companies’ project planning, tracking, and execution.
4. The interface enables global corporate administration. It is effective when dealing with various currencies, nations, subsidiaries, and languages within a business.
5. NetSuite ERP’s eCommerce capabilities facilitate functions in an E-commerce store, such as order administration and point of sale, as well as selling, merchandising, stock, service, and financials.

In addition to the functions mentioned, NetSuite often aids in gaining agility for progressive growth and well-being.

What Does NetSuite Solutions Comprise Of? 

The following are the most promising aspects of the NetSuite ERP system.

Accounting and Financial Management

NetSuite ERP provides comprehensive capabilities for realistic accounting and financial reporting in a single cloud-based application. End-to-end business process flows, such as Lead to Cash, procure to pay, order to cash, and so on, are available. Financial management tasks can be performed by companies using a centralized source of finance, revenues, and customer information.

Customer Relationship Management (CRM)

Customer relationship management (CRM) enables engagement with better-optimized CRM software. Businesses can better handle their client and prospect relationships and contacts. NetSuite has a powerful Customer Relationship Management framework. The advantages of NetSuite CRM solutions include the potential to strengthen corporate relationships with consumers, streamline operations, and increase business profitability.

Warehousing and Manufacturing

NetSuite has a wide range of functions for dealing with various sectors such as manufacturing and warehousing. It operates by optimizing large-scale enterprise development practices as well as the vital monitoring of financials and industry-specific needs.

Inventory Management

NetSuite has comprehensive inventory management tools, which enables it to  promote the administration of company processes, finances, logistics, and inventory in a single business network in order to reap the possible benefits.

Analytics and Reporting

NetSuite solutions employ the most advanced technologies to accelerate market intelligence and produce reports for analyzing business results. Businesses can improve and gain insights into sales volumes, customer engagement, product and service growth, sustainability, smarter business choices, customer loyalty, and other areas.

What Are The Capabilities of NetSuite? 

While NetSuite solutions have a vast list of capabilities, here are some of the most popular and beneficial ones: 

• Efficient management of the financial process
• Enhanced Business Reporting
• Best report generation tools with real-time information
• Improved Inventory Costs
• Foster Cash Flow
• Cost Savings
• Better Data & Cloud Security
• Proper Process Standardization
• Premium Supply Chain Management

Moreover, NetSuite also provides various capabilities based on the field. We’ve categorised each field separately to give you a better understanding. 

CRM

• Enriched resource Organisation
• Enhanced Communication
• Improved Customer Service
• Automation of Daily Tasks
• Efficient team management
• Analytical Data and Reporting

Ecommerce

• The highly responsive themes and optimization benefits
• Accessible source code for carrying out designs
• Options to design unlimited layout control
• Better performing and fast loading UI
• Flexible for customizations and updations
• Flexible for manual upgrades with the highest security
• Advanced features and enhancements
• Offers highest marketing features (e.g., upsell and cross-sell)

PSA (Professional Services Automation)

• BUILT in OpenAir acquisition
• Effective management of service-based functions
• Project-oriented businesses.

What Are The Benefits of NetSuite Solutions? 

NetSuite ERP is capable of efficiently running business operations. NetSuite has the following advantages to companies.

1. A One-Stop-Shop Solution for Business

NetSuite ERP serves as a one-stop shop for all of your business concerns. It includes virtually every part of industry, from financial processes to supply chain management. You can effectively direct and manage the firm from a single platform. It combines many needs into a single articulated platform, allowing companies to achieve sustainable market advantages.

2. Better Decision-Making

NetSuite provides powerful market intelligence solutions that support companies in decision-making processes; as a result, businesses can efficiently produce high-end outcomes. These would aid in the achievement of progressive development and market success. It assists in the interpretation of sales recognition, maps and statistics, and has a huge effect on improved decision-making processes.

3. Business Expansion Opportunities 

NetSuite can handle companies that operate in several languages, currencies, and branches in various countries. This enables your business to reach out to new markets, thereby creating multiple expansion opportunities. 

4. Customizable

Another unrivaled feature of NetSuite is its high degree of versatility in customizing the device to meet the specific needs of a business organization. It can easily and rapidly configure and connect with a third-party framework to boost the business.

5. Data Security

NetSuite operates in the cloud, which provides high data confidentiality. Businesses can perform operations from anywhere in the world and in several locations. Companies can continue to function without the risk of losing data.

6. Scalability

The NetSuite ERP system is extremely scalable. This can have an effect on market expansion in terms of growth and development.  As a result, companies can accommodate any technical improvements through NetSuite.

What Are The Features of NetSuite? 

NetSuite ERP has a large number of features that are all aligned within the device. It improves the performance of business processes. We’ve highlighted some of it for you.

Order-to-Cash

The NetSuite-aligned O2C operation efficiently handles the whole order management operation. It synchronizes the findings from accounting log entries in books with the point of payment.

Audit Trail Visibility

NetSuite offers audit trail visibility, which ensures required details through backtrack and consistent visibility towards the trail of events in relation to its initial actions, record production, user interactions, data usability, login attempts, administrator activities, or automated system activities. This facility means that the system’s activities are properly monitored and that transparency is improved.

Procure-to-Pay

NetSuite ERP’s procure-to-pay functionality is a key aspect. It assists in the administration of the entire business process in the cloud, with a suite of multinational actions to ensure productivity and uniform accountability in the procure-to-pay process.

Tax Management

NetSuite has an outstanding function that allows you to run actions to learn, log, measure, and pay various forms of taxes based on the selling or purchasing of goods and services. NetSuite tax management is based on a stable basis that guarantees accountability, automation, and efficient tax control and management in a global context.

Flexible Depreciation Management

NetSuite Fixed Assets Management helps users to choose the accounting date for depreciation which allows for annual withdrawal and depreciation of assets depending on their desires.

Workflow Management

NetSuite has powerful Workflow management features that enable it to easily integrate some complex business processes into the NetSuite framework. Businesses may use these features to simplify business operations and save time on manual tasks. This functionality has the capability of converting more complicated business operations into simpler behavior. Workflows can handle several stages, transformations, and processes more effectively, saving time.

Fixed Asset Roll forward

NetSuite Fixed Assets Management provides professional and automatic service. Parent—Roll up values all sub-assets to the parent and build a single journal forward. As a result, since this function allows for revision, it only impacts possible depreciation estimates.

Integrated Financial Reporting

NetSuite ERP has an effective Financial Report Builder platform that is both convenient and simple to use. The method aids in the development of financial statements for reporting purposes. It also guarantees the aggregation of economic data and the classification of additional data in the survey, such as budget information.

Flexible Payment Acceptance

Flexible payment recognition enables the company to set one payment for everyone, including contractors and staff, per bill/expense, or a user-defined grouping. These functions run automatically by grouping payments that follow the requirements you decide.

Global Ready

The global-ready functionality guarantees that your business structure is capable of managing foreign business activities, regardless of location. The global ready functionality keeps a key ERP suite up to date with host upgrades. The feature is dispersed in the global financial system. Governance, Danger, and Compliance (GRC), sales identification, Services Resource Planning (SRP), Supply Chain Management (SCM), and billing will also be included.

Fraud Prevention

Netsuite is a piece of software that guarantees the highest degree of data protection. The controls are in place to deter fraud involving particular dates, numbers, emails, and bought goods based on specific requirements. There are a variety of features that can be used to identify illegal activity. With the NetSuite bundle, the NetSuite Fraud Detection and Scoring Tool is simple to set up.

Flexible Payment Processing

Flexible payment management helps you to identify payment procedures for each bill/expense for the same vendor/employee. In other instances, a user-defined grouping will be needed. It assists in the automation of payment types based on the collection criterion.

Demand Planning Engine

The Market Planning engine in NetSuite assists in the monitoring and regulation of processes related to demand and supply balancing. It functions by generating market patterns, which can then be analyzed, resulting in the creation of a schedule. On the basis of several settings inclined in item data, the supply preparation process produces the procurement process, work, and transfer orders.

Cost Management

NetSuite cost Management is a powerful feature. It provides a range of benefits, including improved productivity, and better tracking along with compliance. It also helps to maximize the accuracy and timeliness of expense reporting, thereby enhancing the overall experience of the processing with user attentive and straightforward enterprise.

Inventory Control

Businesses will benefit from the inventory management feature, which makes for better inventory monitoring. It also aids in the development and successful management of company properties. Other features include inventory categorization based on volume and valuation of purchases, daily monthly counts, and so on. It’s a useful tool for ensuring inventory precision.

Inventory Visibility

The NetSuite inventory visibility function is a powerful tool provided by NetSuite ERP. Cycle counts, multiple location inventories, delivery requirements preparation, protection storage, demand planning, reorder points, and multiple location inventory are all tracked with this feature in NetSuite.

Integrated Process Workflow

Inside an automated workflow, NetSuite has powerful capabilities for optimizing processes. It includes a web-based enterprise management solution as well as business processes that are compatible. Allowing ad hoc process improvements makes it easier to optimize company agility, and it can also trigger events and monitor productivity.

Centralized Vendor Management

NetSuite helps users to conveniently monitor their tasks from a single computer. It entails gathering specifications, selecting suppliers, initiating communications, accepting bids, and making pricing adjustments. In a centralized vendor system, all of these operations are controlled, tracked, handled, and managed.

Flexible Billing Scheduling

NetSuite allows you to easily create multiple billing plans based on the company’s needs. With the support of the schedule’s header level choices, it has several options and services and builds operations for reusable various orders and lines.

Human Capital Management

HR functionality is integrated into the NetSuite suite of applications by HCM. It is an efficient way to eliminate time-consuming, redundant, and manual operations. It consolidates standard employee queries and produces reviews for decision-makers and auditors, and it confines actions and collects information from various processes.

Core HRIS

SuitePeople benefit from the Core HRIS functionality. It assists workers in requesting time off, having access to staff directories and managing corporate tables, cross-monitoring upcoming holiday times and tracking new employee hires, as well as a number of other activities. It also works by using the suite to connect people’s data together. It works well for gaining full control of the main HR operations.

NetSuite TribeHR

NetSuite TribeHR provides a forum for digitally storing all employee files. It also has an enterprise-class HRIS that keeps a full log of employee activity. It aids in the implementation of the following actions, which assist in motivating, managing, and retaining workers to work toward achieving company objectives.

What is a NetSuite Solution Provider & Do You Need One? 

Quality NetSuite partners start with the long-term vision and business plan in mind. Partners are committed to your success and reputation long after the go-live date. They are passionate about learning the company’s operations and committed to your success and reputation. You’ll have easy access to NetSuite assistance from professional IT experts, with the freedom to raise questions, address best practices, sourcing options, prices, and goods, among other items. NetSuite Partners are business professionals with a deep understanding of the platform as well as the expertise and skills to better adapt your NetSuite implementation to your particular specifications. 

So, if you’re looking for a NetSuite solutions provider who can help you make the most of this exceptional software, consider contacting us at Aarialife today!