Netsuite ERP modules

What is Netsuite?

Netsuite is a customer relationship management platform, an online software package or service that helps handle all the business processes and business management activities in a single system. An organization collaborates with multiple departments like payroll, inventory, financial management, etc. Netsuite is the best platform that provides its extensive support to business organizations by linking and associating all the different departments together.

Netsuite's cloud-based business software solution helps in understanding and delivering the growing business needs, leading to the organization's growth and development. The Netsuite software does not require any hardware or large license fee, maintenance fee with no complicated setups. Netsuite is a flexible platform that is applied on a large scale of business applications these days.

Most organizations are looking for migrating their business processes into cloud-based systems to ensure that the business is running using low operating costs. Netsuite delivers its service, which is reliable, flexible, and easy to manage by the organization's different departments. Netsuite is suitable to work with any type of business, small, medium, or large businesses.

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Implementation of Netsuite in the business organizations helps improve the efficiency of the business processes and streamline them accordingly based on the business requirements and deliverables. It helps reduce the cost and human errors, providing the reports, analytics, and insights that would help enhance the business processes. It also allows adding new functionalities like custom functionalities based on the business needs and enhancements.

ERP Modules

Enterprise resource planning is the primary focus area where every organization prepares a plan and implements it within the business. There are several modules in enterprise resource planning. All these modules entirely help in the enhancements and business improvements. Let us have a quick review of the Enterprise resource planning modules. 

Financial Management :

Financial Management is a module in resource planning that helps to automate the operations related to finance. Financial Management module ensures a high level of flexibility and transparency across the different departments, which will further help make the right decisions. The NetSuite Financial management is flexible and compatible with other ERP modules like order management, inventory management, e-commerce functions, etc. 

Financial Planning :

Oracle Netsuite has come up with a module that delivers the financial planning solutions required for the organizations. Financial Planning solutions are flexible to integrate with Microsoft tools like word, excel, etc. The financial planning department ensures managing, prioritizing, planning, and organizing the capital expenses and impacting the overall expenses. 

Demand Planning :

Netsuite helps in demand planning, allowing in estimating the demand for the products in the near future. It helps in forecasting the demand for the products based on the previous historical data available. This will provide an insight to the managers and the related teams to plan and work for the purchases and meet the business needs as and when required.    

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Order Management :

Netsuite offers order management that helps in managing the orders of the business efficiently. It is responsible for streamlining the processes and operations right from when the billing until the product's delivery. It helps minimize the business errors, human errors, billing refunds and reduces the customers' efforts.

Warehouse Managment :

The warehouse management system (WMS) in Netsuite helps in handling, managing all the activities related to the warehouses. The warehouse management system is designed and developed to improve or enhance the production, shipping accuracy, efficiency, and warehouse utilization aspects. Netsuite also includes the Netsuite WMS Lite module designed and useful for managing small warehouses and stock rooms.  

Payroll Management :

Payroll management is an essential business function that has to work efficiently without any errors. It has to be crystal clear and deliver the results most effectively. The NetSuite's payroll management maintains accuracy by eliminating the paperwork, and all the calculations purely run on the system. Hence, there is no need to create or prepare payroll tax forms. 

Production management :

The production management module in Netsuite helps the industries and businesses to automate their business processes. This automation would start from the sales order, work order processing, scheduling, routing, product costing, and order fulfillment. This is one of the most essential modules as every organization would strive hard to meet the production levels. 

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Procurement Management :

The procurement management module in the Netsuite's enterprise resource planning would be responsible for streamlining the procurement process, paving the way for an integrated solution with some pre-approvals. Procurement management helps the organization in buying the resources at the best cost on time.

Incentive Compensation :

The incentive compensation module in Netsuite offers an opportunity to ensure an easy to use process, allowing the business teams to track and compensate the sales team with multiple commission plans. This module helps in gaining a better understanding of the incentives aligned to the sales team. It gives a picture of how to achieve the business goals based on the alignment of the incentives.

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Advanced ERP Modules:

Netsuite advanced Software module is flexible and compatible to integrate with the NetSuite Customer relationship management platform, which helps the different software and internet companies to track the flaws and provide a resolution on a timely basis. This helps in eliminating or reducing the downtime. Netsuite offers advanced ERP modules as well. Let us have a quick review of the advanced ERP modules.  

Advanced Financials

The advanced financials module in Netsuite helps in a broader financial picture of the business. It does not allow you to miss out on any kind of opportunities that would help in improvement with respect to the billing, fixed asset management, revenue management, multi-book accounting, etc. 

Advanced Analytics

The advanced analytics module in Netsuite would be involved in transitioning your business intelligence to a different level with the SuiteAnalytics Connect. The SuiteAnalytics connect a reporting module that plugs into the sophisticated data processing capabilities.  

Advanced Planning

Most of the power of an organization would depend on the planning aspect. It purely involves the ability to forecast and manage the business process accurately and strategically. Netsuite empowers the specialist modules for demand planning, resource allocation, job costing and project management, etc.

Advanced Logistics

Netsuite offers the best modules related to advanced inventory, procurement, and order management. It helps in the automation of the stock control, purchasing, and fulfillment processes to attain efficiency and cost control. It also supports additional warehouse management modules that help improve and enhance operational excellence and boost customer experience and satisfaction.  

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Advanced Manufacturing

Netsuite helps in matching the production to the inventory with the dedicated work orders and helps in tracking the performance against volume and cost targets with the routings. 

Advanced Commerce

The advanced commerce NetSuite module will help build a professional eCommerce store by using the SuiteCommerce site builder module. It helps in creating a single cloud management platform for all the required sales operations with SalesCommerce Advanced. For the business with high volumes and which involve B2C and B2B transactions, SiteCloud Plus premium data center tiers will allow you to process as much as traffic when required.

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How do you select the right ERP module for your organization?

In order to gain the most out of Netsuite packages, you must choose the right modules based on your business. Choosing the right modules and including them in your plan will help you endeavor. When it comes to the selection of the right Enterprise resource planning module, there is a lot that you need to think and implement over.

The first and foremost step is to identify the type of industry that your business falls into. Based on the industry, you will have an option to choose the industry based package of Netsuite. Let us say, if your business is all about Healthcare, then your right choice would be the Netsuite healthcare package, if it is a software company, then your right choice would the NetSuite software package. Netsuite has built up and offered the relevant packages and best suits your industry, allowing you to utilize and enhance your business deliverables.

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The next step would be identifying or determining the requirements to check if all the requirements are met fully or if any additional modules are required. In some cases, additional modules might be required by the business teams to ensure that every team performs the operations well. You will need to look into the additional modules to find the missing requirements and add them if needed.

The last step would be the cost analysis. You will need to determine the cost, and you need to know that the cost would be less if you temporarily use the specific module. Try to understand the business needs and duration better so that you can use the subscriptions available if needed.

Once you determine and gain an understanding of how the modules work for your business, you can order and utilize the benefits of the modules in enterprise resource planning.

All the above-listed modules in the enterprise resource planning possess exceptionally high quality and are utilized by most organizations. As a working individual, you can dive more on Netsuite and learn more about the Netsuite package or suites available. Experience in improving customer relationships and customer satisfaction would be a plus. It is recommended to get trained and certified on Netsuite, which would be an added advantage.

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Conclusion

As everything is running based on the technologies, there is a good chance that the business organizations are achieving their goals by streaming the business processes using the Netsuite platform.

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