For those looking to upgrade their ERP system, there are a dizzying array of solutions available from an equally dizzyingly large array of vendors. Today, I’ll be making the case for NetSuite. While it won’t be right for every business case, this is a solution built for the mid-market with a focus on being right for most business cases. And that’s why, regardless of the industry in which you work, I encourage you to read this entire piece. On the one hand, you may just find that NetSuite has what you need. On the other, it might help narrow down your choices by helping understand the factors worth considering before making a shortlist or final selection.
For starters, most organisations these days are moving into the cloud. There are good reasons, and you’ll have your own, among which are likely to be factors like reduced operational cost, greater flexibility and scalability, and improved resilience from enterprise systems and data. NetSuite, of course, was among the pioneers of ERP software in the cloud, and with that comes a good deal of cred.
But here’s the thing. NetSuite offers plenty beyond ‘just’ being in the cloud (a claim which, in any case, many vendors today can make). There are MULTIPLE additional benefits on offer, and that’s what I will unpack today.
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At the top of the list is, for want of a better term, completeness.
As a (perhaps uniquely) mature cloud solution, NetSuite offers just about everything you’re going to need, within a single vendor solution. Much of the reason for considering a replacement ERP often comes down to the realities of unpleasant complexity and the associated struggles of dealing with a hairball of hosted, managed, or on-premise business systems, fragmented reporting, and never-ending workarounds. Switching to NetSuite's true-cloud solution means a vast range of own-branded and 3rd party NetSuite-approved SuiteApps, taking care of every aspect of your business. That sets you on the path to reduced costs, streamlined business processes, improved productivity, and a more competitive operation.
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Next on the list is ease of implementation.
The thing about thousands of implementations is that each provides an insight into the next. That’s how we’ve built our expertise at Verde, and it’s also something NetSuite itself has been quick to incorporate into a formalised methodology (SuiteSuccess). This is an engagement methodology I’ve recently covered in some detail, but the short version is that these leading practices can have you up and running in mere weeks. Implementations are difficult and expensive, so this is a very real, very powerful value-add.
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Following that, there’s the multis, which must be considered by any organisation expanding into new markets.
After all, new markets mean different currencies: US dollars, Euros, Yen, Rands, Peso, Won, Krona, Australian dollars, Zloty, you-name-it. Especially for those operating in digital eCommerce, the range of currencies in which you may be transacting can be dizzying. With NetSuite, never mind the headspin, OneWorld makes the whole lot simple. Working with more than 190 currencies and exchange rates, it’s just business as usual, with real-time currency conversion, and easy financial consolidation for global business operations.
Even better, NetSuite handles payment processing internally, in each bank’s predefined file format so it’s ready to import into banking software or for submission through online banking portals. That means your business buys, sells, resells, and trades directly with customers or with other businesses, in each user’s currency.
There’s more multi, too. When you’re operating across borders, there are multiple taxation obligations, either directly to legally perform business operations, or indirect taxation and compliance reporting requirements. NetSuite is designed to handle the lot, delivering ease of compliance with audit trails and tax forms for many nations, with remote access permissions for your accountants replete with real-time financials. That’s why NetSuite is accredited by regulators in the US, UK, Germany, Japan, China, Hong Kong, Malaysia, Thailand, Australia and many more countries. It even offers pre-configured tax engines for multiple nations and multiple VAT/GST regimes.
And, of course, people in those countries all speak different languages – no problem for multilingual NetSuite, which offers 20 of the world’s biggest tongues standard. This isn’t only for your staff members using the software, but also for your customers, who can view pages and items in their preferred language.
Finally, like any good product, time in the market counts. There are very few ERP solutions that can claim to have been in the cloud for more than 20 years. After all, when NetSuite decided cloud was the future, ‘cloud’ wasn’t even a thing. From being a pioneer, today NetSuite is a standard, offering unrivaled flexibility including custom integration and development, proven capabilities, and a user base in the tens of thousands.
If you’re in the mid-market and looking for ERP excellence, it’s a no-brainer for your longlist. Taking a closer look means it’ll make it to the shortlist and further.
