In the late 1990s, the term “cloud” was not commonly associated with technology, nor was it acknowledged as the future of software.
However, a select group of forward-thinkers recognized the advantages and immense potential of delivering software via the internet. Among them, Larry Ellison, co-founder of Oracle, successfully persuaded entrepreneur Evan Goldberg of the bright prospects of web-based software. This led Goldberg to initiate NetLedger in 1998, which later transformed into NetSuite.
Today, NetSuite’s cloud-based enterprise resource planning (ERP) system equips businesses with a comprehensive suite of applications necessary for efficient operations and sustainable growth. Companies of all sizes and spanning various industries rely on NetSuite, leveraging its extensive range of applications for finance, supply chain management, customer relationship management (CRM), human resources, professional services, ecommerce, and more.
What is NetSuite?
NetSuite is a cloud-based enterprise resource planning (ERP) software suite that offers a wide range of integrated applications and tools designed to help businesses manage various aspects of their operations. Developed by Oracle, NetSuite provides a comprehensive solution for financial management, customer relationship management (CRM), eCommerce, supply chain management, human resources, and more.
Some key features and functionalities of NetSuite include:
Financial management: NetSuite enables businesses to handle their accounting, financial reporting, billing, and revenue recognition processes. It helps streamline financial operations and provides real-time visibility into financial data.
Customer relationship management (CRM): NetSuite’s CRM module allows companies to manage their customer relationships, sales processes, and marketing campaigns. It helps improve customer relationships, sales processes, and marketing campaigns. It also assists with improving customer interactions and sales efficiency.
eCommerce: NetSuite offers eCommerce capabilities that enable businesses to create and manage online stores, handle order processing, deal with inventory management, and provide a seamless shopping experience for customers.
Supply chain management: This feature helps businesses optimize their supply chain operations by managing inventory, order fulfillment, demand planning, and procurement processes.
Human resources (HR): NetSuite includes HR management tools for tracking employee information, payroll processing, and workforce planning.
Professional services automation (PSA): PSA helps professional services firms manage their projects, resource allocation, time and expense tracking, and project billing.
Analytics and reporting: NetSuite provides robust reporting and analytics capabilities, allowing users to generate customized reports and gain insights from their data.
Customization and integration: NetSuite is highly customizable and supports integration with other software and third-party applications, allowing businesses to tailor the system to their specific needs.
Scalability: NetSuite is suitable for businesses of various sizes, from small startups to large enterprises, and it can scale as the business grows.
Cloud-based: Being cloud-based, NetSuite offers the advantage of accessibility from anywhere with an internet connection and eliminates the need for on-premises infrastructure maintenance.
History of NetSuite
NetSuite’s history is closely tied to its co-founder Evan Goldberg and its evolution as a cloud-based enterprise resource planning software company.
In the early years (1998 – 2007), NetSuite, which began as NetLedger, was created as a web-based accounting and business management software that would provide small and medium-sized businesses (SMBs) with an alternative to traditional, on-promises ERP systems. At that time, cloud computing was still a novel concept.
In 2001, NetLedger was rebranded to NetSuite to better reflect its expanding range of services beyond accounting and ledgers. The name “NetSuite” emphasized its broader suite of cloud-based business applications.
As time went by, 2007 approached—a time at which NetSuite went public with an initial public offering (IPO) in December of that year. The company was traded on the New York Stock Exchange (NYSE) under the symbol “N”. The IPO marked a significant milestone in the company’s growth and allowed it to raise capital for further expansion.
Once 2016 arrived, NetSuite was acquired by Oracle. This was one of the most significant events in NetSuite’s history, as the multinational technology corporation Oracle, co-founded by Larry Ellison, added NetSuite to its book of offerings. The acquisition was valued at approximately $9.3 billion and allowed Oracle to strengthen its cloud offerings in the ERP and business management space.
Under Oracle’s ownership, NetSuite continued to expand and enhance its cloud-based ERP business management software. It continued to serve a wide range of industries and businesses of varying sizes, from small startups to large enterprises. These days, NetSuite has expanded its global footprint, offering its services to businesses worldwide. The company also introduced localized versions of its software to cater to the specific needs of businesses in different regions.
NetSuite has continued to remain focused on staying competitive by regularly releasing new features, updates, and integrations to address the evolving needs of its customers. This has included advancements in areas such as eCommerce, supply chain management, and analytics. Additionally, the acquisition by Oracle allowed for deeper integration between NetSuite and Oracle’s broader cloud ecosystem, providing customers with additional tools and services to support their businesses.
5 Core Features of NetSuite
While NetSuite may hold the distinction of being one of the earliest cloud ERP software providers, it is by no means the sole player in this field. What distinguishes NetSuite from other cloud-based solutions? Here are five key attributes:
1. Comprehensive Business Overview
NetSuite enables any company to efficiently manage its complete business operations through a unified platform. It consolidates finance, supply chain, manufacturing, HR, and eCommerce functions into a single system with a unified database, eliminating the need for a separate software for each process and department. With a straightforward login process, employees can easily access and monitor the status and performance of all aspects of their operations with just a few clicks.
2. Seamless Native Integrations
Within the NetSuite ecosystem, all applications seamlessly exchange data with the central database, guaranteeing a singular and authoritative source of information. The platform’s inherent integration of modules eliminates the necessity for potentially unreliable third-party integrations that might not support real-time updates.
This unified structure provides a consistent user interface across all modules, reducing training time and expediting user productivity. Moreover, this module enables users to execute end-to-end processes such as order-to-cash and procure-to-pay within a single application, without the need for redundant data entry or data exportation.
3. Pure Cloud Architecture
NetSuite originated within—and was specifically designed for—the cloud environment. In contrast, numerous “cloud” ERP systems are essentially hosted or hybrid clouds, essentially on-premises software adapted for internet accessibility. These kinds of solutions encounter numerous issues commonly associated with traditional systems, such as version limitations, delayed upgrades, and limited scalability. NetSuite, on the other hand, represents a multi-tenant, vendor-managed cloud solution that offers boundless capacity to facilitate business expansion.
4. Robust Reporting Features
NetSuite derives its formidable reporting capabilities from the substantial volume of data streaming in from various departments and business divisions. Users can generate reports on virtually any aspect they wish to assess or better understand, courtesy of the platform’s integrated reporting tools. Additionally, NetSuite offers role-based dashboards that swiftly furnish employees, managers, and executives with the information necessary to make well-informed decisions.
5. Inherent Adaptability
NetSuite’s capacity to cater to a wide spectrum of industries doesn’t solely stem from its remarkable functionality; it’s also attributed to its capability to adjust and fulfill diverse business needs. Utilizing SuiteCloud applications and tools, the platform can be personalized to align with your specific processes and organizational framework, regardless of whether you’re a multinational corporation overseeing multiple subsidiaries or a budding startup in the early stages of product development.
Team Up with MIBAR to Get Started on Your NetSuite Implementation Today!
Ready to harness the power of NetSuite for your business? MIBAR, with our expertise in NetSuite implementation, is here to help you unlock the full potential of this powerful ERP solution. Whether you’re a global brand or a growing startup, we have the knowledge and experience to tailor NetSuite to your unique needs.
Don’t miss out on the opportunity to streamline your operations, improve efficiency, and achieve sustainable growth. Contact MIBAR today to get started on your NetSuite journey and discover the difference a robust ERP system can make for your organization. Your path to success begins with us; let’s get started!
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