NetSuite ERP Pros & Cons

NetSuite ERP Pros & Cons

Are you curious about the NetSuite advantages and disadvantages? NetSuite expands with your company, increases visibility, and provides a full suite of solutions. Well! Pricing and support restrictions also exist. For the best outcomes, Onboard can speed up your training and implementation.

While humans possess significant capabilities, automated enterprise management surpasses them in efficiency. When in the never-ending search for efficiency boosters, a suggestion will be received to upgrade the enterprise with the integration of ERP.

The astonishing results from a survey are a source of encouragement— a whopping 95% of participants who adopted ERP witnessed improvement in their business processes.

When narrowing down your choice to a specific ERP from a variety of options, a careful insight into both drawbacks and merits is essential. This guide below will help you weigh the pros and cons of NetSuite ERP, helping you make a sound decision.

With a 4.31% market share in the ERP segment, NetSuite ERP is a cloud-based company management system that provides businesses with real-time access to their own financial data and operational performance.

This guide below will help you weigh the NetSuite ERP pros and cons, helping you make a smart decision.

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Pros of NetSuite ERP

Beginning with their positive points, the pros of NetSuite ERP are:

Enhanced Visibility

The most prominent feature expected from a cloud-based management system is real-time updates. NetSuite ERP meets the demand, contributing to the decision-making and strategic processes of the enterprises. Adding to the accuracy and swiftness to never halt the busy world, the solution saves time in industry-specific processes. Customizable dashboards, real-time access, and unified customer records are some of the functionalities that contribute to enhanced visibility.

Complete Package

The requirements of businesses vary. Accurately accommodating each need is impossible, yet offering the complete ERP package, the services are not limited to financial management. Rather, they expand to

  • Business administration
  • Automated project planning to execution
  • Invoice generation
  • Making payments
  • Report generation
  • Expense tracking
  • Transaction recording
  • Document management
  • Customer Relationship Management
  • And much more

Scalability

The enterprise scalability won’t need to switch the ERP during scaling operations. Capable of accommodating technological changes, enterprises can choose among the packages. NetSuite Enterprise is suited for more users. Further, gradual business expansion and changing needs are also accommodated with the quick-paced growth of NetSuite.

Customization

Flaunted as the most customizable Software-as-a-Solution, it fits a wide variety of business requirements and industries. It is possible through the availability of more than 30 different modules. Adding to those is another variety of add-ons customized to meet global and national needs. The high-end reports and analytics with real-time updates specific to the industry contribute to detailed insights as per the immediate requirements.

Integration

NetSuite ERP effortlessly accommodates integrations with third-party applications, whether they are commonly used or required to fulfill specific industry requirements. It offers different solutions to help in the endeavor, with options ranging from NetSuite Connectors for product-based integration, NetSuite customized integrations on demand, and NetSuite integration platform for dealing with data flows between applications.

Wide Client Accommodation

Businesses deal with suppliers, customers, partners, and different types of clients. Offering management accommodation to all of those, the NetSuite ERP aims to enhance both B2B and B2C partnerships. The notification system with updates on the collaborative engagement of partners helps in pacing up the processes, improving efficiency, strategic planning, enhanced collaboration, and competitive advantage, offering an upper hand to the business utilizing NetSuite ERP.

Savings

Savings due to NetSuite ERP are not limited to cost but also expand to IT. With wide integration options, the NetSuite hugely reduces the requirement for space and, hence, the associated cost. Adding to saving time, workflow management helps by automating processes and simplifying complex business problems.

Automation

The key to the astonishing results of 95% improvement is hidden in the automation aspect of ERP. With automation, the NetSuite reduces the room for human error and eliminates the chances of missing important updates and insights in the processes in the organization.

Centralization

Easing the management includes saving time and effort while removing the chaos from the organization. Handling different software for the management of different processes and departments is obviously time-consuming and prone to errors. Moreover, pre-built synchronization with NetSuite ERP ensures real-time, accurate financial and operational data is used.

NetSuite ERP offers a single solution, a single platform connecting everything. Access to every detail is mentioned in a single place, opening room to build strategies and make use of the anytime and anywhere accessible reports.

Efficiency

Automation of processes through ERP promises efficiency in operations regardless of the department. Further, the unified order to quicken the additional sales channel helps to upsell and cross-sell. The consequence is improved visibility and higher efficiency concerning existing customers.

Financial management

NetSuite has been in Gartner’s 2020 Leaders quadrant for three years, running due to its strong financial core, which makes it a great option for businesses needing intercompany, revenue recognition, and different billing management models.

The fine points of the system are witnessed through

  • Accurate revenue recognition
  • Automated revenue scheduling
  • Multiple billing
  • Simplification of reporting
  • Leveraging real-time data and tools
  • Accurate and beneficial forecasting

Multilingual

Talents are found in different parts of the world. For the enterprises to believe and hire accordingly, the language barrier needs to be crossed. NetSuite focuses on the same and offers its specialized software with access to multiple languages. Besides, the services are available a step ahead with being open to multiple nations, currencies, and subsidiaries. For the insights, the compatible languages include Japanese, Traditional and simplified Chinese, German, Russian, French, and English, among others.

Pros of NetSuite ERP

Enhanced Visibility Real-time updates, customizable dashboards, and unified records Complete Package Comprehensive solution beyond financial management. Scalability Adaptable to technological changes and business expansion.  Customization Highly customizable with over 30 modules. Integration Effortlessly accommodates third-party integrations. Wide Client Accommodation Enhances B2B, and B2C partnerships Savings Reduces costs and space requirements for enterprise systems. Automation Achieves a 95% improvement through automation Centralization Single platform connecting everything. Efficiency Promises operational efficiency and unified order management Financial Management Strong capabilities for financial planning, including accurate revenue recognition Multilingual Access to multiple languages

Cons of NetSuite ERP

There might be certain aspects that may not be liked by an enterprise. Enlisting a few of those for unbiased judgment, here are the cons of NetSuite ERP:

Pricing and Add-on Costs

NetSuite ERP lacks a fixed pricing structure. It offers the package at an annual license fee and depends on three components: the number of users, the core platform, and optional modules. Adding to it is the one-time implementation fee to obtain the initial setup.

Further, the addition of modules and users is available on a business model for expansion, which is again chargeable. With all in one package acting as a centralized regulator of official affairs, the decision about the expenditure lies with the enterprises.

Accessibility

NetSuite ERP, marketed as suitable for both small and medium-sized enterprises, requires two components often absent in small enterprises. These are employee specialization for implementation and budget for incorporation of add-ons and, subsequently, customization. Further, the lack of essential training and specialized knowledge and the low budget add to constraints on its usage.

Limited Support

Customer support is available for limited hours for regular users, while 24*7 support is available for Premium and Advanced packages at an additional cost. Besides regular problems, the aspect poses major limitations during customization operations, which necessarily requires technical expertise. The enterprises lacking technical staff often face hard times.

However, the customers also get certain customer support services for free, which include the NetSuite support user group, SuiteAnswers support ticketing system, online case submission, and full training class curriculum.

CONS of NetSuite ERP Pricing and Add-on Costs Lack of fixed pricing structure and additional charges Accessibility Requires specialized knowledge and budget for add-ons Limited SupportLimited Support Customer support limitations and additional costs for 24/7 support.

Onboard: Streamlining Your NetSuite ERP Implementation & Training

NetSuite ERP is an effective and top choice for enterprises with a large number of offerings. However, among the cons, we enlisted customization issues, lack of support, and even a high implementation fee. After spending for the complete package, the added pricing and other cons might limit the functionality of the business.

Aiding you in the situation in a cost-effective manner, Onboard deals with the majority of the tasks.

Supporting the digital transformation, training, and change required during the NetSuite ERP usage, our services are delivered on time. Our servings count back to 25 years of excellence, with more than 750 ERP projects successfully completed, leaving no room for doubts!

Connect with our expert consultants today and kickstart your journey to NetSuite ERP implementation.

Common Questions About NetSuite ERP

Q1. State key categories of the functionality of Netsuite ERP

The management solutions are offered in seven key categories to contribute to enterprise solutions. They are financial management and planning, order, production, supply chain management, procurement, and warehouse and fulfillment.

Q2. What are the benefits of NetSuite ERP?

The five key benefits of NetSuite ERP include automation of financial processes, gaining inventory visibility, flawless order management, supply chain optimization, and increased efficiency in warehouse operations.

Q3. What major problems are solved by NetSuite ERP?

The NetSuite ERP serves as a solution to major problems like data integrity, accessibility, supply and demand imbalance, manual processing, inability to meet the delivery of the promises and inventory problems.

Q4.  How to choose a perfect ERP system for the organization?

Oracle, the provider of NetSuite ERP, suggests beginning with the identification of the goals and expectations followed by mutual decision with the stakeholders. Then, move on to identifying the appropriate ERP solution for your needs. Connecting with the consultancy or requesting the specific modules for your results directly from the ERP providers are some of the recommended methods to ease the choice.

Q5. Which type of industry can utilize the benefit of NetSuite ERP?

The NetSuite ERP modules are functional in a wide number of industries, such as computer software, retail, IT and services, computer hardware, staffing and recruiting, wholesale, hospital and health care, financial services, management consulting, and marketing and advertising.

Q6. What are the options if the ISP goes down while using NetSuite ERP?

While being available offline, NetSuite is accessible with mobile hotspots as well. Further, users can also make use of the NetSuite Mobile Application compatible with Android devices, to ensure unhindered service.

Q7. What operating systems or web browsers are required to use NetSuite?

The NetSuite ERP works fine with Windows, Apple Mac, Unix, and Linus as operating systems. For web browsers, too, the wide support ensures effortless usage in Internet Explorer 5+, Netscape 7+, Safari, or other Mozilla-based software.

Nicky Cortes
Nicky Cortes
Director of Training and Development

As Director of Training and Development, Nicky's role encompasses Trainer Management and the development of Onboard's strategic training solutions. After 25+ years as a trainer she has a wealth of information at her fingertips. She scopes complex requirements and devises training plans to roll-out ERP end user training. Nicky is able to analyse large organisations and user groups, presenting the information back to clients in a comprehensive and clear manner.

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