What is NetSuite?
Are you thinking about managing your business on a Cloud platform? At Wave, we partner with NetSuite, the worlds leading cloud ERP software platform and software suite. With NetSuite, there are significant IT cost and time savings, accessibility benefits and increased visibility based on real-time data.
If you have not yet heard of NetSuite or have little knowledge of the software, you may be wondering “What is NetSuite?” If this is the case or if you would like to get a better of understanding of what NetSuite has to offer, keep reading!
So, what is NetSuite exactly?
Owned by the multinational technology corporation Oracle, NetSuite is a software company that has developed a cloud ERP and financial solution that is perfect for assisting companies to maximise the performance and efficiency of their operations.
The History of NetSuite
Originally named NetLedger, NetSuite was founded in 1998 by Evan Goldberg. 9 years later in 2007, NetSuite became a publicly traded company on the New York Stock Exchange. Having strong ties with Oracle throughout its existence, NetSuite was acquired by Oracle in 2016 for $9.3 billion, highlighting the growth of the company. Throughout NetSuite’s operations, the company has grown so much that it is used by over 26,000 companies worldwide and has offices located across North America, Europe, Asia and Australasia.
How does NetSuite operate?
NetSuite is a multi-tenant solution that was built for the cloud and operates only in the cloud through a subscription based model. All of NetSuite’s customers use the same version of NetSuite, meaning that all NetSuite’s customers benefit from product updates and enhancements. However, this does not mean that users experience frequent disruption, quite the opposite! In fact, the majority of product updates and enhancements are implemented in the background meaning you experience minimal disruption. NetSuite pride themselves on their “uptime” and publish live information regarding NetSuite’s performance, which can be viewed live here at anytime.
As NetSuite is a multi-tenant cloud solution, users do not have to worry about IT and maintenance costs – NetSuite takes care of the infrastructure for you! NetSuite has data centres across the world where your data is stored separately and securely. Users choose a primary data centre and secondary data centre where their data is stored, allowing for secure data back-ups and easy disaster recovery.
What’s more is that NetSuite is accessible anywhere on any device as long as you have an internet connection, allowing users to make quick and informed decisions, regardless of their location. Each user has their own log in and can access ERP modules functionality that is highly configurable and based upon their role and tasks relevant to their jobs. NetSuite offers a customisable and relevant dashboard to each user. The dashboard is highly configurable, allowing users to drag and drop different modules which are most important to their job role. A popular dashboard feature amongst NetSuite customers is the reminders list which probes users to complete outstanding tasks.
NetSuite’s core benefits
Unified platform
As NetSuite operates on one single platform, users experience a unified and transparent view of the business, allowing for more suitable decisions.
Access to real-time data
Users can gain access to real-time data, regardless of their location, allowing them to make fast and well-informed decisions.
Native integrations
NetSuite offers natively integrated modules, removing the need to integrate third party platforms which may be unreliable or which may be difficult to integrate. Instead, users can instantly get up and running with NetSuite’s modules, which carry exactly the same design and user-friendliness of NetSuite.
Built for the Cloud
NetSuite is a true multi-tenant solution and does not face the same issues that single-tenant software authors face when producing a multi-tenant solution, such as scalability.
Extensive reporting capabilities
With a unified platform and immediate access to real-time data, you can produce a report within a matter of seconds.
Flexibility
NetSuite is highly configurable to the needs and functionality of each business unit/user. NetSuite can be configured to the requirements of each industry and also provides multi-currency, multi-language and unlimited business units.
Wave Consulting have 25 years of experience in systems implementations, configurations and support services. If you would like to know more about NetSuite and how it can benefit your business, please contact us here. Alternatively, please visit our NetSuite page to learn more.