What is NetSuite - and What's its Secret to Helping Customers Grow?
February 4, 2020
Casey Rebman Walker
Today’s modern, growing businesses that are looking to add or update their ERP are going to be evaluating cloud-based solutions. NetSuite is an industry-leading cloud-based ERP system for all different business sizes. As a strategic NetSuite partner, we are excited about the growth of NetSuite and have seen firsthand how it can set up companies for success.
What is NetSuite?
Founded in 1998 and commonly referred to as the first American cloud computing company, NetSuite provides software and services to manage business finances, operations, and customer relations. According to their website, NetSuite provides a suite of cloud-based financials / Enterprise Resource Planning (ERP) and omni-channel commerce software that runs the business of more than 19,000 customers in more than 200 countries and territories.
NetSuite ERP supports back office operations, which include financial, human resources, procurement, orders, inventory, shipping and billing. Benefits of a cloud solution include being agile and scalable, making it the perfect solution for companies looking for continued growth. Its appeal comes from NetSuite providing a flexible, easy-to-use platform that supports a variety of industries and verticals with a broad range of functionality designed for all users that can be accessed via any device at any time. Typically, NetSuite customers are fast-growing businesses wanting to replace manual data entry, Quickbooks or other business systems and move to the Cloud.
NetSuite Benefits: Infinite Possibilities for Growth
For growth-oriented businesses looking to improve productivity and increase efficiency, there are many advantages that NetSuite can offer:
A single source of truth – NetSuite is capable of supporting nearly all functions of your business in one place - from accounting and financials to the CRM and ERP. Rather than syncing disparate systems containing siloed data (and dealing with the headaches that arise when systems are not communicating properly), NetSuite contains all of the companies critical data in one platform that can be accessed in real-time, allowing companies to take a proactive approach to managing operations.
Real-time visibility into performance – NetSuite's cloud-based SaaS offering provides anytime access to dashboards, eliminating the need for manual reporting.
Improve productivity – Since manual reporting is reduced and data is easy to access, employees can easily accomplish their tasks and see what they need to get their work done.
Scalability – NetSuite’s modular approach allows customers to select only the functions they need and helps businesses of all sizes scale. This also makes it budget-friendly option.
Customization through partner add-ons – NetSuite has many "built for NetSuite" partners that can extend and enhance NetSuite's functionality. Examples of functions that can be added to NetSuite by way of an SDN partner include: point of sales, taxes, inventory management and shipping.
The Secret: Easy Integrations to Meet Every Need
Since cloud software success is based on renewals, making sure the customer is happy is the number one priority. NetSuite achieves that by partnering with cloud-based applications to support and extend their base functionality. You can add on different cloud applications to customize your experience and meet your individual business needs.
Suiteapp.com is NetSuite’s app store where you can download various SuiteApps. SuiteApps are developed on the SuiteCloud Platform by NetSuite and members of the SuiteCloud Developer Network, NetSuite's third-party developer program. While NetSuite is only responsible for their designated SuiteApps, they work closely with their partners to ensure “seamless support between organizations.” For example, customers looking for a WMS can shop solutions like RF-SMART to extend NetSuite's key warehousing, wholesale distribution, manufacturing and retail functionality.
A Partners Perspective on NetSuite
Even technology companies need ERP products to run their businesses. RF-SMART is like many other NetSuite customers. We were using multiple on-premise systems that didn’t talk to one another, creating data silos. NetSuite offered an ERP that met our growing needs. Since going live, we’ve been able to scale and grow our business year over year, including being named one of the 50-Fastest Growing Companies by the Jacksonville Business Journal.
From a product perspective, it made sense to partner with NetSuite to create a supply chain solution to meet their customers’ needs.
“There were three factors that spurred this decision: First, we saw the rise of cloud computing and cloud ERP and knew that was the business model of the future. We needed to move RF-SMART in that direction. Second, as a customer ourselves, we were familiar with NetSuite and were energized by their rapid growth and global expansion. Finally, we needed to make sure we designed a product that worked to fill gaps and add significant value to customers. So far we’ve been able to do that with our NetSuite product,” said Michael Morales, RF-SMART CEO.
We launched our RF-SMART for NetSuite product on Suiteapp.com in October 2013 and in May 2014 were named SuiteApp of the Year at Suiteworld. Receiving this award meant we were recognized for filling a valuable need in the NetSuite ecosystem that met customers’ needs and is in alignment with NetSuite’s cloud vision.
Where Do We See NetSuite in the Future?
In November 2016, NetSuite was acquired by technology giant Oracle Corporation. This alignment has been successful for both brands. According to the Silicon Valley Business Journal, NetSuite has seen growth in the mid-20% range overall, including revenue growth of 32% from June 2018 to May 2019, and the NetSuite acquisition bolstered Oracle’s cloud experience and calmed criticism about Oracle's slow transition to the cloud.
The benefits of cloud-based erp software can no longer be dismissed as a fad. We believe NetSuite is in a strategic position to continue to help companies looking for a Cloud ERP solution streamline processes, lower complexity, gain visibility, reduce costs, and can scale with them as they grow.
So much so, in 2020 we are increasing our product Research and Development by 56% over last year on our RF-SMART for NetSuite software product line. We continue to be excited about the increasing rate of adoption of RF-SMART by the NetSuite ecosystem and we hit the 1,500 customer mark in 2022.
If you're interested in learning more about SuiteApps, continue reading:
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