Want to implement NetSuite in your organization and don’t have any idea? No worries! We will guide you regarding the details and the cost to implement it.
NetSuite uses a Cloud-based system to manage all the business processes without any hassle. It manages the inventory, resource planning, and financials. Since it is user-friendly, new users can also take the training to get familiar with the tool. Whereas, the cost of NetSuite varies according to the modules added to the system.
This guide will discuss the details regarding NetSuite.
This article will cover:
- History of NetSuite
- What is NetSuite?
- Capabilities and Features of NetSuite
- Advantages of NetSuite
- Cost of NetSuite
History of NetSuite
NetSuite started when Evan Goldberg and Larry Ellison discussed selling software online. The CEO of Oracle at that time was also Larry Ellison who initially gave up the money for NetLEdge, NetSuite’s old name.
It then went through different acquisitions and finally, in September 2003, it officially kept its name as NetSuite. It is spread globally with its headquarters in Austin, Texas. NetSuite officially completed 25 years celebrated in 2023.
What is NetSuite?
NetSuite is considered one of the best ERPs which refers to “Enterprise Resource Planning”. It guides your business according to the changes taking place in the market.
The cloud-based platform allows you to control multiple applications with a single platform. This also lets you look after all of the departments in your company. It lets you know which departments need more attention and which departments are working fine.
Capabilities and Features of NetSuite
The capabilities and features of NetSuite are to such an extent that over 29,000 companies use it in around 200 countries. Let us look at some of the features offered by NetSuite along with its certain capabilities.
- There is no need for separate software to run your organization since NetSuite takes care of inventory, accounts, and supply chain.
- OpenAir of NetSuite allows you to manage your projects on the go.
- You can create and then consolidate plans through NetSuite.
- The SuiteCommerce of NetSuite allows you to manage the details regarding your website.
- Suppose you are worried about managing your business in other languages and currencies. No need to! NetSuite OneWorld manages everything for you if you want to work with multiple languages and deal with different currencies.
- Customer satisfaction is always a priority, therefore, NetSuite manages all the customers, your partners, and the system easily.
Advantages of NetSuite
The NetSuite ERP software comes with multiple advantages. These advantages serve as a basis for the companies to select the software for their organizations. Let us look at the advantages of NetSuite.
1. Customize NetSuite
Since the NetSuite software comes with 30-plus modules, you can customize it accordingly. If your organization works on a large scale, you will need help managing all the modules separately. Hence, select the required modules and build a unified system to deal with the hassle.
2. Integration
NetSuite integrates with the applications easily. You can integrate Salesforce, Amazon, and many other software with NetSuite. This integration helps user combine their base system with the NetSuite software to carry on their business without interruption.
3. Great Price
NetSuite comes with a great price, you can select according to your business. You can select your package from multiple packages offered by NetSuite. Hence, NetSuite servers as a better option as compared to other software because of their price.
4. Scalable Business
NetSuite offers scalability since you can easily upgrade from the recent version of NetSuite to another one. As your business grows you can scale your NetSuite accordingly like for more users you can upgrade to NetSuite Enterprise.
5. Automation
Through NetSuite, you will see magic happening everywhere! Since the input data appears magically as output from somewhere else which refers to automation. This helps you to work in a stress-free environment without the hassle of manually entering the data.
Cost of NetSuite
There are certain factors on which the cost of NetSuite depends. Let us look at the main steps to calculate the business cost.
1. The Cost of Licensing
The licensing cost depends on the size of your company and the number of users. Let us cover the details regarding the licensing cost of NetSuite.
- NetSuite Starter: It covers up to 50 employees with one legal entity and serves best for small businesses.
- NetSuite Standard: Best of businesses with two legal entities and provides user licenses for 11 to 1000 employees.
- NetSuite Premium: It provides unlimited user licenses.
- NetSuite Enterprise: It serves best for large companies.
2. The Base Package of NetSuite
The base package of NetSuite includes a monthly fess which comes with an ERP and CRM by NetSuite.
The ERP and CRM contain all the features required to manage your finances along with a great view of your customers.
The NetSuite ERP includes financial planning, product management, supply chain, and procurement. On the other hand, CRM includes customer service management, automation, sales forecasting, and sales automation.
NetSuite also introduced SuitSuccess Package to meet the specific needs of the business. This package contains pre-defined roles that help to work in a better way.
3. The Add-On Modules of NetSuite
These modules can be added anytime during your subscription and removed or canceled at the time of contract renewal. Some of these modules are:
- OnenWorld
- OpenAir
- SuiteBuilding
- SuitePeople
- Advanced Inventory
- Advanced Financials
- Advanced Procurement
4. Service Tiers Upgrade in NetSuite
The four main service tiers include Standard, Premium, Enterprise, and Ultimate. Let us dive into the details of all four tiers.
- Standard: For 100 users and 100GB storage with a monthly 200,000 transactions line.
- Premium: For 1000 users with 1000GB storage and comes with 2,000,000 monthly transaction lines.
- Enterprise: For 2000 users with 2000GB storage and comes with 10,000,000 monthly transaction lines.
- Ultimate: For 4000 users with 4000GB storage and comes with 50,000,000 monthly transaction lines.
Most customers use standard-tier service whereas, upgrade to the premium when needed.
5. Final price of NetSuite
NetSuite implementation costs between $30,000 to $300,000 and as you add more modules the cost increases. Therefore, the cost depends upon the modules you use in your NetSuite implementation.
This wraps up the discussion on what is NetSuite and how much it costs.
Conclusion
So now you have a better idea of NetSuite and how much it costs. NetSuite takes your business to the next level by guiding it through the changes taking place in the market. This article covered the details of what is NetSuite, its advantages, and the entire cost of NetSuite.
