NetSuite is a software company that has developed a cloud-based business management platform used by more than 36,000 fast-growing organizations across the globe. That platform consists of a suite of applications that help companies run their business, understand the performance of their businesses and drive major efficiency gains and cost savings.
The company’s ERP system manages core functions, including finance and accounting, inventory, orders and procurement. Customers can add options including CRM for sales, service and marketing automation, human resources (HR) for personnel records, performance management and payroll, professional services automation (PSA) to plan and track projects and omnichannel commerce for both online and in-store sales. All of these modules share a common database. Thanks to that central data source, information from across the system updates in real time and is accessible to authorized users across business functions.
That gives leaders a real-time, 360° view of the business so they can see which processes or departments are exceling and which need a boost.
NetSuite uses the software as a service (SaaS) model: Customers pay a subscription fee to access the technology but are not responsible for any underlying infrastructure or system maintenance, including purchasing and setting up servers, installing software or testing and deploying patches and upgrades. Oracle NetSuite handles all of that for customers, with two new software updates per year.
Eliminating the maintenance and upgrade costs that come with on-premises solutions not only saves money, it frees employees to focus on the company’s mission and serve customers.
The SaaS model also provides scalability: Businesses can add functionality as they need it without worrying about infrastructure and staff resources. For example, a B2B manufacturer may add NetSuite’s ecommerce module after it decides to start selling online.
Ultimately, NetSuite gives businesses visibility and control through a single source of real-time information and the ability to add modules on the fly. That increases their efficiency and agility.