NetSuite (ERP Product) (Essay Sample)

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NetSuite (ERP Product)
Since NetSuite advent back in 1998, it has become one of the leading enterprises-class cloud business management suite provider for mid-sized and large enterprises. NetSuite’s software for Enterprises Resource Planning (ERP) integrates functions such as inventory, accounting, customer relationship management (CRM), order management, human resource, among other business processes into one complete system in an organization with the aim of streamlining information and processes across. A shared database is the central feature of ERP and it supports multiple functions that are used by different business departments. Employees can rely on similar information for their particular requirements in various divisions such as sales and accounting. ERP software supports automation and synchronization of reports. For instance, some ERP solutions let employees get reports from one system instead of having to keep multiple spreadsheets and databases that would have to be merged manually to generate reports. In sales, for example, orders can automatically flow into the finance system void of manual re-keying and orders can be accurately and quickly processed by order management department while finance department can close books quicker. Portal and dashboard on ERP allow quick understanding of key metrics business performance by employees (users). Companies are able to proactively address various concerns due to immediate view of data; therefore, they are able to drive improvements. ERP also allows companies to comply with financial regulatory standards hence reduce risks. Due to one point of billing and relationship tracking source, customer service is enriched.
NetSuite ERP systems integrate entire business processes from the traditional accounting software and streaming back office processes. NetSuite ERP is applicable in wholesale distribution, e-commerce/retail, manufacturing and services and is critical in offering wide and timely visibility needed to make decisions for improved management to stay ahead in the competition. NetSuite specifically accelerates the order-to-cash processes and real time reporting slashing the cost. ERP also bolsters procurement with approvals and vendor management and also increases strong traceability hence accountability and compliance. It does not only deliver upgrades of ERP system but also reduces IT cost.
ERP product has specific features that organizations benefit from. It helps in business management such as revenue recognition, accounts payable, multi-currency management, financial reporting capabilities, revenue management, fixed assets management, accounts receivable and proven general ledger. This is very essential to protect businesses finances and prevent losses at minimum cost. It also helps in supply chain and inventory management of warehouses, full production and inventory management. Streamlining of purchasing and improvement of vendor management is facilitated by automation of procurement. By managing order and billing, ERP helps to speed up the order-to-cash process while improving quote accuracy. Invoicing is also done faster and errors on order management and billing are reduced. ERP’s revenue management system provides monitoring and reporting system that helps to protect the organization’s funds. ERP system fosters business planning which ensures delivery of collaborative budgeting, fully integrated core Financials that enables enterprises to drive its strategy. It also helps in planning and execution and fosters analytical capabilities of the business. In addition, ERP recurring revenue management optimizes the billing processes and renewals are driven with comprehensive recurring management functionality for maintenance based revenue and subscription based streams. Human capital management (HCM) simplifies human resource management processes such as expense reporting and payroll, employee time management and incentive compensation and is an intuitive inbuilt self-service portal. Business analytic and reporting do equip the finance team with real time role based dashboards, with complete financial analytic summary detail, scorecards and reporting accelerating financial close.
NetSuite ERP is efficient a...