Is NetSuite Worth It in 2023?

If you are reading this, there are high chances you are evaluating an ERP system. NetSuite being fit for your business or not has more criteria than what this blog can cover because of unlimited business use cases, firm sizes etc. Typically, if you are between 1 and 15 million USD in revenue and have employee strength below 250 employees, NetSuite by now should have made its way to the top 3 for sure.

But is NetSuite worth it in 2023?

Let’s find out if the following points resonate with you.

1. Interactive Dashboards:

It's no secret that training employees to use a completely new system is often a pain, and a lot of projects and money go in vain due to resistance to change. The chances of this happening with NetSuite are almost zero, thanks to NetSuite’s amazing dashboards. At least 80% of your employees will be able to complete their day-to-day ERP tasks with a few clicks of buttons from the home screen itself. Dashboards are user specific and can be pin pointed to user tasks, locations, departments etc.

This is an example of a dashboard for an AR Analyst, the reminders can be user-specific, and the KPIs and everything else can be personalized according to the user's needs. The dashboard of an Inventory Manager (or any other role) will be completely different from what it is for an AR Analyst.

2. Reporting:

NetSuite’s reporting capability is by far the best you can expect from an ERP in this range. It gives you visibility at the very summarized level as well as the most granular level. NetSuite comes out of the box with over 100 reports and gives you the opportunity to build new reports with no or very few codes involved.

?Below is an example of Income statement, to fit the whole thing in a single snapshot, a date range of a month is considered.

Consolidated Summarized Income Statement

?Consolidated Transactional Level Detailed Income Statement

Consolidated Income Statement distribution per Revenue Center

Aside from that, NetSuite has pre-built filters to show things like Subsidiary level, Date Range and others. NetSuite reports can be downloaded in Excel and the formula building up the calculation is contained.

3. Low Code, No Code:

NetSuite, from its very inception, believed in deploying as few codes as possible. You may ask, "How are customizations done then?" Customization in NetSuite can happen in 3 levels.

1. Level 1: You want to add a drop-down field to your customer invoice and want that field to show on your Income Statement. Yes, any user (if given permission) can make this customization of adding the drop-down field and also source it to the report without writing a single line of code.
2. Level 2: You want your Purchase Order to be approved by Employee A if the order value is USD 1000 but by Employee B or the CFO if the order value is over USD 1000. This can be done with a workflow once again without writing a single line of code.
3. Level 3: You want all your leads, once they become customers, to be automatically extracted in NetSuite from your legacy CRM. Yes, you will need a coder to do that.

4. Saved Searches:

NetSuite comes with this amazing feature of running SQL without knowing any SQL. Let me take a common example of a user trying to find all customers from the United Kingdom.

I have put in a criteria that country of the customer has to be United Kingdom

And?I only want to show the name of the customer and the country.

Now when I click on Save, I see a report like this

Unlike this example, Saved Searches can be used in extremely complicated scenarios.

5. Integration and SuiteApps:

NetSuite can be integrated to ANY system with open APIs and with minimal effort. On the other hand, if NetSuite fails to deliver some of your business needs, you still have SuiteApps which behave the same way Playstore or Appstore do with other vendors pre-built solutions for your business use cases.

6. Economical:

Moving to NetSuite is comparatively easy and economical because there needs to be no additional investment in IT infrastructure. NetSuite, being on the cloud, can be operated from anywhere with just a laptop (also mobiles and tabs) and the internet.

7. Upgrades:?

With NetSuite you and everyone else are on the latest version of the ERP at?no additional cost. For almost all other ERPs upgrading to a higher version is not only expensive but might often require a completely new implementation. NetSuite fixes bugs and releases new features every six months, taking care of existing functionalities twice a year.

8. Support

Of course NetSuite comes with the support and reliability of the mighty Oracle Inc but in recent years there has been a rise in the number of talented implementation partners like LinkedERP in India and South Africa with over 100 years of cumulative ERP knowledge and experience.

Conclusion: From a personal point of view, NetSuite is absolutely worth it but what do you think? If you are not convinced enough, come join Iraban C for a live demo.

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