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7 Key Benefits of NetSuite ERP for Business Growth

December 18, 2023

If you're new to enterprise resource planning (ERP) systems, you need to understand how it can benefit your business and contribute to growth first. An ERP system is a central database for your entire organization to access, allowing you to increase productivity and decrease extra costs. NetSuite has been a leader in the ERP space for a long time and offers various benefits that make it one of the best systems to integrate. 

While NetSuite has helped well over 36,000 organizations, 53% of decision-makers for businesses stated that ERP was an investment priority, making it essential to get ahead of the competition and adopt a NetSuite ERP system. In this guide, we'll explore the various benefits of Oracle NetSuite ERP systems and how they can contribute to the growth of your business. 

1. Centralize Core Business Processes 

Many fast-growing businesses may have a variety of departments wanting to access important platforms at the same time. The information they need may all be scattered across spreadsheets and other applications, making information challenging to track and increasing the chance of duplicate and inconsistent data and formats. 

The benefit of using NetSuite ERP is that all company employees can connect to these systems from one core system, allowing them to perform their roles efficiently. For example, if an upper management professional needed to research a few analytics, they could access all the relevant information and important reports from one customized NetSuite dashboard. 

2. Integrate Third-Party Systems With Ease 

Another excellent advantage of NetSuite ERP software is that it integrates with a variety of different systems. While the system is primarily designed for finance departments, other departments such as sales, human resources and marketing can benefit from the platform by integrating the platforms they use to perform their role. This way, users can use NetSuite as their base system and continue to use other systems such as Salesforce, Shopify, HubSpot, Amazon and more as needed for their departmental needs. 

NetSuite ERP and its partner solutions aim to help businesses solve issues related to demand management, supply chain and e-commerce applications, among others. The software their partners create serves as an extra system in the NetSuite ERP and depending on your product, service or industry, the solutions can help you achieve valuable results. 

3. Customize NetSuite to Your Business 

Many businesses have different processes and needs depending on their industry and products, so they need tailored ERP solutions. NetSuite understands this, and that's why they offer excellent flexibility and customization capabilities. NetSuite provides various add-ons and over 30 modules to cater to the unique requirements of different organizations. These modules are extensive and help companies consolidate their data and gain greater visibility into their analytics and reports. 

A leading NetSuite solution provider like Luxent can help your company create customized solutions with NetSuite to improve the impact on your business. They can assist you in customizing records, reports, workflows, forms, fields, scripts and searches to reflect your company operations. You'll also be able to make basic changes to the users and administrators and create new user interfaces for adding lists and managing business data models. 

4. Automate Processes

netsuite automation

One of the most exciting NetSuite benefits is automation. NetSuite's ERP system allows you to automate your data from beginning to end. Using critical programming, you can input data in one place and have it automatically sent to another, reducing the amount of time and effort your staff has to put in. This creates a stress-free environment, where there is less pressure to manually enter data from one system to another and train multiple employees to input data the same way. 

NetSuite will automate many basic, repetitive tasks, allowing your employees to spend more time on projects that bring value to the company. This also allows them to complete various tasks faster since the processes will be more straightforward. 

5. Scale Your Business 

Another great aspect of NetSuite is that it grows with your business. NetSuite has a four-tiered packaging and offers a modular ERP platform so that your business can expand alongside it. Cloud ERP partners like Luxent can help you scale with NetSuite. This means you can begin with the basic module and as your company grows, you can add more functionalities, vendors, locations, business lines and users. You can also configure your module with various add-ons and over 30 modules. 

When you require more users, you can simply upgrade to NetSuite Enterprise or the NetSuite module OneWorld if your business has gone international. Even with acquisitions and additional subsidiaries, NetSuite can offer scalability. This way you can be sure that NetSuite is a partner for life and will constantly be fitted to suit your company's ever-changing needs. 

6. Complete Visibility and Advanced Reporting 

NetSuite gives you a complete view of your organization. Users with the correct authority can access critical information and view it as workers update it in real-time. The relevant employees can also track transactional data and other financial information from anywhere around the world. They have up-to-the-minute visibility of data, allowing staff to make informed decisions and respond to business issues and tasks with speed and accuracy. 

NetSuite also provides powerful reporting tools, allowing you to set custom metrics, create reports from scratch and make specialized calculations. Using these reports, users can examine different business aspects and trends and configure the distribution and generation of recurring reports. 

7. Enhance Data Security 

Data plays an essential part in helping businesses make the best decisions. NetSuite's ERP software helps companies protect that data. When storing data in different systems and documents, you have varying levels of protection so you need to ensure it's protected. 

Having them in one cloud ERP system helps you increase its level of security because the system only needs to protect one point of failure. This is particularly useful if you have a lot of sensitive customer data. Another advantage of NetSuite ERP systems is that they allow you to limit who can access and edit information, allowing you to reduce the chances of fraud and cyber threats. 

Learn More About How NetSuite Can Help Your Business

If you're thinking of adopting or switching to NetSuite ERP, Luxent is a top NetSuite partner ready to help businesses select, implement and customize their ERP system to their unique business needs. Whether you need NetSuite licensing or ongoing training and support, as a leading NetSuite solution provider, Luxent is always ready to help your business grow. 

Whatever your NetSuite integration needs are, we encourage you to contact our experts for more information or request a demo with Luxent today!

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