Introduction

NetSuite is one of the most popular enterprise resource planning (ERP) solutions available today. It provides a unified software platform to manage key business processes such as accounting, inventory, customer relationship management (CRM), ecommerce, and more.

Adopting NetSuite offers many benefits for growing businesses. It brings all core business operations into a single cloud-based system, ensuring real-time visibility and control across the organization. NetSuite also scales rapidly with business growth and provides built-in best practices for streamlining operations.

However, with its vast array of features, NetSuite can seem complex to navigate at first. That’s why we’ve put together this guide highlighting the top 10 must-know NetSuite capabilities for any business considering this platform.

1. Financial Management

NetSuite provides a powerful financial management system for tasks like general ledger, accounts payable/receivable, budgeting, fixed asset management and more. All transactions are updated in real-time, so you always have an accurate, up-to-date view of financial performance.

Key highlights of NetSuite financials include:

• Automated revenue recognition
• Sophisticated financial reporting
• Flexible billing rates/schedules
• Multi-currency support

2. Inventory & Order Management

Gain instant visibility into inventory levels, costs and sales channel demand to optimize supply chain and inventory decisions. NetSuite also automates key order management processes from quote to cash.

Key NetSuite order management features:

• Demand planning
• Integrated warehouse management
• Drop ship/special order support
• Customer self-service portal

3. Commerce Capabilities

NetSuite equips businesses with ecommerce storefront and point-of-sale (POS) capabilities to expand sales channels. Tools like website hosting, shopping cart, tax/shipping cost calculators make it easy to manage an online shop.

Top features for commerce:

• Mobile POS
• Integrated credit card processing
• Smart merchandising
• SEO-friendly architecture

4. Customer Relationship Management

NetSuite CRM provides a unified sales and support solution for managing the entire customer lifecycle. This increases visibility into customer interactions across all departments and locations.

CRM tools in NetSuite include:

• Lead/opportunity management
• Marketing automation
• Case/ticket workflows
• 360-degree customer view

5. Dashboards & Business Intelligence

Real-time reporting and analytics within NetSuite enable data-driven decisions across the business. Role-based dashboards can be tailored to each user’s needs.

Key elements of NetSuite BI:

• Interactive reports/dashboards
• Real-time metrics
• Data visualization (charts)
• Predictive analytics

6. Flexibility & Customization

NetSuite allows extensive back-end customization to adapt the system as business needs evolve. There are various tools for modifying forms, records, scripts, reporting and more.

Customization options include:

• Custom fields & records
• Scripting capabilities
• Advanced workflows
• Hundreds of SuiteApps

7. Global Capabilities

With support for 190+ currencies and 15+ languages, NetSuite powers global business growth. Features like automated currency conversion and country-specific tax reporting help manage international operations.

Global features include:

• Multi-subsidiary management
• Localized translations
• Global tax reporting
• Multi-currency transactions

8. Manufacturing Features

NetSuite is well-suited for manufacturers, with capabilities to manage bills of material (BOMs), work orders, routings and standard costing. Advanced features enhance quality control, shop floor reporting and compliance with manufacturing rules/regulations.

Manufacturing tools provide:

• Demand planning
• Inventory control
• Work order management
• Quality management capabilities

9. People Management

NetSuite allows centralized, self-service management of core HR processes in a single dashboard. This includes employee records, timesheets, leave tracking, compensation details and more.

Key HR features are:

• Paperless onboarding
• Automated payroll
• Customizable roles
• Employee self-service center

10. Data Security

Robust security measures protect sensitive business data retained in NetSuite. Features like role-based access, single sign-on and data encryption ensure high security standards.

Top aspects of NetSuite security:

• Granular user permissions
• Activity monitoring
• Regular patch updates
• Advanced threat protection

Why Choose Anchor Group for NetSuite Implementation?

Implementing an ERP like NetSuite allows you to unify disjointed systems and better align people, processes and reporting. However, without the right guidance, your ERP deployment can fail to achieve the desired ROI due to poor planning, lack of adoption or unforeseen costs/delays.

As a NetSuite implementation partner, Anchor Group ensures your NetSuite investment pays off by providing:

• Industry expertise: Our tailored blueprints help you translate NetSuite capabilities into company-specific value based on your operations.
• Proven methodology: We take a phased rollout approach focused on change management for maximum user adoption.
• Ongoing support: Even after go-live, our support team is available to finetune your NetSuite environment as needs change.

To tap into our NetSuite team’s experience across manufacturing, distribution and multiple industries, contact us today to start maximizing your ERP investment.