NetSuite ERP: A Detailed Buying Guide for Companies

Yes, you have made the right choice with the NetSuite ERP system. You are all set to enjoy NetSuite ERP’s benefits with its various features and functionalities. But you need some guidance on its pricing, modules to select, implementation costs, and available support services.

Worry not! Cloudiotech, as a leading NetSuite ERP implementation partner, will help you by answering all these questions. We will provide all necessary information on the NetSuite ERP system, NetSuite CRM, training requirements, data migration needs, and the process of going live. The following buying guide will ensure your move to the NetSuite ERP system is smooth and efficient.

What is NetSuite ERP?

NetSuite ERP is a cloud business management software that automates vital business processes. There are many integrated applications in the NetSuite ERP system, such as inventory management, supply chain management, financial management, and many others. Such an integrated solution allows comprehensive visibility of the entire business performance.

NetSuite ERP benefits organizations in the following way:

Automation of manual processes, resulting in time and effort savings, and more efficiency.
Availability of accurate and timely reports and insights to everyone to analyze business performance.
A good balance of supply chain and inventory processes reduces wastage and unnecessary costs.
Quick and easy accessibility of updated data to everyone in real-time, helping make strategic business decisions.
Elimination of redundant processes, which results in lower costs of doing business.
Meeting your organizational expectations on time and within budget.
360-degree visibility of business performance in all departments and business units.
Multi-country, multi-language, multi-currency, and multi-subsidiary support necessary for global businesses.

NetSuite ERP add-on Modules

The NetSuite ERP platform supports many business functions and departments. Many industry-specific processes can be integrated with NetSuite ERP for more customized functionality. You can select modules based on your industry of operations or specific prioritized business functions. There are many features and functionalities in each of these modules.

The modules are:

Accounting management
Financial management
Inventory management
Order management
Customer relationship management
Global business management
Human capital management
Supply chain management
Warehouse management
Professional services automation (PSA)

You can customize the NetSuite ERP system as per the industry-specific processes:

Financial services
Health and beauty
IT services
Media and publishing
Manufacturing
Healthcare
Food and beverage
Professional services
Retail
Transportation and logistics
Non-profit
Restaurants and hospitality
Wholesale distribution
Software and technology companies
Energy
Consulting
Apparel, footwear, and accessories
Education
Campus stores
Advertising and digital marketing agencies

NetSuite ERP Costs

Startups, small and medium-sized businesses, large enterprises, and all other types of organizations can use NetSuite ERP. The NetSuite ERP cost varies based on the size of an organization using the ERP system. It also depends on the modules you select and the number of users in an organization.

The limited edition has less than 10 users, while the mid-market edition can support more than 10 users. There is a NetSuite Enterprise Edition, which can have more than 1000 users. For every edition, the file storage capacity and monthly transaction lines differ. Also, you need to get an annual or multi-year subscription.

No significant initial investment is needed for NetSuite ERP because an annual subscription is charged to users. Some NetSuite Customization charges, NetSuite Implementation costs, and training fees add to the total cost. Customization charges depend on the additional functionalities you want to add, coding, testing, and implementation. Ultimately, the total cost of ownership (TCO) is less than a few other ERP systems from NetSuite ERP competitors.

Moreover, you get two significant upgrades in the NetSuite ERP system every year. These important upgrades are in addition to the minor upgrades that keep happening around the year. So, the users are way ahead of their competitors in terms of technology advancements.

Process of Buying NetSuite ERP System

Just buying the NetSuite ERP without considering your requirements and industry trends harms you more. Get a proper understanding of your business requirements, identify the modules you need, and find a NetSuite ERP Services provider.

You must follow the below step-by-step procedure to buy the NetSuite ERP system:

1. Hire a NetSuite ERP Consultant or Service Provider

It is better to hire an ERP consultant who will manage all the below steps for you. Alternatively, you can hire a NetSuite ERP services provider to help you with implementation, customization, integration, employee training, and other support services.

One of the prominent NetSuite ERP services providers in the UAE and the US is Cloudiotech. We have a proven track record in NetSuite implementation for many companies in different industries. We have also conducted training for employees. We have relevant experience and technical expertise to manage all NetSuite ERP-related services as per client requirements.

A certified NetSuite partner like Cloudiotech understands the solution better. We also have the industry knowledge to identify specific customizations required for growth prospects. And most importantly, our partnership does not end with the implementation; our journey also continues with you post-implementation.

2. Understand Your Business Requirements

The second step is to understand your business requirements. Ask yourself questions such as:

Do we need an ERP system?
Which business functions will benefit from it?
Do we have the budget to buy it?
For how many years will we buy it?
Will our employees need training in using ERP?
Will the in-house team implement it, or will we search for an implementation partner?

Answers to these questions will help you recognize the loopholes in your business process that the ERP system will address. Also, identify the number of users in your company because NetSuite’s licensing edition depends on it. Your ERP consultant or service provider can consider the industry trends as well.

Once we study your business requirements, we plan the entire implementation, data migration, integration, and training. If a proper project plan is missing, you may face problems with budget, timelines, or inefficiencies. But with our detailed plan, you will not face such risks.

3. Identify the Customizations Required for NetSuite ERP

The next step is to think of the customizations required. You know the modules of NetSuite ERP, and you are also aware of the business functions that need streamlining. Based on this, you will know what modules you want to add to the basic NetSuite ERP system. You can also consider the industry-specific modules of NetSuite ERP.

The customization will depend on your goals, industry, business model, and operational scope. Such customization will make your processes efficient and more productive, giving you a competitive advantage.

4. Define the Contract

Contract definition is a critical point. You must decide the number of years for which you need the NetSuite ERP system. The minimum subscription plan is one year, but as you increase the number of years, more financing options and discounts are available.

Define the critical aspects of contract length, customizations, and others. Based on this, you can take the following steps.

5. Manage the NetSuite ERP Implementation

Before starting the implementation, we will share our plan to inform you of the risks, time, and budget for NetSuite ERP implementation. We will let you know if there will be any operational disruptions. We will also allocate a single point of contact for all your queries and doubts.

Now, we, at Cloudiotech, will ensure the implementation and any other support services you need. We will plan the data migration as per your business requirements – one-time or in phases. We also ensure that there is no data loss during this process. We will also integrate it with existing systems if you require it.

Once implementation is over, we check the workability of your business functions to see if there is any change. We will review the usability of the ERP system to see if your employees find it easy to use.

6. Train Employees On the Use of ERP System

We also conduct employees’ training for using the NetSuite ERP Training system. You must think about it while planning to get your ERP system. You must determine which employees need training, training level, medium, curriculum, and duration. Cloudiotech will take care of all this to ensure your employees are ready to use the system when it is implemented.

7. Plan the Updates, Maintenance, and Support Services

Some months, weeks, or organizational changes later, you may feel the need for some updates in your NetSuite ERP system. Cloudiotech will help you with the update requirements, such as changing the number of users, adding more features, building new reports, etc. We will also provide regular maintenance services as per the requirements.

Once the Cloud ERP system goes live, you may need support during interruptions or errors. We will help you with our efficient live support NetSuite Services to ensure your processes are not stalled for longer. We also help you with a plan for harnessing the maximum benefits out of the various features and functionalities of the NetSuite ERP system.

Your one-stop destination for NetSuite ERP services – Cloudiotech.

Call our team and explore our services.

NetSuite ERP: A Detailed Buying Guide for Companies