What you need to know about Netsuite Before You Make the Jump
Have you been contemplating the idea of transitioning your business to NetSuite? If you have, then let us be the first to say that we think you’re making a wonderful decision. With so many features and benefits, NetSuite’s all-in-one platform has made it the #1 ERP in it’s industry.
But even with such a big claim behind its name, we understand that choosing to transition to an ERP system as robust as NetSuite can feel a bit daunting. Are you just getting carried away with the hype? What things do you need to know that you’re just not seeing? What’s the cost? What drawbacks are there? Is NetSuite really as good as they say they are?
These questions are hard to find in an online search but they’re ones that we believe you deserve to know and in this blog, we’re making sure to tell you! Read on to find out exactly what you need to know about NetSuite before you make the jump and skyrocket your business in ease, scalability, and eventual success.
The Cost of NetSuite
The #1 thing on every business owner’s mind is cost. With so much often going in and out during the early days of a startup or even the scaling days of an established company, investing money into hefty ERP systems can feel gut wrenching. Couple this with the fact that NetSuite isn’t completely transparent about pricing on their site and it’s easy to see why any business owner may get sweaty when given the bill.
That being said, we’ll be transparent in letting you know that there isn’t a flat fee for NetSuite. Custom quotes are given to each company based on their needs which can greatly increase OR reduce the overall costs. Final costs typically depend on the number of user licenses needed, and the different functions you may need the system to complete.
In general, ERP systems “can cost anything between $150,000 and $750,000 for a mid-sized business”. For NetSuite, you’ll want to keep in mind that the pricing does usually fall into 3 tiers:
NetSuite Limited Edition: Perfect for small businesses this tier is used for businesses with fewer than 50 employees (aka user licenses).
NetSuite Mid-Market Edition: This tier acts as the middle man. It’s for companies that are growing and that may have multiple legal entities. It’s also good for those who have between 11 and 1,000 employees/user licenses.
NetSuite Enterprise Edition: This final tier is their biggest one! It’s designed for large companies that have more than 1,000 employees or need more than 1,000 user licenses.
How NetSuite Can Help Your Business
With cost out of the way, most business owners start to think a little more clearly. Which is good because while NetSuite may be expensive, its value far outweighs its price tag! With its ability to bring efficiency in multiple areas of your business, NetSuite can give your business the space to really grow.
Some departments that NetSuite can help with include:
The system gives you a real-time overview of the money going in and out of your business. With up-to-the-minute information, it allows business owners to better plan and predict what’s happening. This has proven to be extremely beneficial for things like budgeting, generating reports, and so much more
Supply Chain/Inventory Management
One of the beautiful things about NetSuite is that it’s multifunctional and holds the ability to do a myriad of things! When it comes to your supply chain, for example, it can take on the bulk of the work for manufacturing, distribution, and much more. It removes the need for hands-on work and allows your workers to focus on the things that need their attention the most.
CRM (Customer Relationship Management)
When running a business, we all know that customer retention can make or break a business. With NetSuite’s CRM capability, retaining customers is easier than ever. The system can track the movements of your customers, their preferences, and any problems they may have. By giving you a customer 360 view, any salesperson will be able to give the best customer service to your customers at any given time.
Integrating Isn’t as Hard as It Sounds
You have an idea of how much NetSuite can cost you and you also know how much it can help your business grow. With two of the biggest questions out of the way, the last hesitancy we usually hear from clients is the fear of integration.
Disrupting your business is the last thing you want to do and you’re worried that you won’t have the manpower or clarity to integrate this ERP system in the best way for your business, yourself, and your workers. But the good news is that integrating doesn’t have to be a headache.
While NetSuite has tech support and other assistance available to help make integrating your ERP system a more tolerable process, we here at Ekwani help ensure that it’s a fun one! With our top experts and extensive experience, we implement an integration process that has made even the busiest CEO’s sit back, and sigh with relief. Click here to book a call and see how we can support you in the process!
Make The Jump!
So is NetSuite worth all of the hype? We think it is! However, it's always important that you take the time to make sure it’s right for your business and get the support you need to make the most of it!