NetSuite sits in a group of products called business management software. This category of software is frequently broken into ERP and CRM systems. The NetSuite business management suite sits in what is commonly called the mid-tier. In the low-tier, there are programs such as QuickBooks. In the top-tier, there are programs such as SAP and Oracle. The mid-tier software is designed to handle companies that are in the mid range. Typically, these are companies with $10 Million USD to $500 Million USD.
NetSuite is essentially a fully integrated ERP and CRM software system. We previously discussed “What is ERP?” and “What is CRM?” in previous articles; but essentially, this category of software are the primary systems that companies use to manage the transactions within their business. Given that NetSuite is a fully-integrated system, it essentially takes care of the entire transaction lifecycle. This lifecycle consists of the marketing side: lead generation, lead prospecting, and communications around products. It also consists of the sales process where there are follow up communications, estimates, etc. These are essentially the functions of a CRM system.
But NetSuite goes beyond the CRM and integrates (note, it’s not even correct to say integrate; they are simply one system) with the ERP side. This is the fulfillment side of the business. From here, an order is created and tracked, and a business has a promise to fulfill that order. NetSuite’s business management software tracks that order if it’s for physical goods, or, if it’s a service, the time that it takes for individuals to fulfill that service. It takes the request to be paid and produces follow up communications. All of this in turn feeds back into the opportunities that will represent new sales. Ultimately, it tracks and accounts.
NetSuite is a software package that does this – only with one key difference – it’s all done through a web browser. And it is offered in a way that you do not need to buy any software. That means you not be burdened with traditional costs on the IT side, such as the care of hardware, operating systems, backups and databases. All of these things are taken care of because NetSuite is offered as a subscription service.
BecauseNetSuite provides and handles all of these functions, it happens to be moving in the direction of today’s software market. Today, it doesn’t make sense to buy software relative to the great offers in the “Cloud”. With NetSuite, a company is instantly global – because it can support multiple languages, currencies, and a company can run multiple businesses around the world using one integrated system. Essentially, it is for companies that are committed to lowering their costs and extending their reach in the marketplace, and looking to do so economically while ensuring rapid growth.
Copyright © Marty Zigman 2011
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