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NetSuite

By Emma Snider

NetSuite is a business technology vendor based in San Mateo, California. Its portfolio includes applications for enterprise resource planning (ERP), financial management, e-commerce, omnichannel commerce, customer relationship management (CRM) and professional services automation (PSA). 

The vendor sells cloud-based applications and software as a service (SaaS) products and is commonly viewed by users and experts as a leading alternative to on-premises ERP. It also offers tools and platforms for developers. Organizations use NetSuite applications for activities such as ERP, hosting e-commerce stores or managing inventories.

NetSuite was initially founded as NetLedger in 1998. Their systems were built from the ground up in the cloud, allowing for continued scaling and growth. In 2016, Oracle announced a definitive agreement to buy NetSuite for $9.3 billion. Since the acquisition, NetSuite has continued to operate with a majority of their original team.

While its target market has traditionally been small to mid-sized businesses that focus on business-to-business (B2B) and business-to-consumer (B2C) support, NetSuite products can also serve larger enterprises. Applications are available on desktops and on mobile platforms. Pricing varies depending on factors such as license, company size, amount of users, tools and length of use.

Products

NetSuite offers five main modules of software which includes:

• Enterprise resource planning (ERP)- Which combines office operations and applications for financial management, financial planning, warehouse and fulfillment, procurement, order production and supply chain management.
• Customer relationship management (CRM)- Which includes applications for sales force automation, commissions management, marketing automation and partner relationship management.
• SuiteCommerce- Which is a platform for e-commerce and in-store point of sale applications (supporting B2B and B2C).
• Professional services automation (PSA)- In this module, two main applications are offered, OpenAir and NetSuite PSA. The applications support tracking and management of project times, expenses, staff and accounting.
• Enterprise performance management (EPM)- Which allows finance organizations the ability to smooth out budgeting and forecasting process’ while providing analysis and reporting.