Ultimate Guide to NetSuite Modules in 2023

The standard ERP Solutions provide back-to-front business solutions providing a shared database to access all information related to business operations. ERP solutions benefit employers and employees regarding improved data accuracy and reduced consistency issues since it has a single data source for all business operations. However, scaling is still a challenge in businesses when it expands over a period. The volume of financial transactions and accounting procedures also increases along with business expansion. NetSuite modules provide solutions to this requirement by adding additional capabilities following the growth in businesses and changing demands of markets.

In This NetSuite Modules, You Will Learn

What are NetSuite modules? Different types of NetSuite modules and their key features Challenges that Netsuite can solve How to choose the suitable NetSuite module for your business The Benefits of NetSuite Modules

What are NetSuite Modules:

NetSuite models automate key processes in businesses to satisfy customers’ unique needs through customization. The essential functions include core finance management, inventory and order management, project management, supply chain management, human resources, and many more. As the business evolves, additional functionalities can be added. Customers can customize NetSuite modules based on their specific requirements.
NetSuite modules provide clear visibility into all the data; as a result, we can get close control over the business processes. Through NetSuite modules, the complete life cycle of customers right from their order placement to delivery of products/service and then offering support can be governed effectively.

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Different Types of NetSuite Modules and their Key Features: 

NetSuite Financial Management Modules:

• The NetSuite Advanced Financials module provides capabilities to companies such as smart budgeting, expenses allocations, and statistical accounts
• The SuiteBilling module helps to effectively manage invoices and billing to support transactions, subscriptions, usage-based and hybrid models accordingly. This feature also allows to accurately account for revenues with respect to the revenue recognition standards
• The NetSuite OneWorld module offers the capability to companies to manage financial transactions globally. It helps to effectively manage the local currencies, taxations, and legal requirements         
• The NetSuite Dunning Letters module allows sending automated reminder letters to customers to collect accounts receivables avoiding delays
• The NetSuite Electronic Bank Payments ensure secure online banking transactions, including payments and collections.

NetSuite Customer Relationship Management Module:

• This module helps to effectively manage the customer relationships, interaction history, customer service, automating marketing operations, and many more
• This module provides an easy navigating and automated database, which will help to know the activities that are happening in multiple business sections in a single point
• The 360-degree view of customers can be accessed through this module
• It integrates with e-commerce platforms and tracks sales performance along with providing quotes, order management, and forecasts sales trends.

Related Article: Netsuite Interview Questions and Answers

NetSuite Inventory and Order Management Modules:

• NetSuite Advanced Inventory Management module deals with complex inventory management such as demand-based inventory replenishment, inventory management of multiple locations, and waste management
• The Advanced inventory management module helps closely monitor inventory management in multiple locations. As a result, stock-out issues will be eliminated, and speedy delivery will be ensured to customers
• The Advanced inventory management module helps you track the inventory management performance  through dashboards and analytics
• NetSuite Advanced Order Management module automates order confirmation, allocation of resources, and executing processes.

NetSuite Commerce Modules

• NetSuite SuiteCommerce module supports both B2B and B2C audiences for easy navigation in e-commerce sites with the help of simple tools. This module is integrated with NetSuite financials for effective ordering and inventory management
• NetSuite SuiteCommerce InStore module provides all the necessary information, such as inventory and customer information. As a result, sales will be mobilized, and customers will have a satisfying shopping experience
• NetSuite SuiteCommerce MyAccount module helps customers carry out the tasks such as paying invoices, viewing account details, order statuses, and letting them interact with customer agents.

Netsuite Human Resources Modules

• NetSuite Payroll module automates the payroll processes of employees. This module captures the time and attendance of employees, calculates tax deductions, etc., of all employees
• Netsuite SuitePeople HR module centralizes employees’ information in one place and derives analytics out of it. Moreover, this module is also connected with payroll, budget, etc.
• The SuitePeople HR module helps to manage workforce management processes  and enhance the employee experience by supporting them in completing their day-to-day activities
• NetSuite SuitePeople Performance Management module tracks employees’ performance in accordance with their goals and records recognitions
• The  SuitePeople module provides a flexible and powerful SuiteCloud platform; therefore, it can be customized based on the requirement in the HR processes.

NetSuite Professional Services Automation Modules

• NetSuite SuiteProjects module automates the professional services of companies, thereby simplifying the activities such as project management, job costing, resource allocation, and many more
• NetSuite Project Management module allows you to create project schedules, manage resource allocation, manage billing and revenue, and create reports on project profitability
• NetSuite OpenAir module helps access projects’ statuses anytime and anywhere, especially for large-scale industries. It allows you to make time tracking, report project management, and display dashboards with all the required information
• The OpenAir module allows optimizing resource management, tracking the necessary skills required for the project, delivering projects within the scheduled timeframe, and sharing the visibility to view all the available resources.

Related Article: NetSuite Reporting Tools

NetSuite Supply Chain Modules

• NetSuite Procurement module automates purchasing operations so that it helps to standardize vendors and prices as well. With the capability of automation, material requisition and purchasing processes can be matched with purchase orders, receipts, and invoices to ensure correct financial transactions
• NetSuite Warehouse Management System module manages materials management in shelf-life tracking, mobile RF barcode scanning, interactive dashboards, and valuable reports. It optimizes the putaway and picking tasks with defined strategies. Accessing warehouse operations through mobile devices enhances accuracy and reduces process time significantly. This module has advanced capabilities such as wave management, cycle count planning, and real-time inventory updates
• NetSuite quality management module allows you to make effective product tests and quality inspections. The real-time results of inspections can be accessed from any computer or mobile device through easy interactive tools.
• The quality management module helps to reduce overhead costs by reporting quality problems and paves the way to rework the solutions.

Challenges that NetSuite can solve

There would be challenges and pain points for any business that may disrupt the business functions, leading to sluggishness in the growth. Let us see the common challenges companies encounter in their operations and how NetSuite can help them overcome them.

1. Manual Processes:

Manual processes usually require a lot of resources and consume much time. NetSuite modules will automate manual processes and organize them to make better performance

2. Data Integrity:

Gathering and viewing information at one point is indeed challenging as we usually rely on multiple sources for receiving updates about business processes. NetSuite dashboards and reports provide information in one place to all the people involved in the business with accurate and ready-to-access details

3. Data Accessibility:

There would be constraints in accessing real-time data anywhere in a typical business scenario. NetSuite models overcome this setback and provide access to real-time data at any time at a faster rate

4. Meeting Expectations:

On-time delivery to customers’ orders is crucial for business victory. Delivery delays spoil the trust and reputation of the company in no time. NetSuite modules will help increase accuracy in on-time order delivery, thereby boosting reputation and avoiding unnecessary costs.

5. Balancing Supply and Demand:

The equality between supply and demand is always volatile due to changes in costs, customers’ shopping behavior, and market fluctuations. NetSuite modules can forecast demands and supplies and help employers act proactively.

6. Inventory Insights:

Both sudden spikes in demands and storage of excess inventory affect business operations. NetSuite helps you to plan and manage inventory as per ever-changing demands.

Related Article: NetSuite Sandbox

How to choose the suitable NetSuite module for your business

In order to select the suitable NetSuite module for your business, you need first to find existing challenges in your business and then find a suitable solution accordingly. You need to discuss the business’s pain points and actual needs with your team members; therefore, the right NetSuite model can be chosen to meet the unique requirements.
As far as financial management is concerned, the challenges in the ledger, Accounts Payable, Accounts Receivables, and cash management will be resolved by NetSuite modules effectively. In some cases, additional NetSuite models would be required to cover all requirements to provide a holistic solution to your business. Most importantly, you need to check the cost adaptability before purchasing a modules bundle.

The Benefits of NetSuite Modules

Conclusion:

Now, we have come to a point to realize that NetSuite modules drive a professional approach to manage your finance and other business operations. The modules build the platform to succeed in the competitive market and ensure high business value to your business. It helps to ensure your business continuity with customers in a smarter way. NetSuite modules improve customer relationships, enhance business operations and thereby increase productivity. It’s no wonder that NetSuite modules will enhance your company’s bottom line in a short time at a faster pace.