In the modern era, NetSuite ERP is an integral part of day-to-day operations for a number of companies. To understand its overall benefits, one should have a basic understanding of its operations. Therefore, understanding NetSuite modules is important in this context.
NetSuite modules are able to cover all the specific needs of the company in a single unified platform. The platform features modules including commercial, financial, CRM, logistics, accounting, and so more. With the help of its modular structure, NetSuite ERP enables businesses to manage as well as integrate all core areas of the business by bringing more customization to the system along with ensuring usability for the managers.
What are NetSuite Modules?
NetSuite modules offer access to additional features of the entire NetSuite ERP platform, which allows businesses to easily personalize the platform to meet their unique needs. The type and quantity of modules will depend significantly on the company and its sector.
Types of NetSuite ERP Modules
There are three basic types of modules of NetSuite module:
- Basic: These are the ones that every organization requires for managing the day-to-day activities regardless of the sector and size –like the financial module –an integral part of all businesses.
- Optional: These are only required for specific companies. It is not compulsory to implement the respective module right from the start. As new requirements arise, the modules help in complementing features that were once not regarded as necessary, but with time, they have become unavoidable.
For instance, a manufacturing company that follows MTO (Makes to Order) will not require the inventory management module. However, in the future, if the company will change its activity by including MTS (Manufacture by Stock or Make to Stock), it will then require the module.
- Vertical: These modules are the ones that are designed for a specific sector. It can be said that in case a company will operate in a highly regulated field like cosmetics or pharmaceutical, it is needed to be highly competent while requiring a particular tool to help the company.
As companies are expected to comply with multiple regulations, they should have a dedicated QMS (Quality Management Software) and document management software solution.
Available NetSuite Add-on Modules
Manufacturing
As you create a business in need of manufacturing, you can make use of paper and proper spreadsheets for monitoring available resources and day-to-day production figures. However, as your business grows, the manual methods might become a significant hurdle.
One of the major benefits of the manufacturing module by NetSuite is that the manufacturer is capable of observing planned production for the upcoming months and comparing that with available and on-demand supplies. It is also possible to track production against the existing plan. If demand increases, you can expand the production by ordering more materials and hiring more employees.
Financial
With unique and great customer service, a D2C (Direct to Consumer) brand will ensure marketing automation and a CRM (Customer Relationship Management) platform. However, it is seldom that they will rely on online banking solutions to manage the overall finances, which makes manually tracking all the finances time-consuming.
With the help of NetSuite financial management module, it is possible to centralize the overall information while having full control as well as vision on effective financial management. It is a module that works through complete integration of all relevant financial information – including cash flow, accounts receivable, accounts payable, accounting, and tax. It also offers access to easy-to-understand and detailed management reports.
Procurement or Purchasing
Manufacturing units are known to spend a good amount of time searching for the right suppliers. Then, they are expected to submit quotes manually, compare the quotes, come up with a winner, and ultimately launch the purchase order.
With the help of the purchasing or procurement module by NetSuite, the manufacturer can look forward to automating requests for specific quotes, storing all responses in a single place, and submitting purchase orders with the help of a few simple clicks. It helps in saving a lot of time, and maintaining an updated list of the suppliers while allowing the manufacturer to track the respective status of every pending purchase order.
Sales Management
With the sales & marketing ERP module of NetSuite, sales representatives can convert quotes into relevant sales orders within minutes. They can also easily send system-generated invoices to respective customers. Sales & marketing teams in an organization can observe where any customer is present in the sales cycle for determining the next best steps.
The presence of marketing tools enables the distributor to import lists as well as target new customers with the help of ads and emails across multiple platforms.
Inventory Management
It is important to have a bird’s eye-view of the entire inventory. It is truly important for those involved in the retail and manufacturing industries. Through the integration of the inventory management module of NetSuite, it is possible to receive real-time inventory updates and levels regarding the stock, Additionally, the inventory module allows the automation of stock adjustment, organization within groups, sub-groups, departments, and batches.
This helps in reducing overall costs and optimizing the stock processes of the company. It also enhances the chance to invest in new inventory-specific strategies. Moreover, the warehouse team is capable of processing more orders on a per-day basis, because the inventory management module or application displays the precise locations of all items.
E-commerce
The e-commerce module by NetSuite comes with easy-to-use tools for allowing the marketing team to list new items, leverage the latest e-commerce trends, change content of products, and update the feel & appearance of the site. As businesses choose an e-commerce module that is unified within the ERP, there is no requirement of integrations with third-party systems.