Oracle NetSuite ERP Review 2024: Features, Pros & Cons

Oracle NetSuite ERP is a widely recognized cloud-based business management platform. It provides a range of features that simplify managing company workflows and align with market demands.

Choosing the right software is crucial for the success of any business. The right ERP solution can streamline workflows, enhance data accuracy, and integrate various functions into a cohesive platform.

In this article, we will provide you with an extensive Oracle NetSuite review, including its features, pros and cons, and tips to avoid choosing the wrong ERP. Ensure you read until the end to obtain the best ERP solutions recognized by Southeast Asian businesses.

What is Oracle NetSuite ERP?

Oracle NetSuite provides a cloud-based ERP (Enterprise Resource Planning) platform with various payroll, HR, CRM, and e-commerce applications. It uses a software-as-a-service (SaaS) model, ideal for businesses looking for scalability without the added burden of new infrastructure and staff.

With its extensive selection of modules and customization options, you can enhance efficiency and cut costs, regardless of your business size or industry. It helps you streamline their business processes, like production, distribution, and accounting.

Features of Oracle NetSuite ERP

Oracle NetSuite ERP offers comprehensive features designed to simplify business operations and boost efficiency across various sectors. Here are some of its features:

1. Project management: Supports efficient project execution with tools for planning, resource allocation, and collaboration, ensuring projects meet deadlines and budgets.
2. Financial management: Automates essential financial operations like accounting and asset management while providing tools for real-time financial reporting and compliance.
3. Inventory and supply chain management: Helps manage inventory effectively with tools for tracking, demand planning, and distribution, reducing costs and preventing inventory issues.
4. Customer relationship management: Integrates CRM to manage customer interactions, sales processes, and service management, improving customer satisfaction and loyalty.
5. Human resources management: Simplifies HR processes with features for payroll, benefits, and employee management, ensuring compliance and enhancing employee engagement.
6. Analytics and reporting: Provides powerful analytics and customizable dashboards for real-time insights into business operations, helping in strategic decision-making.

Oracle NetSuite’s scalability and cloud-based deployment make it an effective solution for businesses of all sizes looking to enhance operational efficiency.

Pros and Cons of Oracle NetSuite ERP

Oracle NetSuite ERP is a comprehensive tool that helps businesses streamline operations and enhance efficiency, but it has its own strengths and weaknesses, incorporating insights from Forbes and PCMag:

Pros:

1. Extensive ERP features: The ERP features are extensive and adaptable to various business sectors, providing comprehensive tools for financial management, inventory control, and operational planning.
2. Comprehensive integration: NetSuite integrates ERP, CRM, HR, and e-commerce capabilities into one system, reducing the need for multiple separate systems and improving data consistency.
3. Cloud-based flexibility: NetSuite allows remote access, enhancing operational flexibility without requiring extensive on-premise infrastructure.
4. Simple reporting: NetSuite provides straightforward reporting tools that allow users to generate reports with relevant data quickly, simplifying the process of data evaluation and sharing.

Cons:

1. The help system can be more intuitive: Users have reported that the help system can be confusing and less intuitive, which may hinder resolving issues or learning new functionalities.
2. Configuration complexity: Setting up the system to cater to specific roles within a company can be challenging, requiring significant time and effort to ensure it meets the exact business needs.
3. Complex feature set: While the feature set is comprehensive, its complexity can be daunting. Users might find it overwhelming to fully utilize all the available tools without extensive training or experience.

These insights provide a view of Oracle NetSuite ERP, highlighting its potential as a transformative business tool and the practical considerations businesses must manage.

How to Avoid Choosing the Wrong ERP

Mistakes that lead to losses are a nightmare for every business, especially if you are about to buy an ERP system that directly affects the company’s workflow and cash flow, like Oracle Netsuite ERP. Therefore, we provide tips or ways to prevent choosing the wrong ERP. Here are the steps.

• Analyze your business needs

You do not have to buy a complete ERP package at a high price. If your business needs only optimized financial workflows, you just need to purchase the best accounting module. Make sure you buy ERP based on features that you can use optimally.

• Conduct thorough reviews, including of Oracle Netsuite ERP

Read customer reviews on open survey pages or reviews from business colleagues who have used a particular ERP product. You can also try a free demo to understand better how the ERP system will operate in the future without incurring costs.

• Prioritize important modules

After understanding your business needs, prioritize the important supporting modules in their implementation. For example, your business may need financial workflow optimization, but in the process, your company’s finances are heavily connected with procurement or retail activities. Then, you can discuss with your team or the vendor which module can optimally support the company’s workflow.

• Use ERP localized for the system in Singapore

Each country certainly has its own regulations related to business. Singapore itself has several criteria and rules that are mainly concerned with reporting. This usually involves invoices and accounting reports.

Therefore, it is important for you to use an ERP that is locally based in Singapore. For example, find the features that integrate the accounting system with government tax bills.

Of course, this feature is important so that you do not have to do double the work, and the ERP report can really be used optimally and professionally.

• Ensure your ERP can be customized according to company criteria

Customization might sound tricky for some entrepreneurs. Why? Because if the vendor does excessive customization, the output usually makes the company’s system severely lag.

Therefore, you need to understand the primary business needs and find and choose the best ERP vendor that prioritizes the operational comfort of your business.

• Use ERP that entrepreneurs trust

Experience does not lie about the quality of products and services available from an ERP vendor. The number of clients served, satisfaction reviews, and which clients entrust their business to the vendor are things you must know to avoid losses and deception. Speaking of which, you should get acquainted with ERP from HashMicro. Why? Here are the reasons.

Also Read: Top ERP Software Recommendations – Explore the best software options available this year and find the right fit for your business needs.

HashMicro as an ERP Software Alternative

HashMicro is a leading ERP vendor in Singapore, serving over 1,750 clients across different industries. Its notable clients include Changi Airport Group, Brinks, and Bank Mega. They use HashMicro ERP for various needs like accounting, procurement, POS, retail, construction, mining, and manufacturing.

The diversity of these features supports existing customer satisfaction. In brief, here are the advantages if you use ERP from HashMicro:

1. The system is easy for you to understand and use, even if you are not an IT expert;
2. Free to add users without additional costs;
3. HashMicro has passed ISO certification to optimize employee performance;
4. Integration with many business modules that you can adjust to business needs;
5. HashMicro ERP is based in Singapore, making it suitable for local businesses;
6. HashMicro ERP can integrate any number of business branches you have into one monitoring system;
7. HashMicro products are ready to use without a long waiting period;
8. HashMicro’s customer service is fast and always responsive in addressing your business challenges; and
9. The migration of company data into the ERP happens quickly.

The advantages mentioned above are guaranteed by HashMicro and are not commonly possessed by many other ERP vendors, allowing you the freedom to use them as a Singaporean business.

Now, you can also be free from worrying about implementation costs that do not go according to plan. You can try the pricing scheme by clicking the banner below.

If you want to explore more about ERP systems, you can read our previous article that discusses ERP software recommendations.

Conclusion

Oracle Netsuite ERP is one of the ERP vendors among Singaporean businesses. Oracle Netsuite offers various advanced features that can automate company processes for efficiency.

The good news is that you can still run business automation using ERP with another vendor alternative, HashMicro. HashMicro has become a smart solution for businesses that want an effective, secure, and easy-to-use company system.

Solidify your choice without haste and try the HashMicro free demo right now.