NetSuite ERP is regarded as one of the most popular cloud-based ERP in industry. When it comes to implementing the standardized ERP process, optimizing business operations, or meeting your custom business needs – NetSuite scores very well among its peers.
It is estimated that more than 30000 companies use NetSuite ERP. According to enlyft, NetSuite ERP is most often used by companies with 50-200 employees & $1M-10M in revenue. Also, NetSuite ERP has about 1.3% market share in the Enterprise Resource Planning (ERP) software space.
In this post, we will be exploring the industries in which NetSuite is most used and understand the reason for its success.
Top Industries using NetSuite
Here are the top ten Industries using NetSuite according to enlyft
- Information Technology and Professional Services – The Information Technology and Professional Services industry is one of the largest customer bases of Oracle NetSuite. Here are key reasons for NetSuite’s success in IT / ITES:
- IT / ITES companies are more open to cloud-based ERP solutions compared to other industries.
- Also, many of the IT/ITES companies have operations across multiple countries and subsidiaries, which is better served with NetSuite’s OneWorld and Multi-Book accounting.
- IT and Services companies also use NetSuite’s Services Resource Planning (SRP) software a lot.
- Computer Software / SAAS / Startups – Computer Software and Software as a Service (SaaS) is the second largest customer base of Oracle NetSuite. Here are key reasons for NetSuite’s success in this industry.
- Computer Software and SAAS companies are more open to cloud-based ERP solutions compared to other industries.
- Computer Software and SaaS companies find it easier to integrate their product billing systems with NetSuite’s easy API integration capabilities
- NetSuite’s Advanced Financial modules help them implement complex financial accounting like deferred revenue etc.
- Many of the product startups are asked by their investors to use NetSuite to ensure better compliance and visibility.
- Retail – The retail industry has the third largest market share of Oracle NetSuite. The retail industry needs NetSuite the most because they have a range of difficulties that can be best resolved with the NetSuite offerings:
- Retail customers can do a quick implementation, start small, and scale up as they add their retail presence.
- Can handle multiple channels for customers – giving great customer experience across channels. This includes eCommerce – one of the key strengths of NetSuite.
- Greater Visibility with real-time inventory and order management across the company which can help companies manage a buy, return, and deliver from anywhere else.
- Manufacturing – Oracle NetSuite’s fourth-largest market is manufacturing. NetSuite is required by the manufacturing industry to resolve the processes listed below.
- Manufacturers can use a single, integrated platform to manage procurement, schedule production and monitor discrete manufacturing processes. NetSuite is especially popular among discrete manufacturing companies.
- NetSuite offers the strength and agility to support and adhere to the exact manufacturing industry processes as they change over time.
- No matter where manufacturers operate, their processes and global supply chain are supported by NetSuite’s multi-language and multi-currency features.
- Media and Publishing – The following are the key requirements of Media and Publishing companies which are managed by NetSuite.
- Financials, sales, services, and analytics are managed through a flexible, user-friendly cloud-based business system.
- Streamlines lead-to-cash workflows and improved business efficiency.
- Media and Publishing firms’ services are enhanced by using advanced renewal management with a single view of each customer.
- They will have complete transparency from the insertion order to invoicing.
- Financial Services – With its cloud-based software, NetSuite will boost the performance of the financial services sector.
- NetSuite can help Financial Services companies respond quickly to market and regulatory changes and meet ever-changing industry needs.
- NetSuite’s fully auditable business processes can help the financial services industry manage its risk and compliances.
- NetSuite’s enterprise analytics help financial services track and manage their performance.
- Food and beverage – The top choice for inventory and order management, e-commerce, financials, and CRM in the food and beverage sector is NetSuite’s cloud ERP system. By utilizing NetSuite, food and beverage companies will achieve the following-
- For control, visibility, and product planning, they can use NetSuite to manage their modern supply chain.
- Can have a 360-degree view of their buyers from all channels and touchpoints.
- Deliver the highest quality products at the minimum cost by using NetSuite’s Quality Management solution.
- Can have better control over their warehouse with detailed metrics, real-time transactions, optimization techniques, and handheld capabilities that lead to increased efficiencies.
- Healthcare and Life Sciences – Healthcare and life sciences organizations can increase visibility, reduce complexity, and maintain flexibility in the face of rapid change by using NetSuite’s cloud-based business management suite.
- Real-time access to important business data, enabling prompt decisions for Healthcare & Life Sciences firms.
- Configure business processes and workflows to quickly make changes whenever needed.
- Pharma, biotech, and life sciences companies use NetSuite’s superior manufacturing resource planning, leaner manufacturing production processes, and improved supply chain management.
- NetSuite offers a 360-degree customer view – a single repository of client interaction in both B2B and B2C environments, enabling greater service quality.
- Wholesale Distribution – Wholesale Distribution is one of the largest customer bases of Oracle NetSuite. The cloud-based, scalable solution provided by NetSuite for the Wholesale distribution sectors supports their end-to-end business operations.
The following are some ways that wholesale distribution companies can use NetSuite to maximize their business output.- With its O2C, P2P, Warehouse, and Financials Modules, NetSuite helps resolve the common challenges faced by wholesale distribution companies
- Wholesale distribution firms can use supply chain portals for their vendors, customers, and business partners.
- The wholesale distribution also uses omnichannel commerce to connect with their customers on the web, over the phone, via email, and in person, and meet any expectations
- Non-Profit – The nonprofit sector is among the top ten markets for Oracle NetSuite. For NGOs of all sizes, NetSuite offers a suite of cloud tools through the Social Impact program that helps them to run efficiently and grow their mission.
The Social Impact program will make sure that all NGOs worldwide are able to deploy, use, and accelerate their impact on NetSuite through the whole customer life cycle.
In addition to the above Oracle NetSuite is popular among many other industries. If you are looking to evaluate Oracle NetSuite as an ERP you can connect with us for a free / no obligation call with our NetSuite experts.
“NS Success” is the NetSuite Consulting Practice of Dhruvsoft Services Private Limited – a leading NetSuite Solution Provider Partner from India – providing services worldwide …