NetSuite vs. Other ERP Solutions: Choosing the Right Fit for You

NetSuite vs. Other ERP Solutions: Choosing the Right Fit for Your Business

Struggling to choose an ERP system that perfectly fits your business needs and maximizes your company’s productivity and success? Don’t fret – this guide will help you with that!

  1. A Brief Intro to ERP

We must first fully understand what ERP is, its applications, and its significance before we dive into the details of NetSuite and other ERP solutions and how to choose the right fit for your business.

  • What is ERP?

Enterprise Resource Planning, or, ERP is a software system that helps organizations plan, automate, and manage daily activities like accounting, procurement, supply chain operations, project management, risk management, and compliance. With Enterprise Performance Management (EPM) software, it also helps a company plan its budget, predict its future, and report on its performance.

  • What are ERP Applications?

There are a variety of industries and applications that use ERP systems, such as healthcare, education, utilities, non-profits, and financial services. They are used by large organizations having numerous departments or branches to help them coordinate and facilitate their operations. Besides, smaller companies use them for a smooth workflow. In addition to that, other industries may also use ERPs because they are sufficiently flexible and adaptable.

  • Why Do Organizations Need ERP?

The majority of businesses have a wide range of processes and functions, such as inventory management, customer service, and financial services, and they all need an integrated way to manage those functions. This goal is achievable with an ERP system. It offers a centralized storage for data that various departments can utilize and a suite of cutting-edge functionalities for making day-to-day tasks more effortless. 

  1. Choose the Right ERP System 

In order to choose an ERP system, you will need to determine your business goals. Then, assess the ERP software functionalities and features, its integration capacities, vendor reliability, prices, ease of implementation, and possible convenience and scalability in the future. Here, we’ve described the process in a few simple steps: 

  • Software Features & Functionalities

Firstly, you should evaluate your greatest business needs, which include financial reporting, analytics and data, process automation, user experience, and mobile accessibility. After knowing what you need, check whether the ERP has the features and modules to help you reach your business targets. Your ERP system’s features should work for your business, not force you to change your business practices to fit its capabilities (keep that in mind).

  • Integrations with Other Software

Next, thing to be taken into account is the ERP’s compatibility with other software programs your organization employs. It doesn’t matter how sophisticated an ERP software is; it won’t be of any use to you if it’s unable to transfer data to and from other software applications within your company. According to a report, 59% of enterprise resource planning buyers say that they seek new solutions to improve data integration among various business operations.

  • Vendor or Company Reputation 

An array of ERP systems is available, and you may feel headaches. So, narrow the field. Ask yourself a few crucial questions related to the ERP solution providers’ industry experience, customizations, additional applications, flexibility, and reporting. Most importantly, examine the ERP company’s reputation for quality and trustworthiness by viewing client reviews, plus check whether its experience aligns with the requirements of your business industry.

  • Costs

Picking an ERP system involves more than just the technical aspects; it also involves financial considerations. These costs cover the system’s overall cost, its implementation costs, and the cost of any additional resources that may be needed. Always remember that a high-cost ERP does not necessarily mean that it will benefit your business. It’d be better to get valuable features than buy expensive ERP software that provides features you won’t use.

  • Implementation Process

Now, consider the implementation process and its requirements. Some ERP systems might be more difficult and time-consuming to implement as employees will need in-depth training on unfamiliar software. So, it would help if you ascertained which ERPs will be simpler for your company to learn and whether further benefits would justify a longer deployment period. Also, take into account the vendors’ customization abilities, training offerings, and support services.

  • Future

Your business will need continuous support in the future. Think about how often software needs to be updated and what challenges you may face when integrating your ERP with new hardware or software. Inquire about software updates and support services. In order to keep providing complete support, your ERP system will also need to scale. Ask yourself which software will support your company’s growth and expansion as you consider your options.

  1. NetSuite vs. Other ERPs 

Look at what different options you have other than NetSuite:

  1. NetSuite
  2. SAP
  3. Microsoft Dynamics
  4. Epicor
  5. Acumatica
  6. Sage Intacct

Let’s learn about all of them one by one! We’ll start with NetSuite.

  1. NetSuite 

Developed by Oracle, NetSuite is a comprehensive cloud-based ERP solution that come with a bountiful range of useful features. Specifically, it integrates key business functions into a cohesive platform. These operations include finance, inventory control, e-commerce, and customer relationship management (CRM). Most organizations prefer this all-in-all tool because of its scalability, flexibility, and real-time data analytics. It is ideal for big companies and businesses working on a global scale. It’s the best option if you require extensive customization. 

But, since it’s expensive, it’s not great for small businesses with tighter budgets. Moreover, it is complex to learn; therefore, novice users find it hard to understand it right away.

Read: Understanding NetSuite Pricing: A Comprehensive Guide

  • Acumatica

Acumatica is another cloud-based ERP platform that offers outstanding scalability and flexibility. It helps small and medium-sized companies handle financial, manufacturing, distribution, and project management operations.

Acumatica lets companies choose the exact modules they require and add more as they expand with its modular design. Its open architecture makes it easy to integrate and customize with other programs. Furthermore, it is powerful and amazingly fast as it completes robust tasks and generates reports swiftly. 

Despite being a fantastic option, some users might find its user interface less intuitive than that of other ERP systems. Also, managing and customizingan abundance of features can be overwhelming. 

  • SAP

SAP ERP is a product of SAP SE known for its robust functionality. It offers powerful modules for operations, including logistics, finance, human resources, and procurement, to fulfill large-scale businesses’ demands.

The well-established ERP system offers a robust global support network, industry-specific solutions, plus a plethora of customizations. Plus, it gives you the options to deploy it either on-premises or in the cloud. 

Still, it has some drawbacks. It can be difficult to implement and maintain SAP ERP because it is a highly complex, costly, and time-consumingsoftware that requires training for effective use, which makes it unsuitable for small and medium-sized businesses.

  • Microsoft Dynamics

Dynamic, a Microsoft product, comes with ERP and CRM features. It is built to aid enterprise in financial management, project management, human resources, supply chain management, and CRM. It also gives the flexibility to choose between on-premise and cloud-based deployment options. 

The ERP system smoothly integrates with other Microsoft products, like Office 365 and Power Platform, which gives businesses that currently use Microsoft tools a friendly user experience

Even though Dynamics 365 is equipped with brilliant integration potential and a lot of functionality, some firms still find it less appropriate for requirements specific to their unique industry. Additionally, it’s not very affordable and may require extra spending for upgrades to storage capacity.

  • Sage Intacct

Sage Intacct is perfect for businesses with complex accounting and financial needs because it comes with strong financial capabilities, such as sophisticated multi-entity and multi-dimensional accounting. 

The software offers a clean and easy implementation. Its completely functional mobile app, which is appropriate for usage in an academic atmosphere, is one of its most appealing aspects. Additionally, it provides clarity regarding the firm’s progress with the help of reports.

In spite of Sage Intacct’s outstanding features, it has a steep learning curve similar to NetSuite’s, which is exacerbated by the software’s lack of an intuitive interface. This, in turn, makes automation more challenging. 

  • Epicor

The purpose-built ERP, Epicor, is perfect for manufacturing and distribution sectors and offers a modular approach, and is available as a hosted, on-premises, or cloud-based SaaS (Software-as-a-Service) model. 

Epicor is a highly customizable software that allows users to tailor it to meet their needs and is easy to manage. It is reliable and can automate most money management tasks. Apart from that, with a simple-to-use interface, this versatile tool makes learning a piece of cake. 

On the other hand, small organizations are plagued by hefty expenses per user and challenges with deployment; there are no free trials available either. Plus, Epicor’s interfaces vary across modules; users may find it confusing and inconsistent. 

Now that you know that there are so many ERP solution providers available and no solution can manage everything, you must get help or advice from a specialist in ERP implementation to make a final choice. 

Also, make sure that you compare all ERPs from every aspect. In the past, most businesses had kept opting for NetSuite implementation. But, after the arrival of other ERPs, they compared them with NetSuite and started choosing its alternatives to align with their business objectives. 

Closing Thoughts

If accessibility, usability, and flexibility are essential to you, NetSuite is a more suitable option, and you can hire NetSuite professionals. But it isn’t the best choice in every circumstance. Hence, the final decision between NetSuite and other ERP solutions will ultimately come down to your company’s particular needs, its financial limitations, and its availability of IT resources.