What is NetSuite ERP & How Does it Work?
Explained in Under 2 Min
In this episode of The Cloud GURU, CEO, and author, Martin McNicoll explains how a cloud ERP like NetSuite works for businesses. If you’ve just started your research into NetSuite and cloud back-office financial systems, this video will help you understand and navigate some of the key concepts behind enterprise resource planning software.
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Hi everybody, my name is Martin McNichol, CEO of GURUS, and today I want to talk about what is an ERP - or, more specifically, what is NetSuite ERP and how does it work?
Firstly, the acronym ERP stands for Enterprise Resource Planning and it is a system used by a business to encompass all the functions that you might need to run your day to day activities.
As a company grows from QuickBooks or some other simple accounting software that will eventually become unsustainable, they start to compensate with other tools (those applications can be on Excel, they can be on Microsoft Access, on FoxPro). However, at a certain point, the company cannot grow more than the capability of these systems.
An enterprise resource planning system (or ERP) solves that problem. The core of every business is its financials. That’s why at the core of NetSuite, there is the general ledger that encompasses your accounting. Depending on your industry, there are a lot of functionalities that bolt onto that general ledger to let you do your business.
If you're in the distribution industry, one of the main functionalities you would add on, for example, is warehouse management - but warehouse management in itself needs to then be connected to everything else.
NetSuite is a web platform that allows you to set up your e-commerce so that you have your shopping cart where people can take orders, your customer support system integrated, and you can have access to all the customers with all the specific orders in your system in one place.
If you want to use NetSuite as a CRM, you can even have your sales team drive opportunities and enter quotes, so that all your processes and departments play together in one cohesive cloud application that scales and grows with your increasing needs.
Are you interested in learning more about NetSuite ERP?
Watch our Complete NetSuite ERP Walkthrough
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