Netsuite

Software

Software:

Netsuite

Vendor:

Oracle

Website:

Netsuite

Technology Platform:

Cloud

Core Software Information

Year Started:

1998

Software Summary

NetSuite is a cloud-based Enterprise Resource Planning (ERP) software designed to manage all aspects of a business, including financial management, customer relationship management (CRM), inventory management, and eCommerce. While not originally built specifically for construction, NetSuite's flexible and customizable platform, combined with its robust third-party ecosystem, allows it to be adapted for construction companies, particularly those that operate in multiple verticals or require advanced financial management capabilities. Its strength lies in its ability to provide a single, unified platform that offers real-time visibility into all aspects of a business, making it an ideal solution for mid-sized to large construction firms looking for comprehensive, scalable ERP software.

Monthly Cost Range:

NetSuite’s pricing is based on a subscription model, which varies depending on the number of users, modules selected, and the level of customization required. Costs typically range from $999 to $10,000+ per month, with additional fees for implementation, customization, and support. Key Features:

Target Audience:

Mid-sized to large enterprises across various industries, including construction

Target Construction Segments:

General contractors, construction managers, real estate developers, specialty contractors

Target Company Revenues:

$10 million to $1 billion and above

Modules:

Financial Management, Project Management, CRM, Inventory Management, Procurement, Human Resources, eCommerce, Supply Chain Management, Business Intelligence, Global ERP

Other Software Owned by Vendor:

Oracle ERP Cloud, Oracle Fusion, Oracle E-Business Suite,

Customization:

NetSuite is highly customizable, allowing businesses to tailor the software to meet their specific needs. Users can create custom workflows, fields, forms, and reports to align with their unique business processes. Additionally, NetSuite's SuiteScript platform enables developers to build custom applications and extensions, making it a highly flexible solution that can adapt to complex business requirements. The customization capabilities are one of NetSuite’s key strengths, particularly for companies with specialized operational needs.

Integrations

API Integrations: NetSuite offers extensive API integration capabilities, allowing businesses to connect the software with a wide range of third-party applications and custom solutions. The platform provides REST and SOAP APIs, with detailed API Documentation available to guide developers in creating seamless integrations.
Types of Integrations: NetSuite integrates with numerous third-party applications across various industries, including accounting software, CRM systems, project management tools, and eCommerce platforms. Its open architecture and strong API capabilities make it easy to connect with other systems, providing a unified business management solution.
3rd Party Construction Applications: Notable third-party applications that integrate with NetSuite for construction include Procore, Smartsheet, and Buildertrend. These integrations enhance project management, field collaboration, and cost tracking, making NetSuite a more comprehensive solution for construction firms.
Limitations: While NetSuite offers robust integration capabilities, some integrations may require additional technical expertise or the assistance of third-party consultants, which could add to the overall cost and complexity of the implementation.

Key Features

Comprehensive financial management: NetSuite provides a full suite of financial tools, including general ledger, accounts payable/receivable, tax management, and financial reporting, allowing companies to manage their finances with precision.
Advanced project management: The project management module helps construction firms plan, execute, and monitor projects, with tools for scheduling, resource management, and budget tracking.
Real-time business intelligence: NetSuite’s integrated business intelligence tools provide real-time insights into key performance indicators, helping companies make informed decisions.
Global ERP capabilities: NetSuite supports multi-subsidiary management, multi-currency transactions, and global financial consolidation, making it ideal for companies with international operations.
CRM and customer management: The CRM module provides a 360-degree view of customer interactions, helping companies manage sales, marketing, and customer service more effectively.
Inventory and supply chain management: NetSuite offers robust inventory and supply chain management tools, enabling companies to optimize their supply chains, reduce costs, and improve operational efficiency.
eCommerce integration: NetSuite’s eCommerce capabilities allow businesses to manage online sales and integrate them seamlessly with back-office operations, providing a unified view of customer and order data.
Human resources management: The HR module helps manage employee data, payroll, benefits, and performance reviews, ensuring that human capital is effectively managed.
Mobile access: NetSuite’s mobile app provides access to key business data and tools from anywhere, improving flexibility and decision-making for on-the-go executives.
SuiteCloud platform: The SuiteCloud platform allows for extensive customization and the development of custom applications, ensuring that NetSuite can meet the unique needs of each business.

Software Pros

Highly customizable: NetSuite’s flexibility and customization capabilities allow businesses to tailor the software to their specific operational needs, making it a versatile solution for various industries, including construction.
Scalable: NetSuite can scale with a business as it grows, supporting everything from small companies to large enterprises with complex, multi-subsidiary operations.
Unified platform: The software’s ability to provide a single, unified platform for managing all aspects of a business, from financials to project management, reduces the need for multiple disparate systems.
Strong global capabilities: NetSuite’s global ERP features make it a strong choice for companies with international operations, providing support for multi-currency transactions and global financial consolidation.
Robust third-party ecosystem: The extensive range of third-party applications that integrate with NetSuite enhances its functionality, particularly in areas like construction project management and field collaboration.

Software Cons

Complex implementation: The implementation process can be complex and time-consuming, often requiring the assistance of NetSuite partners or consultants to ensure a successful deployment.
High cost: NetSuite’s pricing can be prohibitive for smaller firms, particularly when factoring in the costs of customization, implementation, and ongoing support.
Steep learning curve: The software’s extensive features and customization options may present a steep learning curve for new users, requiring significant training to fully utilize its capabilities.
Potential overkill for small businesses: For smaller construction firms, NetSuite’s advanced features and global capabilities may be more than what is needed, leading to unnecessary complexity and cost.
Reliance on third-party integrations: While NetSuite integrates with many third-party applications, these integrations can sometimes require additional technical expertise and may lead to dependency on external vendors.

RedHammer's Take

NetSuite is well-positioned to remain a leading ERP solution for mid-sized to large enterprises, including those in the construction industry. As the demand for cloud-based ERP solutions continues to grow, NetSuite’s flexibility, scalability, and comprehensive feature set will likely attract more construction companies looking to streamline their operations and improve profitability. Future developments may focus on enhancing industry-specific functionalities, particularly for construction, and improving the user experience to reduce the learning curve and simplify implementation. Additionally, as businesses increasingly adopt AI and machine learning technologies, NetSuite may integrate these capabilities to offer predictive analytics and automation, further enhancing its value proposition.