Read our Oracle NetSuite review to determine if this is the right HRIS software for your company's needs.
As one of the earliest Software as a Service (SaaS) and/or cloud-based enterprise resource planning (ERP) solutions, Oracle NetSuite is software aimed to help fast-growing companies and businesses expand into different international markets. As an ERP solution, Oracle NetSuite enables an efficient and effective operation of small- to medium-sized businesses by automating and simplifying processes such as accounting, inventory management, order processing, and/or human resource management.
Consisting of a suite of applications that drives performance and efficiency, Oracle NetSuite allows businesses to manage their core functions, including finance and accounting, inventory, orders and procurement, sales, service and marketing, personnel records management, payroll, and benefits – all in a central platform and shared database that is accessible by all authorized users across different business functions.
In this Oracle NetSuite review, HRD will help you figure out which of Oracle NetSuite’s multitude of features, applications, and HR solutions enables your businesses to automate relevant and integral human resource processes. We will also analyze how Oracle NetSuite’s enterprise resource planning feature allows your business to navigate through the norm of the digital workplace model.
As one of the oldest enterprise resource planning (ERP) systems on the market, Oracle NetSuite is a cloud-based business management platform that aims to help small- to medium-sized businesses make better decisions, simplify their business, and run a global business with ease – with a focus on delivering efficiency and productivity in a predictable time frame compared to their competitors.
Aimed to solve core business challenges, Oracle NetSuite allows you to do the following:
- Automate and simplify manual processes that waste time and resources
- Quickly access real-time data and information across the organization
- Provide timely and accurate financial statements and inventory reports
- Deliver order accuracy, on-time delivery, and cost savings
- Manage supply chains in the face of rapid changes, rising costs, and shifting buyer behavior
- Balance inventory to meet demand
In an ever-changing digital landscape, enabling your business to cater towards ongoing enterprise resource planning platform trends that cater towards technological innovation and data-driven specifications is an important factor to consider when considering long-term growth and expansion.
Also, the norm of transitioning to a hybrid and/or remote workplace model has created a need for business support services to prosper. Although Oracle NetSuite is a well-known popular enterprise resource planning tool, there are other competitors in the business support industry that can be a better fit for your needs, such as:
- SAP ERP
- Microsoft Dynamics 365 (Business Central)
- SAP Business One
- Sage Intacct
- Odoo ERP
Oracle NetSuite ERP is an enterprise resource planning (ERP) software that offers various features to support a wide range of core integral business processes including, but is not limited to, human resource management.
Although it is one of the oldest running ERP out of the market and is one of the first innovators towards cloud technology, Oracle NetSuite allows a wide range of business management features in a single platform such as:
- Accounting and finance
- Inventory management
- Order management
- Purchasing and receiving
- Project management
- Employee management
In terms of human resource solutions, Oracle NetSuite allows for the following HR-related processes to run easier and quicker:
- Database: Oracle NetSuite’s employee records module allows human resource managers and administrators to create and manage employee records including personal and professional information, job titles, and salary details.
- Tracking: With Oracle NetSuite, your users can track employee time and attendance, including time-in and time-out, shift schedules, and time-off requests.
- Payroll: Oracle NetSuite’s payroll module includes tools for calculating and issuing employee pay, which also allows for integration with other payroll tax and benefits systems.
- Performance management: Managing employee performance is made easier with Oracle NetSuite by users creating and managing evaluations, templates for goal-setting, progress reports, and feedback.
- Talent management: Oracle NetSuite allows for tools that specifically help human resource managers in the recruiting and onboarding phase of their employment as well as track individual training and development plans.
- Compliance: Oracle NetSuite HR modules allow human resource administrators to manage employee documentation as well as allow for law and regulation-related considerations and tools that cater to equal employment opportunity and workplace safety.
Trusted by over 36,000 businesses and/or customers across 217 countries, Oracle NetSuite allows your business to streamline core integral processes, gain visibility, and free up time and resources to adapt to rapid change and/or expansion, drive innovation, and remain competitive in a globally competitive industry.
Oracle NetSuite also serves various businesses in differing industries, such as, but not limited to:
Advertising and digital marketing
Apparel, footwear, and accessories
Food and beverage
Government and public service
Health and beauty
Media and Publishing
Restaurants and hospitality
Software & technology companies
Transportation & logistics
Some of the well-known businesses and organizations that use Oracle NetSuite include:
- Crowe (Financial services)
- GoPro (Technology)
- Osmose (Professional services)
- Polygon (Technology)
- Qdoba Restaurant Corporation (Restaurants and hospitality)
- Avant (Financial services)
- Qardio (Technology)
- Shaw Industries (Manufacturing)
- Make-A-Wish Foundation (Non-profit)
- Charlotte Tilbury (Health and beauty, manufacturing)
- YouGov (Professional services)
- Brandwatch (Technology)
- Secrid (Manufacturing)
As you can see, Oracle NetSuite can be used a cross a wide variety of product verticals, and for both for-profit and non-profit companies.
Using Oracle NetSuite’s enterprise resource planning platform, employers can manage inventories, track financials, host e-Commerce stores, and maintain customer relationship management systems. Beyond multi-modular applications, its customizable dashboards can suit your different business needs as well as personalize it with different metrics, graphs, charts, reminders and shortcuts that can aid your human resource-related operations.
To know more about how the platform is used, the following videos allows future employees and employers to navigate the Oracle NetSuite platform:
- Employee-based navigation:
Headquarters address: 2300 Oracle Way, Austin, TX 78741, United States.
Year established: 1998.
Size (number of employees): 15,000+ employees as of 2022.
Office locations: USA, Canada, Australia, Belgium, Brazil, UK, Spain, Singapore, Uruguay, Thailand, Vietnam, UAE, New Zealand
Key people: Evan Goldberg (Founder, EVP, Oracle NetSuite Global Business Unit), David Rodman (SVP of Customer Success), Sam Levy (SVP of Sales), Gary Wiessinger (SVP of NetSuite Application Development), Nicky Tozer (SVP of EMEA), Shailender Kumar (SVP & Regional Managing Director India and NetSuite JAPAC), Gustavo Moussalli (VP of LAD).
Founded by Evan Goldberg in 1998, NetLedger was the first web-hosted business applications platform that can be accessed through cloud technology. With initial start-up funding by Larry Ellison, the co-founder and executive chairman of Oracle Corporation, NetLedger began as an accounting software that can be accessed primarily using the Internet. Other key investors of NetLedger included venture capital firm StarVest Partners, software vendor ADP, and financial services firm PaineWebber Group (subsidiary of Swiss bank UBS).
In 2002, NetLedger added modules for inventory management and customer relations management (CRM) to NetLedger. In September 2003, NetLedger changed its name officially to NetSuite to reflect its expansion towards other business support features, such as ERP, CRM, and e-Commerce. In 2016, Oracle Corporation purchased and acquired NetSuite for 9.3 billion US dollars as a bid to expand their ERP offerings and their shift towards becoming a cloud software provider – mainly offering NetSuite to small- to large-sized businesses corporations as an addition to Oracle Cloud ERP. Today, Oracle NetSuite
If your medium- to large-sized business is considering a one-stop, scalable solution with a customization that is capable and reliable, Oracle NetSuite is one of the best in the industry. The number of modules and tools that Oracle NetSuite provides, such as payroll, HR, performance management, e-Commerce, demand planning, manufacturing, fixed assets management, and contract renewals, is something that can be a consideration for your business if you’re looking for an all-encompassing and ‘complete’ ERP software.
While the customization that Oracle NetSuite provides for its subscribers is among the most robust and most comprehensive in the industry, its minimalist and user-friendly interface and intuitive drag-and-drop functionality can be one of the factors that may be advantageous to your business operations.
There are different license packages that Oracle NetSuite provides for any size of business, whether it is a small-sized organization prioritizing their human resource needs or a large-sized multinational corporation looking to redevelop their integral core processes. NetSuite offers its base functionality for their various ERP and CRM features.
Other subscription models and editions are specifically catered depending on business size and needs:
- Retailer edition
- Manufacturing edition
- Software edition
- Wholesale distributor edition
- Professional services edition
- Retail omnichannel edition
- Starter edition (designed for less than 15 users in select industries)
- Emerging edition (designed for less than 30 users in select industries)
- Limited edition (designed for less than 10 users and under 50 employees)
- Mid-market edition (designed for greater than 10 users and/or more than one legal entity)
- Enterprise edition (designed for greater than 1,000 users)
Prices are set on a case-by-case basis, so you’ll need to speak with their sales teams for final prices.
ERP software development is a competitive industry, and SAP ERP is not the only effective platform available. If you see SAP ERP is not the perfect fit, based on your company’s needs, you may also check their competitors for comparison:
- Microsoft Dynamics 365 (Business Central)
- Oracle NetSuite
- SAP Business One
- Sage Intacct
- Odoo ERP
Oracle NetSuite review: will your company thrive with this?
Throughout the years, Oracle NetSuite was known as one of the first cloud technology softwares to adapt toward the ever-changing digital landscape. From the shift to physical workplaces to the digital landscape of hybrid and/or remote work set-ups, Oracle NetSuite is one of the enterprise resource planning softwares that is considered reliable and beneficial for a wide array of businesses. Its popularity as an ERP and HR solutions comes from its highly comprehensive range of business management features, its readily accessible cloud-based architecture, and its adaptability and customization to the needs of any and all growing business.
If you are looking for an ERP software that is easily understood and adaptable to the various HR functions that your business needs, Oracle NetSuite is among the most reliable ERP softwares in the HR support industry. With NetSuite, your business can consolidate various softwares in a singular, all-in-one platform that simplifies and streamlines their core integral processes while accessing real-time financial and operational data through comprehensive reporting modules.
If you're still not sure if this is the right tool for you or not, please see our HR software review section for more options. You just may find the perfect tool for your company there if you didn't find it in this article
Do you have any experience using the Oracle NetSuite platform? Share your feedback in the comments box below.