Introduction
The art of doing business has been changing over the years due to the implementation of cutting edge technologies and their innovativeness. A business process is becoming simple and easy to handle day by day. Earlier doing business all over the world was associated with many problems, but advanced technologies have made this simple. Technology enables us to contact the different parties such as customers, suppliers, employees, vendors, etc., in a fraction of seconds.
In this Netsuite tutorial, we are going to talk about Netsuite CRM, which is one of the widely accepted tools of the present business world. We are going to cover all the essential concepts that are essential for working with NetSuite. Without wasting much time, let’s jump into the tutorial part.
History of Netsuite
Netsuite is an American cloud computing company that was established in the year 1998 by Evan Goldberg. It provides the software and services to process various business operations which include finances, operations, and customer relationships, etc. This software is the primary model to cater to the operations of small and medium-sized businesses and to take them to new heights.
What is Netsuite?
Netsuite is a cloud-based ERP software provider company that provides various applications of business such as Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), financial management, E-commerce, Omnichannel commerce, and Professional
Services Automation (PSA)
Netsuite works as an online service and helps organizations in handling all critical processes on a single platform. It is very cost effective and straightforward to install. This software is mainly used by the companies to manage the services such as inventory tracking, to host e-commerce stores, and to maintain customer relationship.
What makes NetSuite makes popular?
It is the world’s largest ERP vendor that has been adopted by more than 16000 happy customers across the globe. Netsuite enables organizations with cloud infrastructure to handle all kinds of businesses over the cloud with high scalability and confidence. Since the time NetSuite has started the journey, it is has been providing data privacy, data management security, high security for running the CRM application.
What are the products offered by Netsuite?
Netsuite provides a wide variety of products that satisfy the needs of the organizations.
Which are
- Enterprise Resource Planning
- Customer Relationship management
- Suitecommerce
- Professional Service Automation ( PSA)
- Enterprise Performance Management (EPM).
Enterprise Resource Planning
Netsuite ERP is a scalable cloud ERP solution which is best suitable for the needs of fast-growing, mid-sized, and large size enterprises. It used in organizations to simplify the process by automating various backend tasks such as financial management, revenue management, order management, fixed assets management, inventory management, and billing. It also provides a customizable view of the complete process and generates reports for assessing the key areas of business.
The one thing that has made Netsuite ERP a leader in the industry is its smartly executed Financial operations and built-in business intelligence. Netsuite ERP helps the organizations in making informed data-driven decisions. This platform would help you in healthily executing all your backend processes.
[Related Blog: NetSuite Interview Questions and Answers]
Netsuite Customer Relationship Management (CRM)
Customer relationship management is one of the powerful business applications provided by Netsuite. It enables the organizations on gaining a complete 360-degree view of their customers in real time. Companies will get information continuously from all aspects and throughout their customer lifecycle. Netsuite CRM is developed to deliver the exceptional customer experience right from the lead management to after sale support. This CRM has stepped ahead when compared to other CRM providers. It enables companies with advanced capabilities such as marketing automation, sales force automation, and customer service management.
It creates a new environment by combining traditional and modern CRM capabilities to help organizations to drive revenue and growth. Contact management feature of NetSuite enables the companies in accessing the information of various roles in the organizations, issues with products, and services, and communication history, etc.
Netsuite SuiteCommerce
Netsuite was the first company that introduced its e-commerce in the year 1998. It comes with unified e-commerce for your back office systems. Netsuite commerce especially developed to make the online business more powerful and thereby taking them to the next levels. Suitecommerce provides various services such as an extensive eco-service system, a dedicated support system and everything that you need to succeed in an online platform.
By using suit e-commerce, you can easily create unique, personalized and compelling mobile and web and in-store experience that makes your brand more unique and in standing apart from the crowd. Netsuite eCommerce will let you experience a new way of doing business by giving the following benefits.
- Create an experience that you want for your business:
- You can transform the store with unique and personalized services online and in-store buying services.
- Customers can access your business from any device such as smartphones, tablets, laptops, etc.
Professional Service Automation (PSA)
PSA is a best in class professional service automation software specially designed for the companies who are into providing service or the to service departments of product based companies. This is also called a Netsuite OpenAir PSA and can be integrated easily with the CRM in place.
By using PSA, organizations can leverage the following benefits:
- Real-time insights
- Increase project profitability
- Informed data-driven decisions
- Maximize billable resource utilization.
Enterprise Performance Management (EPM)
Enterprise Performance Management software is one of the intelligent software of the Netsuite. It always found tied to organizational Enterprise resource planning (ERP). Let’s put into simple terms ERP is used to manage the day to day activities of the business, whereas EPM is used to manage business, understanding, analyzing, and reporting on business.
[Image source: https://www.oracle.com/in/applications/epm/what-is-epm.html]
In today’s competitive business world, EPM is playing a crucial role by linking financial and operational metrics and thereby drawing plans, strategies, and executes them. As it brings the performance to the notice of managers and thereby enable them to understand the data better and make plans that could lift the business to the next levels.
Netsuite Sandbox
Sandbox is a NetSuite product used to test newly developed applications on a separate server. It acts as a separate copy of the database on a different server. After purchasing the NetSuite sandbox, you need to request access for the Refresh sandbox account.
The Refresh account the organizations in taking the exact copy of the production database. This process would take 1-2 business days to get completed. The sandbox would be very helpful for the organizations who wish to build customized applications by using suite script or site flow. It is very much beneficial in providing training to new employees.
[Related Blog: Netsuite Sandbox]
Types of Sandbox Accounts
In NetSuite, we have two types of Netsuite accounts. Which are,
Sandbox development account
This type of sandbox is helpful for the times when you want outsiders to develop an application or customizations without letting access to our actual production. This comes with the same features the same, but it does not contain production data.
Sandbox Premium account
This premium account is specially designed for meeting end to end testing process of organizations. It suits better for the organizations better whose data volumes are vast and complex. It can support automated testing at high speed.
Netsuite Benefits
Netsuite has been deployed by thousands of organizations across the world. Its unique features made it one of the top CRM software of the present. Let’s discuss the NetSuite CRM features here.
1) Customer management
It is quite difficult to have a complete overview of your customers and their data. But NetSuite CRM gives you the complete data of your customers, which includes, customer profile, products he brought, issues, shipping status, support, etc. This means one can have the complete information of the customer and with which we can serve the products and services the customer is looking for in a better way.
2) Sales Forecasting
Knowing your future sales of the future would help you in planning various things right form production environment to opportunity management. Netsuite CRM enables the organization in predicting the future sales with its advanced tools that include a system of checks and balances that triangulate sales forecast, and these tools give you the complete overview of your future sales, and you can examine them how this could impact your goals.
3) Time Tracking
There is an old saying on time that “Time is money” by basing this NetSuite created their business solutions. CRM enables the organizations in tracking the time that employees spend with so that you can get better insights into what customer needs and how satisfied are they with our products, and services.
4) Campaign management
For targeting new customers there is a need for new marketing campaigns to market and sell our products. Netsuite automates various marketing campaigns with its rich access to entire data of an organization. It does professionally rather than merely. The NetSuite holds complete customer data such as age demography, gender, and targets the appropriate things which suit them better. It will surely reach all your intended people and drives the best results.
5) Email marketing
Having an email marketing system that is capable of sending personalised emails is makes a great sense, and it is possible by Netsuite CRM. Using NetSuite CRM, you can create compelling content for the highly targeted sections of your list to maximise the opening rates.
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6) Incentive Compensation
This feature of NetSuite enables you to look into the sales positions and calculates the current incentives and automates things like commission calculation and the details of the closed sales order flow. This would help us in eliminating errors.
7) Opportunity management
In some instances, the sales team requires access to data access to take some crucial decisions, and it will happen with the help of the opportunity management feature in NetSuite. Opportunity management feature provides you with complete information in an organized and structured way, which includes, contacts, records, meetings, information, and categories of products and services.
8) Lead management
Netsuite integrates the marketing and sales departments in a whole new way. It enables you to manage the customer journey right from the marketing campaign to lead generation, closing sales, and after-sales service. This allows us to have precise data of each customer, and we can design a method to deliver the personalised services to each customer.
9) Real-time dashboards
Real-time dashboards play a crucial role in managing the customer. It enables you to have the complete information of customer statistics like:
- the number of issues resolved
- open opportunities
- call volume, &
- response to email campaigns.
10) Reporting and Analytics:
It is possible to access as many reports in real-time. Using the analytics function of NetSuite enables you to generate reports quickly, and you can monitor the key performance indicators and assess whether you have reached the goals you have specified.
Conclusion
As we see the business needs are increasing day by day and catering to these ever-growing needs we need to use cutting edge technologies. Netsuite CRM is a powerful tool that helps organizations in meeting the business needs in a whole new way. This powerful technology will help you in serving and innovatively retaining the customers. Netsuite will make you ahead of your competitors in this modern world. We hope this NetSuite tutorial has helped you in gaining the complete knowledge of NetSuite CRM. Happy Learning!
Author Bio
Santosh
Santosh is working as a Content contributor for KBS Training. He has a great understanding of today’s technology and statistical analysis environment, which includes key aspects such as analysis of variance and software. He is well aware of various technologies such as Python, SAS, RPA, Artificial Intelligence, Automation Anywhere, NetSuite, Business Intelligence, AltrYX etc.
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