‍NetSuite vs. Other ERP Systems: Choosing the Right Solution

Choosing the right ERP — or Enterprise Resource Planning — system is no small decision. An ERP system integrates and streamlines various core business processes, such as finance, inventory management, and customer service, into one centralized platform.

With a wide range of options in the marketplace, it can be confusing and difficult to understand which one best fits your business’s needs. Not to mention, the cost of licensing and implementing an ERP system can be in the tens of thousands of dollars.

At Squire, we work with a variety of business clients of all sizes and in many different industries. Our choice for ERP systems is NetSuite, a cloud-based system known for its comprehensive set of business management tools.

To help you make an informed decision, we’ll compare NetSuite with other ERP systems, providing a detailed analysis of their features and benefits.

Why Use an ERP System?

Imagine having all your business’s data, processes, and operations seamlessly integrated into one platform. That’s the power of an ERP system. Even if you use many different software packages to run your business, ERPs can integrate everything into one easy-to-use, easy-to-understand platform. The best ERPs are designed with every department of the business in mind, which can streamline operations and improve efficiency and decision-making.

Some of the key features of an ERP system may include a centralized database, integrated modules for various business functions, real-time reporting, automation and scalability.

Finance and accounting, inventory management, customer service, manufacturing and e-commerce; all these components can fit together seamlessly with the right ERP system.

NetSuite: Squire’s Choice

NetSuite is typically our recommendation for most clients looking to integrate with an ERP for their business needs. It’s fully cloud-native, meaning there are no on-premise versions of the software hosted locally on the business’s network. This enables top-notch scalability and accessibility.

NetSuite also boasts a robust set of modules, which can include financial data, CRM capabilities, warehouse management functionality, and inventory-related tools. It’s also well-equipped to take your business beyond borders with built-in support for international tax compliance. And should you need more integrations, you’ll find whatever you need in the SuiteApp Marketplace.

Of course, it should be noted that NetSuite’s subscription costs can be a bit on the premium end. Its complex and customizable nature may also require significant time to set up and train employees. To that end, Squire is prepared with a team of NetSuite experts to get your business and staff up to speed as quickly as possible, making the service not only cost effective, but profitable.

For rapidly growing businesses needing a unified cloud platform, a must to gain and maintain a competitive advantage in today’s market, NetSuite is our recommendation.

Other ERP Options

SAP

For specific industries, such as manufacturing, retail, or pharmaceuticals, SAP’s ERP offerings, such as SAP Business One, SAP S, or 4HANA, could be a good option. Like NetSuite, SAP provides cloud solutions but also can provide on-premise packages as well.

SAP usually costs more than other ERP systems due to higher implementation and consulting fees. And for smaller teams without a dedicated IT department, the learning curve can be quite steep. SAP solutions are best for large organizations with industry-specific needs and a bevy of IT resources.

Microsoft Dynamics 365

Businesses that already use Office 365 or Azure will find Microsoft Dynamics 365 to be a familiar interface for their ERP needs, integrating perfectly with other Microsoft products. Not only can it be user-friendly in this sense, but it’s also quite scalable with modular pricing and built-in AI capabilities.

One of Dynamics 365’s standout advantages is its cost. Licensing is often significantly more affordable than other ERP solutions, making it a great choice for mid-sized companies looking for robust functionality without the premium price tag.

However, the customization can become a bit clunky the more complex it gets. But if you know and love Microsoft tools, Dynamics 365 may be a desirable plug-and-play ERP implementation.

Oracle ERP Cloud

Large enterprises with complex financial and operational needs, including those involving international business dealings, may find Oracle ERP Cloud to be a good option. It’s strongly focused on financial management and compliance with all the bells and whistles an ERP can offer; AI, machine learning, and blockchain management to complement advanced automation.

The pricing, however, is not for the faint of heart with premium costs for advanced features. The onboarding process can also be quite lengthy for those unfamiliar with Oracle software.

Odoo

If you want a DIY solution, look no further than Odoo, an open-source ERP for small businesses. It’s cost-effective, offering a free basic version, with modularity that lets you pay for only the features you need.

The features can be limiting, however, without the depth of larger ERP platforms in advanced financials or international compliance. And being open source, you’d need someone on staff who knows how to use the program forwards and backwards. Should they need any support, they’d need to rely on the open-source community, which can at times be inconsistent and unaware of your business’s specific needs.

Final Thoughts

At Squire, we find that NetSuite consistently delivers the best results for our clients, offering robust functionality and scalability tailored to their growth needs. For small to medium-sized businesses, with aspirations of growing each year, NetSuite is the ideal choice. 

Our team of ERP experts is standing by to help you implement NetSuite into your business and provide you with all the support you need to keep it running like a well-oiled machine. To speak to an expert, please visit Squire Technology.