If you are a growing e-commerce company, you must reset operations and manage finances more accurately. Most businesses use NetSuite, a cloud-based software with an ERP (Enterprise Resource Planning) system.
With a suite of applications, it can perform tasks such as accounting, inventory management, customer relationships, etc. However, just like other powerful tech tools, NetSuite has dynamic pricing to allow flexibility for diverse enterprises. The cost depends on factors that benefit all processes such as company size, number of users, and transaction volumes.
There is a lot to consider in its features with core components, add-on modules, and customization prices. So, here’s a quick guide on how to align your business objectives with the NetSuite subscription model to determine its total cost.
Subscription Model
The first thing to evaluate when opting for a NetSuite package is what type of business you own and its immediate requirements. Consider the current size of your company and how big it will grow in the future.
A few things to assess your business needs are:
Number of NetSuite users
Add-on modules if required
Tailored configurations
Advanced integrated tools
Total cost of implementing the suite
Ongoing training and support
These are the basic factors for any business such as retail, manufacturing, construction, distribution, automotive, or Saas. From here, you can add specific areas where NetSuite can be valuable to get a custom quote.
NetSuite provides subscription-based and consumption-based models. There are more common packages available for varied businesses, such as:
The starter edition is for less than 10 members management team.
A standard package helps companies with several users lower than 30.
Big brands can use the Premium model, which has more than 30 users.
So, assessing your business needs and number of users will give you a complete idea of making the right choice of the NetSuite model.
User Licenses
The next step is to determine a suitable license that fits your enterprise. As we mentioned earlier, the number of people in an organization matters as well as who all are actually going to use the suite. After picking a suite, you need to check for user licenses as per your industry. The two basic licenses that are available at NetSuite are:
Limited-User License – To fulfill a few management resources, you can opt for specific tools or a smaller number of applications. This choice is perfect for small businesses or startups that are operating from their home.
Full-User License – Without a doubt, all progressive businesses select this one with access to all apps and features, indicating the company is ready to take the big step toward success. It is also suitable for financial officers or managers to create a solid foundation for their brand.
FAST FACT NetSuite supports over 38,000 customers in 219 countries and territories around the world.
Modules
Getting deeper into the details of the tools available at NetSuite will help your company management to stay organized. For example, every business has an accounting department, but if it’s a financial services enterprise, it needs a software that has more functions related to handling different types of ledgers. Here are the modules to consider:
Core Modules – it takes care of accounting, CRM, ERP, and E-Commerce services.
Industry-Specific Modules – are for retail, manufacturing, wholesale distribution, and non-profit.
Additional Modules – includes management of project, human capital, professional services like billing, analytical tools, and customized applications.
This division will help you decide what services are beneficial and other tools that are not needed for your business. Depending on these two aspects, the cost of NetSuite will vary.
Implementation Costs
Small or big enterprises budget carefully to prioritize expenditure and investment opportunities. For integrating NetSuite features, there is no set limit but on an average the cost may be between $25,000 to $75,000.
This price may differ depending on the factors stated above in this article. For the implementation process includes project planning, system configuration, and data migration. After this, be ready to assess its quality by testing, user training, and finally, launching it. Also, for monitoring growth, it is relevant to check post-implementation support regularly.
Complex systems need more time, but on an average, the ERP system can be set up within three months. If there are any add-ons tailored to the business, then it might cost extra.
STATISTICS The graph shows the growth and forecast of global NetSuite resellers from 2023 to 2032.
Scale and Growth
ReelFlyRod is an Ohio-based company that sells the world’s best fly-fishing rods. The company wanted to expand globally and implemented NetSuite into its systems. It helped them manage their subsidiaries in different countries, consolidated finances, and all the features helped them scale their business.
If you also want to become visible in the niche market, you need to integrate NetSuite. It offers a centralized data management process with cloud architecture. For a growing enterprise, it’s the best solution which is flexible and customizable.
The automation streamlines all processes as well as provide error-free results. Moreover, it has multi-currency and multilingual support for global expansion. Needless to say, it helps win the trust of the investors and the customers.
Return on Investment (ROI)
Assessing an ROI on a business software is complex because of small organization’s budget is always volatile. Keeping this in mind as well as the market fluctuations and changing customer preferences, if the brand does not move swiftly, it might go in loss.
Therefore, NetSuite provides businesses an organizational system that is accurate and multifunctional that also speeds up all the processes. It return on investment (ROI) depends on aspects such as:
Business complexity with efficient gains and cost savings.
Customization is necessary, but if it takes time, it impacts the ROI.
The expenses of employee training for ongoing support also needs to be considered.
Reliability of analytical reports brings more insights that helps a company scale its business.
The workflow becomes much smoother and efficient.
Ongoing Maintenance and Support Costs
The choice of NetSuite Model will bring positive results, but constant monitoring is also relevant. You cannot leave a system unchecked until the total ROI is determined. It also requires maintenance on a regular basis to support its costs.
Therefore, the total NetSuite cost does become expensive because of its features. Three things should be kept in mind – technical support, training, and consulting. All these create a strong and systematic environment for a business to grow exponentially.
A 24/7 support is also required when upgrading new systems or to a premium edition. The training can cost between $2000 to $15,000 depending on various employee factors. And ERP consulting price on an average can range between $150 to $300 per hour.
Discovering the True Value: How Much is NetSuite?
The true worth of a brand is in its investments, and the smartest one is in implementing NetSuite. With its advanced features like customization and automation, it is a highly progressive software for modern businesses.
It doesn’t matter if you are handling a startup or are a part of a big organization, the specialty of this enterprise resource process is to provide a centralized management tool that is accurate and detailed. Though many competitors have arrived in the market against it, but NetSuite has remained the preferred choice with complete ERP system.
