13 Jul, 2022

Common Myths About NetSuite and Reasons Why They are Wrong

Plenty of misconceptions will emerge before and after the release of any business-centric technology, causing doubt and hesitancy about deploying a much-needed solution. However, they are frequently unsubstantiated or tailored to the demands of a single company. Revealing the myths about NetSuite will help get rid of some anxiety. Below are the popular myths about NetSuite, the top cloud ERP solution in the world.  

Myth:1 NetSuite is the Same as other ERP

The remarkable feature of NetSuite is that it serves businesses of all ranges and in all industries. Even though it sounds generic, it is not distant from fact. Consider NetSuite as an ‘all-rounder’ business management software. While its core function is determined to finance, it has emerged into an all-encompassing business management tool efficient in managing the majority of its processes- such as accounting to inventory, customer relationship management (CRM) to e-commerce, and further.    

Myth:2 NetSuite is Incapable of Customization

A lot of experts falsely believe that applications that are cloud-based are incapable of customization. It can be the case for certain solutions, but NetSuite is capable of being customized to fulfill most of the business requirements.  

NetSuite permits one to customize their demands, incorporate third-party applications, or form new solutions when required. In addition to the platform’s automatic updates that happen twice a year, plus, NetSuite expands as the business expands-needless to invest in new hardware and servers. What is rigid about that?   

The solution scales as the business expands since customization does not obstruct upgrades, unlike the traditional on-premise solutions. 

Myth:3 NetSuite Has Become Obsolete

NetSuite remains to be the topmost cloud ERP solution for businesses worldwide, because of its significant upgrade schedule. Since it is a ‘real cloud’ solution, NetSuite updates all accounts bi-annually. Customers benefit from being on the most recent version because they can employ the most recent technology and capabilities to help propel their company ahead. 

Myth:4 NetSuite is Highly Expensive

NetSuite pricing is entirely dependent on the number of users, needs, add-ons, contract terms, and other factors. As a result, prices differ from one firm to the other. However, NetSuite automates your company's operations to ensure departmental alignment, enhancing productivity and ROI in the long run.

In reality, organizations of all sizes, including small and medium-sized enterprises, are ideal candidates for cloud ERP. Many organizations lack the means to spend on the large infrastructure required by on-premise ERP software solutions—storage, servers, facilities, security, IT employees, and so on. These advanced cloud-based ERP solutions require no equipment other than the internet and a connected device to function. The cloud levels the playing field by drastically lowering the initial ERP deployment expenditure. 

Myth:5 NetSuite is Complicated

Certain business administrators believe that NetSuite, like cloud-based ERP platforms complicates how users access apps and carry out business procedures. In reality, NetSuite's consistency and mobility aid in the simplification of operations. NetSuite provides workers with access to the single platform they need to do their jobs from anywhere, at any time. Also, there is no complexity regarding the infrastructure. NetSuite requires only an internet connection and a linked device to run, greatly lowering the investment (and management) necessary for on-premise ERP deployments. 

Myth:6 NetSuite will Own My Data

The official Terms of Service for NetSuite say that the customer owns all ownership and intellectual property rights to customer data. There is nothing to worry about! 

NetSuite protects the safety of communications among the authorized users and the data center, and cloud service distributors employ the most recent network security methods. These consist of but are not confined to, the most recent RSA public keys, Secure Socket Layer (SSL), Transport Layer Security (TLS), and certificates. All discussions are encrypted prior to transmission, making it improbable that anybody could prevent data from the network itself. 

Myth:7 My Business is too Large for NetSuite

NetSuite continues to be a perfect solution for emerging and mid-sized businesses because it was developed to scale as a business expands. That signifies that NetSuite will accompany businesses through their periods of growth and further.  

NetSuite OneWorld encourages different currencies, reporting demands, and taxation rules over geographies and affiliates while offering instantaneous financial consolidation and transparency. 

Bottom line: One won’t outgrow NetSuite.  

Myth:8 NetSuite Lacks Security

Cloud providers utilize the most recent network security protocols to assure the security of communications among authenticated users and the data center. These consist of the most recent Transport Layer Security (TLS), Secure Socket Layer (SSL), VeriSign certificates, and RSA public keys, among others. Because all conversations are encrypted before being sent, it is exceedingly improbable that someone could intercept valuable data from the network itself. 

NetSuite's security and risk-regulating methods have been developed based on the United States National Institute of Standards and Technology (NIST) and ISO 27000 family of standards. 

Research shows that cloud providers usually possess a greater level of security than other organizations. The data center of NetSuite is licensed by high-level security procedures, comprising SOC 1, Type II, SOC 2 Type II, PCI DSS, EU-US Privacy Shield, and ISO 27001. Frequent monitoring, staff background checks, physical security measures, and repeated performance audits are among the other operational precautions.   

Myth:9 Private Cloud v/s Public Cloud

Private clouds do not have some of the advantages that public clouds have such as scalability and transferring software expenditure from CapEx to OpEx. This move permits firms to pay for the solutions they require rather than committing to an expensive investment. 

Each year, more businesses migrate to the cloud, but some remain hesitant to place their complete corporate and customer data to a third-party provider. Cloud security is often the key cause of those firms' hesitancy. It is critical to prevent cautious hesitation from turning into immobility. There are several advantages to cloud computing, and a company should not leave behind those advantages because of inflated fears about cloud security.

Want to learn more about NetSuite? Touch base with Jobin & Jismi for any NetSuite-related enquiries.