13 Jul, 2022

Common Myths About NetSuite and Reasons Why They are Wrong

When it comes to migrating to cloud ERP platforms such as NetSuite, business owners often encounter a lot of misconceptions causing doubt and hesitancy. Decoding the myths about the top cloud ERP solution in the world will help get rid of some anxiety.

Myth:1 NetSuite is the Same as other ERP

The remarkable feature of this solution is that it serves businesses of all ranges and in all industries. Even though it sounds generic, it is not distant from fact. Consider it as an ‘all-rounder’ business management software. While its core function is finance, it has emerged as an all-encompassing business management tool that efficiently manages most of its processes. They include 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.   

It permits customization demands, incorporates third-party applications and forms new solutions when required. In addition to the platform’s automatic updates that happen twice a year, NetSuite expands as the business grows. Therefore, it is necessary to go for new hardware and servers as the solution scales along with the growth of the business and customization does not obstruct upgrades, unlike the traditional on-premises solutions.

Myth:3 NetSuite Has Become Obsolete

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

Myth:4 NetSuite is Highly Expensive

The pricing is entirely dependent on the number of users, needs, add-ons, contract terms and other factors. As a result, charges differ from one firm to the other. However, the solution 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-premises ERP software solutions such as storage, servers, facilities, security, IT employees, and so on. These advanced cloud-based ERP solutions require no equipment other than a device connected to the internet. The cloud levels the playing field by drastically lowering the initial deployment expenditure. 

Myth:5 NetSuite is Complicated

Certain business administrators believe that NetSuite complicates how users access apps and carry out business procedures. On the contrary, its consistency and mobility help in the simplification of operations. It provides workers with access to the single platform they need to do their jobs anywhere, at any time. Also, there is no complexity regarding the infrastructure. 

Myth:6 NetSuite will Own My Data

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

The digital solution protects the safety of communications among authorized users and the data center, and cloud service distributors employ the most recent network security methods. They 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.

Myth:7 My Business is too Large for NetSuite

The cloud solution continues to attract emerging and mid-sized businesses because it was developed to scale as a business expands. It means that the software 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.  

The 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 software’s data center 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 with 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 merits because of inflated fears about cloud security. 

Want to learn more about NetSuite? Contact our team of experts for any enquiries.