The Top 9 Myths About NetSuite!

OpenTeQ Admin | Updated: Dec 8,2023
The Top 9 Myths About NetSuite!

Any time a new business-centric technology is released, there is a risk that several myths may surface. These myths can make people hesitant to deploy a desperately needed solution. They frequently, however, ill-founded or tailored to the requirements of a single company. Dispelling these unfounded rumors about NetSuite will assist in removing the needless fear. These are a few of the most widely held misconceptions about NetSuite, the top cloud ERP product in the world. 

 

Myth 1: There is no difference between NetSuite and other cloud ERP. 

 

The fact that NetSuite serves companies of all sizes and across all industries is what makes it so wonderful. That may give it a somewhat general sound, but that isn't at all how it works. Consider NetSuite a "jack of all trades" solution for managing businesses. 

Although its primary purpose was finance-related, it has developed into an all-in-one tool for business administration that can handle most of its functions, including accounting, inventory, CRM, e-commerce, and more.

 

Myth#2: You Can't Customize NetSuite 

 

It's a common misconception among professionals that cloud-based apps cannot be customized. Although for certain solutions it might be the case, NetSuite can be tailored to almost any kind of company requirement.

With NetSuite Services, you may personalize your instance, include external apps, and create new solutions as needed. Furthermore, all modifications remain intact during the biannual automated updates of the platform. Additionally, NetSuite expands with your company, saving you the trouble and expense of buying additional servers and infrastructure. 

Instead of being a pre-built transaction processing solution, NetSuite is a platform for conducting business. Although NetSuite contains all the typical transactions (sales orders, invoices, vendors, and bills), what really sets it apart as a powerful tool is the flexibility with which you can integrate those transactions into your business operations." 

NetSuite Customizations don't impede updates, unlike older on-premise solutions, so your solution expands with your organization. 

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Myth#3: NetSuite Is Out of Date 

 

Because of its impressive update schedule, NetSuite is the most popular cloud ERP system for companies across the globe. NetSuite is a "true cloud" system, meaning that all accounts are upgraded twice a year. Customers gain by using the newest release in this fashion, enabling them to take advantage of the newest features and technology to advance their enterprises. 

 

Myth #4: The cost of NetSuite is too high 

 

The number of users, specifications, add-ons, duration of contract, and other factors all have a 100% bearing on the price of NetSuite. As a result, prices differ amongst companies.  

But NetSuite streamlines your company's operations to ensure departmental alignment, which eventually boosts output and returns on investment. The truth is that cloud ERP is ideal for companies of all sizes, including small and medium-sized enterprises. Many companies lack the funding necessary to invest in the extensive infrastructure—storage, servers, buildings, security, IT personnel, etc.—that on-premises ERP software solutions demand. The only infrastructure required for modern cloud-based ERP solutions to function is, of course, an internet connection and a connected device. By lowering the initial ERP implementation cost dramatically, the cloud levels the playing field. 

The pricing of NetSuite, the most popular cloud-based ERP in the world, is customized for each customer depending on their unique requirements, which may include the number of users, requirements, add-ons, length of contract, and other factors. 

To determine the cost of your NetSuite investment, create a bespoke demo.  

 

Myth#5 : NetSuite Is Too Hard to Use 

 

Some corporate executives think that using cloud-based ERP systems, such as NetSuite, makes it more difficult for users to access apps and carry out business operations. Actually, because of its mobility and consistency, NetSuite makes operations simpler. With NetSuite, employees can easily access the one platform they need to complete their responsibilities from anywhere, at any time. Furthermore, there is no complexity in infrastructure. NetSuite requires only an internet connection and a connected device to operate, which drastically lowers the initial investment and ongoing management needed for on-premise ERP implementations. 

 

Myth #6: My Data Will Be Owned by NetSuite 

 

Cloud providers use the most recent network security methods; NetSuite guarantees the security of connections between authorized users and the data center, allaying concerns about secure transmissions. These include the most recent versions of the Secure Socket Layer (SSL), Transport Layer Security (TLS), and VeriSign certifications as well as public keys for RSA. It is quite improbable that anyone could intercept usable data from the network itself because all conversations are encrypted before being transmitted. 

Cloud providers employ the most up-to-date techniques for network security; NetSuite, for example, Allays worries about secure transmissions by guaranteeing the security of connections between authorized users and the data center. These include the most recent iterations of the public keys for RSA as well as the Secure Socket Layer (SSL), Transport Layer Security (TLS), and VeriSign certificates. Since all communications are encrypted before they are transmitted, it is extremely unlikely that someone could intercept useful data from the network itself.

 

Myth #7: My Company Is Too Large to Use NetSuite 

 

20% of the Fortune 100 use NetSuite, did you know that? Although NetSuite was designed to grow with a business, it is still a great option for small and medium-sized enterprises. This implies that you may use Netsuite for Enterprises to see you through your growth season and beyond. 

Does your business operate internationally, or does it aim to? Not an issue. NetSuite offers real-time financial consolidation and visibility while supporting numerous currencies, tax laws, and reporting needs across regions and subsidiaries. NetSuite partners support clients all over the world and in all industries as they develop more productive companies and spur revenue development. OpenTeQ has emerged as a Top NetSuite partner that supports clients all over the world and in all industries, as it gives you the visibility, agility, and control to make the right decisions quickly. 

 

Myth #8 : NetSuite Is Not Safe 

 

Operational security at NetSuite includes compliance with EU-US Privacy Shield framework, SOC 1, SOC 2, PCI-DSS, and more. Furthermore, NetSuite has adapted its security and risk management procedures to align with the ISO 27000 family of standards and the National Institute of Standards and Technology (NIST).Studies have indicated that cloud service providers typically have more security than the majority of other businesses. The top security methods, such as SOC 1 Type II, SOC 2 Type II, PCI DSS, EU-US Privacy Shield, and ISO 27001, have certified NetSuite's data center. 

From the standpoint of the user, NetSuite offers administrators and business executives confidence with features like application-only access, 256-bit encryption, role-based access, idle time-outs, robust password regulations, and more. Seek out NetSuite  Consultation to assist your company with all aspects of the NetSuite implementation process, including post-implementation assistance. 

 

Myth #9: Private Clouds Outweigh Public 

 

Some of the more sought-after advantages of public clouds, such as scalability and moving software costs from CapEx to OpEx, are not available in private clouds, however they may still be depending on your individual requirements and are not exclusive to NetSuite. This change frees enterprises from having to make expensive investments and lets them pay for the solutions they require.  

An increasing number of businesses are moving to the cloud each year, but some are still hesitant to entrust a third-party provider with their customer and business data. For those firms, the main reason they are reluctant is usually cloud security. Ensuring that cautious reluctance does not become immobility is crucial. Cloud computing has many advantages, and a company shouldn't give up on those advantages because of unfounded worries about cloud security. 

OpenTeQ’s NetSuite Solution Providers design NetSuite to fit your unique business needs and environment before implementing it. Are you curious about how a contemporary cloud app platform might significantly boost the performance of your company? Today, schedule a personalized NetSuite demo.

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