Learn which cloud ERP system can best help your company
A collection of articles that takes you from defining technology needs to purchasing options
NetSuite OneWorld is a software-as-a-service ERP system that focuses on financial and operational systems. It can work with financial reporting structures across different countries and consolidate all of these different structures into a single, corporate financial statement. The system supports global compliance of internal and external business processes and is especially adept at managing multiple corporate subsidiaries and business units.
The key functionalities in NetSuite OneWorld
A vital feature of NetSuite OneWorld is the financials module. With the features found in this module, enterprises can make adjustments for currency, language, taxation and legal compliance differences that are found in multinational environments. Users can then consolidate and roll up all of these different financial reporting variations into a single corporate financial statement. The global ERP product supports over 190 currencies and 19 different languages across North America, Europe and Asia. NetSuite OneWorld also enables companies to manage a complete range of international tax structures and payment options, and provides drill-down queries into specific business subsidiaries and business units for purposes of detailed financial analysis.
NetSuite OneWorld boasts an audit and compliance reporting module that supports both global and country-specific audit and compliance requirements, with a continuous audit trail of events and activities that come with built-in analytics, access logs and workflows. Companies can use the system on demand to drill down to the underlying detail of specific transactions. System workflows also come with the ability to define and manage user permissions, so businesses can configure the system to support their own process, compliance and access requirements. These process, compliance and access configurations can be set at a local level in the event that different countries or locations have individualized audit and compliance requirements.
As a true global ERP system, NetSuite OneWorld's configurable tax engine can be adapted for more than 50 countries. Users can further customize these tax engine configurations to meet specific business needs. The system calculates taxes on sales, purchases and cross-border sales in real time, as well as reporting obligations between European Union countries. The system allows users to file reports electronically.
NetSuite OneWorld offers customer relationship management and e-commerce software for organizations wishing to scale out their cloud ERP software beyond financials. This software is multilanguage and multicurrency and is capable of running multibrand web stores from a single system.
What does NetSuite do for its OneWorld clients?
NetSuite OneWorld software is automatically upgraded and distributed to clients on a continuous basis.
NetSuite operates its own data centers and offers 128-bit application encryption, intrusion protection and detection with security certifications such as PCI-DSS, multiple levels of data redundancy and scalability for disaster recovery, and an average uptime of 99.96% with a money-back guaranteed uptime commitment. It regularly performs audits.
NetSuite's global ERP system is used by more than 10,000 corporate headquarters and subsidiaries worldwide. Its clients are a mix of large enterprises and medium-sized companies. The company offers its OneWorld as a native software-as-a-service (SaaS) ERP through a network of subsidiaries in North and Latin America, Europe and Asia Pacific. This simplifies access to services and consulting for clients, because NetSuite is able to offer support in local languages in conjunction with locally-based support resources.
How does NetSuite implement its SaaS global ERP software?
For ERP implementation, NetSuite uses a formal project methodology called NetSuite One. NetSuite One is a "shared consulting" arrangement where both the client and NetSuite collaborate and co-execute the OneWorld implementation. The NetSuite project methodology for OneWorld begins with defining business requirements for ERP and then putting together a project work plan. Once this is complete, the OneWorld software is configured and optimized to meet the defined needs of the business. The end result is production-ready cloud ERP software for the business in the NetSuite cloud. Data is then migrated over to this system and NetSuite trains end business users. When training is completed and the business goes live with OneWorld, NetSuite SaaS support takes over as a day-to-day technical and business resource.
NetSuite also has a network of NetSuite Systems Integrator (SI) Partners who can provide specialized financial and consulting services that help companies maximize the value of NetSuite software. These SI Partners have expertise in regulatory compliance and process optimization, as well as in the requirements of specific industries.
As a cloud-based offering, NetSuite prices OneWorld on a subscription basis. Pricing is quoted company by company and can start as low as $499 per month.
NetSuite does not offer a free trial period for OneWorld, but it does offer a product tour experience that is tailored to the interested company, based upon the industry, employee size and country out of which the business is based.
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Mary E. Shacklett asks:
What features of the NetSuite ERP appeal to you and why?
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