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Oracle NetSuite in 2024: Will It Still Be Relevant?

  • NetSuite "Know-How"

Oracle NetSuite stands out as a premier ERP solution. It not only tracks financial data pushed into the system with accurate precision, but also is the most user-friendly software with an amazing dashboard. It keeps a check on financial reporting, automating accounting functions – earning the title for the best pick ERP!

Here is why Oracle NetSuite in 2024 will be very much relevant!

1. Modular Pricing Model

NetSuite houses heaps of industry wise SuiteBilling pricing models which are responsible to run the business show.

However, it charges customers on the modules they are choosing; unlike making models forceful for billing purposes. This instills trust in the ERP for the customer.

For example, IT customers will not pay for Manufacturing modules of NetSuite.

2.Scalability

NetSuite is a great choice for mid-scale customers growing large; who want to start their journey of ERP without a bumpy road of complex ERPs. Today NetSuite is a powerhouse ERP for more than 35000 businesses across the globe.

3.Third Party Integrations

Effortless third-party integrations are a plus for NetSuite which connects several systems via SuiteTalk and SuiteScripts.

4.Bank Payments

NetSuite supports automatic invoicing and number of payments via the ERP.

5.Global Reach

NetSuite has its own planning, budgeting, billing functions with multi-currency support.

They have their in-built tax engines for a number of countries and have custom engines for preparing a tax suite for countries not covered.

This makes NetSuite a global ERP indeed.

6.Powerful Inbuilt Tools

NetSuite brings its own army of tools for multiple usages. SuiteBilling for subscription billing. NetSuite CPQ for sales pricing and quoting and a pool of tools that make it a unique experience for users across different industries.

7. Real Time Cloud Management

NetSuite updates itself real-time. This proves a super benefit for managers who have access to real time stories and updates happening in the system without a waiting time for approval chains and workflows in work in the system.

Oracle NetSuite thus, demonstrates a power-packed show for growing businesses for a one stop shop for all the business needs covered and tackled as per statues and compliances with an easy-to-use dashboard for its users!

What’s to Come with NetSuite 2024.2

Looking ahead to 2024, NetSuite 2024 Release 2 promises to deliver enhanced features and improvements that will further streamline business processes and improve user experience.

This includes: 

  • More visibility into cash flow processes
  • More functionality in subscription management
  • Enhanced visibility into talent costs
  • More close task management capabilities
  • Improvements to invoice processing & payments

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Trek Travel Streamlines Travel Protection Integration with OdeCloud’s experts

Looking to streamline your operations with more automations? Keith shares an OdeCloud project.

#netsuite

#integrations

Project Outcomes

This new integration system transformed our travel protection service.

  1. Efficiency Gains: Completely automated the process, eliminating the need for monthly roster reconciliation.
  2. Enhanced Guest Experience: Guests benefited from a smoother booking process with transparent travel protection options tailored to their needs.
  3. Accuracy in Pricing: The integration ensured precise calculations based on complex variables.
  4. Scalability: The system can easily accommodate future growth and changes in travel protection offerings.

Background

Our company offers guests the option to protect their travel investments through a travel protection plan. This service is crucial, as it provides coverage in cases where guests need to cancel their trips due to unforeseen circumstances such as illness or emergencies. However, the process for managing this service was previously cumbersome and inefficient, requiring manual coordination and reconciliation with the travel protection partner.

Challenge

We needed a seamless integration within NetSuite to handle complex calculations for travel protection costs. The solution needed to account for multiple variables, including:
Guest-specific factors such as age and location.
Travel details like destination, total cost, and type of coverage (e.g., pre-trip hotels, post-trip hotels, flights).
Dynamic pricing calculations based on these variables.

Before partnering with OdeCloud, the process was manual and error-prone, involving monthly exchanges of rosters between our team and the travel protection provider. This created inefficiencies and delayed customer service.

Solution

OdeCloud worked with us to design and implement a fully integrated travel protection solution within NetSuite. Key features of the solution included:


1. API Integration: OdeCloud enabled real-time communication with the travel protection partner’s API. This allowed us to dynamically calculate the cost of travel protection based on the guest’s specific details.
2. Seamless Booking Experience: The integration allowed the travel protection cost to be automatically added as a line item to guest bookings within NetSuite.
3. Flexible Adjustments: Guests could easily add or cancel travel protection directly through NetSuite without requiring interaction with third-party systems.
4. Eliminating Manual Processes: The previously manual reconciliation process was replaced with automated inline API transactions, eliminating errors and saving significant time.

Conclusion

This integration is one of the most impactful projects we’ve undertaken, and it holds a special place in our transformation journey. With OdeCloud’s expertise, we achieved a solution that not only streamlined operations but also elevated the guest experience. This project exemplifies the power of technology in solving complex business challenges and enhancing customer service.

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