Common Myths About NetSuite and Reasons Why They are Wrong

Business owners looking to migrate to cloud ERP platforms like NetSuite will often run into myths that can be quite nagging. By dispelling such myths, you can let go of the hesitancy and gain a clearer understanding of why NetSuite is one of the top-rated cloud ERP solutions.  

Myth:1 NetSuite is Just Like any Other ERP 

The bottom line is, NetSuite is much higher in position than an ordinary ERP. It serves businesses of all ranges and in all industries, and scales to companies of any size. While its core function is finance, it has moved beyond to become an all-encompassing business management solution that covers accounting, inventory management, customer relationship management (CRM), e-commerce, and so much more. Imagine having everything you need in one place to streamline several business processes.  

Myth:2 NetSuite is not Customizable  

A lot of experts falsely believe that cloud-based applications cannot be customized. That is true in some cases but definitely not about NetSuite. It allows third-party applications, permits customization demands, and even enables businesses to create new tailor-made solutions if they need it.  

NetSuite also features automatic updates twice a year, for the system grows right along with your business. Unlike traditional on-premises systems, these customizations do not obstruct upgrades, scale along with the growth of your business and so allow your company to grow without technical limitations.  

Myth:3 NetSuite Has Become Obsolete 

NetSuite remains the global leader in cloud ERP solutions through its continuous innovation and bi-annual upgrade cycle. Since NetSuite is a ‘real cloud’ solution, all accounts are always updated in one cycle. The users always have access to the most current features as they can employ the latest technology and capabilities to help propel their company ahead. With NetSuite, businesses are in control because they are always a step ahead of the competition through the use of leading-edge tools that drive growth and efficiency.  

Myth:4 NetSuite is Highly Expensive 

Pricing in NetSuite is not uniform and varies based on the company size, 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.  

Another benefit of cloud-based ERP solutions, such as the NetSuite solution, is that they are particularly useful to small and medium-sized businesses that may not have the resources to invest in an on-premises system which would need to commit significant resources to servers, security, and IT staff. There are no enormous up-front costs with cloud ERP, and a business needs only an internet-connected device to be up and running. The cloud levels the playing field by drastically lowering the initial deployment expenditure.  

Myth:5 NetSuite is Too Complicated 

Certain business administrators believe NetSuite complicates how users access apps and conduct business procedures. However, this is not the case since NetSuite’s consistency and mobility help simplify operations. It ensures streamlined business operation through a unified platform which enables employees to gain easy access to the tools required from anywhere and at any time thereby streamlining workflows. Since NetSuite remains a cloud-based application, businesses will be able to forgo concerns regarding infrastructure administration.  

Myth:6 NetSuite will Own My Data 

In fact, the official Terms of Service for NetSuite says that all intellectual property rights and data belong to the customer. 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 

Many mid-sized and larger corporations prefer NetSuite 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.   

It offers features like NetSuite OneWorld that provide support for multiple currencies, reporting requirements, and tax rules across geographies and affiliates. This makes it an easy job for businesses to manage operations globally along with immediate financial consolidation and visibility of all the entities. No matter how big your business grows, this one can grow with you.    

Bottom line: One won’t outgrow NetSuite.  

Myth:8 NetSuite Lacks Security 

NetSuite boasts security like no other. Communications among authenticated users and the data center are encrypted using the latest network security protocols available. 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 NetSuite data centers are licensed by high-level security procedures, including SOC 1 Type II, SOC 2 Type II, PCI DSS, EU-US Privacy Shield, and ISO 27001. NetSuite is always monitoring and implementing physical security controls, employee background checks, and regular performance audits to prevent any unauthorized access to your data. Studies have shown that third-party cloud providers, such as NetSuite, tend to have stronger security as compared to those in-house systems.  

Myth:9 Private Cloud v/s Public Cloud 

Private clouds essentially miss out on some of the major advantages that public clouds have, such as scalability as well as transferring software expenditure from a CapEx model to an OpEx model. How public cloud-based solutions like NetSuite charge only for the solutions that the company requires rather than having a company commit to an expensive investment do not pass themselves to private cloud solutions.  

This is not to say that there are no valid concerns with regard to cloud security. 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. Most such concerns are, however, based upon misunderstanding. 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.  

Ready to Learn More About NetSuite? 

Do not let false information ruin your business’s potential to utilize the full power of NetSuite. Whether you are a small business or an enterprise, whether your organization is still on the rise or already on a large enterprise scale, NetSuite is scalable, secure, and customized to assist in growth and profit. Let us help you find out how NetSuite can benefit your business. Feel free to contact our team of experts today!