An enterprise resource planning system is essential for any business that wants to stay afloat in today's competitive world. ERP systems provide a single platform where all company data is centralized and can be accessed by all employees. So if you're looking to improve your business's overall efficiency, don't hesitate - an ERP system is a key to success!
Are you looking to upgrade your ERP system? If so, you might be wondering which ERP system is the best for your needs. There are a lot of options on the market, and it can be hard to decide which one is right for your business. NetSuite and Workday are two of the most popular ERP systems present in the market.
In this blog post, we will compare NetSuite vs Workday to help you make the right decision. Keep reading to explore the features and benefits of NetSuite vs Workday to streamline your business.
Why Do Businesses Need an ERP System?
Before we get into the NetSuite vs Workday comparison, it is crucial to understand the significance of an ERP system. Businesses need an ERP system to operate efficiently and effectively.
An ERP system is a comprehensive software platform that helps businesses manage their financial, operational, human resources, procurement, and marketing functions. It provides users with a single window into all of their business data so they can make informed decisions and improve efficiency.
There are several benefits to having an ERP system in place.
1. Improved Efficiency
The centralized structure of an ERP system allows for streamlined communication between different departments within the company.
It reduces the time it takes for information to flow between teams, leading to faster decision-making and improved execution of tasks.
2. Reduced Costs
Having a unified database means reduced costs associated with duplicating or acquiring separate systems across multiple departments.
Also, by automating certain processes such as billing and procurement recognition, firms can reduce errors and save money in the long run.
3. Increased Customer Adoption Rates
By providing customers with enhanced visibility into your organization's operations (including billing information), they are more likely to adopt your products or services than those who do not have access to such detailed information.
NetSuite vs Workday Comparison
NetSuite and Workday are two of the most popular software suites for business management. They both offer a wide range of features, but which one is best for your needs? Here's a quick comparison between NetSuite vs Workday.
An Overview of NetSuite
NetSuite is the leading cloud-based business software suite. How does NetSuite work? It lets businesses manage all their accounts, processes, and technologies in one place from a single platform.
NetSuite offers a wide range of features that allow users to execute complex transactions, track performance data, and more.
When it comes to Oracle ERP vs NetSuite, users need to know that Oracle ERP is well-known for its ability to provide detailed financial reports and analysis. NetSuite offers similar features but also makes it easy to connect with external systems such as banking institutions or sales leads databases.
It also has a broad range of integrations with other software providers so that you can easily share data across multiple departments within your company.
An Overview of Workday
Workday is an award-winning, cloud-based ERP system that helps businesses automate their operations and create a more efficient workflow. It is a more niche product than NetSuite and includes features such as time tracking, employee scheduling, payroll processing, and global workflow traceability. It can help companies save time and money by automating common tasks.
Employees also appreciate the convenience of having all their data stored in one place so they can access it anywhere on any device. And finally, employers benefit from improved efficiency and visibility into how their team is performing.
NetSuite vs Workday Features
There are some key differences between NetSuite and Workday's features that should be considered when weighing which product is right for your business.
1. Financial Management and Accounting
NetSuite finance features provide businesses with a comprehensive platform that provides businesses with centralized real-time transactional, financial and operational data. This makes it perfect for complying with international standards such as the IFRSs (International Financial Reporting Standards).
Additionally, NetSuite's accurate drill-down reports make it easy to understand exactly how your business is performing. And, because NetSuite's dashboards are role-based, you can see the impact of changes on specific areas within your business quickly and easily.
On the other hand, the Workday financial management system can help businesses manage their finances more effectively and efficiently. The data transformation into accounting feature can help automate transactions and save time, while machine learning can identify potential financial anomalies and generate interpretations for administrators to review.
The Workday accounting system has an always-on auditing feature that provides a layer of security that helps ensure compliance with regulations, and risk management is aided by the ability to detect irregularities in financial transactions.
2. Human Resource Management
How does NetSuite work when it comes to HRM? NetSuite HRM is the perfect solution for businesses that need to consolidate their human resources (HR), payroll, and financial data.
NetSuite HRM allows you to manage all your HR administration tasks in one place, including employee records, salary processing, and tracking performance metrics.
With its easy-to-use interface and robust features, NetSuite HRM makes it simple to track progress and make informed decisions.
Workday’s HRM solution is powerful yet easy-to-use that streamlines the process of managing your global workforce.
With its integrated payroll, benefits, and time-tracking features, Workday HRM gives you a complete view of your business' global operations. Plus, it helps you identify and manage employee growth and performance.
In addition to all that traditional human resources management (Hrm) can do - like pay salaries, issue vacation days and sick leave certificates - Workday HRM brings together a host of other valuable tools for better data analysis and decision making.
3. Customer Support
NetSuite's customer support is one of the company's main strengths. Customers can reach out to NetSuite’s customer support agents through email, chat, phone calls, and its forum.
If you are still unable to find your desired solution, sign up for Dragonfly Consulting’s support services. At Dragonfly Consulting, we have a team of CPAs and CMAs who are all set to equip you with customized NetSuite solutions and customer support.
There's nothing more frustrating than not being able to get in touch with customer support during normal business hours. That's why Workday customer support is available 24/7 - so that you can easily connect with the team who can help you resolve any problems or questions you may have.
The customer support manager will assist you throughout your adoption process, from setting up your account and getting started with your product, to troubleshooting common issues and resolving disputes.
Pricing
NetSuite pricing is not definite but the pricing depends on licensing fees, preferred modules, the number of users, and deployment fees. Workday pricing does not follow fixed pricing, however, according to Outsail, it charges one-time implementation charges and an annual subscription.
Although, the websites hold no pricing information, according to sources NetSuite’s modules fall between a range of $149-$499, the per-user charges are $99, and the monthly fee is somewhere around $999. Whereas Workday’s annual subscription charges are around $300,000 along with an implementation fee.
Which ERP is the Best for Your Business?
NetSuite and Workday are two of the most popular options today. It's hard to choose just one ERP for a business of any size, but it can be even harder to decide which ERP is the best for your specific business needs.
There's no one-size-fits-all answer to this question, as the best ERP for your business will depend on a variety of factors. However, if you're looking for an integrated platform that offers a wide range of features and capabilities, NetSuite is definitely worth considering.
It comes with tons of prebuilt integrations with various systems and applications, making it easy to get started. Plus, its affordable pricing makes it a great value proposition overall.
Implement Your NetSuite Solution With Dragonfly Consulting
NetSuite is a powerful business management software that can be used to streamline various aspects of your business. However, many users are unaware of how to properly use the features and end up relying on manual processes which leads to inaccurate reporting.
That's where Dragonfly Consulting comes in. We offer end-to-end NetSuite implementation services that will help you leverage the full potential of NetSuite.
We'll design a customized solution to meet all your business needs if the native NetSuite solution fails to do so.
Are you struggling to keep up with the changes happening in your business? Do you need help sorting through all the financial information and figures? We at Dragonfly Consulting can provide you with a team of certified NetSuite consultants who will be able to resolve all your finance-related queries.
With the assistance of our CPAs/CMAs, you'll be able to understand your finances better and make more informed decisions. Contact us today for more information!
