Enterprise Resource Planning Epicor vs NetSuite: Which ERP Software is the Winner? By Khaleel Hayes Enterprise Resource Planning No comments August 9, 2024 If the software selection process led you to Kinetic (formerly Epicor ERP) and NetSuite, you’re in the right place. We conducted an ERP software comparison of Epicor vs NetSuite. NetSuite took the victory with five advantages over Kinetic. This article defines ERP, dives into the software selection process and compares NetSuite and Kinetic’s top features. Compare Epicor and Netsuite Against Your Needs [addtoany] Table of Contents What Is an ERP? Lean Selection Software Selection Head-to-Head Features Comparison Accounts Payable Accounts Receivable Risk Management Tax Management Marketing Resource Management Customer Account Management Inventory Monitoring Event Management Last Words What Is an ERP? ERP, aka enterprise resource planning, software is a solution consisting of several modules that serve various departments, from accounting and manufacturing to CRM, supply chain management (SCM) and more. This solution can also serve one department but can typically integrate with other solutions. ERPs have diverse functions and requirements to automate and simplify tasks so you can focus on high-priority tasks and assignments. Lean Selection Software Selection For those starting their ERP software selection for the first time or who may have hit a snag and need additional support, SelectHub developed Lean Selection, a nine-step methodology to help you navigate the software selection process. These nine steps include: [addtoany] Establish: Pinpoint operation bottlenecks and why you can’t resolve them with your current ERP or processes. Collaborate: Create an internal software selection committee of department leaders, colleagues, internal and external stakeholders, end-users and more. Define: Have some meetings with your selection committee to draft a comprehensive requirements list. Distribute: Review different vendors and evaluate how well they align with your required functionalities. Justify: Determine whether you need a new system, add-ons for your current solution or quitting the software selection journey altogether. Prove: Ask potential vendors for demos, use cases or proofs-of-concept (POCs) to demonstrate module performance. Rank: Rate vendors based on demo scores and final costs for an effective comparison. You should have at least two to three vendors that could each work with your company at this point. Negotiate: Sit down with your top-ranked vendor from step seven, and negotiate terms. Obtain legal advice if the contract seems sketchy. If you can compromise with this vendor, repeat this step with the next vendor on your list. Sign: Review your supplier’s contract, sign on the dotted line and establish a solid implementation plan. Select the Right Software with the Free Lean Selection Book Head-to-Head Features Comparison Let’s dive into Kinetic and NetSuite’s capabilities, how they compare and why NetSuite is the best choice in this NetSuite vs. Epicor evaluation. [addtoany] Accounts Payable NetSuite can integrate essential accounting tools with compliance management to improve overall business performance and efficiency. While this vendor doesn’t receive this advantage, it’s not weak by anyone’s standards. An example of Kinetic’s UI. Kinetic goes beyond your basic, business-bolstering, accounts payable capabilities, taking the advantage. A user can enter supplier invoices for business purchases. Then, they can create checks right there for payment. You can generate fees for specific, due or supplier invoices. Winner: Kinetic outdoes NetSuite with robust accounts payable tools. Accounts Receivable NetSuite has slightly better tools when it comes to accounts receivable. Its accounting module is exhaustive and manages all activities. Kinetic still rates well and contains an inclusive list of tools to manage invoices, credit cards and cash. Winner: NetSuite wins this round with extensive accounts receivable modules. Risk Management When shopping for an ERP, you’ll want a program that predicts risks and analyzes and manages current crises. In this NetSuite vs Epicor comparison, Kinetic has the advantage. NetSuite’s applications are user-friendly and conveniently display your risk management tasks from an individual dashboard. It’s not bad. You’ll want to integrate a third-party risk management solution for more robust features. Also, NetSuite is only available through cloud deployment. If the cloud isn’t something your company is interested in or doesn’t align with your compliances, this vendor can’t offer you the ideal risk management tools. Kinetic, on the other hand, offers cloud and on-premise deployment. This solution’s governance, risk and compliance (GRC) suite employs strategies to reduce risk and maintain regulatory compliance. These modules ensure your business remains competitive in a market dictated by supply chain mandates and other regulations. Winner: Kinetic steals the advantage with on-premise and cloud deployments and a thorough GRC suite to upkeep compliances. Tax Management Maintaining taxes with the ideal software or separate modules is vital to keep your business afloat and on good terms with the IRS. While tax management isn’t at the top of everyone’s priority, it’s an essential module. NetSuite manages tax requirements and heeds numerous government standards and regulations effortlessly. This system has equipped tax filing and reporting tools that align with your state or country’s regulations. Kinetic still offers decent tax management functionality. The tax connect module automates sales tax return generation, freeing valuable staff for more critical tasks. This tool also supervises tax jurisdictions, code rates and rules for particular commodities. An example of NetSuite’s Interface. Winner: NetSuite has the upper hand in this round. Although Kinetic brings tax functionality to the table, NetSuite ensures you stay on top of ever-changing tax regulations. Compare ERP Pricing & Costs with our Pricing Guide Marketing Resource Management NetSuite allows your company to simultaneously run multiple campaigns across diverse subsidiaries and gauge their success. This feature gives you a better understanding of your campaigns and helps you make more strategic decisions in the future. NetSuite also includes the services resource planning feature, which lets you see the entire services lifecycle. Seeing growth opportunities as an ongoing process rather than separate events makes obtaining repeat business from existing customers easier. Integrate this ERP with NetSuite CRM for even deeper marketing analytics and ventures. Although slimmed down, Kinetics tools allow companies to seek market growth opportunities. Winner: NetSuite takes the cake with elaborate services resource planning and marketing resource management modules. Customer Account Management If you read the previous section on marketing resource management, it’s no surprise that NetSuite offers reliable customer account management. NetSuite’s CRM centralizes customer data so getting information is more accessible when users need it most. Kinetic may not offer the same vigor in its tools, but you’re rewarded with lower monthly subscription rates when you have fewer than 14 users. If you have fewer users, you may find some of NetSuite’s more complex features too bulky. While our scores are good indicators of how a system will fulfill your requirements, every business is different. In some cases, less means more. Winner: NetSuite takes this round with robust customer account management and CRM integrations to maintain client satisfaction. Inventory Monitoring Kinetic offers multiple inventory management tools. These features include demand forecasting, lot billing and traceability. Lot traceability helps you trace products’ origins and serialize accordingly. This feature is essential for food and beverage ERP. NetSuite offers more robust tools, such as multi-location planning, warehouse lot traceability and inventory visibility to ensure stock levels are up to par. Winner: In this round of NetSuite vs Epicor, NetSuite has the upper hand with multi-location planning, warehouse lot traceability and additional tools to maintain inventory levels in real time. Event Management Live events vary with all businesses. This module offers easy organization and coordination to keep everyone on the same page. Kinetic’s up-to-par event management capabilities oversee event operations with campaign feedback and analyses. NetSuite doesn’t offer event management features or support. Winner: Kinetic beats out NetSuite in this round. If NetSuite adds an event management module to its roster, we’ll check again with another in-depth analysis. Compare Epicor and Netsuite Against Your Needs Last Words In this Epicor vs NetSuite comparison, NetSuite dominates with five out of eight capabilities. Kinetic did win three advantages with specific functionalities. Check out our in-depth comparison guide and requirements template for more ERP software and functionality. Which ERP system do you plan on implementing? Did our comparison change your mind in any way? We’d love to hear your thoughts and opinions in the comments below! Top Competitors DELMIAworks Starting at $25,000 SYSPRO Starting at $12,100 Infor SyteLine Starting at $42,000 IFS Applications Starting at $1,000-$4,999 per user (one-time license) SAGE Business Cloud X3 Starting at $2,600 per user JD Edwards EnterpriseOne Starting at $15,000 SAP Business ByDesign Starting at $11 per user per month Dynamics 365 ERP Starting at $190 per user per month Khaleel HayesEpicor vs NetSuite: Which ERP Software is the Winner?08.09.2024