Ready, Set, Grow – the 8th annual SuiteWorld showcased the global growth of NetSuite’s clients with exciting global capabilities and new features for OneWorld, SuiteCommerce, AI, SuitePeople for human capital management and SuiteSuccess for rapid industry-specific solutions. Backed by Oracle’s deep pockets, NetSuite is clearly extending its cloud ERP leadership position.
As a veteran of every SuiteWorld to date, NetSuite exceeded all expectations in 2018! Whether it was the lavish and loud entertainment and rainforest at the Sands expo or a hug from Mr. Las Vegas himself, Wayne Newton, or being mesmerized by the “Magic” of Magic Johnson, the entire event was beautifully choreographed to celebrate NetSuite’s continuing prosperity (and autonomy) under the Oracle umbrella. NetSuite CEO Jim McGeever’s and Oracle CEO Mark Hurd’s keynotes showcased the impact that Oracle’s immense spending has made on propelling NetSuite’s global expansion.
The unifying theme of growth was evidenced by the fact NetSuite’s clients collectively experienced 17% year over year revenue growth; that number grew to 24% for clients who use SuiteCommerce and progressed to 44% for global customers who also use OneWorld. But growth brings its own sets of challenges, particularly in retaining a vibrant culture and breaking down organizational silos. NetSuite has traversed those obstacles, reporting its best-ever customer retention, highest customer satisfaction and perhaps most importantly, employee retention.
From a professional services point of view, SuiteWorld showcased a continuing focus on the service industries with significant investments in both of NetSuite’s service industry solutions: SRP – Services Resource Planning (an integrated suite including ERP, CRM and PSA based on the native NetSuite platform) and OpenAir (NetSuite’s standalone Professional Services Automation solution). Both solutions are now fully backed by SuiteSuccess packages to ensure rapid and successful implementation, conforming to best practices with streamlined workflows.
Local to the Core
NetSuite now has a presence in 199 countries with localizations in 7 languages and support for multiple accounting standards. Extending its commitment to helping businesses across the world grow, scale and adapt to change, Oracle NetSuite announced localized product capabilities and customer support for businesses in Germany, France, China, Japan, Brazil and Mexico. With new local capabilities and in-country teams, NetSuite empowers customers to take advantage of one unified business platform to streamline the management of multi-subsidiary operations, achieve consistent processes across countries, support global compliance and gain real-time global insight.
Just 18 months into the Oracle acquisition, NetSuite has grown its European team from 70 to over 600 while taking advantage of Oracle’s impressive number of in-country datacenters to ensure compliance with European Global Data Protection Regulations which legislate the highest level of personal data privacy.
NetSuite OneWorld, now supports 190 currencies, 24 languages, automated tax calculation and reporting in more than 100 countries, helping global businesses streamline multi-subsidiary operations and achieve real-time visibility into key business metrics at the local, regional and headquarter levels.
Oracle CEO Mark Hurd reiterated his commitment to making Oracle one of the most dominant cloud providers with a promise of “forever” support for both Oracle Fusion and the independent NetSuite brand.
Hurd commented that the shift to the cloud is an irresistible force based on lower cost, faster innovation and superior security. Oracle plans to continue to out-invest its competition by transitioning its products and services to the cloud as quickly as possible. NetSuite has been central to Oracle’s plans to make superior cloud-based technology available to even the smallest businesses. NetSuite is moving down market with significant new sales growth in small and medium-sized businesses.
SuiteSuccess productizes domain knowledge, best practices, key performance indicators and an agile approach to product implementation with preconfigured NetSuite instances for verticals and different size organizations. SuiteSuccess is designed to help professional services organizations implement solutions faster, increase organizational efficiency and improve client satisfaction, while maintaining flexibility. SuiteSuccess accelerates industry-specific extensions with the goal of reducing implementation time to less than 60 days.
NetSuite introduced 14 new editions of SuiteSuccess. The latest editions are designed to meet the unique requirements of micro-verticals and span a variety of specific industries, company sizes and maturity in the cloud ERP journey. The new SuiteSuccess editions include:
- Starter:Designed for small and rapidly growing company needs, including finance and accounting, order-to-cash and procure-to-pay.
- Commerce:Designed for retailers and other ecommerce-focused business needs, including website development and order management.
- Technology Services:Designed for technology services providers, including project management, sales, order and financial management.
- Consulting Services and Consulting Services Emerging:Two new editions designed for consulting services organizations at different stages of growth with finance and accounting, project and resource management.
- Advertising, Media and Publishing:Three new editions designed for agencies, media and entertainment and publisher needs, including features for resource allocation, time and expense, and reporting.
- OneWorld, Administrator and Accounting:Three new editions for existing NetSuite customers are designed to support global growth, enhance the capabilities and knowledge of NetSuite administrators and ensure accounting features within NetSuite are being maximized.
Today no technology summit would be complete without a plethora of announcements around artificial intelligence and machine learning. NetSuite has built upon its existing native BI functionality by incorporating advanced machine learning and sophisticated data science within its unified cloud suite. The new intelligent cloud combines NetSuite and third-party data to enable businesses to make proactive and timely decisions and take action from within the NetSuite application.
Although not nearly as sexy as IBM’s Watson or Salesforce Einstein, it is clear that NetSuite has gotten the “you’ve got to have an AI strategy” memo and is focused on improving its machine learning and predictive analytics.
PS Industry Updates
The importance to NetSuite of the services sector was apparent throughout SuiteWorld 2018 with scores of SRP and OpenAir focused tracks and customer presentations.
NetSuite Service Resource Planning (SRP)
NetSuite SRP continues its upward trajectory in the professional services market with new customers in other talent-based markets such as Advertising, Marketing and Public Relations along with Healthcare and Security consulting. High tech firms are moving to SRP due to the complexities of managing multiple business models with ever-changing billing and revenue recognition policies.
A few of the new features include enhanced time sheets, a resource allocation grid with color coding to show expertise along with time off requests initiated from NetSuite’s SuitePeople HR application. Project managers can now control the time booked to their projects while consultants have enhanced mobile time entry. For global organizations, SRP includes an enhanced time and expense framework that allows subsidiaries to manage time and cost transfers from intercompany transactions.
NetSuite added a number of new features that will continue to keep OpenAir as the leading Professional Services Automation (PSA) solution. These additions include a brand new user interface and refreshes on all of the major screens to provide a more responsive and ergonomic experience. New save and share dashboards, along with enhanced reporting with a new preview feature which facilitates filtering and report creation were also recently released. Management dashboards and project status dashboards have been enhanced to have a new look and feel with fewer clicks. Lastly, OpenAir now supports integration with Oracle ICS to enable Oracle customers to connect OpenAir with the rest of their Oracle infrastructure
NetSuite drives to help small and mid-size companies act bigger, with the business solutions typically found in larger enterprises, at a lower total cost of ownership. It also helps large companies act smaller,with nimble and flexible solutions that can rapidly adjust to changing market dynamics.
NetSuite brought ERP to the cloud and has no desire to relinquish its leadership position in both integrated suites and best-of-breed PSA functionality. Now with Oracle’s backing, market dominance is clearly within NetSuite’s grasp. We expect to see continued investments in global expansion and new technology. Oracle has made NetSuite the center of its cloud growth strategy with expansion into the mid-market.
NetSuite continues to be the solution of choice for fast growing, highly dynamic organizations in a variety of industries, especially project and people-driven professional services.
NetSuite remains a top choice for service-oriented organizations who require an integrated Service Resource Planning suite or want the Cadillac stand-alone Professional Services Automation solution – OpenAir. We are thrilled to see Oracle’s investments in NetSuite and expect the platform to continue to grow and dominate the mid-market and beyond.