Oracle NetSuite today announced a series of new innovations to help organizations across industries drive growth, reduce costs and quickly and easily achieve the benefits of cloud computing. The latest innovations within the NetSuite platform include new SuiteSuccess industry cloud solutions, enhanced financial management, HR and supply chain capabilities, new innovations for product and service companies, and a powerful new data analytics solution.
Successfully growing a business has never been harder. New technologies, rapidly shifting consumer expectations and evolving industry regulations continue to change the game. For business leaders, this can feel like a no-win situation, particularly as competition continues to increase and results are under the microscope. The latest innovations from NetSuite help business leaders navigate this change, overcome the barriers to growth and successfully scale by delivering industry best practices, new customer engagement models and business optimization methods, more than 20 major enhancements to core business applications and powerful data processing and visualization capabilities.
“Many companies are able to get their businesses up and running only to struggle when the time comes to reach the next stage of growth,” said Jim McGeever, executive vice president of Oracle NetSuite. “With continuous innovation, we give our customers the tools to overcome the barriers to growth.”
New Industry SuiteSuccess Cloud Solutions
To deliver faster time to value, increased efficiency and provide the flexibility to foster growth and customer success, NetSuite is introducing 14 new editions of SuiteSuccess. A unified, and pre-configured industry cloud solution, SuiteSuccess is built on industry leading practices, combining deep domain knowledge with pre-built KPIs and dashboards. 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 provider needs, 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.
• Manufacturing and Manufacturing Emerging: Two new editions support manufacturers at different stages of growth with inventory, supply chain and order management.
• Food and Beverage Manufacturer: Designed for food and beverage manufacturers, including features for demand planning, tracking and traceability.
• 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.
New Vertical Industry Functionality
To help customers accelerate growth while reducing costs, NetSuite has introduced more than 20 major enhancements to its core application. The enhancements include new industry-specific capabilities for product and services companies as well as innovative HR and financials functionality. The latest updates include:
• Innovations for Product Companies: For companies in industries like manufacturing, wholesale distribution and retail, NetSuite is delivering new features that increase efficiency, deliver greater insights and improve the customer experience. The enhancements include new supply chain control tower, warehouse management, fulfillment, engineering change management, quality management system and landed costing capabilities.
• Innovations for Services Companies: To help service companies improve profitability, resource management, revenue management and revenue recognition, NetSuite has introduced enhanced project profitability reporting, advanced revenue management enhancements, charge-based billing for ‘time-based rules,’ a new UI for weekly timesheets, a deferred expense waterfall report and new resource allocation grid filters.
• Innovative Financial Features: To ensure customers have a leading-edge financials solution, NetSuite has reworked its cash management and bank reconciliation functionality in order to streamline the process and give companies better control of one of their key assets – cash. The latest additions include an enhanced online bank statement reconciliation and transaction matching engine, improved bank statement import record capabilities, full translation support for electronic payments and new multi subsidiary customer support.
• Innovative HR Features: Building on the launch of NetSuite SuitePeople, an HR offering natively built on NetSuite’s unified cloud suite, NetSuite has introduced a range of new capabilities to help HR professionals attract, manage, train and retain talent. New capabilities include a mobile employee directory, payroll dashboard, headcount and turnover analytics, absence management enhancements and integration with Oracle Taleo Business Edition.