Oracle NetSuite, the cloud ERP solution for mid and entry market, successfully organized SuiteWorld 2019 at Sands Expo centre in Las Vegas with theme of Go Beyond in first week of April. NetSuite witnessed 30% growth in revenue for Q3 quarter. Event attracted more than 5,000 attendees which included consumers, developers, partners, analysts and media. There were more than 100 partners and associates showcasing the solutions developed on NetSuite used in various verticals like IT&ITES, BFSI, Manufacturing, Supply Chain, eCommerce etc.
Evan Goldberg, Executive Vice President shared the NetSuite’s growth story from its humble start in 1998. During the course company changed strategy: Deliver services instead of Product. Major leapfrog for company came with acquisition by Oracle in 2016.
Evan Goldberg shared that “NetSuite benefited from acquisition by Oracle, organization enhanced its business to new markets. There has been three times growth in customer base” He shared the blueprint of growth which has five factors: Visibility, Productivity, Collaboration, Control and Agility
During the keynote Evan Goldberd majorly on three growth factor this time which were Visibility, Control, and Agility.
Evan stated that “For Visibility, organization should be able to find blind sports which can only be done when organization looks into its past, present and future thoroughly. For Control, organization should understand the destabilisers and distractors which are: economic change, trade agreements, localization gaps, foreign exchange volatility and global adoption challenges”.
Oracle NetSuite done the release of latest version NetSuite 2019.1 which provides improved integration, scalability, real time tracking and analysis. NetSuite incorporated BI tool SuiteAnalytics Workbook which provide real time data reporting.
John Pento from Deloitte Digital which has been early user of Netsuite shared the experience with Netsuite. He told about importance of control, risk management, lack of monitoring control for Internal audit function in organizations. John mentioned challenges with scaling of business, lookout for future and assigning right function with right people. Netsuite helped Deloitte Digital with provisioning of various systems to communicate, scalability, usability and data security
Evan Goldberg shared about customers issues where currency fluctuation was major concern along with human errors and material costs for organization doing global business. TaxSuite API was launched in the event to simplify the tax calculation issues which involve different tax rates across different states or countries.
For Agility, Even Goldberg mentioned “There are inflection points in business scenario which are evolving business models, new engagement platform and new marketing channels. Agility is important to deal with changed such as new technology adoption, new market development etc. Netsuite provide Omni business model solutions to consumers”
For Omni business model solution new suite provides following functions: Support for lease accounting standard, Allocation and fulfilment, Commerce marketing, Suite billing, Project management and billing enhancement, and New WMS solution.
NetSuite announced improved SuiteSuccess which fulfil functional requirements for various Industries. Following versions of SuiteSucess were released: Suite Success for Planning and Budgeting, International SuiteSuccess Financials First Edition and International SuiteSuccess Starter Editions
In his keynote Mark Hurd, CEO Oracle laid emphasis on homogeneous strategy. Mark stated “Main thing about successful business is its strategy and most important is to communicate the strategy clearly to various stakeholders, All functions in the organization should work in sync towards the defined strategy”
Mark Hurd said “The things which make NetSuite unique is development of true back office suite with SaaS. Oracle will keep investing in NetSuite and will help in growth of NetSuite across the geographies with their vast experience and expertise”
SuiteLife is new partner engagement program which will be used at global level. SuiteLife program will help in partners to gain expertise for deploying NetSuite, thereby growing their business along with customer satisfaction.
Jason Maynard, SVP of Global Field Operations, NetSuite launched new product NetSuite Brainyard which provide data benchmarking and business research. Jason highlighted that “Organizations normally face issues of large investment, abstract data, proprietary and non-disclosure for doing business research. Brainyard have 20 years of intelligence derived from knowledge and industry experience by NetSuite”
(The author Narinder Kumar was hosted by Oracle NetSuite for the SuiteWorld 2019 event held in Las Vegas, Nevada)