SuiteWorld 2018: top five Oracle NetSuite highlights

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The amount of funds and effort that Oracle is investing in NetSuite shows that NetSuite is at the top of their priority list.

There is a reason why more and more clients are choosing NetSuite as their next-generation ERP system– and frankly, it is not only the clients who are choosing NetSuite, but partners such as Capgemini as well.

What makes NetSuite stand out? For one thing, NetSuite is a solution that has its origins in the cloud since it was arguably the first cloud-based computing company ever created. The advantage is that all software that is (and has been) released shows that there is no long history of on-premises ERP software that has been reimagined for the cloud. No, the flexibility, functionality, performance, and appearance show that NetSuite really combines the best of all worlds.

Last month, I had the privilege of visiting SuiteWorld 2018 in Las Vegas. The event gets bigger every year, which is completely in line with the SuiteWorld slogan: “Ready, Set, Grow!”

Five things really stood out for me at the event:

  1. Oracle + NetSuite

Over one and half years ago, NetSuite was acquired by Oracle. At that time, and even during SuiteWorld last year, there were some concerns about how this acquisition would impact NetSuite’s DNA and independence. This year, Mark Hurd, CEO of Oracle, reconfirmed that NetSuite will stand on its own as a global business unit within Oracle and will be a primary focus for the company. Oracle Cloud ERP, the existing in-house ERP solution, focuses on large global companies while NetSuite is targeted for the segment just below. NetSuite has a broad customer base, ranging from small to global billion-dollar companies.

  1. Growth

The whole conference revolved around growth. As NetSuite is (and was) a US-based company, the US market is the largest. But, global presence is increasing and will be a priority for the company in the coming years. Growth is not measured in global presence alone. An important key indicator is growth in system functionality. As with all global ERP solutions, the challenge lies in functionality that adheres to local laws and regulations. During this year’s conference, NetSuite showed that their growth aspirations include local functionalities. The core of the functionalities will be applicable to larger countries outside the US, such as Germany and China, but NetSuite wants to collaborate with local partners to improve local functionalities in smaller regions as well.

  1. Verticals

The third SuiteWorld highlight that I want to share with you concerns verticals. NetSuite has several solutions that are applicable to specific business verticals (or industries), such as professional service companies, both wholesale or retail. Together with their partners, NetSuite wants to zoom in even more on these verticals to create out-of-the-box solutions and compete with other industry-specific IT solutions. The combination of strong industry-specific NetSuite solutions and key industry knowledge provided by partners will further strengthen the presence of NetSuite in global and European markets.

  1. Machine learning

Although it is a buzzword, machine learning does have the capability to add value towards ERP systems, especially as it becomes more automated. This year NetSuite announced the “Intelligent Suite,” where machine learning and AI will be used to further automate the internal ERP process. A good example was that on certain entry forms (for instance a form in which a user was to enter a sales lead), the fields that were most filled in by colleagues in a similar role were highlighted. This is already a great step towards time-saving solutions, and I am looking forward to seeing more of these applications in the future.

  1. SuiteSuccess

Finally, SuiteSuccess was a true highlight. Introduced last year by NetSuite as the implementation methodology, it provides industry-specific best-practice standards and templates, and promises to deliver standard business process implementations in under 100 days. The US was the first to launch SuiteSuccess, but due to its success, it will be rolled out in Europe this year. SuiteSuccess really shows the cloud mindset of NetSuite, where clients no longer accept multi-year, elaborate, and expensive ERP implementations with tons of customizations.

To conclude, the amount of funds and effort that Oracle is investing in NetSuite shows that NetSuite is at the top of their priority list. The emphasis on international growth and improvement in (local) functionality is in line with their increasing presence in the Benelux and globally. The number of partners, NetSuite sales, and consultants has spiked over the last year and will continue to do so. I am looking forward to witnessing the enormous growth ahead!

Feel free to connect with me to discuss more on ERP or NetSuite.

 

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