Cloud based ERP provider NetSuite has announced several major initiatives at its SuiteWorld conference this week in San Jose.
According to the company, the cloud economy is forcing businesses to rethink their models as global competition accelerates. CEO Zach Nelson told delegates that companies will increasingly offer products, services and products-as-services.
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That is leading to an environment were subscription and usage models become more normalised with the addition of “as-a-service” components.
NetSuite is betting big that it can steal an early march on its rivals by mastering the cloud-based billing problems these new models create.
In a statement accompanying the product announcements, a company spokesperson wrote, “Today’s announcements give businesses the power to transform how they intelligently deliver orders, bill and recognise revenue, and expand globally in the rapidly-evolving cloud economy.”
Three major initiatives were revealed at the conference this year:
- SuiteBilling A cloud unified order-to-billing-to-revenue solution designed to help businesses to adopt any business model from product-based, to time- and services-based, to usage- and subscription-based, or any combination of these without limit. NetSuite says SuiteBilling unifies both the billing and revenue recognition processes, regardless of business model, with complete controls and auditability, helping businesses comply and reduce risks.
- OneWorld 16 Enhancements The latest releases of the core NetSuite offering is designed to provide deep global financial capabilities, global control, governance, risk and compliance (GRC) features and enhanced financial reporting.
- Intelligent Order Management The company announced the release of NetSuite Intelligent Order Management to help streamline the constantly evolving complexities of omnichannel order orchestration. The promise of the solution is that it gives merchants the intelligence and automation needed to use inventory more efficiently, reduce shipping costs, and improve the customer experience. “Merchants can now automate how to best fulfill orders based on their inventory availability and the configurable business rules they establish inside NetSuite. The functionality helps turn omnichannel shoppers into brand advocates with reduced stockouts, prompt delivery and a multitude of fulfillment options from wherever a merchant holds inventory.”
NetSuite is tracking towards an annualised $USbillion revenue run rate and in the 12 months since the last event it has grown its customer base from 24,000 to 30,000 entities.
Its most recent financial results beat the street and the outlook for profits and cashflow remains strong.