New Features Enable Services Companies to Execute on their Business Vision, Expand Globally, Diversify their Operations and Future-Proof their Business
NETSUITE SUITEWORLD, SAN JOSE, Calif.—May 18, 2015—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced a number of product innovations targeting services businesses, including new reporting, resource management, service- and product-based features, Governance, Risk and Compliance (GRC), billing and project-based segmentation functionality. These features are designed to help services companies execute on their business vision, expand globally, diversify their operations and future-proof their business. The enhancements announced today demonstrate NetSuite’s accelerated product innovation across all industries and for services companies in particular, at an unstoppable pace.
Both service- and product-based companies have for years faced the challenge of siloed information and maximizing the efficient use of staff. Traditionally, executives were forced to track services data in disparate spreadsheets, sharing that data with the finance department via email, which then resulted in a lack of real-time visibility into operations and the risk of manual data entry errors and duplicate entries. Additionally, these companies have struggled to put the right person on the right project at the right time to maximize performance, profitability and client satisfaction. NetSuite empowers these companies to address many of these challenges, with the added financial component required to enable organizations to track profitability through their back-office financials.
“For years, the services sector has struggled to track projects, revenue and staff in a single system as their business models have evolved,” said Jason Maynard, NetSuite EVP of Development & Corporate Strategy. “NetSuite has provided them with a single system that spans services, product and financial data with NetSuite SRP. These enhancements are the next step in ensuring that services companies have a future-proof platform for growth.”
Excellence in Execution
Before services businesses can innovate on business models, billing and project delivery, they need better visibility into their business and projects. Enhancements to NetSuite for services companies include:
Running Service- and Product-based Businesses in a Single System
As business models evolve and traditionally service-based companies add products to their pricelist, and product-based companies add services components, these businesses have historically had to cobble together solutions. NetSuite Services Resource Planning (SRP) gives them one system to run the entire business lifecycle—from project management, resource management, time-and-expense management, to project accounting—all in one unified software solution. Enhancements to NetSuite functionality for service- and product-based companies include:
Simplifying Global Expansion
Services business expanding globally have unique challenges across multiple subsidiaries and geographic locations. NetSuite gives global services businesses a single system to run multiple subsidiaries with support for 190 currencies, 20 languages and automated tax compliance in over 100 countries. Enhancements to NetSuite supporting global services businesses include:
Future-Proofing Services Businesses
Services businesses need a system that not only manages the complexities of the industry today, but is flexible and scalable to adapt to changes in the future, without requiring re-implementations or new software. Enhancements to NetSuite for services businesses that help them future-proof their business include:
Governance, Risk and Compliance (GRC) GRC capabilities. Focusing on ensuring companies of all sizes have the ability to define role-specific access controls across their global organizations, track activity and configuration changes at a granular level and report on that activity, including proactive alerting related to business-specific exception criteria. Key GRC improvements benefit services companies include:
Intelligent Worklist. Solving the need to have repeatable processes across accounts, supporting best practices without repeating the process.
Services Diversification through Billing
As services businesses mature, the need for flexibility grows as well to diversified billing models and how they serve different services outcomes. NetSuite’s announcement of SuiteBilling enables services companies to make billing, traditionally a standardized task, into a strategic business function with:
Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
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