SVP, Corporate Communications
Deep Financial Functionality Brings NetSuite's Easy to Use, On-demand Software to Midsized Organizations
NetSuite Adds Additional Features for Wholesalers and Distributors
SAN MATEO, CA., May 27, 2004—NetSuite, Inc., today unveiled a set of groundbreaking Enterprise Resource Planning (ERP) features furthering the company's leadership in delivering advanced back-office application software via the Internet. The new features announced today include revenue recognition, allocations, advanced budgeting, advanced billing and substantial multi-currency capabilities. Additionally, new features including lot tracking, advanced inventory commitment, inventory re-ordering, and special orders extend NetSuite's leadership in the wholesaler and distributor markets. NetSuite's products include NetSuite, NetCRM, NetERP and Oracle® Small Business Suite. The Oracle Small Business Suite name is used under license from Oracle Corp. (NASDAQ: ORCL).
ERP applications have traditionally only been available to large enterprises with correspondingly large IT budgets. Typical ERP implementations require lengthy, expensive consulting projects to perform initial installation and require substantial ongoing maintenance. In addition to automate a business completely, companies often spend more than the cost of software license to integrate ERP applications with CRM systems and Web systems.
Small and midsized companies need to automate similarly complex business processes, but have far fewer resources available to address these issues. They have, therefore, had to live with multiple disparate systems in which data is maintained in separate silos for each department and which is brought together periodically in order to prepare financial statements.
"Our business is growing rapidly worldwide, and NetSuite's real-time access has allowed us to save time and money as we have been opening offices abroad," said Don Suva, Corporate Controller of San Francisco-based BankServ, an electronic payment software company that placed No. 63 on the Inc. 500 ranking of America's fastest-growing private companies in 2003. "In the past we had used both Salesforce.com and Great Plains, but our sales reps and our financial team preferred one product for everything. We have saved about $25,000 in costs from Great Plains alone, not to mention the savings from being able to enter a sales order and generate an invoice from anywhere. That’s something we couldn't do with stand-alone applications such as Salesforce.com or Great Plains."
"With this summer's release of NetSuite, we match and surpass the functionality of traditional, stone-age mid-market ERP applications. There really is no comparison when you take into consideration that NetSuite is much less expensive, requires no software installation or maintenance and is much easier to use than out-dated client server offerings," said Zach Nelson, CEO of NetSuite, Inc. "The icing on this ERP cake is that with NetSuite you get CRM integration and instant ecommerce for free."
Building on NetSuite's on-demand architecture that uses a single database to bring together separate applications like customer relationship management, financials, inventory management, order management and ecommerce, the new advanced ERP features provide midsized businesses with a system as powerful as large enterprise systems, but with a much lower cost of ownership. The features announced today are “firsts” for an on-demand application and include the following:
With industry firsts such as matrix items, multi-location inventory, serialized inventory and seamless UPS integration, NetSuite has established a strong position in the wholesaler/distributor market. This release of NetSuite includes more "firsts" for an on-demand application, including
Pricing and Availability
The new ERP features will be available with the Q3 release of NetSuite. Pricing will be announced at that time.
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