Senior VP, Corporate Communications
NEW VERSION OF NETSUITE SOFTWARE COMPANY EDITION AUTOMATES RENEWAL MANAGEMENT
End-to-End Solution for Subscription Renewal Management Supports All Types of Revenue Models
SAN MATEO, Calif.—January 26, 2011—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced a new version of NetSuite Software Company Edition designed for software companies grappling with the challenges of managing an array of varying revenue models, including the most complex processes for supporting recurring revenue management streams. The new software brings automation and real-time visibility to the management of renewals, billing and complex contract management. By unifying these typically disparate processes into one software product, NetSuite delivers end-to-end contract renewal management software that reduces errors, enhances close rates, limits churn and brings a new level of efficiency to billing and revenue management processes.
This latest version of NetSuite Software Company Edition cements NetSuite's position as the leading cloud ERP software for today's most cutting edge and fastest growing software companies. Today, NetSuite software runs critical business processes for hundreds of the industry's leading software companies, including RightNow Technologies, LogMeIn Inc., SuccessFactors, CA Technologies and SolarWinds. For more information, please visit www.netsuite.com/renewal-management.
NetSuite Ideal Fit for SaaS Companies
While the software-as-a-service (SaaS) model is far outpacing the older on-premise model, the tools available today to help SaaS companies manage key revenue and contract management processes are woefully inadequate. Today, many companies still rely on highly inefficient, spreadsheet-driven manual processes. NetSuite Software Company Edition eliminates the need for spreadsheets by providing a completely integrated and automated system that combines subscription renewals, billing and complex contract management with the company's award-winning financial management suite.
"Winning software companies today are choosing NetSuite to run their businesses," said Jim McGeever, NetSuite COO. "There's no other product on the market that combines the productivity and cost-savings benefits of cloud computing with the deep functional capabilities software companies need to run efficiently and scale."
The new capabilities in NetSuite Software Company Edition are available as an add-on module to NetSuite's core ERP suite. Key features include:
- Renewal Automation—Reduces the manual effort typically associated with the renewals process and enables customers to automatically generate renewal transactions based on a pre-defined window, such as 90 days before expiration.
- Uplift and Discount Management—Enables increased pricing granularity, flexibility and discounting both during the creation of a contract and the upsell process.
- Reporting and Visibility—Real-time dashboards provide critical key performance indicators (KPIs) such as recurring revenue, renewal pipeline and upsell as well as analysis of customer and contract types.
- Revenue Recognition—Provides flexibility to separate revenue recognition from billing milestones, a critical requirement for some companies to meet new revenue recognition guidelines.
NOTE: NetSuite and the NetSuite logo are registered service-marks of NetSuite Inc.