Each year, the research firm Frost & Sullivan identifies visionary companies at the forefront of their industries. This year, NetSuite was recognized with the Best Practices Product Leadership Award in the North American cloud ERP market.
In a statement announcing the award, Frost & Sullivan CEO Darrell Huntsman noted that the recognition is reserved for companies at the forefront of innovation and growth in their industries.
"Driving innovation and growth is never an easy task. Still, it is one made even more difficult considering today’s strategic imperatives, from disruptive technologies and value chain compression to industry convergence and new business models," Huntsman wrote. "In this context, NetSuite’s recognition signifies an even greater accomplishment."
More specifically, NetSuite performed well against the backdrop of what Frost & Sullivan analysts consider the three key strategic imperatives impacting the industry: internal challenges, disruptive technologies and innovative business models.
"Successful companies overcome the challenges posed by these imperatives and leverage them to drive innovation and growth," analysts wrote in the brief describing the award. "Frost & Sullivan’s recognition of NetSuite is a reflection of how well it is performing against the backdrop of these imperatives."
NetSuite Aces Several Criteria
In particular, NetSuite excelled in several key award criteria, beginning with its ability to "Match to Needs."
To illustrate, Frost & Sullivan pointed to how the COVID-19 pandemic has been a wake-up call of sorts about the limitations of cumbersome legacy ERP systems as industries have faced unprecedented supply chain challenges that have forced them to rethink their approaches to decision-making. NetSuite's ability to provide organization and individual alike with more insight, agility and control has helped many companies navigate this unpredictable time successfully.
"Frost & Sullivan finds that NetSuite allows each user to focus on what they do best and what matters the most to them, thus keeping the entire organization focused, collaborative and productive," wrote Senior Industry Analyst Sankara Narayanan. "From a customization standpoint, NetSuite provides out-of-the-box customization tools that, to a large degree, are point and click, intuitive and informative."
NetSuite also excelled in the criteria categories of "Positioning" and "Design," with Frost & Sullivan noting the breadth of its capabilities, and how well it all works together. Among the NetSuite capabilities Frost & Sullivan lauded were:
-Automated Financials and Cash Management
-Autonomous Supply Chain
-Unified Customer Experience
-Powerful Analytics and Customization
-Smart Employee Engagement
On the business side, NetSuite got high marks in the categories of Financial Performance (which Frost & Sullivan called "phenomenal"), Customer Acquisition (with 24,000 increasingly global clients and counting) and Growth Potential (the company is well positioned to continue expanding its overseas customer base).
Making Modern Businesses Better
Ultimately, Frost & Sullivan recognized NetSuite for many of the same reasons companies choose its software. It helps organizations become more agile, more flexible and more informed. Its cloud architecture removes IT burdens and provides regular, automatic updates. And its user-friendliness not only improves productivity, it also fuels job satisfaction and employee engagement. But more than anything, Frost & Sullivan recognized NetSuite because its software makes modern businesses better, pure and simple.
"Organizations need cloud ERP solutions to make smarter, faster, and more informed business decisions," wrote Sankara Narayanan, senior industry analyst. "NetSuite’s cloud ERP, which is based on insight, agility, and control, supports today’s fast-evolving business models and addresses organizations’ requirements."
Download the full Frost & Sullivan report.