Founded in 1998 as a cloud financials solution to solve the problems of fast growing businesses, NetSuite is now used by more than 40,000 organizations and subsidiaries in 199 countries. It has solidified its position as a pioneer and a cloud leader. And Gartner agrees.
Gartner has named NetSuite a Leader in the Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises. What does this mean? Here are my three key takeaways:
- NetSuite is one of only three solutions listed in the Leaders quadrant.
- NetSuite is the only Leader that serves businesses of all sizes across all major regions.
- NetSuite has more customers using cloud financials than any other solution in the quadrant.
How is a “Leader” defined? According to Gartner: “Leaders demonstrate a market-defining vision of how core financial management systems and processes can be supported and improved by moving them to the cloud. They couple this with a clear ability to execute this vision through products, services and go-to-market strategies. They have a strong presence in the market and are growing their revenue and market share. In this market, Leaders show a consistent ability to secure deals with enterprises of different sizes, and have a good depth of functionality across all areas of core financial management. They have multiple proofs of successful deployments by customers, both in their home region and elsewhere. Their offerings are often used by system integrator partners to support finance transformation initiatives.
Leaders typically address a wide market audience by supporting broad market requirements. However, they may fail to meet the specific needs of vertical markets or other, more specialized segments, which might be better addressed by Niche Players particularly.”
Among 12 solutions in Gartner’s Magic Quadrant, we believe NetSuite delivers a suite that was “born in the cloud” with complete finance and accounting, billing, revenue recognition, governance, risk and compliance (GRC), global financial consolidation and more. In addition, by keeping to its vision to enable customers to grow their business, NetSuite continues to innovate to deliver a complete cloud business management suite. Recently, NetSuite introduced more than 20 major enhancements to its core application. With two planned software releases a year, customers are always on the latest version of the software with all the new features and functionality instantly available.
The demand for cloud FMS solutions is predicted to continue to grow. Gartner states that “by 2020, nearly 60 percent of large enterprises with systems up for replacement will switch from traditional on-premises licenses to SaaS or subscription licenses” and that “by 2025, demand for financial management application deployments delivered as cloud services will equate to over 65 percent of total spending in the financials market.”
NetSuite customers include some of the most innovative, fastest growing companies in business today. Read our stories on hint water, VIVOBAREFOOT and Loot Crate. Do you want a financial management solution reengineered for the cloud or one built on the cloud since Day One?
Gartner Magic Quadrant for Cloud Core FMS for Midsize, Large and Global Enterprises report, Anderson, Robert, Guay, Mike, and Van Decker, John, 5/29/18.
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