Following up on an IDC Marketscape report in which NetSuite was named a Leader in Worldwide SaaS and Cloud-Enabled Midmarket ERP Applications, the research firm has placed NetSuite in the Leaders Category in another report.
The IDC MarketScape: Worldwide SaaS and Cloud-Enabled Finance and Accounting Applications 2017 Vendor Assessment (doc #US42218017, September, 2017) names NetSuite a Leader. NetSuite was one of 10 companies evaluated based on a wide range of criteria that included customer satisfaction (based on interviews with 35 references), financial stability, functionality, range of services, SaaS capabilities and total cost of ownership.
Oracle and NetSuite were both evaluated in the report. NetSuite was acquired by Oracle in November 2016, however, they offer distinct products and the IDC MarketScape evaluated them separately.
NetSuite’s OneWorld product helped it to stand out above the competition, according to the report. NetSuite OneWorld supports 190 currencies, 20 languages, automated tax calculation and reporting in more than 100 countries, and customer transactions in more than 200 countries.
“The ability of NetSuite financial application to handle multicompany, multisite, multiple language, and multicurrencies sets NetSuite apart from many other vendors in the financial applications market,” the IDC MarketScape report states.
As did the NetSuite tax engine.
“NetSuite SuiteTax module provides a native tax engine and covers both direct and indirect tax such as value-added tax (VAT), goods and services tax (GST), or sales and use tax,” the report states. “NetSuite's SuiteTax module is one of the most comprehensive among the large financial applications providers.”
The report also credited NetSuite’s revenue management and advanced billing, data security and employee access, and the NetSuite SuiteCloud development platform.
The IDC Marketscape report notes a number of trends driving change in cloud-enabled finance and accounting software. Notably, “digital transformation (DX) is fundamentally changing financial applications, allowing businesses to transform their decision making, which is enhancing their business outcomes significantly as we enter the digital economy,” the report states. In response, leading businesses have turned to SaaS and cloud-enabled software for its flexibility, agility and ease of implementation and upgrades.
NetSuite, a pioneer in cloud computing and the first cloud ERP company, now helps more than 40,000 companies, organizations, and subsidiaries in more than 100 countries transform their business operations and run their mission-critical business processes in the cloud.
Additionally, the IDC MarketScape report notes changing accounting standards, like ASC 606 and IFRS 16 and IFRS 17, are impacting the market. NetSuite has already built out capabilities to account for the accounting changes in ASC 606. Notably, NetSuite has built revenue recognition (opens in new tab)and billing system software(opens in new tab) together in the same engine.