SAN JOSE, Calif., May 18, 2016 /PRNewswire/ -- NETSUITE SUITEWORLD
- NetSuite Inc. (NYSE: N), the industry's leading provider of
cloud-based financials / ERP and omnichannel commerce software
suites, today announced a number of product innovations targeting
services businesses, including new reporting, resource management,
service- and product-based features, Governance, Risk and
Compliance (GRC), billing and project-based segmentation
functionality. These features are designed to help services
companies execute on their business vision, expand globally,
diversify their operations and future-proof their business. The
enhancements announced today demonstrate NetSuite's accelerated
product innovation across all industries and for services companies
in particular, at an unstoppable pace.
Both service- and product-based companies have for years faced
the challenge of siloed information and maximizing the efficient
use of staff. Traditionally, executives were forced to track
services data in disparate spreadsheets, sharing that data with the
finance department via email, which then resulted in a lack of
real-time visibility into operations and the risk of manual data
entry errors and duplicate entries. Additionally, these companies
have struggled to put the right person on the right project at the
right time to maximize performance, profitability and client
satisfaction. NetSuite empowers these companies to address many of
these challenges, with the added financial component required to
enable organizations to track profitability through their
back-office financials.
"For years, the services sector has struggled to track projects,
revenue and staff in a single system as their business models have
evolved," said Jason Maynard,
NetSuite EVP of Development & Corporate Strategy. "NetSuite has
provided them with a single system that spans services, product and
financial data with NetSuite SRP. These enhancements are the next
step in ensuring that services companies have a future-proof
platform for growth."
Excellence in Execution
Before services businesses can innovate on business models,
billing and project delivery, they need better visibility into
their business and projects. Enhancements to NetSuite for services
companies include:
- Professional Services Budgeting and Reporting.
Delivering real-time visibility into time and expenses, staff
assignments and tracking against budget with automated and
easy-to-use reports.
- Project Resource Management. Enables services businesses
to easily track which people are where, and what they are doing.
This helps to efficiently move the right resources into the right
projects. New filters allow managers to easily pinpoint specific
pieces of information without having to search through mounds of
data to find things like specific skill sets or particular project
expertise.
Running Service- and Product-based Businesses in a Single
System
As business models evolve and traditionally service-based
companies add products to their pricelist, and product-based
companies add services components, these businesses have
historically had to cobble together solutions. NetSuite Services
Resource Planning (SRP) gives them one system to run the entire
business lifecycle—from project management, resource management,
time-and-expense management, to project accounting—all in one
unified software solution. Enhancements to NetSuite functionality
for service- and product-based companies include:
- Project-based Revenue Accounting. Allowing companies to
treat the project as another element for revenue to complement
products that might be recognized from a sales order.
- Profitability Reporting. Taking into account both
products and services in an account-based model, making it easier
to report and organize company-wide data, customize which accounts
show up as revenue or cost, and which items are categorized as
product or service based.
Simplifying Global Expansion
Services business expanding globally have unique challenges
across multiple subsidiaries and geographic locations. NetSuite
gives global services businesses a single system to run multiple
subsidiaries with support for 190 currencies, 20 languages and
automated tax compliance in over 100 countries. Enhancements to
NetSuite supporting global services businesses include:
- Intercompany management. NetSuite gives services
businesses the ability to consolidate financials across regions,
and track financial activity as they trade resources across
subsidiaries.
Future-Proofing Services Businesses
Services businesses need a system that not only manages the
complexities of the industry today, but is flexible and scalable to
adapt to changes in the future, without requiring
re-implementations or new software. Enhancements to NetSuite for
services businesses that help them future-proof their business
include:
Governance, Risk and Compliance (GRC) GRC capabilities.
Focusing on ensuring companies of all sizes have the ability to
define role-specific access controls across their global
organizations, track activity and configuration changes at a
granular level and report on that activity, including proactive
alerting related to business-specific exception criteria. Key GRC
improvements benefit services companies include:
- Additional audit trails and searchability across all
financially-relevant account setup pages.
- Revenue recognition plan changes (within the SuiteBilling and
Unified Rev Rec modules).
- Custom financial layouts.
- Enhanced security around the password reset process.
Intelligent Worklist. Solving the need to have repeatable
processes across accounts, supporting best practices without
repeating the process.
Services Diversification through Billing
As services businesses mature, the need for flexibility grows as
well to diversified billing models and how they serve different
services outcomes. NetSuite's announcement of SuiteBilling enables
services companies to make billing, traditionally a standardized
task, into a strategic business function with:
- A Core Framework, allowing for internal NetSuite
subscription management, project and fulfillment modules to
directly leverage core billing, revenue recognition and financial
elements and processes via billing accounts and charge
records.
- Enhanced Order to Revenue, NetSuite's superior and
highly scalable order management functionality can process orders
coming in from multiple channels and centralize them within one
single system while unified revenue recognition capabilities
support multi-element arrangements.
- Subscription Management, supporting subscription- and
usage-based pricing models and rating (simple and advanced).
- Unified, but Independent Approach, allowing invoicing
and revenue recognition processes to work seamlessly together while
meeting the specific independent needs of each process.
- Rich, Customizable Customer Billing Portals, based on
NetSuite's industry-leading ecommerce platform, enable companies to
deepen and expand customer relationships.
- Rate Cards. Solving the requirement to agree to a
contracted rate for several different types of resources in one
place and for one customer.
- Consolidated invoicing and invoice presentment. Enabling
services businesses to send invoices out in different forms for
different customers based on each customer's individual needs,
while consolidating invoicing in a single place.
Today, more than 30,000 companies and subsidiaries depend on
NetSuite to run complex, mission-critical business processes
globally in the cloud. Since its inception in 1998, NetSuite has
established itself as the leading provider of cloud-based
financials/enterprise resource planning (ERP) and omnichannel
commerce software applications for businesses of all sizes. Many
FORTUNE 100 companies rely on NetSuite to accelerate innovation and
business transformation. NetSuite continues its success in
delivering the best cloud business management software to
businesses around the world, enabling them to lower IT costs
significantly while increasing productivity, as the global adoption
of the cloud accelerates.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and
@NetSuite Twitter handle for real-time updates.
For more information about NetSuite, please visit
www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of
NetSuite Inc. Third-party trademarks mentioned are the property of
their respective owners.
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SOURCE NetSuite Inc.