Oracle NetSuite Launches Upgrades To Accelerate Growth

Oracle NetSuite rolled out vertical industry customizations, internationalization, AI and machine learning capabilities at its annual SuiteWorld conference.

April 24, 2018

9 Min Read

Las Vegas -- SuiteWorld18 -- Oracle NetSuite introduced vertical industry customizations, internationalization, AI and machine learning capabilities quick-to-deploy storefronts at its annual conference.

NetSuite Helps Businesses Across Industries Accelerate Growth

Oracle NetSuite today announced a series of new innovations to help organizations across industries drive growth, reduce costs and quickly and easily achieve the benefits of cloud computing. The latest innovations within the NetSuite platform include new SuiteSuccess industry cloud solutions, enhanced financial management and HR capabilities, new innovations for product and service companies, and a powerful new data analytics solution.

Successfully growing a business has never been harder. New technologies, rapidly shifting consumer expectations and evolving industry regulations continue to change the game. For business leaders, this can feel like a no-win situation, particularly as competition continues to increase and results are under the microscope. The latest innovations from NetSuite help business leaders navigate this change, overcome the barriers to growth and successfully scale by delivering industry best practices, new customer engagement models and business optimization methods, more than 20 major enhancements to core business applications and powerful data processing and visualization capabilities.

"Many companies are able to get their businesses up and running only to struggle when the time comes to reach the next stage of growth," said Jim McGeever, executive vice president of Oracle NetSuite. "With regular updates like the ones we're announcing today, we give our customers the tools to overcome the barriers to growth."

New Industry SuiteSuccess Cloud Solutions
To deliver faster time to value, increased efficiency and provide the flexibility to foster growth and customer success, NetSuite is introducing 14 new editions of SuiteSuccess. A unified, and pre-configured industry cloud solution, SuiteSuccess is built on industry leading practices, combining deep domain knowledge with pre-built KPIs and dashboards. The latest editions are designed to meet the unique requirements of micro-verticals and span a variety of specific industries, company sizes and maturity in the cloud ERP journey. The new SuiteSuccess editions include:

• Starter: Designed for small and rapidly growing companies.
• Commerce: Designed for retailers and other commerce-focused businesses.
• Technology Services: Designed for technology services provider.
• Consulting Services and Consulting Services Emerging: Two new editions designed for consulting services organizations at different stages of growth.
• Manufacturing and Manufacturing Emerging: Two new editions designed to support manufacturers at different stages of growth.
• Food and Beverage Manufacturer: Designed for food and beverage manufacturers specific needs, including features for demand planning, tracking and traceability.
• Media: Designed specifically for media companies.
• Publishing: Designed for publishing companies' needs, including manage subscribers, advertisers and staff.
• Advertising: Designed for advertising companies.
• OneWorld, Administrator and Accounting: Three new editions for existing NetSuite customers are designed to support global growth, enhance the capabilities and knowledge of NetSuite administrators and ensure accounting features within NetSuite are being maximized.

New Vertical Industry Functionality
To help customers accelerate growth whilst reducing costs, NetSuite has introduced more than 20 major enhancements to its core application. The enhancements include new industry-specific capabilities for product and services companies as well as innovative HR and Financials functionality. The latest updates include:

• Innovations for Product Companies: For companies in industries like manufacturing, wholesale distribution and retail, NetSuite is delivering new features that increase efficiency, deliver greater insights and improve the customer experience. The enhancements include new supply chain control tower, warehouse management, fulfillment, engineering change management, quality management system and landed costing capabilities.
• Innovations for Services Companies: To help service companies improve profitability, resource management, revenue management and revenue recognition, NetSuite has introduced enhanced project profitability reporting, advanced revenue management enhancements, charge-based billing for 'time-based rules,' a new UI for weekly timesheets, a deferred expense waterfall report and new resource allocation grid filters.
• Innovative Financial Features: To ensure customers have a leading-edge financials solution, NetSuite has reworked its cash management and bank reconciliation functionality in order to streamline the process and give companies better control of one of their key assets - cash. The latest additions include an enhanced online bank statement reconciliation and transaction matching engine, improved bank statement import record capabilities, full translation support for electronic payments and new multi subsidiary customer support.
• Innovative HR Features: Building on the launch of NetSuite SuitePeople, a HR offering natively built on NetSuite's unified cloud suite, NetSuite has introduced a range of new capabilities to help HR professionals attract, manage, train and retain talent. New capabilities include a mobile employee directory, payroll dashboard, headcount and turnover analytics, absence management enhancements and integration with Oracle Taleo Business Edition.

To help customers understand business performance and make better business decisions to drive growth, NetSuite has introduced new SuiteAnalytics capabilities, including a powerful consumer grade data exploration tool that brings rapid, secure and meaningful data exploration capabilities to non-technical users enabling them to gain real-time insight into the business without needing to wait for data warehouses to be updated, outdated reports to be written our moving large amounts of important company data to unsecure spreadsheets.

NetSuite Empowers Businesses to Capitalize on Opportunities Presented by World's Largest and Fastest Growing Economies

Extending its commitment to helping businesses across the world grow, scale and adapt to change, Oracle NetSuite today announced localized product capabilities and customer support for businesses in Brazil, China, France, Germany, Japan and Mexico. With the new local capabilities and in-country teams, NetSuite further empowers businesses headquartered in these countries to drive growth and enables multinational organizations to take advantage of one unified business platform to streamline the management of multi-subsidiary operations, achieve consistent processes across countries, support global compliance and gain real-time global business insight.

"With ever-changing regulations and evolving customer expectations, it is getting harder for businesses to drive growth both locally and internationally," said Jim McGeever, executive vice president, Oracle NetSuite. "With new native localizations and customer support, we are giving our customers a complete solution with language, currency, tax compliance and local support teams in six of the world's biggest and fastest growing economies."

Brazil, China, France, Germany, Japan and Mexico are among the top 15 largest and fastest growing economies in the world, but increasing competition, shifting customer expectations and constantly changing regulations mean it is harder than ever to capitalize on the opportunities presented by these economies. With the new localized product capabilities and local in-country teams, NetSuite empowers businesses headquartered or operating subsidiaries in these economies to quickly and easily leverage an integrated suite of modern business applications to drive growth, reduce costs and achieve the benefits of cloud computing.

With customers now operating in 199 countries and dependent territories around the world, NetSuite is the proven Cloud ERP business platform of choice for companies operating and growing Internationally. The expanded global support further extends NetSuite OneWorld, a real-time, unified global business management platform that enables global businesses to streamline multi-subsidiary operations and achieve real-time visibility into key business metrics at the local, regional and headquarter levels. NetSuite OneWorld is now available in 16 countries, which also include Australia, Canada, Hong Kong, Ireland, Philippines, New Zealand, Singapore, U.K. and the U.S.A. In addition, to help businesses across the world successfully grow, OneWorld supports 190 currencies, 24 languages, automated tax calculation and reporting in more than 100 countries.

NetSuite Unveils World's First Intelligent Cloud Suite

To provide customers with the tools and insight required to meet the rapidly evolving demands of modern business, Oracle NetSuite today announced the world's first intelligent cloud suite. By integrating powerful artificial intelligence and machine learning based capabilities within its leading cloud business management suite, NetSuite can deliver the insight, predictability and automation customers need to grow their business.

The new artificial intelligence and machine learning based capabilities enable businesses to glean better insights, drive efficiencies by further automating processes and determine the next best action with predictive actions. The intelligent cloud suite will deliver benefits to business users across the organization:

• Finance & Procurement Professionals: AI and machine learning enables finance professionals to improve audit risk analysis, analyze past payment history with vendors and customers and enhance cash flow predictions, a key pain point for growing businesses.
• Human Resources Professionals: AI and machine learning enables HR professionals to create profiles of the best candidate based on existing top performers, predict high performers who might be a flight risk and better automate employee self-service by identifying what questions employees might have based on role, time of year or other factors.
• Supply Chain Professionals: AI and machine learning offers supply chain professionals the potential to not only identify risks or potential upcoming problems in the supply chain but, as it learns, provide potential solutions.
• Manufacturing Professionals: AI and machine learning helps manufacturing professionals optimize labor schedules in the warehouse based on past performance or predicted demand and identify machinery in need of maintenance before it becomes a problem.
• Commerce Professionals: AI and machine learning helps commerce professionals significantly boost searchandising and improve online sales and conversions by serving up products customers are more likely to buy based on key indicators such as past purchases, search history and results of similar buyers.
• Customer Services Professionals: AI and machine learning provide customer service professionals with more accurate results around total customer lifetime value by using predictions of costs to the support organization, anticipated satisfaction and information on a customer's likelihood of renewal.
• Marketing Professionals: AI and machine learning help marketers improve campaign optimization by identifying what type of campaigns lead to a conversion with what frequency and what type of sale based on demographics, a profile within the customer base, and activity on the website, at events or other available data points.
• Sales Professionals: AI and machine learning for sales teams support intelligent interactions guiding agents through the sales process, personalizing it for the prospect, the product and upsell, and cross-sell opportunities.

NetSuite Enables Business Users to Launch an Online Store Within 30 Days

Empowering businesses to quickly and efficiently deliver engaging online experiences, Oracle NetSuite today announced an innovative new ecommerce product, SuiteCommerce, and implementation solution, SuiteSuccess. SuiteSuccess for SuiteCommerce gives businesses the freedom to grow and evolve their digital commerce business and is designed to enable businesses to launch a sophisticated online store within 30 days. The first 1,000 customers to purchase SuiteSuccess for SuiteCommerce will receive a free implementation*.

"With SuiteSuccess for SuiteCommerce, businesses can quickly and easily launch, manage and enhance their ecommerce site. From day one, they get a single, unified solution that supports their entire business and eliminates concern about whether their systems can support growth," said Jason Maynard, SVP of Strategy and Marketing, Oracle NetSuite. "Most importantly, our unique approach puts an end to long, costly implementations and guarantees customers get the most they can from their commerce investment."

To keep up with ever-evolving customer expectations, merchants need an ecommerce solution they can easily manage, extend and enhance without development resources. The new NetSuite commerce solution meets this need by providing themes, accelerated deployment, drag and drop site management tools and plugins to extend site capabilities. In addition, ecommerce is integrated with the NetSuite platform so businesses gain the advantage of having a single source of real-time order, customer and inventory information to create seamless omnichannel brand experiences and streamline business processes.

Oracle Corp. (Nasdaq: ORCL)

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