SAN JOSE---NetSuite kicked off its annual customer summit on Tuesday, complete with a host of upgrades and additions to the cloud-based enterprise resource planning portfolio.
Possibly the business software provider's biggest introduction at SuiteWorld 2014 this week, NetSuite debuted a services resource planning (SRP) platform, essentially merging ERP with professional services automation for the purpose of running business life-cycles from a single piece of cloud-based software.
The big idea is to line up back-office financials and front-office services into one unified system, which in theory should save everyone a lot of time and hassle by providing greater visibility at a faster rate.
The San Mateo, Calif.-based company further asserted that this is the only cloud platform of its kind.
NetSuite CEO Zach Nelson reflected to the keynote audience of more than 6,500 attendees about the biggest industry disruptors since the company was founded in 1998, tracing a shift from how a specific a company used to be defined (i.e. a retailer or a distributor) to how they are characterized today (i.e. product companies becoming services companies, and vice versa.)
"This is causing a fundamental restructuring of how you build your business," Nelson argued.
Highlighting a rapid increase in interest for Software-as-a-Service ERP, Nelson cited a recent Gartner study published in April 2014, boasting that NetSuite moved into the top 10 of financial management systems -- the fastest growing in the bunch on top of that.
"Every company is becoming a cloud company," Nelson summed up, noting that every business from startups to corporations that have existed for decades are faced with the same infrastructure decisions and challenges.
Although NetSuite noted it is targeting all project-based and product-based businesses with this release, the business software provider does have a few key industries in mind.
Specifically, those would be clients in advertising, legal, marketing, IT, consulting as well as other software makers.
Reiterating it is the first solution to satisfy both product and services companies simultaneously, Nelson predicted, "I think this is the future for every one of your organizations."
Covering everything from warehouse management to accounting, the SRP solution comes with a multi-model billing scheme for service delivery at a fixed rate.