NetSuite updates focus on global trade, launches budgeting and planning tools

NetSuite's global trade additions highlight how Oracle is growing the subsidiary via international expansion.

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Oracle's NetSuite unit is aiming to bring in more key performance indicators into its platform including industry specific planning and budgeting metrics.

Jason Maynard, senior vice president of global field operations for Oracle NetSuite, said the company's platform---Supply Chain, PBCS, OneWorld, PSA, SuiteCommerce and SuitePeople--will have a new interface and increasingly tie planning and budgeting into the platform.

"We're launching an industry specific planning and budgeting service to give customers visibility," said Maynard. The approach to planning and budgeting ties benchmarks by industry to KPIs in NetSuite's editions for retailers and software companies.

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Specifically, NetSuite launched SuiteSuccess for Planning and Budgeting Cloud Services, or PBCS. These planning services are industry specific and tailored to various requirements in verticals. PBCS includes forecasting, collaboration, planning models and navigation flows for groups in sales planning, expense management, executives and analysts.

NetSuite's strategy revolves around adapting its platform to various verticals. For instance, NetSuite covers everything from advertising and marketing agencies to e-commerce to consulting, energy, manufacturing to transportation to software-as-a-service companies. The company added a bevy of product updates by industries. 

The updates will be announced at Oracle NetSuite's SuiteWorld conference that kicked off Monday. The conference targets multiple roles and company sizes with the emphasis on firms with less than 500 employees.

Maynard added that NetSuite will launch a starter edition of the service in an attempt to eradicate spreadsheets, which still dominate planning and budgeting.

Another update to NetSuite will be its Bronto service, an email marketing platform designed to drive commerce. Bronto will be integrated into SuiteCommerce and be able to directly link email campaigns to returns on investment as well as KPIs.

On the global front, NetSuite is layering in global financial management tools such as multi-currency expense and global trade enablement into its platform. Localized versions for trade will cover China, France, Germany, India, Japan, Mexico, Singapore and UK.

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Oracle, which acquired NetSuite in 2016, said international growth is key to growing the company, which has focused on mid-market customers. NetSuite has 21 local editions and covers 212 countries and territories.

NetSuite competes with QuickBooks, Microsoft, Sage and Intaact, SAP and Epicor to name a few.  NetSuite's high-level updates also include a bevy of other features including:

  • SuiteAnalytics Workbook, a data exploration and visualization tool for non-technical users.
  • Extensions to SuiteCommerce to integrate third party tools and feeds.
  • Accounting features for leases, auto-matching bank transactions and efficiency tools.
  • SuitePeople tools for employee self service, data security and analytics and business functions for hourly employees.
  • An allocation engine so supply chain managers can allocate product and identify potential issues.

On Monday, NetSuite launched SuiteLife, a program for resellers and partners to sell and deliver NetSuite in 90 days. The program includes training and tools around business functions, product areas and industries.