New NetSuite features improve forecasting
NetSuite has unveiled new features in its CRM software which, it says, offers small and midsize businesses better forecasting capabilities.
The new Incentive Compensation add-on module in CRM+, the advanced version of NetSuite's CRM (customer relationship management) software, allows commissions to be tracked automatically. This reduces the need for salespeople to use Microsoft Excel spreadsheets for manual input, said NetSuite in a statement.
The updated CRM version enables executives to track multiple quotas and multiple forecasts. For example, companies can now have a quota for product sales, and another one for services sales.
Forecasting has also been improved with the ability for users to create calculated forecasts based on the opportunities, quotes and orders in the system, according to NetSuite.
Zach Nelson, CEO of NetSuite, is confident that the product will end SMBs' reliance on Microsoft Excel as a forecasting tool. "This announcement marks the death of the Excel forecast," he said in a statement.
According to Nelson, most forecasting and commission calculations currently happen in Excel, not the SFA (sales force automation) tool, because the latter cannot handle single metric quotas and forecasts.
The new capabilities are available in Asia for NetSuite and NetSuite CRM+. The Incentive Compensation add-on module is an additional charge of US$199 per month.
NetSuite announced last month its plans to capture a larger share of the Asian market, starting with an office in Singapore.