NetSuite used the second day of its annual conference to talk about its plans to bolster customer relationships around the globe with the launch of new features that take into account local rules and regulations.
With these new features, NetSuite will enable customers to “act global and also to be local”, according to Craig Sullivan, group vice president of product management at Oracle global business unit NetSuite.
New features particularly of note focus on global financial functionality, with simplification and automation that makes it easier to do inter-company transactions (and currency reporting) and ensure compliance with local requirements. NetSuite is also trying to streamline revenue recognition, billing and management for customers with Advanced Revenue Management automation and Billing Price Books to cater for multiple pricing schemes.
NetSuite has also launched new Services Resource Planning features, which offer services firms greater performance, automation and flexibility, in addition to options that help optimise and enhance Supply Chain Management. These are all underpinned by beefed up governance, risk management and compliance (GRC) controls, such as enhanced 2FA and detailed audit trails.
“We’re going to continue our investment in these global capabilities so you can manage your business more effectively and more intelligently,” Sullivan told conference delegates. “And much, much more - we’re very much focused on the ‘act global’ component of our strategy.”
Sullivan added: “Business history is littered with stories of failed international expansions. And most of them come down to companies not really understanding the local markets. For NetSuite, going local means going the last mile. As an ERP vendor, we need to be sure compliant… and support local business processes calculation and reporting, business process localisation, country and cultural localisation.”
Jim McGeever, executive vice president of Oracle NetSuite global business unit, told UK journalists in a later session that he had a target to hire 600 new people by the end of May to help with the firm’s expansion plans.
“All of these people and locations are working seamlessly across the globe today to become what will be the world’s most localised ERP system," he added. "And we have done our research. We know what it takes to be local.”
McGeever was keen to stress that it’s not just new territories it’s trying to expand into here. The Oracle support and investment will also help it work with companies in existing markets using different products and services.
“In Brazil, for example, I can sell into a services-based business now, but because of the tax laws, I can’t sell into product-based business. There are other things I need to do to be domestically compliant,” he said.
