SAN JOSE, Calif., May 18, 2016 /PRNewswire/ -- NETSUITE SUITEWORLD - NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced a number of product innovations targeting services businesses, including new reporting, resource management, service- and product-based features, Governance, Risk and Compliance (GRC), billing and project-based segmentation functionality. These features are designed to help services companies execute on their business vision, expand globally, diversify their operations and future-proof their business. The enhancements announced today demonstrate NetSuite's accelerated product innovation across all industries and for services companies in particular, at an unstoppable pace.
Both service- and product-based companies have for years faced the challenge of siloed information and maximizing the efficient use of staff. Traditionally, executives were forced to track services data in disparate spreadsheets, sharing that data with the finance department via email, which then resulted in a lack of real-time visibility into operations and the risk of manual data entry errors and duplicate entries. Additionally, these companies have struggled to put the right person on the right project at the right time to maximize performance, profitability and client satisfaction. NetSuite empowers these companies to address many of these challenges, with the added financial component required to enable organizations to track profitability through their back-office financials.
"For years, the services sector has struggled to track projects, revenue and staff in a single system as their business models have evolved," said Jason Maynard, NetSuite EVP of Development & Corporate Strategy. "NetSuite has provided them with a single system that spans services, product and financial data with NetSuite SRP. These enhancements are the next step in ensuring that services companies have a future-proof platform for growth."
Excellence in Execution
Before services businesses can innovate on business models, billing and project delivery, they need better visibility into their business and projects. Enhancements to NetSuite for services companies include:
- Professional Services Budgeting and Reporting. Delivering real-time visibility into time and expenses, staff assignments and tracking against budget with automated and easy-to-use reports.
- Project Resource Management. Enables services businesses to easily track which people are where, and what they are doing. This helps to efficiently move the right resources into the right projects. New filters allow managers to easily pinpoint specific pieces of information without having to search through mounds of data to find things like specific skill sets or particular project expertise.
Running Service- and Product-based Businesses in a Single System
As business models evolve and traditionally service-based companies add products to their pricelist, and product-based companies add services components, these businesses have historically had to cobble together solutions. NetSuite Services Resource Planning (SRP) gives them one system to run the entire business lifecycle—from project management, resource management, time-and-expense management, to project accounting—all in one unified software solution. Enhancements to NetSuite functionality for service- and product-based companies include:
- Project-based Revenue Accounting. Allowing companies to treat the project as another element for revenue to complement products that might be recognized from a sales order.
- Profitability Reporting. Taking into account both products and services in an account-based model, making it easier to report and organize company-wide data, customize which accounts show up as revenue or cost, and which items are categorized as product or service based.
Simplifying Global Expansion
Services business expanding globally have unique challenges across multiple subsidiaries and geographic locations. NetSuite gives global services businesses a single system to run multiple subsidiaries with support for 190 currencies, 20 languages and automated tax compliance in over 100 countries. Enhancements to NetSuite supporting global services businesses include:
- Intercompany management. NetSuite gives services businesses the ability to consolidate financials across regions, and track financial activity as they trade resources across subsidiaries.
Future-Proofing Services Businesses
Services businesses need a system that not only manages the complexities of the industry today, but is flexible and scalable to adapt to changes in the future, without requiring re-implementations or new software. Enhancements to NetSuite for services businesses that help them future-proof their business include:
Governance, Risk and Compliance (GRC) GRC capabilities. Focusing on ensuring companies of all sizes have the ability to define role-specific access controls across their global organizations, track activity and configuration changes at a granular level and report on that activity, including proactive alerting related to business-specific exception criteria. Key GRC improvements benefit services companies include:
- Additional audit trails and searchability across all financially-relevant account setup pages.
- Revenue recognition plan changes (within the SuiteBilling and Unified Rev Rec modules).
- Custom financial layouts.
- Enhanced security around the password reset process.
Intelligent Worklist. Solving the need to have repeatable processes across accounts, supporting best practices without repeating the process.
Services Diversification through Billing
As services businesses mature, the need for flexibility grows as well to diversified billing models and how they serve different services outcomes. NetSuite's announcement of SuiteBilling enables services companies to make billing, traditionally a standardized task, into a strategic business function with:
- A Core Framework, allowing for internal NetSuite subscription management, project and fulfillment modules to directly leverage core billing, revenue recognition and financial elements and processes via billing accounts and charge records.
- Enhanced Order to Revenue, NetSuite's superior and highly scalable order management functionality can process orders coming in from multiple channels and centralize them within one single system while unified revenue recognition capabilities support multi-element arrangements.
- Subscription Management, supporting subscription- and usage-based pricing models and rating (simple and advanced).
- Unified, but Independent Approach, allowing invoicing and revenue recognition processes to work seamlessly together while meeting the specific independent needs of each process.
- Rich, Customizable Customer Billing Portals, based on NetSuite's industry-leading ecommerce platform, enable companies to deepen and expand customer relationships.
- Rate Cards. Solving the requirement to agree to a contracted rate for several different types of resources in one place and for one customer.
- Consolidated invoicing and invoice presentment. Enabling services businesses to send invoices out in different forms for different customers based on each customer's individual needs, while consolidating invoicing in a single place.
Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
For more information about NetSuite, please visit www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.
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SOURCE NetSuite Inc.