Every SuiteWorld’er looks forward to day 3 and why wouldn’t they? They’re treated to a host of new features in bite-size demo’s, industry specific keynotes and of course, the SuiteWorld Gala or as it’s known this year, NextFest. Before we get to the party however there’s the little matter of the day’s Executive Keynotes which is also at the bottom of this post if you wanted to relive it for yourself.
Ready, Set, Next
Today’s Executive Keynotes started with a nice comedic twist which once again gives off reassurances over the Oracle + NetSuite acquisition but this time it’s Evan Goldberg’s “Oracle initiation day” before arriving to the stage on an Urb-e which look pretty cool.
The common theme of this year’s SuiteWorld has been Oracle + NetSuite with today being no exception. Evan reiterates that nothing has changed and instead, more is to come from the acquisition with NetSuite looking to invest 25% more spend in 2017 than the previous year. More technology with better hardware is now available such as container databases, multitenant architecture, X7 servers and Oracle’s own datacentres which will all contribute to a better NetSuite.
Focusing on improving the current platform, the message is simple. “More Suite for More Customers” meaning they’re expanding and improving the current SuiteCloud platform, SuiteAnalytics and introducing SuitePeople which we learnt about yesterday. As well as expanding the Suite, they’re looking to really drill down into each industry to offer a tailored product with the launch of SuiteSuccess and on a global scale, adding more localisation so every business around the world can benefit from NetSuite.
Act Global, Be Local
Craig Sullivan takes to the stage to go over all things global and local with NetSuite, opening with some fantastic facts and figures you may not have known about. The main being NetSuite has a global reach of 97% of the entire population and over 3 billion transactions take place outside of the USA showing just how far NetSuite has come. In fact, Craig Sullivan believes NetSuite has developed so much, he says;
NetSuite is the worlds’ most widely deployed cloud ERP system
As part of NetSuite’s ongoing efforts to improve and the feedback received from customers, the first announcement in a long string of new releases is the improvements made to advanced inter-company journal entries. NetSuite has made it easier for us to make adjustments across various subsidiaries in multiple currencies with automation of approvals. In the live demo on show, the new auto balance button is used to do the calculations across all subsidiaries and inter company accounts payable. This feature is available as of today!
You can also make sure accounting entries comply with local standards around the world thanks to the new general ledger locking feature. The G/L tab has now moved to the business information area of a NetSuite entry which allows for greater ease of use and again, this is a feature which is live in NetSuite right now.
What’s Next For Global Customers?
The next stage of the NetSuite global strategy is to invest heavily into becoming local. Different counties have different laws, culture, a different market and unique needs. This can only be better understood by physically being there and thoroughly investing into research with dedicated teams ensuring the knowledge that is gained helps to improve NetSuite as a core product.
Being local makes a big difference to the success of country specific businesses and is the main reason NetSuite is going the extra mile to ensure they become the worlds most localised ERP system. To achieve this, they’re hiring twice as many people for the international team and focusing on international products with more development locations. Over the next few years, they plan to become local in 20 new countries, expanding their pool of dedicated developers and knowledge of country specific procedures to benefit both local businesses and global businesses which have premises in these areas.
It’s not just investment in local areas which gets us excited, they’re set to make some global changes to SuiteCommerce Advanced such as new languages, new payment partners for specific locations and continuing to improve SuiteCommerce localisation.
The Industry Revolution
It’s no secret NetSuite and the Fashion industry have a good relationship, it was just last year we spoke about how cloud computing is revolutionising the fashion industry and is why NetSuite have released a whole host of new features. For fashion apparel some of the new key features are; enhanced grid order management, weekly trend reports and order commitment and reallocation.
One of the best new features is the ability to view different trends based upon location, country or globally depending how you trade. You can also segment your apparel by design and size giving you a much deeper insight than ever before. Future updates include; merchandise hierarchy, promising engine, pre-pack buying and selling with more grid order management enhancements currently in development.
Retail & Distribution
Alison Manetakis the senior director of product management speaks about the improvements to retail and distribution as well as announcing a new NetSuite product! Well not necessarily new, more a best of both with the release of SuiteCommerce Standard. SuiteCommerce Standard is a combination of SiteBuilder and SuiteCommerce Advanced, harnessing the power of the SuiteCommerce Advanced platform with the simplicity of the old SiteBuilder.
Some of the functions SuiteCommerce Standard provides allows any user to drastically customise and personalise their website with simple drag and drop technology or selecting an option from a drop down menu. Websites can instantly change by selecting a different skin or changing the colour of a specific element in such a fashion anyone could do it, perhaps leaving people to question what a website developer actually does?
Well for the more complicated customisations a developer can comfortably step in and edit the HTML or CSS of a SuiteCommerce Standard website with whole host of features to make their working day easier. Distraction free writing, easy custom CSS implementation and access to all core files.
SuitePromotions is a new omnichannel promotions engine allowing for modern capabilities such as stackable promotions and auto-apply promotions. For example, you want to automatically add a 20% discount for people who purchase a jacket and jeans, when both items are in the users’ basket and meet the conditions set, they discount will be deducted from the pricing, showing the prospective customer how much they have saved and removing the effort of entering a discount code.
In the SuitePromotions dashboard you can easily create, modify and delete promotions as well as seeing which ones can be combined, how long they’ve been running for and when they’re set to expire. The process to create a promotion has also been redesigned, now allowing for a more natural creation in the way we think of a promotion.
In the modern era, the ability to pick up a purchase from your local store can be pivotal in decision making for prospective customers. NetSuite now allows for customers to order their product online and decide where they want to pick it up from. They can see how much stock is kept at their local store, view store information or select a different one if they wish.
Not only that but once an order is placed it notifies the store to put said product to one side, ensuring the customer will be able to collect their product with minimal fuss. With the shop accepting the order, an automated email is sent to the customer letting them know it’s ready for collection but whilst contacting the customer, NetSuite takes the initiative to offer related products that’s also stocked at that store. In the SuiteWorld example Alison is looking to purchase a coat for a skiing trip, NetSuite recommend gloves, a hat and scarf which she can buy and reserve via email or notify the store she wants to buy another product but wants to pay in store. Offering a true Omnichannel experience as well as improving the employees’ workload.
The CFO of Greenphire, Sue Vestri comes on stage to speak about how SuiteBilling has helped them and that should would quite happily recommend SuiteBilling to anyone. Having used other billing solutions, none have compared to how easy and user friendly SuiteBilling is. With its unified financials and other NetSuite functionality, NetSuite has helped to ease the accounts process at Greenphire.
Some of the new features SuiteBilling has to offer is price books and churn reporting. You can now display all price books including country specific price books in a simple to read dashboard. Not only that but you can modify individual accounts to give them a unique price book dependent on agreements/negotiations when working with them. The example on show was the cost of membership for a fitness company.
Project Centric ERP
Most ERP’s including NetSuite revolve around the sales order. Well what about for services based customers? Professional Services based business will now experience a better ERP, one that puts the project first and allows them to focus on improving the development pipeline.
The most common feature for services is the weekly timesheets which has been majorly redeveloped to allow to ensure they’re not only easier to use but more efficient for those filling them in and managing them. You can now add memo’s to time spent and colour coordinate hours depending on their status i.e. complete, pending or rejected.
Project time approvals makes it easier for managers to view and approve time spent for better visibility and control over labor costs which is the largest cost for a professional services business. This effectively allows you to optimise your time and get the most out of the working week. With in-depth reports now available from the dashboard, the new project centric ERP can instantly highlight area’s of interest to help save time and money.
Investing more than ever in OpenAir
Industry leading technology is being invested into the “Suite” to improve the overall performance, agility and insights NetSuite offers. There has been times where people using NetSuite may have noticed a slight dip in performance which has led to it feeling slow or taking an age to refresh. Depending on the amount of requests or custom records, this is something that’s not been avoidable until now!
With greater technology comes greater power and shifting an ERP to a CDN (Content Delivery Network) is almost unheard of? We know eCommerce systems can run from a CDN but as NetSuite expands globally, so does the locations in which you can connect to NetSuite shortening the ping time and improving page speed.
Over the past 2 years NetSuite has managed to improve key activities load speed by 29% and SuiteSuccess customers can enjoy greater performance improvements with a massive 47% decrease in load time. It doesn’t stop there, with HTTP/2 going mainstream, Commerce load speed will be upto 3 times faster!
Other Enhancements and Features
Financial’s are key to any business and keeping them secure is just as important. NetSuite now have a two factor authentication process which is incredibly powerful when it comes to tackling fraud and other activities which could compromise customers and their clients.
For developers there’s a new feature to allow cross customisations to be simpler. You can now copy customisations and custom records to different accounts with a single button. When copying over custom records the process informs the developer of the other data types which will be needed to ensure the records being copied over become functional, not only that but all records copied generate a record of flow so you can keep track of the whole process.
Vice President of development, Josph Fung speaks about SuitePeople and HR capabilities. One of the features SuitePeople boasts is that it takes information from all aspects of NetSuite such as ERP, CRM, Financials, PSA and brings it all together for a comprehensive view of each employee. An employee will have an enhanced employee centre, built-in recognition, a friendly and flexible time off management dashboard and it will be much faster on both desktop and mobile.
The experience for managers has improved too with an improved employee directory, unified time and project management, self-service workflows and reporting. They’ve even improved the employees lifecycle so you can see upcoming anniversaries or time off.
Watch the incredible action from Day 3
That’t not all, there’s more than we’ve been able to mention int his post and we hope to delve further into this soon. For now, you can revisit all the action from Day 3 below or skim through to see if there are any more incredible features you might have missed the first time around.