As the doors open for early networking there’s one highlight Day 2 of SuiteWorld has always delivered and that’s the opening keynote speaker. This year we were treated to a mixture of breakdancers on the stage, a performance from daredevils on jumping stilts and finally a brass band which helped introduce the EVP of Oracle NetSuite, Jim McGeever.
NetSuite Continues To Grow
After the traditional thanking of sponsors and extravagant entrance, Jim gets straight into the growth of NetSuite. Over the last 18 months NetSuite has had its highest customer retention rates, highest customer satisfaction, signed more new customers in the previous 12 months than ever before and has seen significant increase in revenue generation.
As well as growing, NetSuite are also expanding and now has at least 1 customer in over 199 countries, Jim did however concede to not having any customers in North Korea or Libya. Of these 199 countries an area for growth is to become more local, focusing on being localised for each country and to sum this up Jim says “We’re going local to the core. Our goal is to be more German in Germany than SAP”. The idea for this is to offer a local experience regardless of which country you’re based. You receive a local experience, a local product and supported by a local team to ensure NetSuite abides to all laws, taxations and languages.
Its not just NetSuite who are experiencing growth, according to Jim customers of NetSuite typically experience 17% annual revenue growth. This is faster than the expected revenue growth of SAP and MSCI whilst global NetSuite customers of OneWorld are experience growth at a much more rapid rate. The message seems clear, as NetSuite continues to grow so do its customers across all sectors. Jim even goes on to say “The more of NetSuite you use, the more you grow” and this is correlation not causation, progressive growing companies continue to invest in their systems and develop as a result.
NetSuite 18.2 & Other New Features
One of the biggest reveals is the plan to roll out NetSuite 18.2 which will add vertical capabilities to industries like food and beverage, health and beauty as well as emerging retail. Little was discussed about this during the keynote but more details about this will more than likely be released as the event continues. NetSuite 18.2 isn’t the only new release, others mentioned include;
With the addition of SuiteSuccess last year, it’s not set to expand to an additional 33 edition of NetSuite covering 14 highly competitive industries. These editions are tailored to a businesses needs, ensuring everything from the way data is stored to way the accounts function are all tailored for the industries needs. Since its initial release last year over 85% of new NetSuite customers are already on the SuiteSuccess platform and it’s possible to go from nothing to live in 45 days.
There’s a new SuiteCommerce heading our way and the first 1000 people to sign up for the platform not only receive free implementation but also include predefined themes making the styling of your SuiteCommerce store easy. This however is more a launch offer, the platform itself if a bespoke suite, built for industry specific and your businesses specific needs to offer the best user experience online. Along with ready made themes the new SuiteCommerce will also come with defined customer experience flow, automatically updating for security/enhancements, rich functionality and requires no developer resources making it an extremely flexible eCommerce platform.
*CRAZY DEALING DAYS* – The first 1,000 customers to sign up get implementation included for pre-defined themes pic.twitter.com/YlbiIO8UCA
— NetSuite (@NetSuite) April 24, 2018
NetSuite has added some new features to the core framework of its financials. These include changes to intercompany framework for accounting, a 2 stage payment system, autocash, end of period journal automation, general ledger matching and SuiteTax. Whereas there isn’t much information about this at the moment, more will be revealed as the conference continues.
Another feature mentioned but with little detail is SuitePeople. As of right now all we know is it’s being added to the “staircase” which is NetSuites growth ladder for success and that SuitePeople is very important. In fact both Jim McGeever and Evan Goldberg in a Q&A later in the day said it’s received heavy investment and synergies with Oracle.
Introduction of Growwire
During the opening keynote Jim announces the launch of GrowWire, a new media network to help develop growth and big ideas. More information will be released during Thursdays keynote speaker however just like clockwork, the moment Jim mentioned GrowWire their website went live http://www.growwire.com/
Again with little information released for now there isn’t much we know but looking through their website and what was said at the conference, this is going to be a multimedia network to help aid growth. Whether this will work like a social media for customers or a resource for development, it will offer articles, podcasts, community guidance and television.
A Few Words From Oracle CEO Mark Hurd
While Mark wasn’t there in person he was able to attend via weblink where he had his feed projected onto a 20 foot screen. During this weblink Jim and Mark held a little Q&A to inform us of the direction NetSuite is heading. When asked about NetSuite Mark said “We bought NetSuite to Grow NetSuite. The shift to the cloud is an irresistible force”.
According to Mark the top 3 benefits of the cloud is it costs less than alternatives, it’s more innovative and most importantly, more secure. All of this backs up the claims that the cloud is winning the race for innovation and with greater deployment times it’s revolutionising the way businesses operate. With SAP shutting down SAP Anywhere for SMBs and Mark Hurd saying “”The goal is to invest with more research and development, distribution etc. Leveraging Oracles strengths but let NetSuite play to its strengths as well” it’s a clear sign NetSuite is leading the way in cloud based business solutions.
One of the final things mentioned by Mark is they have no intention to simply drop the NetSuite branding. It has tremendous value and something Oracle and NetSuite are looking to develop. The goal is clear, to grow NetSuite and make it local to all its customers.