With economies in key territories transitioning post-Covid and also about to be hit by the threat of inflation, meaning disruptions abound, businesses are turning to the certainty of data to find ways to new paths to profitability and growth.
To address business concerns, especially those in scale-up mode, NetSuite used its annual SuiteWorld event in Las Vegas to unveil a series of products designed to help organizations run more efficiently and increase their bottom line.
The updates cover business applications from financial management to HR to sales processes and are designed to help customers better manage their business and support their growth journeys. With new automations and analytics, NetSuite believes businesses can improve efficiency and profitability by consolidating data, automating tasks, improving inventory management, streamlining workflows, and simplifying program execution. discount and trade promotion.
Applications include an AP (Accounts Payable) automation solution that can increase the accuracy and speed of invoice and payment processing; a CPQ (Configure, Price, Quote) solution designed to speed up and simplify the sales process; a workforce management solution that can streamline scheduling, time tracking, and payroll calculation; and a shipping solution that helps increase the efficiency of warehouse operations.
Additionally, Oracle Company has introduced automation and analytics capabilities to give organizations the insight and control they need to increase productivity and profitability by improving financial, inventory management, manufacturing and project management within its software products.
Setting the show agenda and putting the product launch into context, Evan Goldberg, Founder and Executive Vice President of Oracle NetSuite, said that to help customers, he continues to expand the capabilities of the technology set and meet increased business burdens and stress.
“We are in an environment where it is difficult to find qualified people…so there is even more pressure to automate certain [processes]. And that’s on every level,” he said.
Goldberg noted that clients are looking for ways to streamline processes so staff free up their time for higher value activities. “It’s such a good dynamic to continue. Good companies don’t think [just] on how to speed things up,” he added.
“Customers have more complex supply chains than ever before. One of the first things that happened was that companies recognized how exposed they were to change, all you know, things generally seem to happen more in sync around the world and then all of a sudden , in Covid, things change drastically in one geography versus another geography.
“So earlier in the business life cycle, they say we need alternative sources for their supplies. This is one of the first things we saw. Supply chain control is something we’ve noticed over the past two years [and that] has certainly been driven by companies saying they need better visibility into their supply chain because things are breaking, and breaking more often than ever in the past.
“Now companies have realized they have more alternatives and they want to take advantage of that. We hear a lot about close relocation bringing manufacturing closer to contract manufacturing in your home market, and that’s why we have a lot adopted some of our most advanced order management and inventory features,” Goldberg said.
Leading the new product line is NetSuite AP Automation, designed to help customers improve efficiency by making it easier and faster to process invoices and pay from within the NetSuite environment. It’s the only solution that integrates banking services into a cloud-based enterprise resource planning (ERP) system, helping organizations better control outbound cash flow and easily scale accounts payable processes from end to end.
The NetSuite CPQ solution helps customers enable sales teams to quickly and directly configure, price and quote complex products with accuracy, while NetSuite Ship Central helps customers optimize fulfillment operations, eliminate process manuals and speed up deliveries by giving warehouse workers packing and shipping capabilities on a mobile device or kiosk.
NetSuite SuitePeople Workforce Management is designed to enable organizations to balance labor costs and profitability. The solution improves employee engagement by simplifying and automating routine tasks such as shift scheduling, employee time tracking, and payroll calculation. It can provide unique recommendations on optimizing workforce scheduling to help organizations achieve their business goals.
Latest enhancements to NetSuite Analytics Warehouse aim to enable customers to simplify data management, speed up insights and provide access to more pre-built third-party data integrations and industry-specific content . It is also now available for customers in Australia and the UK.