The world of enterprise resource planning (ERP) is in a constant state of evolution, and Oracle NetSuite is at the forefront of this transformation. Recently, Eric Kimberling, CEO of Third Stage Consulting, attended the Oracle NetSuite SuiteWorld Conference to delve into the latest product innovations and strategic directions shaping the future of NetSuite. In this blog, we’ll explore the key insights from his conversations with Sam, Head of Growth and Operations at Oracle NetSuite, and Evan Goldberg, the founder of NetSuite.
The Vision from the Top: An Interview with Sam
Evolving the Suite for Enhanced Productivity
Sam, who oversees client engagement and go-to-market strategies at Oracle NetSuite, emphasized the company’s commitment to evolving its comprehensive suite of solutions. The focus is on seamlessly integrating various business functions—ranging from sales and marketing to finance and operations—to boost productivity across the board.
“Our big focus is tying more and more of the suite together,” Sam explained. “Enhancements that start within sales and marketing or CRM and flow into finance or operations are helping businesses increase productivity significantly.”
Harnessing the Power of AI
Artificial Intelligence (AI) is no longer a futuristic concept; it’s a tangible asset that’s delivering real value to businesses today. Sam highlighted how Oracle NetSuite is incorporating AI into its offerings:
- Automated Finance Processes: The introduction of AI-driven finance scan and capture capabilities allows businesses to email invoices that are automatically scanned and posted into accounts, streamlining the accounts payable process.
- Sales Enhancements: AI tools are being utilized to improve sales processes, offering predictive analytics and insights that drive better decision-making.
- Improved User Experience: AI is enhancing the application experience by enabling features like text enhancements and automated content generation, which users are adopting enthusiastically.
“We’re showing capabilities with AI that people are actually adding value and can take into practice,” Sam noted. “People are using them over and over again, which is the real power coming to life.”
High-Growth Areas: EPM and Analytics
Enterprise Performance Management (EPM)
Oracle NetSuite is placing significant emphasis on the Office of the CFO by expanding its Enterprise Performance Management suite. This includes:
- Planning and Budgeting
- Account Reconciliation
- Narrative Reporting
- Financial Close
“We’ve been focusing on the Office of the CFO for over two decades,” Sam said. “Now, 80% of our conversations with CFOs are around performance management and how we can help them move from a reactive to a proactive approach.”
Analytics Warehouse
The Analytics Warehouse has emerged as one of NetSuite’s fastest-adopted products. It allows businesses to consolidate diverse data points into a single platform, enriched with built-in AI for predictive analytics.
“Customers are loving it,” Sam shared. “Once you get your standard reporting in a data warehouse, you can use all the predictive pieces as well. It’s been the biggest uptick we’ve seen in a single module over the last 12 months.”
A Positive Outlook for Growth
Sam expressed optimism about the current business climate:
“People are more vibrant than ever. The last few years have been uncertain, but now they’re seeing a path of consistency. Businesses are focused on growth and are seeking solutions that help them get to the next stage.”
Insights from the Founder: Evan Goldberg’s Perspective
Navigating the Competitive Landscape
Eric also had the opportunity to engage in a Q&A session with Evan Goldberg, the founder of NetSuite. The discussion centered around the increasingly competitive SaaS ERP space, with companies like Salesforce and Workday entering partnerships and traditional on-premise vendors shifting to the cloud.
Embracing Collaboration and Multi-Cloud Strategies
Evan emphasized Oracle NetSuite’s collaborative approach in this evolving landscape:
- Partnerships with Competitors: NetSuite is open to collaborating with companies that were once considered competitors, such as Salesforce.
- Multi-Cloud, Multi-Vendor Validity: He acknowledged the validity of multi-cloud and multi-vendor strategies, despite the challenges in harmonizing different approaches.
- Co-opetition Dynamics: Companies with overlapping but largely complementary offerings can work together for mutual benefit.
“There’s going to be a lot of co-opetition going on,” Evan remarked. “Especially with companies like Salesforce and NetSuite that have some overlap but are mostly complementary.”
Conclusion: A Promising Horizon for Oracle NetSuite Users
The SuiteWorld Conference underscored Oracle NetSuite’s commitment to innovation, integration, and customer-centric growth. With advancements in AI, a focus on performance management and analytics, and a collaborative approach to industry partnerships, NetSuite is well-positioned to help businesses navigate their growth journeys.
We’d love to hear from you! Are you using NetSuite or considering it for your organization? Share your thoughts and experiences in the comments below.
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