Wednesday, 25 April 2018 05:15

NetSuite claims companies using its platform experience fastest growth

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Cloud ERP vendor NetSuite kicked off its annual SuiteWorld conference today, claiming that on any metric you can find its customers are the fastest-growing in the world.

NetSuite president and chief executive Jim McGeever opened the conference, themed "Ready, Set, Grow", explaining that the company sought to identify what are the characteristics that define a NetSuite customer; what is something that ties them together and makes them different, and which NetSuite could focus on.

The correlation they found is "NetSuite customers grow faster than non-NetSuite customers based on any index”, he said.

In 2017 NetSuite customers experienced 17% growth, compared to 8% for companies on the MSCI emerging index, and 6% for customers on the S&P 500 index, McGeever said, adding NetSuite was not so arrogant as to say it itself is the reason customers grow, but rather it is an enabler for growth. “If you’re Batman, we’re Alfred. If you’re Wonder Woman, we’re the golden lasso,” he said.

McGeever also noted global customers grow faster and that customers who use more of NetSuite also grow more, citing the following statistics:

  • 19% growth for NetSuite OneWorld customers;
  • 24% growth for NetSuite customers using SuiteCommerce; and
  • 44% growth for NetSuite OneWorld customers using SuiteCommerce.

McGeever used the keynote to also explain that, since the Oracle acquisition just over 12 months ago, NetSuite has enjoyed new peaks with its higher customer retention, highest employee retention, highest customer satisfaction, fastest revenue growth, and the greatest amount of new customers, in that time.

“We bought NetSuite to invest in it,” said Mark Hurd, Oracle chief executive. “to bring more features and more micro-verticals. All the things NetSuite wanted to do as a public company but were unable to, we can now do. From an Oracle perspective, we’re ecstatic about NetSuite’s performance.”

SuiteWorld18 2

McGeever further announced new features coming in NetSuite 18.2 include

  1. Inter-company framework.
  2. Two-stage payments.
  3. Autocash, applying money received in the bank to receivables.
  4. Period end journal automation.
  5. GL matching, providing reconciliation for non-bank accounts.
  6. SuiteTax tax handling.

 The writer is attending SuiteWorld18 as a guest of the company.

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David M Williams

David has been computing since 1984 where he instantly gravitated to the family Commodore 64. He completed a Bachelor of Computer Science degree from 1990 to 1992, commencing full-time employment as a systems analyst at the end of that year. David subsequently worked as a UNIX Systems Manager, Asia-Pacific technical specialist for an international software company, Business Analyst, IT Manager, and other roles. David has been the Chief Information Officer for national public companies since 2007, delivering IT knowledge and business acumen, seeking to transform the industries within which he works. David is also involved in the user group community, the Australian Computer Society technical advisory boards, and education.

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