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.
“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.”
McGeever further announced new features coming in NetSuite 18.2 include
- Inter-company framework.
- Two-stage payments.
- Autocash, applying money received in the bank to receivables.
- Period end journal automation.
- GL matching, providing reconciliation for non-bank accounts.
- SuiteTax tax handling.
The writer is attending SuiteWorld18 as a guest of the company.