Founded in 1998 by Evan Goldberg and Oracle Corp. founder Lawrence J. Ellison, NetSuite is a leader in the industry of delivering cloud-based computing solutions that enable companies to manage the core aspects of their business on the Internet. Built from the ground up as a single business management software system that includes ERP, CRM and Ecommerce, NetSuite enables mid-size companies to automate their business processes across organizational functions – from financials and warehousing to marketing, sales force automation, and customer service. NetSuite Release J brings this capability for the first time to the Japanese market.
According to recent forecasts from market research firm IDC for the period of 2007-2012, the Japanese SaaS market compound annual growth rate (CAGR) of 17.3% is expected to far out-strip the CAGR growth rate of 5.1% projected for traditional on-premise enterprise resource management (ERM) applications and 5.5% for traditional on-premise CRM applications. In addition, IDC estimates that SaaS ERM applications will have a higher CAGR of 26.8% as compared with the CAGR of 18.5% for SaaS CRM.
“We expect that the Japanese business market will appreciate the fact that NetSuite Release J supports the business practices of Japan, such as consumption tax and per-customer billing cycle standard,” said Tomoko Akagi, Group Manager of the Software team at IDC Japan. “Unlike most ERP SaaS vendors in the Japan market who are now trying to focus on improving accounting / taxation features, NetSuite has developed and delivered the SaaS ERP suite application to manage business operations across multiple functions and multiple levels of an organization. It is quite remarkable that NetSuite Release J provides a multi-functional, high-performance application integrating ERP, CRM and Ecommerce via the SaaS model.”
Tomoko Akagi continued: “NetSuite Release J provides real-time business intelligence as a standard feature, which gives Japanese businesses a huge competitive advantage. As important, NetSuite Release J’s real-time dashboard gives CEOs visibility into their companies’ business performance, giving them real-time information to make informed business decisions, which is a very effective tool for SMEs in today’s tough business environment. We expect that NetSuite’s launch of NetSuite Release J will give enterprises value across multiple business processes rather than efficiency improvement in each division.”
Built over the last 18 months in partnership with joint venture partners Miroku Joho Service (MJS) and transcosmos inc., NetSuite Release J introduces several important firsts to the Japanese market:
- NetSuite Release J is the first SaaS offering to provide full support for the Japanese accounting system, including native support for Tegata (promissory notes) payments, and J-GAAP-compliant financial statements.
- NetSuite Release J is also the first to provide full Consumption Tax configuration capabilities, including the ability to define rounding on a per-customer basis and define prices as being inclusive or exclusive of tax. In addition, NetSuite Release J enables businesses to generate their Consumption Tax report directly, making the job of submitting their periodic returns easier for generating fully compliant J-GAAP financial statements.
- NetSuite is the first SaaS Suite fully localized for the Japanese market, including full ERP, CRM and Ecommerce capabilities. The product includes rich functionality that spans back-office functionality (warehousing, shipping, etc.), CRM (marketing automation, sales force automation, customer services automation) and Ecommerce (Website/Webstore and customer and partner portals).
- When included as a part of NetSuite OneWorld, NetSuite Release J is the first Japanese product to offer cloud-based multinational, multi-company consolidation.
“Cloud computing holds the promise of making it possible for companies of all sizes to operate on a global scale, serving customers, hiring employees and interacting with business partners wherever they may be,” said Zach Nelson, CEO of NetSuite. “Today’s introduction of NetSuite Release J not only makes it possible for a Japanese company or subsidiary to run a business from end-to-end in the cloud, it makes it easy. NetSuite is the ultimate product to achieve the vision of seamless business management, not just across financials, but across every aspect of the business — from lead to forecast to order to cash collection.”
“We expect that NetSuite Release J will fundamentally transform the way businesses operate,” said Takishiro Higashi, President of NetSuite K.K. “The combination of NetSuite Release J’s powerful capabilities and NetSuite's cloud computing delivery platform eliminate the cost and technology barriers facing mid-size companies operating globally or across multiple locations.”
“The success of NetSuite is proving that CRM and ERP can be delivered successfully via the Software as a Service model,” said Yoichi Kawano, Corporate Executive Officer and Service Planning Division Manager of transcosmos inc. “We fully expect that we can deploy NetSuite Release J with our various outsourcing services throughout the Japanese market, as well as the rest of Asia.”
“After working in the SMB accounting market for 30 years, we have seen the rise and fall of many business management applications,” said Hiroki Koreeda, President and COO at Miroku Joho Service, the leading accounting software provider in Japan, with 22% of the market share. “We firmly believe that the company and the SaaS ERP model will continue to build and grow as time goes on.”