NetSuite Brings ERP Features to On Demand Application
Targets offering to midsize organizations, additional features for wholesalers and distributors
San Mateo, CA — June 1, 2004 — NetSuite Inc., today unveiled a set of enterprise resource planning (ERP) features for its on demand application that include revenue recognition, allocations, advanced budgeting, advanced billing and multi-currency capabilities. In addition, NetSuite said it is reaching out to the wholesaler and distributor markets by offering lot tracking, advanced inventory commitment, inventory re-ordering, and special orders.
The provider commented that ERP applications have traditionally only been available to large enterprises with correspondingly large IT budgets and typically have required consulting projects to perform initial installation and ongoing maintenance.
NetSuite said small- and mid-size companies also need to automate their business processes, but they have fewer resources available to address these issues. As a result, they have had to use multiple disparate systems in which data is maintained in separate silos for each department and is brought together periodically in order to prepare financial statements.
However, using the company's on demand architecture as its basis — which uses a single database to bring together separate applications like customer relationship management (CRM), financials, inventory management, order management and e-commerce — NetSuite said its new ERP features are able to rival those of large-enterprise systems, but offer a lower cost of ownership.
"Our business is growing rapidly worldwide, and NetSuite's real-time access has allowed us to save time and money as we have been opening offices abroad," said Don Suva, corporate controller of San Francisco-based BankServ, an electronic payment software company that placed No. 63 on the Inc. 500 ranking of America's fastest-growing private companies in 2003. "In the past we had used two different providers, but our sales reps and our financial team preferred one product for everything. We have saved about $25,000 in costs from one of those solutions alone, not to mention the savings from being able to enter a sales order and generate an invoice from anywhere. That's something we couldn't do with stand-alone applications."
"NetSuite is much less expensive, requires no software installation or maintenance and is much easier to use than client server offerings," stated Zach Nelson, CEO of NetSuite Inc. "The icing on this ERP cake is that with NetSuite you get CRM integration and instant e-commerce for free."
NetSuite's products include NetSuite, NetCRM, NetERP and Oracle Small Business Suite. The Oracle Small Business Suite name is used under license from Oracle Corp.