3 Key Takeaways from SuiteWorld 19
What didn’t SuiteWorld include this year? From new products and feature enhancements to keynotes featuring stars such as Jason Sudeikis and Shaquille O’Neal, I would love to cover everything that SuiteWorld brought us, but a single article could never do it any justice. Instead, I have decided to boil everything down to 3 key aspects that excited us, motivated us, and encouraged us the most.
1. More Localisation
The most prevalent theme throughout SuiteWorld was international expansion and localisation. Essentially, NetSuite wants to make more products synonymous with the wider international market. The reason for this focus can be easily understood through a number of telling NetSuite metrics;
99% of current NetSuite customers transact in multiple currencies
80% of transactions happen outside of the US
50% of new subsidiaries are international
With this information in mind, NetSuite is aware that they need a more robust localised offering to support their international growth and client requirements.
So how are NetSuite bolstering their international effort?
NetSuite has displayed a huge investment in the internationalisation of its platform through a number of improvements. First and foremost, NetSuite's investment in SuiteTax. While SuiteTax could provide many benefits to an international organisation, I have outlined some key highlights below:
Support for global operations including tax intensive countries such as Brazil, India and China
Per Subsidiary and Entity tax registrations
Automatic tax rate updates with effective date tracking
Use Tax Support
End-to-end tax reporting – from invoice to e-filing
Advanced tax determination for complex business flows
Ultimately, NetSuite is enabling organisations to streamline their operations by accommodating even the most demanding international tax requirements, amongst the many features and benefits that SuiteTax delivers.
Next is the investment in localisation. SuiteWorld made it obvious how committed NetSuite is to streamlining the localised nature of their platform. From translation quality, features and functionality, right the way down to user experience and look and feel, NetSuite have demonstrated that they are leaving no stone unturned in localising their platform to function like a locally developed product no matter where you are based in the world.
This is more of a commodity rather than a new shiny feature, but I believe it touts more than meets the eye! I think NetSuite has really nailed their colours to the mast with the release of Brainyard, and here is why.
Firstly, I can hear you asking what exactly is Brainyard? Let me allow Brainyard to talk for themselves on this one;
“Brainyard combines the operational and business performance of more than 16,000 NetSuite customers together with surveys and third-party research to deliver real-world data and insights that allow businesses in all industries to adapt and grow.”
Simply, Brainyard is a research and benchmarking resource, that gives businesses worldwide access to data and information that would otherwise cost to access. NetSuite has been able to deliver this information through gleaning KPIs from their system utilisation by thousands upon thousands of customers across many years of activity.
Secondly, and most importantly, I think this resource is more than just skin deep. Why? Because this is what NetSuite is all about at its core, helping businesses discover, harness, and enable new efficiencies through their cloud-based software. NetSuite could have made the decision to keep all of this wonderful data to itself, and leverage it for their own benefit, or sell it on for a price. But they have taken it upon themselves to release this valuable information to the wider business community as a free resource. If I were a business owner, leader, or manager, this is a resource I would be all over, and one to keep your eye on over the years to come. I think the more important aspect of the release of Brainyard is the obvious stance that NetSuite has taken to maintain their company ethos and DNA, even years after their acquisition by Oracle.
With that in mind...
3. Oracles Commitment to NetSuite’s Future
After years of speculation and competitor scaremongering about Oracles master plans for NetSuite's future, Mark Hurd, CEO at Oracle, has unapologetically placed a stake in the heart of the naysayers. Closing day one’s keynote, Evan Goldberg, EVP of Oracle NetSuite, took some time to pick the brain of Mark Hurd.
There is plenty that I could report on from my 20 minutes of exposure to Oracle's inner workings, but one of the most important statements to arise from this conversation was regarding Oracle's future plans for NetSuite, namely, the importance of NetSuite to Oracles future. Mark Hurd reflected back 3 years and referred to his comments in Oracles original press release regarding their acquisition of NetSuite. Mark Hurd directly cited this comment in the press release, adding that the comment still stands as strong today;
“Oracle and NetSuite cloud applications are complementary and will coexist in the marketplace forever. “We intend to invest heavily in both products—engineering and distribution.”
Match this with their Q3 Earnings Update in March, and you will see that Oracle won't want to change NetSuite's position any time soon. This is a huge win for NetSuite, as ever since their acquisition by Oracle 3 years ago customers have been wary about the direction NetSuite could have been potentially pulled in, and competitors used this tactic in glee to scare clients off the prospect of NetSuite as a future-proofed solution. Thankfully, we can now openly proclaim that Oracle has no master plan for changing the NetSuite ecosystem, product position, or anything else. Oracle bought NetSuite because NetSuite works, and they aren’t in the game of changing that anytime soon!
Ultimately, these three takeaways from SuiteWorld 19 are just a snippet of the bigger picture. I am sure you can find many other articles outlining more facets in more detail than this. My reason for writing this article was not to give you a detailed synopsis of SuiteWorld, but a higher level view of what I perceived to be the larger, overarching communication.
Summarised in these three points;
NetSuite’s International commitment to roll out and enable a localised customer experience to countries all over the globe.
NetSuite’s investment in the wider business community to enable growth and success.
Oracle’s commitment to maintaining the success and momentum of NetSuite.
With all that in mind, we would love to hear your thoughts and opinions on SuiteWorld 19, what were your key takeaways, what excited and motivated you most? If you have any questions, comments, or experiences you would like to share, please feel free to leave a comment in the comments section below, or, alternatively you can contact us here.