- 8 December 2015 09:34
NetSuite Announces New Advancements in NetSuite OneWorld
SYDNEY, Australia — December 8, 2015 — NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced the latest product enhancements to NetSuite OneWorld, continuing its lead in delivering transformative power to global businesses of all sizes with any business model (B2B, B2C and B2Anything), giving them the agility and flexibility to adapt to the rapidly changing world of modern business. The latest advancements expand support for NetSuite into more than 100 countries with configurable tax compliance, support for 20 languages and 190 currencies, and multi-subsidiary management, along with a myriad of capabilities for global businesses which have enabled NetSuite customers to transact in more than 200 countries and dependent territories around the world. NetSuite OneWorld gives today’s businesses the ability to expand and transform their organisations and reinvent their business models to meet the ever changing demands of their markets and the expectations of their customers. The agility, flexibility and scalability that NetSuite OneWorld provides cannot be achieved by businesses running legacy on-premise software or immature cloud solutions that are years behind NetSuite and only offer rudimentary functionality.
Businesses seeking to enter new markets, manage mergers, acquisitions and divestitures, and fast-growing companies looking to expand globally often find themselves held back by software systems siloed by department, geography or legal entity structures, leaving them unable to deliver an optimal customer experience and gain insights into their operations. These disparate software systems not only cannot scale with business growth but also introduce excessive costs and potential errors, while also restricting businesses’ ability to respond to their changing markets and the needs of their customers. While on-premise software requires costly maintenance and disrupts the business with every product upgrade, forcing companies into version lock, other available cloud financial software solutions only offer basic product functionality that cannot scale and support business needs and growth. NetSuite OneWorld is the cloud business platform of choice for global companies of all sizes NetSuite OneWorld, winner of the 2015 Software & Information Industry Association (SIIA) CODiE Award for Best Financial Management Solution and the 2015 UK Cloud award for ERP Product of the Year, provides a unified and cloud-based suite of software that is flexible enough to meet the needs of diverse business models, legal structures and geographies. New customers like Misys, HP Software and American Express Global Business Travel are turning to NetSuite OneWorld for advanced capabilities to manage subsidiaries, tax compliance and multi-currency globally, while fast-growing food delivery pioneer Deliveroo is using NetSuite OneWorld to manage inventory across multiple locations, having rapidly expanded from just one country 12 months ago to six countries today.
“While other software vendors are struggling to move software architected before the Internet existed to the cloud or build out the rich global functionality NetSuite has pioneered, we’re continuing to innovate and expand the reach of our customers with new features that allow global businesses to expand their operations and adapt rapidly on a business platform for the future,” said Craig Sullivan, Senior VP of Enterprise and International Products for NetSuite. “NetSuite’s momentum in helping customers like Misys, HP Software and American Express Global Business Travel each to manage dozens of subsidiaries across the globe is a clear indication of the comprehensive functionality of OneWorld.”
NetSuite OneWorld Delivers Product Innovations, Agility, Flexibility and Scalability As a result of advancements in 2015, the latest release of NetSuite OneWorld brings enterprise-ready capabilities to meet the challenges faced by global businesses of all sizes including:
Omni-business model. Able to support B2B, B2C and B2Anything across ecommerce, in-store, telesales, social channels and more, NetSuite OneWorld, in conjunction with SuiteCommerce Advanced, gives businesses flexibility and agility to adapt to the speed of modern business while operating on a global scale.
Comprehensive tax compliance. NetSuite OneWorld’s global tax engine now supports more than 100 countries with simple-to-deploy indirect tax calculation and reporting capabilities, materially simplifying tax management, tax compliance, filing and audit accountability. By also providing Tax Audit File generation in various formats, including SAF-T, NetSuite OneWorld bridges the gap between traditional ERP and external tax engines and provides seamless access to the key data required to satisfy those tax authorities that are increasingly adopting standards-based eGovernment and audit methodologies. NetSuite OneWorld’s Global Tax is a key capability for supporting omnichannel, omni-country business operations, taking into account where businesses are shipping from and where they are shipping to in order to calculate the correct tax for the correct jurisdiction for a given transaction. Within the EU, NetSuite Global Tax also handles triangulation reporting requirements for business engagements that span three countries or more in addition to Mini-One-Stop-Shop (MOSS) tax calculation and reporting obligations for companies delivering electronic services to European customers.
Multi-subsidiary management. With support for an arbitrary number of subsidiaries and multi-level hierarchies, NetSuite OneWorld’s multi-subsidiary management capabilities provide the foundation for the deployment of a legal business structure on a global basis. Coupled with real-time financial consolidation at every level and the ability to view local reports in local currency or regional/global HQ currency, NetSuite OneWorld provides not only key business intelligence to support decision making, but also aids business leaders in efficiently communicating with their overseas teams by enabling them to look at identical reports and key business data at the same time.
Multi-location inventory management. Whether businesses have one retail store with multiple sub-locations or hundreds of stores and regional distribution centers, multi-location inventory enables them to keep track of and optimise the physical location of goods to meet the evolving needs of their customers.
Multi-currency management. NetSuite OneWorld now supports automated exchange rate updates for all 190+ ISO currencies and, in conjunction with global order management, enables businesses to transact with any customer, anywhere.
Multi-book accounting. NetSuite OneWorld’s multi-book capabilities automate the manual effort of ensuring accounting transactions meet local standards as well as global reporting requirements and empower controllers to manage their local period close reporting requirements with per book period end close.
Multi-language support. Global companies can communicate with customers and employees in the language of their choice by: creating localised forms to communicate order status, shipment notification, and invoice details, and match them to the language of the customer; issuing purchase orders to vendors in the preferred language of the business relationship; and representing the business to customers as a local business with translated websites and web stores and email communications.
Support for multi-payment methods. NetSuite’s SuitePayments Program now counts 10 partners, and NetSuite supports electronic payments in an unlimited number of bank formats including over 80 predefined formats (including SEPA) across more than 20 countries. Additionally, the Alternate Payment Methods API enables any payment type for any country — from bank transfers to gift cards.
Global item record. With NetSuite OneWorld’s unified system, businesses have a single view of their product inventory with real-time visibility into availability by location, enabling them to make optimisation decisions to ensure the right amount of inventory is always available where it is needed.
Global vendor record. In conjunction with NetSuite OneWorld’s procurement capabilities, businesses not only have a unified view of their vendor relationships across all subsidiaries and locations, they can also automate the process of selecting vendors for particular procurement needs based on pre-negotiated prices, reliability and other criteria particular to their business.
Omnichannel customer view. NetSuite’s unified system also provides a single view of the customer relationship across all channels, including purchase history, marketing engagement activity, after-sales interactions, cross-sell/upsell recommendations and more to provide a truly personalised customer experience.
Omni-device capabilities. With support for Apple and Android devices and accessible from anywhere with a web browser and an Internet connection, NetSuite delivers the full power of NetSuite OneWorld to the user’s device of choice, enabling customers to run their business from their desk, tablet or phone and engage with customers and trading partners on the device of their choice.
Today, more than 24,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-ready cloud business management suites of enterprise resource planning (ERP), customer relationship management (CRM), and ecommerce applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and @NetSuite Twitter handle for real-time updates.
For more information about NetSuite, please visit www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.