The NetSuite subsidiary of Oracle Corp. today announced a wide range of new and improved features for its eponymous enterprise resource management software for small and medium businesses and has deployed a version of the suite specific to the FinTech industry.
SuiteBanking is aimed at the banking sector. It combines automated accounts payable and accounts receivable processes in NetSuite to simplify the process of paying invoices, sending invoices and processing receivables from within NetSuite.
“We believe we are the first cloud ERP suite to have an integrated fintech solution,” said Evan Goldberg, executive vice president of Oracle NetSuite.
“We tried to leverage the power of the suite and apply it to all fintech offerings: interest rate, international portfolio, payment options, working capital,” said Jason Maynard, vice-president. senior president of global field operations. The difference is that we are a suite and have taken a suite approach to suite banking.
NetSuite intends the fintech product to be open and scalable, Maynard said. “We’re not going to force you to use just one bank,” so while HSBC Bank PLC is the first SuiteBanking partner, there will be more, said Maynard. “Customers can bring their bank and we’re going to partner with some of the biggest banks in the world,” he said.
Features include the ability for businesses to accept customer payments via email and automatically apply them to the receivables system. There is also a Customer Portal feature that allows customers to see the status of their accounts and payments. Other features are intended for processes such as bank reconciliation, expense and expense management, international payments, and access to working capital.
A fair warehouse for NetSuite
NetSuite Analytics Warehouse is a new analytics warehouse based on Analytics Cloud and Autonomous Data Warehouse from Oracle. It is intended to help users locate models from NetSuite and other data sources.
The warehouse automatically connects to the NetSuite environment using predefined pipelines capable of transferring data in near real time. “We built it specifically for NetSuite,” Goldberg said. “Your data is automatically right there.”
Users can extract, transform, and load data from third-party sources ranging from spreadsheets to unstructured data without encoding, NetSuite said. There are also over 25 pre-built connectors to popular file sharing, customer relationship management, and analytics platforms.
The company also said it has expanded its customer support operations to include prescriptive playbooks based on experience and data gleaned from other customers.
“We’ve learned a ton in five years,” Goldberg said. “These manuals help you manage everything that businesses need to manage as they grow that require you to change companies. “
The playbooks target functions such as revenue accounting, project profitability and supply chain management, as well as cross-functional processes such as cash quotation, the company said. They are also intended to guide clients in preparing for geographic expansion from an initial public offering and mergers and acquisitions.
Function-specific playbooks address operations such as financial management, human capital, customer engagement, supply chain, and project profitability.
NetSuite believes the expansion and funding options are ideal. Goldberg said more than 150 of its clients went public in 2021 and 65% of initial technology-based public offerings use the software.
E-commerce product recommendation engine
Other improvements announced today:
- The SuiteCommerce e-commerce platform now provides smart product recommendations, allowing businesses to personalize offers to website visitors.
- New online payment features allow links to secure payment pages where customers can view and pay their bills.
- New application program interfaces in the reporting module of SuiteAnalytics allow programmatic access to workbooks for the development of business intelligence applications.
- New invoice presentation templates allow users to configure project invoices according to the needs of individual customers and purchase orders to be created and tracked from the project record and easily tracked.
The $ 9.3 billion Oracle paid for Netsuite five years ago raised eyebrows with some analysts who thought the price was too high, but the deal appears to be a winner for Oracle. NetSuite had 11,000 customers at the time of the transaction and has more than doubled that number to 27,000 today.