[UPDATED: 4/5/19] That’s all folks! SuiteWorld19 is complete, and the dust is beginning to settle. In this update to our previous blog, we wanted to provide a high-level recap and review our earlier predictions. We have also embedded videos of the two keynote presentations at the end.
This year featured a heavy focus on SuiteSuccess with new vertical-specific capabilities, a new fully integrated planning and budgeting cloud service (PBCS), international editions and much more. NetSuite’s commitment to establishing a global presence was made clear through the announcements of new global trade management capabilities (including the SuiteTax API) and new localizations to support customers in many of the world’s largest economies: China, India, France, Germany, Japan, Mexico, the UK and Singapore. The company also unveiled multiple enhancements to its existing product suite that include new analytics through a SuiteAnalytics Workbook, 30 new extensions to SuiteCommerce, updates to the Oracle Bronto Marketing platform, new SuitePeople capabilities, and additional project management and supply chain automation. Another major update from NetSuite was about its new business research and benchmarking service called Brainyard which borrows insights from SuiteSuccess configurations and acts as a reference tool for growing businesses.
A new year, a new SuiteWorld! It has been nearly three years since Oracle acquired NetSuite and we are still incredibly excited about this dream team and what they bring to market. The overarching themes for SuiteWorld 2018 included international growth, attention to SMBs and micro-verticals, and continued investment in technology like AI and machine learning.
At SuiteWorld 2019, we expect NetSuite to double down on these themes with an emphasis on several specific micro-verticals, its SuiteCommerce Extension Network and new product enhancements that leverage data and predictive analytics. In this blog post, we’ll explain our predictions for NetSuite’s big event and share a few thoughts on trends for 2019.
Our team is attending SuiteWorld so this blog post will be updated afterward to provide an event recap and our takeaways. We also plan to embed videos of the keynote speeches. Let’s get started!
Micro-verticals to Watch: Apparel & Footwear, Food & Beverage, SaaS
What we guessed correctly (kinda)
- An announcement for the SaaS vertical – Buried in a press release from its April 2nd collection of announcements, NetSuite revealed SuiteSuccess for Software Companies which features new revenue management capabilities with real-time revenue intelligence and data. Click here for more information.
Other related NetSuite announcements
- In this same press release, NetSuite also announced new SuiteSuccess editions for wholesale distributors and manufacturing companies. SuiteSuccess for wholesale distributors provides access to new warehouse management and inventory management capabilities to help optimize operations and obtain better control over the inventory lifecycle. Manufacturing companies are empowered with work order and assembly management enhancements that streamline the process for creating work orders, ‘make to order’ and assemble items.
In 2018, NetSuite released a “Health & Beauty Bundle” that included improved reporting tools, unique dashboards and new capabilities that were specific to this micro-vertical. NetSuite also formed a dedicated team to ensure its product suite addressed the needs of the health & beauty category. It wouldn’t surprise us to see similar bundled offerings for other micro-verticals like apparel and footwear, food and beverage, and software-as-a-service (SaaS).
The retail industry performed well in total sales for 2018 despite recent reports of a Q4 decline. Total sales increased by 3.7 percent (YOY) in 2018, great news for the apparel and footwear micro-vertical. If retail growth continues to slow in 2019, that can embolden NetSuite to highlight its ability to cut IT costs, optimize processes and achieve greater efficiency.
Food and beverage is also a good candidate for a new NetSuite bundle or related offering. NetSuite Food and Beverage Industry Principal John Bek believes that smaller, more nimble brand manufacturers will continue challenging big brands as startups in this industry have raised $9.5 billion from private equity firms since 2013. Next-gen fast-casual restaurants are gaining momentum and solutions from NetSuite can be ideal for SMBs and enterprises looking for a scalable ERP that is modular.
SaaS is another micro-vertical that could see extra attention from NetSuite in 2019. The valuations for SaaS companies are approximately 10 times their revenue and there are a few big-name IPOs (Slack, TripActions, etc.) that could happen this year. Typically, there is a public market correction to these valuations but overall interest in this micro-vertical will likely remain as cloud infrastructures improve and 5G technologies are implemented.
Investment in Technology
What we guessed correctly
- SuiteCommerce extensions announcement — NetSuite announced new extensions for SuiteCommerce that enable users to integrate third-party tools and products, all of which require little assistance from developers. SuiteCommerce and SuiteCommerce Advanced customers will be able to leverage many of these extensions instead of working on customizations for their websites, and each extension is designed to upgrade with the new NetSuite releases. The extensions range from marketing-specific and adding a blog to interactive maps and product comparisons. The rollout is ongoing and all extensions will be available on SuiteApp.com.
Other related NetSuite technology announcements
- NetSuite made a variety of announcements about new automation capabilities and technology updates across its product suite during SuiteWorld19. We weren’t specific enough with our original predictions to take credit for anything, so we bulleted out several of the more notable updates below.
- SuiteAnalytics Workbook — It includes new consumer-grade data and visualizations for non-technical users.
- New Supply Chain Control Tower Feature — It uses AI and machine learning to help customers predict which orders will be late, identify potential workarounds and flag affected orders.
- Updates to Oracle Bronto Marketing Platform — Oracle’s Autonomous Data Warehouse and Oracle Analytics Cloud have been embedded into the marketing platform for better visualization and insights into the customer experience.
- Enhanced Project Management Capabilities — NetSuite updated the rules-based approval engine for better visibility, control and agility.
- New Supply Chain Capabilities — A new allocation and commitment engine allows customers to automate product allocation and more.
Last year, NetSuite revealed its Commerce Extension Framework and announced the world’s first intelligent cloud suite that was purported to help businesses receive better insights, engage in automation and utilize predictive analytics. These are both excellent investments for NetSuite but we believe the Commerce Extension Framework will be more impactful in 2019.
The Commerce Extension Network has many benefits for SuiteCommerce and SuiteCommerce Advanced (SCA) users, and we anticipate NetSuite will roll out additional capabilities and support as more businesses actively use it. Over the next year, we think more companies like SuiteCentric will build unique extensions and bundles to resell within the NetSuite store. Blog extensions and donation pages will likely be at the top of this list.
One promise of the Commerce Extension Network includes making the sales and buying process easier for both sides of the equation. Businesses creating extensions have access to a larger potential customer pool and another referral channel. It also speeds up the time to purchase as NetSuite customers can have minimal engagement with service providers or sales teams.
NetSuite’s intelligent cloud suite will certainly provide value to customers in 2019 and can help future proof its technologies. Continuing to invest in AI and machine-based learning is encouraging because it’s a sign that NetSuite is betting on itself. While we do not have any specific predictions for the intelligent cloud suite, it wouldn’t be surprising if an announcement about automation was made for a single business user group like finance and procurement professionals or HR professionals.
Other Key SuiteWorld19 Announcements
- SuiteSuccess for Planning and Budgeting Cloud Services (PBCS) – PBCS is a budgeting solution that tracks performance against real-time planning and is tailored to distinct industry requirements. It facilitates better forecasting and collaboration while also providing enhanced planning models and navigation. NetSuite states that PBCS can be launched in as little as 30 days and it is available in seven industry editions. Learn more.
- NetSuite’s Brainyard – This is NetSuite’s new business research and benchmarking service offered free via its new website. This service provides business research, benchmark data and performance analysis, and advice to help businesses grow confidently. Learn more.
Do you have any questions about NetSuite’s announcements?
We’d love to learn more about your business and discuss how we can help you get the most out of NetSuite.
SuiteWorld19 Keynote Presentations
Executive Keynote: Unlocking Growth
This presentation features…
- Jason Maynard, Senior Vice President, Global Field Operations, Oracle NetSuite
- Shaquille O’Neal, Member NBA Hall of Fame, Media Personality and Entrepreneur
- Kendall Fisher, Host & Producer, Grow Wire, Oracle NetSuite
- Suzy Strutner, Managing Editor, Grow Wire, Oracle NetSuite
- Mandi Dhaliwal, Chief Marketing Officer, Dell Boomi
- Brian McClain, Chief Financial Officer, LOUDAudio
- Keoki Andrus, Vice President of Product, LogMeIn
- Fritz Nelson, Editor-in-Chief, Oracle NetSuite
- Megan Biner, Industry Research Lead, Oracle NetSuite
Product General Session at SuiteWorld19
This presentation features…
- Gary Wiessinger, Senior Vice President, Product Management, Oracle NetSuite
- Craig Sullivan, Group Vice President, Oracle NetSuite
- Allison Auclair, Vice President, Product Management, Oracle NetSuite
- Rick Gemereth, Chief Information Officer, Lionel Racing
- Mark Janzen, Vice President, Connector Engineering, Avalara