NetSuite SuiteWorld 2021- Superheroes of Finance

Were you unable to able to attend SuiteWorld this year? Not to worry, AlphaBOLD has got you covered. In this blog, we present to you a breakdown of the opening keynote of NetSuite SuiteWorld 2021. 

What is SuiteWorld?  

SuiteWorld is an annual conference held for Oracle NetSuite customers and partners from all around the globe. It is the industry’s premier cloud ERP conference.

SuiteWorld is an ideal event for companies that are a part of a fast-growing industry. It helps attendees gain insights and learn methodologies for scaling their operations and streamlining business practices. It also offers attendees an exciting future with ERP and cloud technology! The SuiteWorld conference is the ideal location for learning, socializing, and having a bit of fun! 

 

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So, what were the attendees able to enjoy at SuiteWorld this year? 

  • Success stories of companies that utilized technology to advance 
  • Breakout sessions among product areas and significant business topics, including globalization, scalability, and operational efficiency 
  • Connect with NetSuite experts, executives, and clients ideate and network. 
  • A live performance by none other than Jason Derulo. 

You can watch the on-demand sessions of SuiteWorld by logging on the SuiteWorld On Air till November 14th!* 

SuiteWorld 2021 – Opening Keynote: 

As a proud NetSuite partner, AlphaBOLD took a front-row seat to hear from NetSuite’s all-star customers, executives, and industry leaders. This blog summarizes the key takeaways from the opening keynote session of SuiteWorld 2021 led by NetSuite’s own founder and Executive/Vice President, Evan Goldberg. 

Opening KeynotePower Your Growth – What are the superpowers businesses need in today’s world? These leaders share their insights. 

 

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In the opening keynote session at NetSuite SuiteWorld, Goldberg was joined by multiple industry experts to discuss the importance of growth. They discussed their own journeys and highlighted the challenges of business growth, especially when business conditions are uncertain and continuously evolving. They explained that despite the uncertainty in the business climate, many new businesses are propping up across the globe and finding opportunities to adapt to uncertainty. Modern-day businesses are finding new paths by equipping themselves with future-facing capabilities.

Goldberg shared the key questions that modern organizations are asking themselves with the audience:  

  • How to quickly adapt when everything is changing so fast? 
  • How to predict demand when it seems unpredictable? 
  • How to find more productivity even as complexity grows? 
  • How to get the organization to move together as one?  
  • How todo I increase growth velocity? 
  • How to minimize risk when risks abound? 

He then moved on to disclose the secret superpowers that organizations can tap to overcome these challenges and maintain an afloat and profitable stance in the unpredictable business landscape of today. These superpowers are: 

Automation – today’s business landscape is fast-moving; regardless of industry or company size, everyone has to be ‘on the go’ all the time. A company cannot move fast if it is constantly being bogged down in inefficiency and manual processes. This is especially true for scaling companies, which suddenly have more invoices to manage, more suppliers to pay, and more employees to supervise. Such companies cannot focus on their missions if they are held back by manual tasks. Automation drives velocity for a business. It allows them to increase efficiency, improve productivity and move faster!  

Richard Davis, President and CEO of Make-A-Wish Foundation, also joined Evan Goldberg on stage to discuss NetSuite’s contribution towards his company in becoming more cohesive and contemporary. 

Suitebanking – automating the bulk of banking interactions 

NetSuite also announced its Suitebanking ERP solution in its opening keynote address. Suitebanking is designed to help customers automate their financial processes and gain complete visibility of their cash flows. The unified solution suite embeds fintech functionalities into the ERP platform allowing users to utilize automated accounts payable and receivable processes, manage invoices, pay bills, all from NetSuite itself.  

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Insights – companies today have more data than ever but are not able to extract value from it. Organizations no longer need data and numbers; they need to extract the underlying meaning of the data to excel. Irrelevant data and information can be dangerous! As Goldberg calls it, they want an x-ray vision for their business to answer questions like why their actuals exceeded budget or why there is high employee turnover? To answer such questions, companies need data in real-time or near real-time because things are constantly changing. 

NetSuite solves these business problems through SuiteAnalytics – the replacement for search and reporting! NetSuite gives you strong capabilities to turn workbooks into dashboards with pivot tables, multi-data sets, and much more. 

The advantages of SuiteAnalytics were further highlighted by Shanna Tellerman, founder, and CEO of Modsy – an online interior design company. She discussed how the pandemic created additional challenges for her growing business in terms of supply chain operations. The global lockdown meant that delivering furniture and tracking it across retailers and vendors was particularly challenging. However, with NetSuite, Modsy was able to get more visibility into their supply chain operations along with real-time reporting. Additionally, NetSuite helped streamline the revenue related elements of the company. With NetSuite, Modsy was able to set revenue recognition and accounting in a way that suited its growing needs. 

NetSuite Analytics Warehouse 

NetSuite Analytics Warehouse is more than a data warehouse; and it is a comprehensive intelligent BI platform. It is a cloud-based, prebuilt data warehousing and analytics solution designed to consolidate various data sources, CSVs, business system data, and NetSuite data to gain actionable insights through the Oracle Analytics Cloud. Organizations can use the NetSuite Analytics Warehouse to build and run their analysis without requiring additional IT assistance. 

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Tom Altman, Chief Technology Officer of Clickstop, also joined the session to share the company’s analytics journey with NetSuite. Clickstop tried their own analytics database but could not achieve the results they wanted for their business, especially in terms of time efficiency – and that too, with a pandemic in place, which caused many of their employees to use their personal devices for work. However, after reconnecting with NetSuite, they could leverage data and turn it into actionable insights that truly benefited their business.  

Customer 360 

NetSuite provides unprecedented data for its clients, from sales to web, shipping, project, financial data etc. – NetSuite is data-centric platform. Evan Goldberg announced that in the 22.1 release, NetSuite is announcing ‘Customer 360’ – a newly imagined user experience that enables users to take advantage of all the incoming data and deliver actionable insights to their team. The aim of customer 360 is to drive lifetime customer loyalty by providing exceptional customer service. To do this, NetSuite has equipped Customer 360 with a complete view of customer activity, including communications, transactions, and changes in activity. This enables sales and service teams to take a proactive approach that optimizes the customer’s experience. 

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Agility  

Evan Goldberg pointed out how automation and insights are beneficial for a company. However, they do not do much of a benefit if a company is not quick to respond to the benefits offered by these two superpowers. That is precisely why ‘agility’ was picked as the third and most important superpower. Businesses operating in the current corporate structure need to amalgamate various approaches to becoming successful. They are omni-multi-hybrid altogether, and above all, they need to adapt to the new changes of the business landscape constantly. NetSuite has helped companies achieve the flexibility they need to survive and thrive. According to Goldberg, flexibility is the name of the game 

Goldberg went on to discuss many customers success stories that highlighted how NetSuite helps customers across the globe streamline their inventory operations and visibility:  

  1.  Genexa employed NetSuite for inventory flexibility and optimization. 
  2. TOV – utilized NetSuite to successfully and smoothly shift from a B2B to B2C model. 
  3. LANDBAY –improved continuous forecasting and planning for the business with NetSuite. 

Business Agility and Developer Agility: 

Evan Goldberg pointed out that the NetSuite platform delivers both business agility and developer agility! With business agility, companies are empowered to adapt and tailor NetSuite without code, allowing businesses to adapt to changes and easily maintain custom fields and records. Companies can utilize Suite flow to tailor their UI with form customizations or automate complex business processes. Furthermore, NetSuite’s recent feature allows users to create ‘deep ERP customizations’ via SuiteGL, allowing customized financials with tailored transactions and segments. What does that mean for the user? This deep ERP customization enables users to track dimensions across the suite, not just in financials. These features are unique to NetSuite – no other business system allows for such robust and detailed reporting customizations.  

For customer and partner developers, Goldberg discussed that the endeavor for bringing agility started with SuiteScript 1.0 – a business logic customization based on industry-standard JavaScript followed by SuiteBundler, which facilitated the first generation of packaging/distribution of NetSuite solutions. By working on these early advances, NetSuite has now developed a dynamic ecosystem of solutions that helps developers with an advanced toolset that uses: 

  • SuiteCloud Developer Framework (SDF) 
  • SuiteScript 2.x 
  • DevOps tools 
  • REST 

NetSuite is working to make all these tools available across the suite so that users can extend and integrate their systems and entirely rely on NetSuite as their system of record. 

SuiteCloud Extension for Visual Studio Code 

The recent SuiteCloud extension for Visual Studio Code was an exciting part of the keynote session as Microsoft’s Visual Studio Code is used by software developers across the globe. This extension enables developers to design and customize SDF projects and interact with NetSuite directly inside the code. Goldberg pointed out some of the critical areas of investments that NetSuite is focusing on: 

Administrator experience  

NetSuite was focused on the no-code experience before anyone else. Now they are bringing the business user closer through in-context customizations. NetSuite introduces an extremely user-friendly approval designer that allows business users to create focused, tailormade approval processes and makes it easier to train user admins.  

Developer experience 

NetSuite is improving upon the developer experience by adding typescript for low-code development and integration hooks to popular cloud-based services. 

User Experience 

NetSuite plans on leveraging the latest Oracle IU technology to enhance user experience. The Oracle Redwood design system will be available to users to extend NetSuite and be compatible with the next-generation user interface.  

The SuiteCloud environment is one of the many reasons customers opt for NetSuite. All companies want the ability and agility to adapt to changing circumstances. To elaborate on NetSuite’s ability to help companies scale, adapt, and grow, Goldberg invited Shawn Nelson, founder and Chief Executive Officer, Lovesac on stage. Lovesac has used it to manage its growth spurt. With NetSuite, they could easily manage their increasing stores, logistic requirements, inventory management, reporting, budgeting, advanced customer support (ACS), and much more. Over the years, Lovesac has employed different business models. In 2018, Lovesac went public, NetSuite’s planning and budgeting capabilities served to be life-saving for the company after this bold move.  

Advanced Customer Support Playbooks 

SuiteWorld 2021 also announced NetSuite’s expansion of the Advanced Customer Support (ACS) to prescriptive playbooks to leverage NetSuite’s robust capabilities to optimize investments. David Rodman of NetSuite took to the stage to explain how the ACS playbooks are designed to help clients accelerate their return on investment (ROI). These playbooks take from the experience and data that NetSuite has accumulated over the years with their implementations and use that knowledge to address operational challenges such as project revenue management and recognition, profitability, and supply chain management. It also streamlines cross-functional processes such as procure to pay, quote to cash, and design to build. The playbooks also help with growth milestones such as mergers or acquisitions, IPO preparations and geographic expansion. A 20% discount was also announced on the Advanced Customer Support Optimize or Architect subscriptions and the corresponding Extended Service packs. 

 

Connect with our NetSuite experts
 

Mr. Wonderful – Kevin O’Leary, Entrepreneur and Author

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Kevin O’Leary discussed his experience with 54 private companies as they navigated through the pandemic. He shared with the audience how retail companies that survived the lockdowns had to take on different approaches to selling – they had to go direct to consumer. To do so, they needed data. Companies that leveraged data coming in from their direct consumer interactions not only survived the pandemic but grew in it. Moreover, they also utilized their experience to be better prepared for the retail atmosphere when lockdowns were eventually lifted. Kevin discussed customer success stories and how these customers are now using NetSuite to grow and enhance operations. He also shared with the SuiteWorld audience the three attributes he has found in every pitch that is successfully funded: 

  • The ability to articulate the business idea in 90 seconds 
  • Business idea + execution skills 
  • Knowing the numbers – i.e., market size, gross margins, break-evens, etc. 

Alright folks! – that is the opening keynote session for you! NetSuite has announced multiple new features, benefits, and opportunities for customers. They even announced an amazing discount for its customers! NetSuite is the business system preferred by industry leaders. If you would like to know more about our NetSuite offerings, contact us now! 

Speakers: Evan Goldberg, Founder and Executive/Vice President. Kevin O’Leary, Entrepreneur and Author. Tom Altman, Chief Technology Officer. Richard K. Davis, President and CEO. Shawn Nelson, Founder and Chief Executive Officer. David Rodman, Senior Vice President, Customer Success. Shanna Tellerman, Founder and CEO. 

* On-demand content is only available to those who registered for the virtual or in-person event. Registration is now closed. 

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