NetSuite recognized for its ability to adapt to both product and service-based businesses and its industry specialization

AUSTIN, Texas, Feb. 13, 2024 /PRNewswire/ — Oracle NetSuite today announced NetSuite has been named a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Midmarket Finance and Accounting Applications 2023–2024 Vendor Assessment (doc #US51405023, December 2023) for its two pronged approach to industries and industry specialization. A complimentary copy of the excerpt is available here.

The IDC MarketScape report analyzed the functional capabilities and go-to-market strategies of finance and accounting application vendors. Vendors were evaluated on criteria such as user experience, scalability, and capabilities to support advanced technologies like artificial intelligence, machine learning, and predictive analytics for financial management. Vendor positions are based on end-user/customer experience, detailed surveys and interviews with vendors, and publicly available information. 

The report noted, “NetSuite was developed with the ability to adapt to both product-based and service-based businesses from its inception. This is in contrast to solutions developed to cater to one or the other that then must adapt and add functionality to keep up with client needs.” The report also noted, “NetSuite’s holistic approach is oriented around the client’s industry and roles within that industry and includes all industry-specific functionalities required to successfully run a business.”

“Recent market volatility has created a greater need for businesses to prioritize resiliency and invest in finance tools that increase efficiency,” said Kevin Permenter, research director, financial applications, IDC. “NetSuite is a Leader in the midmarket finance and accounting applications IDC MarketScape. It has made a dedicated effort to target the market for rapidly growing businesses with an integrated suite of financial management and planning tools that can help product and service-based businesses increase productivity and make more informed, data-driven decisions.”

According to the report, “NetSuite provides real-time insights into numerous financial metrics, such as profitability ratios, inventory, margins, liabilities, fixed assets, taxes, and cash positions.” In addition, “with real-time access to financial data, NetSuite can quickly drill into details to resolve issues and generate statements and disclosures to comply with multiple regulatory financial compliance requirements, including ASC 606, GAAP, and SOX.”

“Small and midsize businesses manage tight margins, which require financial leaders to do more with less,” said Sam Levy, senior vice president of growth and operations, Oracle NetSuite. “We continue to focus on helping growing businesses gain the visibility, agility, and control needed to make smart decisions as they scale their operations. We believe this recognition further validates our approach and is a testament to the ongoing success of our customers.”

In addition to this report, NetSuite was also recognized as a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Small Business Finance and Accounting Applications 2023–2024 Vendor Assessment (doc #US48041222, December 2023).

About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors. 

About Oracle NetSuite
For more than 25 years, Oracle NetSuite has helped organizations grow, scale, and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 37,000 customers in 219 countries and dependent territories.

Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company—ushering in the new era of cloud computing.

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SOURCE Oracle NetSuite