SuiteWorld is a must-attend global event for businesses in the eCommerce industry. The recent SuiteWorld 2021 was more outstanding than ever before. Our SCG team got enlightened on the latest Oracle | NetSuite features, trends, industry news, and visionary thinking that results in business success. With the theme of this year’s SuiteWorld being “Power Your Growth”, the main focus was to encourage partners to grow their business beyond the expected as NetSuite stretches to new and unanticipated areas.
Research done by NetSuite reveals that companies that utilize its products are three times stronger and faster. The research also shows that NetSuite customers are the most innovative in the globe. NetSuite has extended its customer base by 17,000 within the last 5 years. This did not come on a silver platter but NetSuite has continually made investments in the latest products, enhancements, and innovations that the modern business requires to run efficiently.
As a summary of the entire informative sessions, keynotes, and latest NetSuite updates, this blog will give a complete wrap-up of the SuiteWorld 2021 conference.
Business Top Pillars for Growth in 2021A Recap Of NetSuite’s 10th Annual SuiteWorld Conference 2021
- Automation increases business efficiency
- Insights see beyond data
- Agility is a gateway to adaptability
The Strength of Automation
It is no longer a debate that companies which use antiquated processes are unable to adapt to the irresistible changes which modern technology is bringing. Businesses that still utilize outdated solutions need to make a decision on what is good for them because NetSuite recently announced the preparation to roll out SuiteBanking to its customers.
What is NetSuite SuiteBanking
NetSuite SuiteBanking will be the first cloud ERP to be integrated into FinTech to enable enterprises to automate financial processes, boost forecasting and enhance decision making for better visibility of cash flow. NetSuite SuiteBanking aims at enhancing the cash flow processes through the following ways:
- Automating Accounts Payable
- Automating Accounts Receivable
- Reconciliation of Bank
- Global Payments
- Optimizing Cash Flow & Making Access to Working Capital Easy
- Expenditure Management
Why Knowledge on Data is Important?
During SuiteWorld 2021, Evan Goldberg SVP of Oracle NetSuite clearly stated that data is very important for any business that focuses on success because harnessing data in various sources enables businesses to create predictable and unpredictable patterns for scalability. While delivering his keynote, Goldberg also pointed out a number of NetSuite customers that have experienced continuous growth even during the complexities of the Covid-19 pandemic. With the help of Oracle | NetSuite products, the companies manage to shift their business to online and use the big data for advanced visibility to customer information and their competitors.
In the list of the successful NetSuite customers were LoveSac, Modsy, Make A Wish, Clickstop, etc. These companies used analytics to understand the customer’s purchase history, referrals, recommendations, search terms, social media campaigns as well as financial and operational data to help in the calculation of unprecedented costs.
When Shark Tank’s Kevin O’Leary captured the audience’s attention with an important call to know their business data, he engaged the audience with the following critical business questions:
- How huge is the market?
- What is the market’s growth rate?
- How many competitors exist in the market?
- What is the market analysis?
In his submission, he wanted to create awareness that businesses can only survive if they have knowledge of numbers or data. O’Leary also pointed out that businesses should focus on omnichannel data-driven and agile business models that give a better buying experience to customers. His two investments, LovePop and Blueland, majored in omnichannel retail platforms leading to high ROI during the pandemic.
Introduction of NetSuite Analytics Data Warehouse
The supply chain, business trends, and inventory continue to fluctuate every moment, making analytics a key aspect to consider. NetSuite has come up with an Analytics Data Warehouse which is pre-built. The tool plays a crucial role in leveraging Oracle’s machine learning analytical tool and Oracle’s Autonomous Data Warehouse by pulling together all sources of data and highlighting the opportunities for business growth.
What Are The Benefits of NetSuite Analytics Data Warehouse?
- It can be used in the management of data for audit, compliance, and storage because its 25 pre-built connectors can have access to data from major platforms like Salesforce and Google
- With its ability to offer insights on trends, businesses can monitor and use data from various systems
- You get a perfect and faster view of your business analytics with the pre-built dashboards and more than 40 visualizations designed to help you have summary details of your data.
- You can automatically generate data and export it into various charts for easier and effective analysis
- You do not need IT resources to analyze data by yourself.
Why Agility Is A Gateway To Adaptability?
Every business always considers agile methods for processes such as implementation, installation, and integration of products and services. Agile methodologies are always the perfect strategies to shift your business internal processes without disruption. In order to optimize NetSuite services when it comes to agility, Evan Goldberg announced plans to launch NetSuite Advanced Customer Support Playbooks (NetSuite ACS) will help NetSuite customers improve their business agility.
NetSuite ACS is a service that gives a roadmap to enable businesses to enhance ROI, meet their goals for growth, and boost their main functions. It also helps businesses to find solutions with prescriptive playbooks that tame complex supply chains as they optimize their business operations.
Conclusion
Taking Your Business to the next step can only come to reality if you have the right expertise to deliver outstanding solutions. At Seibert Consulting Group, we specialize in delivering modern solutions to businesses that aim at taking full advantage of the eCommerce platform. We always customize our solutions to align with Your Business requirements and goals. Let’s start talking about your project and find out how we can help your business grow. Get in touch with us via our chatbot or email hello@seibertconsulting.com and via our direct line at 760-205-5440.
