NetSuite was recently named a Market Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Mid-Market ERP Applications 2017 Vendor Assessment released this September.
The assessment is based on an evaluation of 14 of the leading SaaS and cloud-enabled vendors in the market and is based on a wide range of criteria which includes: user interface, ease of use and implementation, scalability, functionality, pricing model, financial stability, language support and more. IDC MarketScape is a recognised source of providing premier vendor assessment to help those in the ICT industry evaluate the right products and services to suit their business needs.
IDC MarketScape placed NetSuite in the Leaders Category- NetSuite was founded in 1998 and was acquired by Oracle for $9.3 billion in November 2016 and is managed as a separate global unit. They are distinct products, and the IDC MarketScape evaluated them separately.
"NetSuite holds an edge over its competitors as all ERP modules run on a single database and single code base. This is an attribute that few other vendors in the ERP market are currently providing in the cloud."
The IDC MarketScape cited NetSuite's breadth of functionality as strengths in its report noting the solution spans from Financial Management, Human Resources, Order Management and E-Commerce. The IDC MarketScape also highlighted Netsuite's SuiteCloud platform and localization and globalization capabilities, as attractive to mid-market companies doing business around the globe.
However NetSuite's single data and code base stood out: "NetSuite holds an edge over its competitors as all ERP modules run on a single database and single code base. This is an attribute that few other vendors in the ERP market are currently providing in the cloud. This attribute provides quicker access to data relative to other solutions and easier and relatively seamless updates", the IDC MarketScape report said.
The report further stated that "SaaS and cloud-enabled ERP means ERP systems are no longer just for the large enterprise as small and medium-sized businesses (SMBs) can now run their business similar to large enterprises- but with even more efficiencies and less frustration".
"NetSuite is best suited for small to mid-market organisations across various different industries that want to grow and launch new products and need an ERP system that is cost-effective and scales rapidly."
Digital transformation is helping to drive this shift, IDC MarketScape states. Digital transformation is "allowing businesses to transform their decision making, which is enhancing their business outcomes significantly as we enter the digital economy". Driving digital transformation is a willingness by companies to re-think their technology strategy, including moving beyond legacy ERP and back-office systems. It's an important consideration for those in the ICT industry to help their business realise process efficiencies, cost reductions, and improved profitability seen by choosing the right cloud ERP solution.
IDC MarketScape further states when you should consider NetSuite, "NetSuite is best suited for small to mid-market organisations across various different industries that want to grow and launch new products and need an ERP system that is cost-effective and scales rapidly. These organisations are large enough to take advantage of the full breadth of features of this solution and hence justify the costs of advanced capabilities".
If you want to learn more about what ERP is, have a read of our article What is ERP.