Enabling Global Enterprises to Transform their Businesses with Agility of a Start-up on #1 Cloud ERP
NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced the release of a host of new product enhancements to NetSuite OneWorld designed to provide global enterprises with the agility and flexibility of a start-up, while meeting their complex industry, regulatory and tax requirements at global scale. The new, enterprise-ready capabilities extend NetSuite’s leadership position as the #1 cloud ERP provider as it continues to rapidly deliver financial management capabilities for multi-national organizations that are unmatched in the industry. Building on the momentum of enhancements to NetSuite OneWorld announced in December 2015, this new release delivers deep global financial capabilities, global control, governance, risk and compliance (GRC) features and enhanced financial reporting. In conjunction with all the global enterprise-ready capabilities available in NetSuite OneWorld 16, this new release further helps global companies increase operational efficiency, streamline financial reporting, deepen local and global compliance, localize business processes and deliver peace of mind for CFOs, controllers and finance users.
“The robust functionality and flexibility of NetSuite OneWorld makes it the last ERP system you’ll ever need,” said NetSuite CEO Zach Nelson. “Whether they’re a fast-growing start-up or a multinational enterprise, NetSuite continues to meet customer demands with features that enable them to confidently expand into new markets, launch new products or services and adapt to customer and market demands with a unified and agile cloud-based platform.”
Start-up Agility and Flexibility for Enterprise Companies
The pace of modern business is quickly accelerating, forcing companies to compete more fiercely than ever before. In order to stay competitive, businesses must continue to innovate with new product introductions and business models, packaging and pricing changes, new geographies, and even acquisitions. NetSuite OneWorld helps businesses to adapt and change with complete control over all aspects of global operations. Enhancements to NetSuite OneWorld that deliver ground-breaking agility include:
- Secondary books consolidation and financial reporting, allowing companies that are required to keep multiple sets of auditable financial results to satisfy specific GAAP (Generally Accepted Accounting Principles) requirements across their global business operations, and enabling accountants and controllers to optimize financial period closing at a global level. For example, companies can maintain accounting records according to their corporate or headquarter accounting policies in parallel with local accounting rules that may have different recognition timing or classification.
- Electronic invoicing framework, which helps customers to create country-specific electronic invoices, comply with local legal and cultural operational requirements, such as Factura Electrónica in Mexico and PEPPOL in Europe, as well as further automate the order to cash process while decreasing costs associated with manual paper invoice processing and improving collections with faster payments.
- NetSuite SuiteBilling & Unified Revenue Recognition, the industry’s first and only cloud order-to-billing-to-revenue solution, unifies both the billing and revenue recognition processes for global businesses regardless of business model with complete controls and auditability, helping businesses with global compliance requirements to reduce risks. SuiteBilling can enable global businesses to evolve their business model, product or service offerings with confidence that NetSuite OneWorld can support their needs.
Global Business Efficiency
The impact of the Internet, evolving labor markets and expanding supply chains have combined to force all businesses to become global businesses. Organizations need a system that can quickly respond to these changes, whether it’s the possibility of the UK leaving the EU, an evolving global economy or a shifting regulatory environment. Whether a business is adding a new subsidiary, launching a new sales channel or acquiring a company, NetSuite OneWorld can quickly and easily manage the complex operational and financial impact of business processes, creating a seamless experience for thousands of organizations.
Today NetSuite OneWorld supports more than 100 countries with configurable tax calculation and reporting in order to meet local government compliance obligations, supports 20 different languages natively along with any language of communication for Customer and Vendor interactions. Further, with support for 190 currencies, over 120 payment methods and multi-subsidiary management, enabling NetSuite customers to transact in more than 200 countries and dependent territories around the world.
This incredible global footprint of capabilities and deployments is testament to NetSuite’s focus on ensuring customers can recognize opportunities and rapidly expand to new countries with confidence. New OneWorld features supporting global operations include:
- Global vendor management, enabling multi-company users to centralize and manage their global vendor relationships, including credit limits, across multiple companies and to clean up duplicate vendor data from legacy systems by merging vendor records across subsidiaries.
- Country-specific localizations, expanding support for tax calculation and reporting requirements in more than 100 countries, including support for Czech Republic VAT Control Statement and Slovak Republic VAT Ledger Statement, which will allow global companies to meet the tax requirements of the countries they operate in. Through NetSuite’s support for local tax calculation and reporting, changes in VAT transaction details in Belgium and Portugal, and similar upcoming changes in Spain and Hungary can be managed seamlessly, as NetSuite cloud ERP can allow global companies to cope with such changes with minimized business disruption.
Efficient Compliance Reducing Risks
- Enhanced governance, risk and compliance, expanding NetSuite’s existing GRC capabilities with a focus on ensuring companies of all sizes have the ability to define role-specific access controls across their global organizations, track activity and configuration changes at a granular level and report on that activity, including proactive alerting related to business-specific exception criteria. Key improvements to NetSuite OneWorld which are part of this release include additional audit trails and searchability across all financially-relevant account setup pages; revenue recognition plan changes (within the Advanced Revenue Management module); custom financial layouts; and more comprehensive information about changes made to workflow definitions. Improvements also include significantly enhanced security around the password reset process.Also available with this latest release of NetSuite OneWorld is the Administration and Controls Toolkit (ACT) SuiteSolution, which provides a powerful set of new tools for managing access, security, and audit controls. The ACT SuiteSolution contains extensible modules for tracking (and preventing) record deletion, managing employee terminations (pre-dating terminations as well as automated access removal from non-production environments), enhanced security around SuiteScript file management, and a robust audit and change management dashboard for at-your-fingertips, real-time, visibility into key configuration and controls changes.
Organizations investing in ERP need a system that supports not just the needs of today, but the needs of tomorrow, no matter what it might bring. The NetSuite SuiteCloud development platform provides robust customization capabilities for customers and partners, helping companies to future-proof their business.
While NetSuite is one of the most powerful global end-to-end solutions in the marketplace, many organizations have either heavily invested in enterprise point applications, require specific vertical functionality or have unique needs based on geography. A series of specialized, purpose built APIs in the SuiteCloud platform enable strategic partners to plug in their unique value add solutions so as to meet the needs of customers in existing markets and help to open up new market opportunities for NetSuite and our customers.
SuitePayments and SuiteTax
Leveraging the powerful and flexible SuiteCloud development platform, SuitePayments and SuiteTax are two components of NetSuite OneWorld 16. SuitePayments allows payment partners to build extensible payment solutions that will be consumed by all current and future modules in NetSuite’s omnichannel commerce product portfolio. For the first time merchants can enable credit card payments, manage complex alternative payments, offer fraud solutions and conduct EMV card-present solutions globally over a single interface delivered entirely in the cloud, which can drive down costs, consolidate providers and create an unbeatable customer experience. SuiteTax centralizes all tax functions within the NetSuite modules eliminating the need for tax partners to create page by page extensions within NetSuite to calculate taxes. This architecture creates greater stability, compatibility and compliance for NetSuite customers as they calculate, remit and manage compliance in an ever-changing tax regulation environment while massively simplifying the integration requirements for partners.
“Having pioneered ERP in the cloud, NetSuite continues to innovate in meeting the demands of fast-growing global enterprises with capabilities that enable them to confidently expand into new markets, launch new products or services and adapt to customer and market demands with a unified and agile cloud-based platform,” said Craig Sullivan, Senior Vice President of Enterprise and International Products for NetSuite. “These latest features demonstrate our clear commitment to extending our lead as the #1 Global Financials system and helping our global, enterprise customers operate wherever opportunity takes them and succeed at the pace of modern business.”
NetSuite OneWorld, winner of the 2015 Software & Information Industry Association (SIIA) CODiE Award for Best Financial Management Solution and the 2015 UK Cloud award for ERP Product of the Year, provides a unified and cloud-based suite of software that is flexible enough to meet the needs of diverse business models, legal structures and geographies. NetSuite OneWorld supports 190 currencies, 20 languages and automated tax calculation, reporting and compliance in more than 100 countries, and transactions in more than 200 countries.
Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the deployment of NetSuite OneWorld 16. These forward-looking statements are based upon the current expectations and beliefs of NetSuite’s management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, without limitation, risks associated with material defects or errors in our software. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and NetSuite disclaims any obligation to update these forward-looking statements.
ECB launches small climate-change unit to lead Lagarde’s green push
FRANKFURT (Reuters) – The European Central Bank is setting up a small team dedicated to climate change to spearhead its efforts to help the transition to a greener economy in the euro zone, ECB President Christine Lagarde said on Monday.
Lagarde has made the environment a priority since taking the helm at the ECB, taking a number of steps to include climate considerations in the central bank’s work as the euro zone’s banking watchdog and main financial institution.
She is now creating a team of around 10 ECB employees, reporting directly to her, to set the central bank’s agenda on climate-related topics.
“The climate change centre provides the structure we need to tackle the issue with the urgency and determination that it deserves,” Lagarde said in a speech.
She said that climate change belonged in the ECB’s remit as it could affect inflation and obstruct the flow of credit to the economy.
The ECB said earlier on Monday it would invest some of its own funds, which total 20.8 billion euros ($25.3 billion) and include capital paid in by euro zone countries, reserves and provisions, in a green bond fund run by the Bank for International Settlement.
More significantly, ECB policymakers are also debating what role climate considerations should play in the institution’s multi-trillion euro bond-buying programme.
So far the ECB has bought corporate bonds based on their outstanding amounts but Lagarde has said the bank might have to consider a more active approach to correct the market’s failure to price in climate risk.
“Our strategy review enables us to consider more deeply how we can continue to protect our mandate in the face of (climate) risks and, at the same time, strengthen the resilience of monetary policy and our balance sheet,” Lagarde said.
(Reporting by Balazs Koranyi; Editing by Francesco Canepa and Emelia Sithole-Matarise)
What to expect in 2021: Top trends shaping the future of transportation
By Lee Jones, Director of Sales – Grocery, QSR and Selected Accounts for Northern Europe at Ingenico, a Worldline brand
The pandemic has reinforced the need for businesses to undergo digital transformation, which is pivotal in the digital economy. In 2020, we saw the shift to online and cashless payments accelerated as a result of increased social distancing and nationwide restrictions.
The biggest challenge on all businesses into 2021 will be how they continue to adapt and react to the ever changing new normal we are all experiencing. In this context, what should we expect this year and beyond, in terms of developments across key sectors, including transport, parking and electric vehicle (EV) charging?
Mobility as a service (MaaS) and the future of transportation
Social distancing and lockdown measures have brought about a real change in public habits when it comes to transportation. In the last three months alone, we have seen commuter journeys across the globe reduce by at least 70%, while longer-distance travel has fallen by up to 90%. With it, cash withdrawals for payment has drastically reduced by 60%.
Technological advancements, alongside open payments, have unlocked new possibilities across multiple industries and will continue to have a strong impact. Furthermore, travellers are expecting more as part of their basic service. Tap and pay is one of the biggest evolutions in consumer payments. Bringing ease and simplicity to everyday tasks, consumers have welcomed this development to the transport journey. In-app payments are also on the rise, offering customers the ability to plan ahead and remain assured that they have everything they need, in one place, for every leg of their journey. Many local transport networks now have their own apps with integrated timetables, payments, and ticket download capabilities. These capabilities are being enabled by smaller more portable terminals for transport staff, and self-scanning ticketing devices are streamlining the process even further.
Ultimately, the end goal for many transport providers is MaaS – providing an easy and frictionless all-encompassing transport system that guides consumers through the whole journey, no matter what mode of travel they choose. Additionally, payment will remain the key orchestrator that will drive further developments in the transportation and MaaS ecosystems in 2021. What remains critical is balancing the need for a fast and convenient payment with safety and data privacy in order to deliver superior customer experiences.
The EV charging market and the accelerating pace of change
The EV charging market is moving quickly and represents a large opportunity for payments in the future. EVs are gradually becoming more popular, with registrations for EVs overtaking those of their diesel counterparts for the first time in European history this year. What’s more, forecasts indicate that by 2030, there will be almost 42 million public charging points deployed worldwide, as compared with 520,000 registered in 2019.
Our experience and expertise in this industry have enabled us to better understand but also address the challenges and complexities of fuel and EV payments. The current alternating current (AC) based chargers are set to be replaced by their direct charging (DC) counterparts, but merchants must still be able to guarantee payment for the charging provider. Power always needs to be converted from AC to DC when charging an electric vehicle, the technical difference between AC charging and DC charging is whether the power gets converted outside or inside the vehicle.
By offering innovative payment solutions to this market segment, we enable service operators to incorporate payments smoothly into their omnichannel customer experience that also allows businesses to easily develop acceptance and provide a unique omnichannel strategy for EV charging payments. From proximity to online payments, it will support businesses by offering a unique hardware solution optimized for PSD2 and SCA. It will manage both near field communication (NFC) cards and payments from cards/smartphones, as well as a single interface to manage all payments, after sales support and receipt with both ePortal and eReceipts.
Cashless options for parking payments
The ‘new normal’ is now partly defined by a shift in consumer preference for cashless, contactless and mobile or embedded payments. These are now the preferred payment choices when it comes to completing the check-in and check-out process. They are a time-saver and a more seamless way to pay.
Drivers are more self-reliant and empowered than ever before, having adopted technologies that work to make their life increasingly efficient. COVID-19 has given rise to both ePayment and omnichannel solutions gaining in popularity. This has been due to ticketless access control based on license plate recognition or the tap-in/tap-out experience, as well as embedded payments or mobile solutions for street parking.
These smart solutions help consider parking services more broadly as a part of overall mobility or shopping experience. Therefore, operators must rapidly adapt and scale new operational practices; accept electronic payment, update new contactless limits, introduce additional payments means, refund the user or even to reflect changing customer expectations to keep pace.
2021: the journey ahead
This year, we expect to see an even greater shift towards a cashless society across these key sectors, making the buying experience quicker and more convenient overall.
As a result, merchants and operators must make the consumer experience their top priority as trends shift towards simplicity and convenience, ensuring online and mobile payments processes are as secure as possible.
Opportunities and challenges facing financial services firms in 2021
By Paul McCreadie, Partner at ECI Partners, the leading growth-focused mid-market private equity firm
Despite 2020 being an enormously disruptive year for businesses, our latest Growth Index research reveals that almost three quarters (74%) of mid-market financial services companies remained resilient throughout the pandemic.
This is positive news, especially when taking into account the economic disruption that financial services firms have had to go through since the crisis began. No doubt 2021 will also hold its own challenges – as well as opportunities – for firms in this sector.
Unsurprisingly, the biggest short-term concern for financial firms for the year ahead involved changing pandemic guidance, with 42% citing this as a top concern. With the UK currently experiencing a third lockdown many financial services businesses will have already had to adapt to rapidly changing guidance, even since being surveyed.
Businesses will also be considering the need to invest in working from home operations, and there may be uncertainty over re-opening offices on a permanent basis. According to the research 30% of financial services firms are planning to adopt remote working on a permanent basis, so decisions need to be made now about whether they invest more in enabling staff to do this, or in their current office premises.
Due to Brexit, UK financial services firms are no longer able to passport their services into Europe, which may cause problems, particularly in the next 12 months as the Brexit deal is ironed out and the agreement is put into practice. Despite this, Brexit was only cited by 24% of financial firms as a short-term concern. While it’s comforting to see that UK financial firms aren’t hugely concerned about Brexit at this juncture, it is going to be vital for the ongoing success of the industry that the UK is able to get straightforward access to Europe and operate there without issue, otherwise we may see these concern levels rise.
Looking ahead to longer-term concerns for financial services businesses, the top concern was global economic downturn, of which 40% of firms cited this as a worry when looking beyond 2021.
Investing and adopting tech
Traditionally, the financial services sector has been slow to adopt digital transformation. Issues with legacy systems, coupled with often large amounts of data and a reluctance to undertake potentially risky change processes, have meant many firms are behind the curve when it comes to technology adoption. It’s therefore promising to see that so much has changed over the last year, with 45% of financial services firms having invested in AI and machine learning technology – making it the top sector to have invested in this space over the last 12 months.
One business that exemplifies the benefits of investing in machine learning is Avantia, the technology-enabled insurance provider behind HomeProtect. The business has undergone a large tech transformation in the last few years, investing in an underlying machine learning platform and an in-house data science team, which provides them with capabilities to return a quote to over 98% of applicants in under one second. This tech investment has allowed them to become more scalable, provide a more stable platform, improve customer service and consequently, grow significantly.
This demonstrates how this kind of tech can help businesses to leverage tech in order to offer a better customer experience, and retain and grow market share through winning new customers. This resilience should combat some of the concerns that firms will face in the next year.
Additionally, half (51%) of financial services firms have invested in cybersecurity tech over the last year, which allows them to protect the platforms on which they operate and ensure ongoing provision of solutions to their customers.
Clearly, there is a benefit of international revenues and profits on business resilience. In practice, this meant that businesses that weren’t internationally diversified in 2020 struggled more during the pandemic. In fact, the businesses considered to be the least resilient through the 2020 crisis were three times more likely to only operate domestically.
Perhaps an attribute towards financial services firms’ resilience in 2020, therefore, was the fact that 53% already had a presence in Europe throughout 2020 and 38% had a presence in North America. This internationalisation gave them an advantage that allowed them to weather the many storms of 2020.
Looking at how to capitalise on this throughout the rest of 2021, half (51%) of are planning overseas growth in Europe over the next 12 months, and 43% in North America. Further plans to expand internationally is not only a good sign for growth, but should further increase resilience within the sector.
While there are many concerns, the fact that financial services businesses are investing in technology like AI and machine learning, as well as still planning to grow internationally, means that they are providing themselves with the best chances of dealing with any upcoming challenges effectively.
In order to maintain their growth and resilience throughout the next 12 months, it’s imperative that they continue to put their customers first, invest in technology and remain on the front foot of digital change.
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