Forrester names NetSuite a Leader ERP for Service-Centric Industries

Forrester Research, one of the world's leading research and consulting firms, named Oracle NetSuite as one of the leading Enterprise Resource Planning (ERP) systems in the services sector, according to its latest "Forrester Wave" report for Q2 2024. 

Next we will explain the key reasons behind this decision and how NetSuite is positioned as an indispensable tool for companies in areas such as hospitality, restaurants, professional services, consulting and healthcare. 

WHAT MAKES AN ERP A LEADER FOR THE SERVICE INDUSTRY?

• Offer features and functions required in their industry or region: ERPs are no strangers to trends such as ultra-specialization or nearshoring, this is why having the right support for the complexity of the industry, the countries where you have operations and the currencies you use is key.

• A cloud solution that is flexible and easy to grow: Beyond having servers hosted on flexible servers, for the consumer "being in the cloud" means a platform that is easy to use and has customization and integration options, which allows them to have as many processes in one place as possible.

• Have real AI use cases: Decision makers have realized that AI is more than marketing and ChatGPT, in business management it means understanding Big Data, financial modeling or reducing time in repetitive activities.

NetSuite: A PROVEN SUCCESS STORY AND CONSTANT INNOVATION 

According to Forrester, "NetSuite has proven its success as a cloud ERP system with a strong investment in Artificial Intelligence." In addition, it has been deployed in more than 38,000 companies worldwide, standing out among midsize companies and some of the largest "unicorn companies".

Other factors where NetSuite stands out from its competitors are the following:

• High customizability and flexibility.
• An active community of users and solution providers
• A spirit of continuous innovation in the markets where it excels.

Forrester's evaluation of Oracle NetSuite is based on several platform features. Here are three outstanding examples.

END-TO-END FUNCTIONALITY AND ADAPTABILITY

One of the main reasons Forrester recognized NetSuite as a leader is its broad range of capabilities designed specifically for service industries. NetSuite offers robust financial management, project management, billing and revenue recognition capabilities. This versatility allows diverse service industries, such as consulting, legal, advertising and professional services, to benefit from a platform that is tailored to their specific needs.

NetSuite's adaptability is another crucial factor. Service firms often have unique requirements that can change over time. NetSuite not only offers a flexible and scalable solution, but also allows for extensive customization. This means that organizations can tailor the platform to their particular needs, from customized dashboards to industry-specific workflows.

AI AND AUTOMATION INNOVATION

NetSuite doesn't just stick to the basics; its focus on continuous innovation, particularly in the use of artificial intelligence (AI) and automation, is one of the key reasons for its leadership.

NetSuite AI capabilities enable it to predict trends, optimize resource allocation and improve customer service. At the same time, automation tools manage routine tasks such as billing and reporting, freeing up time for employees to focus on strategic, higher-value activities.

SUCCESS STORIES AND ONGOING SUPPORT

Renowned companies in the service sector, such as Axialent, have successfully implemented Oracle NetSuite to standardize their work processes, thereby achieving increased efficiency, profitability, and accuracy in decision-making.

Additionally, this ERP stands out for its constant support. In contrast to its competitors, Oracle NetSuite offers two annual updates, which ensures that it always has the most up-to-date technology and a current system to face global challenges in an integrated manner.

THE SUPPORT OF SPECIALISTS CAN BE KEY to success

If you have a service company, and you are thinking about the process of changing your Enterprise Resource Planning System (ERP), you should know that it is not enough to use a complete platform, it is also crucial to have the right support to increase the chances of success in a project of this magnitude.

At Tekiio, we are leaders in Oracle NetSuite implementations, development and support in America and Europe. With 15 years of experience in Software as a Service and having worked with more than 200 companies, including some of the top companies in their respective industries such as GNC, VIVO, Axialent and Veritran, we are ready to help you.

Would you like to learn how to improve your business management with Oracle NetSuite? Download the full Forrester report for a detailed overview. Also, schedule a half-hour meeting with us to learn more about your service business and how we can help you achieve your buisness goals.