NetSuite Announces New Financial Planning Module

From Press Release:

SAN MATEO, Calif. – June 10, 2009 – NetSuite Inc. (NYSE: N), a
leading vendor of on-demand, integrated business software suites for mid-market
businesses and divisions of large companies, today announced plans to offer
a new Financial Planning module to complement NetSuite’s leading on-demand
accounting / Enterprise Resource Planning (ERP), Customer Relationship Management
(CRM) and Ecommerce capabilities. NetSuite with the new module will give companies
of all sizes, cost-effective and timely access to highly sophisticated planning
and “what if” modeling capabilities typically only available to
large corporations willing to invest millions of dollars and months, if not
years, implementing on-premise enterprise software.

With NetSuite and the new Financial Planning module, companies have at their
disposal an end-to-end business management solution to support the business
from strategy, to planning and execution in real-time. Unlike costly and cumbersome
on-premise enterprise solutions, the Financial Planning module for NetSuite
provides dynamic, real-time drill-down from top level results enabling users
to review plan vs. actual variance, isolate the organization responsible for
the variance, and drill down into the actual transactional details contributing
to the variance. These product features can help companies streamline business
processes, improve financial agility, strengthen collaboration and the ability
to drive better-informed, strategic decision-making.

“With this new Financial Planning module, NetSuite fills a gap in the
business performance management landscape,” said Michael Fauscette, GVP
Software Business Solutions at IDC. “Available on-premise tools come with
higher overhead, while spreadsheets offer little benefit when it comes to collaboration
across a distributed organization. With the new Financial Planning module, NetSuite
delivers strategic visibility to organizations that will help them change the
way they do business.”

“By implementing NetSuite and the Financial Planning module, we have
been able to link together strategy, planning and execution,” said James
Jones, Director, Financial Planning and Analysis, KANA Software. “We can
continuously monitor actual performance while rapidly analyzing multiple ‘what-if’
scenarios, which allows us to be far more nimble and effective in making both
tactical and strategic decisions.”

“Companies who make rapid, well-informed decisions, and execute with
discipline, win in the market place,” said Jim McGeever, CFO of NetSuite.
“By delivering sophisticated business management, planning and modeling
software via an on-demand model, we are providing midsized companies and divisions
of large corporations with a set of capabilities previously reserved for elite
enterprises. In so doing, we’re not only helping to make our customers
more productive, but we’re also enabling them to more effectively compete
with – and in many cases outperform – their larger rivals.”

Real-Time Business Performance Management at a Fraction of the Cost
of Enterprise Software Alternatives
With NetSuite and the new Financial Planning module, mid-sized companies
and divisions of large enterprises have a cost-effective alternative to the
high price tag of on-premise enterprise solutions and the chaos of multiple
spreadsheets thanks to a Software as a Service (SaaS)-based delivery model,
relatively quick implementation timelines and ease-of-use that empowers the
business user rather than requiring specialized IT skills. And best of all,
businesses can get strategic value by having a single source of data and metrics
delivered in real-time, enabling better decision making.

Best-in-Class SuiteCloud Integration
Developed via NetSuite’s SuiteCloud development platform to integrate
NetSuite with Adaptive Planning’s on demand software, the new Financial
Planning module is a strong example of the innovative software solutions that
can result from collaborative partner development activity and a robust development
platform such as NS-BOS (NetSuite Business Operating System), a component of
SuiteCloud.