Business Software

Adding more utility to an already powerful lineup of business software, NetSuite (News - Alert) announced today an upgrade to the “Software Company” edition of its platform that will allow companies to manage multiple incoming revenue streams. The upgrade will focus on contract renewal and making the process of continuing a strategic partnership as easy as possible.

The new software also brings automation and real-time visibility to, billing and complex contract management. By unifying these typically separate and often complicated processes into one software product, NetSuite delivers a solution designed reduces errors, enhances close rates, limits customer abandonment and brings increased levels of efficiency to billing and revenue management.

"Winning software companies today are choosing NetSuite to run their businesses," said Jim McGeever, NetSuite COO in a press release on the announcement. "There's no other product on the market that combines the productivity and cost-savings benefits of cloud computing with the deep functional capabilities software companies need to run efficiently and scale."

Aside from renewal automation the update will also offer discount management allowing for pricing flexibility during the creation of a contract and the upsell process. Reporting through a real-time dashboard has been added to provide critical key performance indicators like recurring revenue, and upsell as well as analysis of customer and contract types. The revenue recognition processes provide flexibility in separating revenue recognition from billing, which is a critical requirement for some companies to design revenue recognition guidelines.

NetSuite already runs the business software solutions for major software developers including RightNow Technologies, LogMeIn Inc., SuccessFactors, CA Technologies and SolarWinds (News - Alert). The increased usability this version adds to the platform will make it an even more attractive to startups and enterprises alike.

Chris DiMarco is a Web Editor for TMCnet. He holds a master's degree in journalism from Quinnipiac University. Prior to joining TMC (News - Alert) Chris worked with e-commerce provider Suresource as a contact center representative and development analyst. To read more of his articles, please visit his columnist page.

Edited by Chris DiMarco