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December 11, 2008

NetSuite Discusses Significance of New Announcements Made in Tokyo

By Michelle Robart, TMCnet Editor


NetSuite, a provider of on-demand, integrated business management software for growing and midsize businesses, made three important announcements on Tuesday at a company event in Tokyo, marking new milestones for the company.

Craig Sullivan, vice president of international products at NetSuite (News - Alert), took some time to discuss these significant announcements with TMCnet, and explains what they mean for the Japanese market.
 
TMCnet: Netsuite made three important announcements today in Tokyo. Explain these announcements and their significance.
 
CS: ProductsNetSuite has delivered the first to market SaaS (News - Alert) ERP suite for Japan which advances our goal to expand our business across Asia and lead the overall market. This is also the culmination of our specific investment in the Japanese market beginning two years ago with investments by TCI and MJS in our NetSuite Japan joint venture. We believe NetSuite Release J puts us in a position to dominate the Japanese mid-market with assistance from our partners.
 
TMCnet: How is Japan playing a role in the company’s next move?
 
CS: Japan is one part of a broader internationalization initiative that provides a platform with which NetSuite can enter Greater China and other countries in Asia-Pacific region.
 
TMCnet: Explain what exactly is NetSuite Release J?
 
CS: NetSuite Release J is the first SaaS ERP suite to be made available in Japan, or any other part of the world. This new product offers the same breadth of functionality as NetSuite, but it is specifically localized for Japanese businesses. It includes J-GAAP, Consumption Tax, Financial Reporting Tax Compliance and common Japanese business processes, e.g. Tegata (promissory notes, a common payment method among Japanese businesses)

TMCnet: How will the Japan business market benefit from this software suite?
 
CS: NetSuite Release J will fundamentally change the way businesses operate, in other words – it will automate the work flow which ranges from ERP to CRM and to Ecommerce by streamlining core businesses processes. With traditional software, in order for the work flow to go through each process, businesses have to use several different silo-software applications, which hinder efficiency and add costs at every step. NetSuite Release J will take away all those challenges for Japanese businesses by giving them the best solution in the world.
 
TMCnet: What are some of the key features of NetSuite Release J?
 
CS:
Greater Control
Allowing back office ERP operations to have control over accounts receivable, accounts payable, payroll, inventory, billing, invoicing and order fulfillment in real-time.
 
Seamless Workflows
Providing seamless workflows that span all aspects of the business, from Marketing to Sales to Warehousing to Finance bringing productivity and efficiency gains to the business while retaining a rigorous audit trail and approval processes to meet operational requirements.
 
Unprecedented Global Ecommerce Capabilities
Making global Ecommerce operations feasible with multi-site, multi-currency, multi-language, local tax compliance and local inventory sourcing capabilities.
 
Real-Time Visibility, Reporting and Analytics
Providing Global CRM to improve global selling with multi-currency quotas, forecasts, commission payments, sales tax calculations and real-time reporting.
 
Delivering Real-Time Analytics for global organizations to make timely course corrections, rather than having to wait so long for research to be completed that often the question to be resolved becomes moot.
 
In addition, Japan-specific capabilities that have been built for NetSuite Release J, include:
 
Track and Report on Consumption Tax
NetSuite – Release J provides full Consumption Tax configuration capabilities, including the ability to define rounding on a per customer basis and define prices as being inclusive or exclusive of tax. In addition, NetSuite – Release J enables businesses to generate their Consumption Tax report directly, making the job of submitting their periodic returns easier.
 
Issue and Receive Tegata Payments
 
Tegata (promissory notes) are a common payment method for Japanese businesses and NetSuite – Release J provides full support for Issuing and Receiving Tegata, including the ability to discount (take early settlement) or to transfer/endorse Tegata as payment to your vendors.
 
Invoice customers on their preferred Billing cycle
 
NetSuite – Release J enhances the invoicing process to better match the common practices of Japanese businesses. Detailed monthly statements now can be created based on customer close dates with step-by-step workflow to ensure statements are created for the right customers at the right time.
 
Generate J-GAAP Compliant Financial Statements
 
NetSuite – Release J features financial reports that have been localized Japanese style and accounting compliance. Profit and Loss Statement, Balance Sheet and Cash Flow statements can be generated in either the new Japanese layout or in the NetSuite standard layout featuring full drill-down to underlying transaction detail. Additionally, a Statement of Changes in Equity report has been created specifically to the meet the needs of Japanese businesses.
 
TMCnet: Why is the NetSuite Release J such significant news for the Software-as-a-Service (SaaS) market?
 
CS: No other SaaS software vendors have done so – in another word, localizing ERP.
 
TMCnet: What are the important firsts that NetSuite Release J introduces to the Japanese market?
 
CS: NetSuite Release J is the first SaaS offering to provide full support for the Japanese accounting system, including native support for Tegata (promissory notes) payments, and J-GAAP compliant financial statements.
 
NetSuite Release J is also the first to provide full Consumption Tax configuration capabilities, including the ability to define rounding on a per-customer basis and define prices as being inclusive or exclusive of tax. In addition, NetSuite Release J enables businesses to generate their Consumption Tax report directly, making the job of submitting their periodic returns easier for generating fully compliant J-GAAP financial statements.
 
NetSuite is the first SaaS Suite fully localized for the Japanese market, including full ERP, CRM and Ecommerce capabilities. The product includes rich functionality spanning back-office functionality (warehousing, shipping, etc.), CRM (marketing automation, sales force automation, customer services automation) and Ecommerce (Website/Webstore and customer and partner portals).
 
When included as a part of NetSuite OneWorld, NetSuite Release J is the first Japanese product to offer cloud-based multi-national, multi-company consolidation.
 
TMCnet: What role does cloud computing play with NetSuite Release J?
 
CS: The model of software delivery is the cloud.
 
TMCnet: How will it transform the way businesses operate?
 
CS: No hardware to install, no upgrades to worry about, no back-ups and no costly IT investments. NetSuite Release J will fundamentally change the way businesses operate, in other words – it will automate the work flow which ranges from ERP to CRM and to Ecommerce by streamlining core businesses processes
 
TMCnet: When will NetSuite be available and how can interested parties purchase it?
 
CS: Available now, interested parties can go to www.netsuite.co.jp.
 
TMCnet: NetSuite also announced new customers. What companies have you added to your customer base and what is NetSuite doing to help them achieve their business goals?
 
CS: NetSuite Customers in Japan Include:
 
Columbia Music Entertainment, the nearly100-year-old Japanese music company, recently went live on NetSuite Ecommerce. NetSuite is the backbone for Columbia Music Entertainment’s newly launched “On-Demand CD” Web store where visitors can make their own CDs directly from the site. Nearly 200 Columbia Music Entertainment employees in Japan are using NetSuite for Ecommerce, as well as ERP / financials and CRM.
 
Premiere Global Services, the U.S.-based global provider of on-demand business process improvement solutions, in a continuation of its successful utilization of NetSuite CRM at its headquarters, has moved its Japanese operations (http://datacomm.premiereglobal.com/jp/ja/default.asp) to NetSuite Global CRM for its 60-plus member sales department spread across more than 20 countries.
 
Sensirion, headquartered in Switzerland, is a sensor product company with a subsidiary in Japan. Sensirion is using NetSuite for the full ERP and CRM suite. NetSuite Professional Services helped the company implement NetSuite within two months, without IT staff, just after Sensirion’s Japan subsidiary was established. The company is using NetSuite’s using multi-language feature – reports to headquarters are in English but print forms for external usage are issued in Japanese.
 
Sinsouki is one of the largest carpool management vendors in Niigata, Japan area. All of Sinsouki’s 50 employees are using NetSuite’s ERP + CRM integrated suite, including for sales management, purchase management, basic accounting and management accounting. NetSuite Professional Services worked with a third-party consultant to customize NetSuite and get Sinsouki up and running in just three months. With no IT staff to speak of, Sinsouki’s management team was able to grasp the NetSuite solution and contribute to the successful implementation.
 
Six Apart, already a NetSuite customer in the U.S. is the world's leading independent blogging software and services company. In 2007, the company integrated its business operations with NetSuite. 
 
NetSuite enables Six Apart's TypePad, Movable Type, and VOX blogging businesses to have one suite of business accounting software, including financials and revenue recognition, without requiring a large accounting staff or expensive on-premise business software. After acquiring a subsidiary in France and creating one in Japan, Six Apart found itself needing to invoice its customers in euros and yen as QuickBooks was unable to this capability across different locations and multiple currencies. NetSuite OneWorld has enabled Six Apart to consolidate its three instances of NetSuite into a single, unified
view, giving the company's Chief Financial Officer the ability to view financials in local currency (for each individual entity), as well as the ability to run financial reports in a consolidated, multi-currency ERP / Accounting software system.
 
In addition, with NetSuite OneWorld Six Apart has been able to avoid significant spending on IT administration costs – shaving days off of its monthly accounting closing cycle and making the company much more efficient, giving executives insight into the details they need by channel, customer, product and region.
 
 
 
 

Michelle Robart is a contributing editor for TMCnet. To read more of Michelle's articles, please visit her columnist page.

Edited by Michelle Robart




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