Finance Monthly - February 2022

56 Finance Monthly. F i nanc i a l Innov a t i on & F i nTech With SuiteWorld taking place recently, what new products and innovations are you most excited about? Nowmore than ever, organisations need clear visibility throughout their business, from cash flow and revenue recognition to inventory and the supply chain. At SuiteWorld, we delivered more innovations to help businesses manage their operations, to be incredibly agile, and deliver on their high-growth ambitions. For example, the launch of SuiteBanking marks the first unified suite to embed FinTech into cloud ERP, giving our customers full visibility over their cash flow and bringing intuitive automation. By bringing together the automation of accounts payable and accounts receivable processes, SuiteBanking makes it fast and easy for our customers to pay bills, send invoices, and get paid, all within NetSuite. Integration with alliance partners like HSBC can offer businesses easy access to other financial services, including a global digital wallet and virtual payment card. At SuiteWorld, we also announced our new Analytics Warehouse: a prebuilt, cloud-based data warehouse and analytics solution that provides real-time access to data-driven insights that span the entire organisation. Built upon Oracle Analytics Cloud and Oracle Autonomous Data Warehouse, customers can access entirely unstructured data, without coding, and integrate this into more than 25 prebuilt connectors – including Dropbox and Google Analytics. With organisations creating and having access to more data than ever before, being able to combine those insights alongside critical business data around financials, inventory and supply chain within NetSuite is extremely powerful and will allow for more detailed and comprehensive decisionmaking. Business leaders are focused on expansion and agility, and we are excited to bring SuiteBanking and Analytics Warehouse capabilities to our customers globally in the future, following a successful rollout in North America. Understanding and eliminating the most frustrating and timeconsuming processes of day-today life is key, and our technology development is focused on giving them the agility and efficiency they need. Over the last two years, the pandemic has touched every industry, which many organisations are still recovering from. How has the crisis affected NetSuite’s growth and the ERP industry as a whole? Despite most businesses wrestling with obstacles that they would have been hard-pressed to predict, those with a proactive rather than reactive approach are seeing the benefits. Businesses have realised the importance of effective financial and operational processes, and data insights that give real-time visibility into the health of their business. At their core, ERP systems break down the barriers between business units, automating financial and operational “Between changing work models, supply chain issues, financial pressures, stock issues, labour shortages, and employee retention, there has been a lot to cause business disruption.”

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