Category Archives: NetSuite

BPM LLP helps clients achieve rapid growth with NetSuite

og image BPM LLP helps clients achieve rapid growth with NetSuite

Top 50 Accounting Firm Joins NetSuite Business Process Outsourcing and Solution Provider Program

SUITEWORLD18—LAS VEGAS—April 23, 2018—To address fast-growing demand for cloud business management software, Oracle NetSuite today announced that BPM LLP, one of the largest California-based public accounting and advisory firms and a top 50 firm across the U.S., has joined the NetSuite Business Process Outsourcing (BPO) Program and Solution Provider Program. Founded in 1986, BPM combines its technological expertise in financial advisory/ERP with its long history of leadership in tax assurance and advisory services to deliver NetSuite solutions that equip small and midsized organizations to achieve rapid growth.

“NetSuite’s flexible, cloud-based platform has become the choice for organizations seeking a solution that can scale with their growth, while streamlining processes and delivering real-time information for informed decisions,” said Bryan Rhody, Director of BPM’s Technology Solutions Practice. “We wanted to partner with the leading cloud ERP solution that gives us the flexibility to deliver rapid implementations and agile solutions that scale as our clients grow.”

BPM handles NetSuite financials/ERP, CRM, ecommerce, HR and PSA, with industry-specific implementations based on the NetSuite SuiteSuccess methodology. For businesses executing carve-out transactions and other M&A-related activity within the private equity/venture capital sector, BPM is developing NetSuite solutions to provide rapid implementation, accelerate value and streamline transitions. In addition, BPM implementations of NetSuite OneWorld equip fast-growing businesses with the scalability and functionality needed to expand through new subsidiaries and geographic locations far faster than would be possible with on-premises systems.

“BPM delivers a compelling combination of accounting, strategic and technology expertise to help midmarket organizations achieve their growth objectives,” said Craig West, NetSuite Vice President of Alliances and Channels. “We look forward to a close and prosperous partnership that helps joint customers capitalize on the power of cloud ERP to transform business performance.”

Designed for companies that provide Business Process Outsourcing (BPO) or Business Process as a Service (BPaaS), the NetSuite BPO program is the industry’s first and only BPO program that provides partners with a unified cloud-based ERP solution to support clients of any size ranging from small businesses and fast-growing start-ups to mid-market organizations and beyond. As a NetSuite Business Process Outsourcing (BPO) partner, BPM provides outsourced accounting and C-level strategic advisory services to clients. To learn more, please visit: www.netsuite.com/bpo.

Launched in 2002, the NetSuite Solution Provider Program is the industry’s leading cloud channel partner program. The program delivers unprecedented benefits that include highly attractive margins and services that range from business planning, sales, marketing and professional services enablement, to training and education. As a NetSuite Solution Provider, BPM gains new flexibility to provide a full range of services that address diverse needs of clients in industries that include technology, financial services, fintech, life sciences, consumer goods and private equity. For more information about the NetSuite Solution Provider Program, visit www.netsuite.com/partners.

About BPM LLP
Founded in 1986, BPM is one of the largest California-based public accounting and advisory firms and ranks as one of the 50 major firms in the country. With six offices across the Bay Area – as well as offices in Oregon, Hong Kong and the Cayman Islands BPM serves emerging, mid-cap, and closely-held businesses, and high net worth individuals in a range of industries. From financial services, technology, life science and consumer business to real estate, nonprofits, wine and craft beverages, BPM is committed to the success of its clients. To learn more, please visit www.bpmcpa.com.

About Oracle NetSuite
Oracle NetSuite pioneered the Cloud Computing revolution in 1998, establishing the world’s first company dedicated to delivering business applications over the internet. Today, it provides a suite of cloud-based financials / Enterprise Resource Planning (ERP), HR and omnichannel commerce software that runs the business of companies in more than 100 countries.

For more information, please visit http://www.netsuite.com.

Follow NetSuite’s Cloud blog, Facebook page and @NetSuite Twitter handle for real-time updates.

About Oracle
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE:ORCL), please visit us at oracle.com.

Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

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Here’s How to Give Back at SuiteWorld

Posted by Morgan St. Clair, Oracle NetSuite Social Impact Communications Manager

The Oracle NetSuite SuiteWorld conference isn’t just about growing your business. It’s also about giving back to our community. Here are two ways to give back at this year’s annual conference.

HackathonBlog one Here’s How to Give Back at SuiteWorld

Hackathon 4Good

Hosted by Oracle NetSuite Social Impact, the 5th annual Hackathon 4Good on April 23rd in Las Vegas brings together more than 100 developers, customers and partners to develop innovative prototypes to address the challenges posed by nonprofit customers Abilities Centre and Girl Scouts of the USA. Teams will present their challenges to a panel of judges at the end of the day and compete for prizes.

“These may be the most interesting and evocative challenges we’ve ever had at the Hackathon 4Good,” said Peggy Duvette, Senior Director of Oracle NetSuite Social Impact.

The two participating organizations are enthusiastic about how NetSuite could be further “hacked” to address their unique uses.

“To be innovative as a charitable organization means finding fresh and collaborative approaches that increase our effectiveness. We’re thrilled to be a part of this year’s Hackathon 4Good,” said Matthew Shaw, Director of Revenue Development of the Abilities Centre, a community hub based in Ontario, Canada that delivers programs to enrich the quality of life and citizenship for people of all ages and abilities.

At the Girl Scouts of America, anticipation for Hackathon 4Good is building up.

“We attempted to create a challenge that truly challenges the contesting teams and results in interesting solutions,” explained Steve Welner, NetSuite Administer at Girl Scouts of USA.

Write a Card, Send a Smile

SuiteWorld attendees will be encouraged to stop by the nonprofit booth and participate in a charitable activity for Alex’s Lemonade Stand, a national childhood cancer foundation.

Attendees can take a break from the hustle and bustle of SuiteWorld to write notes to children living with cancer and learn about how the organization is changing the lives of children with cancer through impactful research and awareness.

#GiveBack2Alex

While at Alex’s Lemonade Stand on the expo floor, attendees will have the opportunity to post about the booth to social media with the hashtags #GiveBack2Alex and #SuiteWorld18. If we reach our goal of 3,000 social media shares, NetSuite will donate $ 10,000 to Alex’s Lemonade Stand.

NetSuite is cloud accounting software for nonprofits of all sizes. Oracle NetSuite Social Impact offers software donations to eligible nonprofits of all sizes regardless of ability to pay. Key benefits include improved financial transparency, simplified reporting and compliance, and increased constituent stewardship.

To learn more about Oracle NetSuite Social Impact, check out our website or email socialimpact@netsuite.com

Posted on Thu, April 19, 2018
by NetSuite filed under

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Revolutionizing Retail: Expert Dana Telsey Shares Latest Trends

Posted by Kelly Scott, Retail Industry Marketing Lead

For all the colossal change the retail industry has undergone in recent years, the retail revolution is only getting started, according to Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group (TAG).

Dana%20Telsey Revolutionizing Retail: Expert Dana Telsey Shares Latest Trends

Thanks to changing consumer behavior and the new ways of purchasing, retail sales are continuing to grow, Telsey said at recent Grow Live events in New York and Los Angeles.

With consumer confidence at a high, brands and retailers need to give consumers a reason to spend.

Millennial spending habits

Disposable income is the highest it’s ever been with the emergence of the millennial generation, both from inheritance from the baby boomer generation as well as the changing buying behavior, Telsey explains.

Where are millennials spending their money? According to Telsey, categories such as healthcare, wellness, and recreation, along with the experiential purchases, have seen a monumental increase over the past few years. Whether it’s a meal kit service like Blue Apron or wellness service like Drybar and Barry’s Bootcamp, Generation Z is spending more money on looking and feeling better.

Rise of “ization”

Another major trend retailers can anticipate is the rise of “ization.” Retailers need to prioritize personalization, localization and customization to meet the needs of the changing consumer. Convenience and experiences remain the key driver in this changing environment as mobile experiences continue to emerge as a vital strategy for retailers, Telsey said.

Tomorrow’s consumers are not only looking for experiences in their purchases but also their shopping. To entice the millennial generation, retailers need to develop new products. In many cases that means developing products online before moving them into stores. Bringing the online world to a tangible and physical store will deem very profitable for retailers ready to make that change. Brands like Hammitt and Outdoor Voices have successfully blended the online to offline trend through physical events and buy online and pick up in store.

Blurred line between digital and physical

Moving forward we can expect to see more of a blurred line between online and offline, Telsey shares. Consumers are expecting their digital experience to be both easy and efficient, but also expect those same characteristics in the physical aspect of retail as well. If companies can’t produce an enticing and pleasing physical experience, consumers will look elsewhere.

The health and beauty industry, for one, can expect continued growth, according to Telsey. Due to the rise of influencers and Instagram, the cosmetics and skincare industries have seen a nine percent growth. More specifically, the beauty industry has seen tremendous growth with daily emerging products daily.

Innovation and speed

When it comes down to it, Telsey says it’s all about innovation and speed.

“Speed of delivery to the customer and speed of product development to the shelves or website,” she said. “If you don’t have speed you can’t manage inventory properly.”

Without the proper insight into the health of your business, your future as a retailer will look vastly different than those retailers that continue to innovate themselves and their products.

Learn how NetSuite helps retailers prepare for the latest trends.

Posted on Thu, April 12, 2018
by NetSuite filed under

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Blockchain: The Heart of Digital Transformation

Posted by Emily Houghton, Industry Marketing Lead

Fifty-two percent of the Fortune 500 firms since 2000 are gone because they failed to see the next set of technologies and understand how they could capitalize on them, warns Ray Wang, Principal Analyst and Founder of Constellation Research Inc.

In the recent webinar, “Blockchain and Cryptocurrency Part 2: Maximize Potential, Minimize Risk,” Wang explains that blockchain will be at the heart of digital transformation for businesses in the next three to five years.

“This is an exponential technology that is changing the way we think about business models and changing the way we engage,” Wang said. “Blockchain is serving a unique role in the market that doesn’t exist yet.”

GettyImages 689271900 Blockchain: The Heart of Digital TransformationDespite the relative immaturity of this technology, a survey put out by Constellation Research, Inc. in late 2017 found that 52 percent of companies are considering or are already experimenting with blockchain. As the various consortia codify standards and use cases grow in number and maturity, Wang expects blockchain to become essential to the technology ecosystem of businesses.

As companies think about the basic requirements for blockchain to scale, Wang explained that it’s also important to consider when an implementation makes sense.

For blockchain to be successful, business must meet several requirements. For example, transactions with a variety of parties, and a high degree of information change and exchange are well suited for a blockchain approach.

Moreover, if there is a low trust factor between these parties, blockchain will go a long way. When trying to drive down the cost or length of a transaction, Wang said, trust is often the first barrier to get past.

“The heart of this is frictionless trust,” Wang said. With blockchain, “you know there is an authenticity to the individual on the other end. You know that they have already been validated or verified by their previous actions; there is a history of their behaviors.”

An interesting use case to consider is with charities and nonprofits. The lack of transparency in fund allocation with organizations is often an issue. With blockchains, Wang said, “We have the ability to understand how donations are being made and how funds are being distributed.”

Other popular blockchain use cases are being driven in the supply chain, where provenance of data is critical. Wang sites food distribution, drug integrity and clinic trial audits as valuable use cases. He also points to distributed storage as another benefit of blockchain that mitigates cost or bandwidth constraint.

“Not all the data needs to be stored in a central location on the blockchain; the content can happen all over the place,” Wang states. “This allows you to make sure that that data is secure, that that data is spread out and not vulnerable to one single point of failure.”

But while blockchain has a significant number of beneficial applications that cut across industries and business models, companies must be aware of the risks associated with the emerging technology.

A key risk to think about, according to Wang, is weak vendor security. As vendors built out platforms for users to choose from, companies must question the security of both credentials and code at full scale. Stress testing will be crucial to ensuring that these platforms can handle inevitable cyber-attacks.

Quoting the Willie Sutton Rule, Wang said “Why do people rob banks? ‘Cause that’s where the money is. Why do people hack blockchains? Because that’s going to be where the money and value exchange is going to be.”

In addition to concerns of security, Wang impressed that the current lack of standards and regulations will continue to be a challenge as these technologies evolve. Early adopters will have to consider how their business supports regulations that will emerge across industries and platforms.

Early adopters will also have to content with the fact that, “there aren’t a lot of people that are blockchain experts,” Wang said. A full-scale adoption of blockchain requires a team of people who fully understand the implications of what happens on the blockchain, not just a group of savvy coders and security experts.

Despite these risks however, Wang encourages companies to dive into blockchain and offers advice on how to approach a successful enterprise adoption.

Rather than build something from scratch, Wang advises companies to choose a platform that is already in production.

“Understand the platform, understand it’s limitations,” he advised.

Once a platform has been chosen, start experimenting to see how blockchain will impact your business model, Wang urged. Set up the right security, build a legal framework and model out your network ecosystem.

Watch the webinar recording to hear more of Wang’s take on the risks and benefits of blockchain, and advice on how to approach a successful adoption. 

Interested in attending the next installment of this four-part series on blockchain? Be sure to register for the next one, “Blockchain and Cryptocurrency: Perspectives from R3” with Carlos Arena, Director of Business Development at R3, to learn more about how blockchain platforms are being built and adopted by forward thinking businesses. It will take place on Tuesday, April 17.

Heading to LendIt USA 2018? So are we! Stop by booth #1225 to speak with a NetSuite representative about other upcoming Blockchain and Cryptocurrency events, as well as how our solutions serve the rest of the fintech ecosystem. In an effort to support local communities, for every badge we scanned at the booth, we will donate $ 5 to Techbridge Girls. Techbridge Girls is an Oakland-based nonprofit that seeks to excite, educate, and equip girls from low-income communities by delivering high-quality STEM programming. Stop by our booth and help us empower young women to explore careers in technology!

Posted on Thu, April 5, 2018
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Aspire Food Group Seeks to Cure Global Hunger One Cricket at a Time

Posted by Barney Beal, Content Director

Aspire Food Group’s beginnings are as original as its product. A social enterprise that raises insects for human consumption began as an entry in the Hult prize competition, which challenges college students to solve some of the world’s greatest problems.

Five students from McGill University bested 10,000 other entries in the 2013 contest seeking to solve the global hunger problem. The goal: commercializing the tradition of eating protein-rich insects, which require far less resources than protein sources like beef or chicken. The practice has its roots in cultures around the world. With seed money from the prize, the students formed Aspire Food Group and quickly set up operations in the US and Ghana.

Crickets Aspire Food Group Seeks to Cure Global Hunger One Cricket at a TimeOf course, scaling the process of raising insects for mass consumption faced a number of significant hurdles, not the least of which was convincing cultures unfamiliar with the tradition to eat small bugs. Yet, Aspire has already seen some success, with Atlanta’s Phillips Arena (home to the NBA’s Atlanta Hawks) and Safeco Field (home to MLB’s Seattle Mariners) serving up Aspire’s roasted crickets. Aspire has also taken smaller steps, offering cricket powder for use in protein supplements and bars, as well as a “paleo protein granola,” which includes the cricket powder and select restaurants and food services businesses have come to the company looking for product.

There is also the problem of production. Raising insects is a seasonal business and harvesting the insects by hand is incredibly inefficient. That’s why Aspire has opened up a new R&D facility at its Austin operation to develop technology to automate cricket harvesting as well as biological research to optimize the insects’ conditions to maximize output and minimize resources.

“Our goal is a full-scale commercial facility that is entirely automated,” said Abir Syed, Director of Finance of Aspire Food Group.

Aspire has taken a strategic approach to introducing crickets to the market, as well. For example, it located its Austin facility near Mexico where there is a tradition of eating grasshoppers, which are similar to crickets but more difficult to harvest at scale. Similarly, Aspire’s facility in Ghana is researching and developing palm weevils where they have been consumed traditionally.

There are also opportunities to use the cricket waste as a soil additive and the exoskeleton, which crickets shed six or seven times in their lifetime. Those exoskeletons contain chitin, used in the production of chitosan (commonly derived from shellfish), which is then used in products ranging from medical sutures to the wax on fruit.

However, the appetite for crickets and cricket additives in the US grew far faster than Aspire anticipated and as it began to plan for its new facility, management realized they would need a new system to manage the back-end financials and inventory. It was just two months into the job before Syed realized that running financials on QuickBooks and Excel wasn’t going to cut it and pitched a new ERP system to the board.

“A year from now, I know the volume is going to increase,” Syed said. “Our capacity to track the business is going to be critical. I wanted to get ahead of it.”

After a comprehensive evaluation Aspire selected NetSuite to manage its financials, CRM, works in process (WIP) and routing. Using NetSuite’s SuiteSuccess, Aspire was able to go live on the system in just four months and, because it is a young company without rigid, long-held processes it was easy to take advantage of leading practices in manufacturing that NetSuite had built in based on its decades of experience in the sector. Aspire was also able to take advantage of NetSuite’s experience in the food and beverage sector specifically.

“We’re nimble and small enough we can adjust our ways,” Syed said.

In the next phase of the implementation, Aspire plans to add manufacturing modules to track the costs associated with manufacturing and livestock. Then it hopes to help solve world hunger.

Learn more about NetSuite for food and beverage manufacturers.

Posted on Wed, March 28, 2018
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Blockchain and Cryptocurrency: Past the Hype Cycle?

By Emily Houghton, Industry Marketing Lead

Business’s core transactional systems have not changed much since the 1950s, but that’s now changing thanks to the emergence of blockchain and cryptocurrency, according to Andy Brown, founder and CEO of Sandhill East, a consultancy to startups.

GettyImages 873875860 Blockchain and Cryptocurrency: Past the Hype Cycle?

Brown, who has previously served as CTO at both Credit Suisse and UBS as well as Head of Strategy, Innovation and Architecture at Bank of America, shared his thoughts on the technology that many acknowledge has great potential, but also engenders a great deal of confusion in the recent webinar “Blockchain and Cryptocurrency Part 1: What Every Executive Needs to Know.”

While still among the buzziest of buzzwords, blockchain and the cryptocurrencies which are based upon it are beginning to emerge from the hype cycle, Brown contends, and businesses of all sizes would be wise to consider how it will impact their operations.

“As the industry evolves, very similar to database technology where Oracle evolved, there’s a hype cycle,” Brown said. “Once you’re through the hype cycle the real winners and losers emerge. We’ve seen blockchain and cryptocurrency have gone through that and winners and losers are starting to emerge.”

Brown compared the current hype around blockchain and cryptocurrencies like bitcoin not only to the relational database, but the rise of Web 1.0 and the crash of the internet bubble. While there’s reason for care, companies should not fear or ignore it.

“While it’s true that many companies were bankrupted in 2001 and beyond, some of the fundamental companies of today like Salesforce.com, Amazon and Google, have emerged as very successful post Internet companies,” Brown said. “I believe this exact same model will apply to blockchain and bitcoin companies. It’s not that a bubble breaks and that’s the end of the idea. The best ideas are going to win.”

Ledgers have persisted since the 1960s, through the mainframe and client server eras, Brown said. They’re going to continue to stick around and blockchain is the first real innovation around them.

Of course, the market for cryptocurrencies has been volatile and met with plenty of skepticism. Oracle NetSuite SVP of Strategy and Marketing Jason Maynard joined Brown on the webinar and pointed out that Jamie Dimon, Chairman and CEO of JP Morgan Chase, has been quoted as calling people who buy bitcoin “stupid.”

“Actions, not words,” is something to keep in mind, Brown said, noting that JP Morgan and other large financial institutions are investing in blockchain themselves.

“With cryptocurrency, there’s been a lot of hyperbole,” Brown said. “But, the notion of digital currency has become more broadly accepted over the last five years and will become more broadly accepted in the next five. Alongside of that, more regulation and the question of SEC acceptance will play a large factor in which currencies have the liquidity to survive the volatility and which will not. Big banks will have a big say and the fintech ecosystem is innovating around this as well.”

Already, blockchain holds the potential to significantly reduce costs around secure multi-transaction management. For financial services companies, which can have up to 20 versions of their systems spread across production, disaster recovery, development environments and data warehousing environments, a single system that grants access to both sides of a transaction as well as third parties who may need to be involved (lawyers, regulators, etc.) can be a game changer.

“There are real opportunities to change the economics of transaction management from both a data and storage perspective as well as the cost of transaction management,” Brown said.

Blockchain and bitcoin are not the sole domain of large enterprises and financial institutions, however. It can impact human resources as well. For example, Maynard mentioned one pitch he heard recently of an entrepreneur planning to use blockchain to facilitate background checks.

Indeed, more and more use cases for blockchain are emerging, Brown noted. The supply chain offers a huge opportunity. Noting the recent Equifax breach, Brown also suggested that governments could begin to look to blockchain and other digital ledger technologies to make personal data safer.

In insurance, for example, Brown suggested we’re going to see providers emerge who can store transaction data in digital ledger and lend that data to others who are part of the insurance chain. Anywhere that blockchain can impact subprocesses, small businesses are emerging (with good valuations) to take advantage, Brown said.

As another example, he cited the “know your customer” process conducted by banks to ensure that no one else can access a customer’s account information. Every bank uses it and employ largely the same questions. A business that provides that check using blockchain could offer it to banks at a fraction of the cost and have a pretty good business for themselves, Brown said.

We’re further along the development cycle of blockchain than most realize, he noted.

“We are in the creation of the Apple Store era, not the Napster era,” Brown said. “Over the next 24 months it will become much clearer how small businesses can take advantage of it.”

For more information, watch the webinar recording to hear Brown’s take on blockchain and cryptocurrency, including the emergence of Initial Coin Offerings (ICOs). For more background, check out our interview with Brown, CEO of Sand Hill East Offers Executive Primer on Blockchain, Cryptocurrency.

Interested in attending the next installment of this four-part series on blockchain? Be sure to register for the next one “Blockchain and Cryptocurrency: Maximize Potential, Minimize Risk” with Ray Wang, Principal Analyst and Founder of Constellation Research Inc. It will take place on March 27th

Posted on Fri, March 23, 2018
by NetSuite filed under

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Blockchain and Cryptocurrency: Past the Hype Cycle?

By Emily Houghton, Industry Marketing Lead

Business’s core transactional systems have not changed much since the 1950s, but that’s now changing thanks to the emergence of blockchain and cryptocurrency, according to Andy Brown, founder and CEO of Sandhill East, a consultancy to startups.

GettyImages 873875860 Blockchain and Cryptocurrency: Past the Hype Cycle?

Brown, who has previously served as CTO at both Credit Suisse and UBS as well as Head of Strategy, Innovation and Architecture at Bank of America, shared his thoughts on the technology that many acknowledge has great potential, but also engenders a great deal of confusion in the recent webinar “Blockchain and Cryptocurrency Part 1: What Every Executive Needs to Know.”

While still among the buzziest of buzzwords, blockchain and the cryptocurrencies which are based upon it are beginning to emerge from the hype cycle, Brown contends, and businesses of all sizes would be wise to consider how it will impact their operations.

“As the industry evolves, very similar to database technology where Oracle evolved, there’s a hype cycle,” Brown said. “Once you’re through the hype cycle the real winners and losers emerge. We’ve seen blockchain and cryptocurrency have gone through that and winners and losers are starting to emerge.”

Brown compared the current hype around blockchain and cryptocurrencies like bitcoin not only to the relational database, but the rise of Web 1.0 and the crash of the internet bubble. While there’s reason for care, companies should not fear or ignore it.

“While it’s true that many companies were bankrupted in 2001 and beyond, some of the fundamental companies of today like Salesforce.com, Amazon and Google, have emerged as very successful post Internet companies,” Brown said. “I believe this exact same model will apply to blockchain and bitcoin companies. It’s not that a bubble breaks and that’s the end of the idea. The best ideas are going to win.”

Ledgers have persisted since the 1960s, through the mainframe and client server eras, Brown said. They’re going to continue to stick around and blockchain is the first real innovation around them.

Of course, the market for cryptocurrencies has been volatile and met with plenty of skepticism. Oracle NetSuite SVP of Strategy and Marketing Jason Maynard joined Brown on the webinar and pointed out that Jamie Dimon, Chairman and CEO of JP Morgan Chase, has been quoted as calling people who buy bitcoin “stupid.”

“Actions, not words,” is something to keep in mind, Brown said, noting that JP Morgan and other large financial institutions are investing in blockchain themselves.

“With cryptocurrency, there’s been a lot of hyperbole,” Brown said. “But, the notion of digital currency has become more broadly accepted over the last five years and will become more broadly accepted in the next five. Alongside of that, more regulation and the question of SEC acceptance will play a large factor in which currencies have the liquidity to survive the volatility and which will not. Big banks will have a big say and the fintech ecosystem is innovating around this as well.”

Already, blockchain holds the potential to significantly reduce costs around secure multi-transaction management. For financial services companies, which can have up to 20 versions of their systems spread across production, disaster recovery, development environments and data warehousing environments, a single system that grants access to both sides of a transaction as well as third parties who may need to be involved (lawyers, regulators, etc.) can be a game changer.

“There are real opportunities to change the economics of transaction management from both a data and storage perspective as well as the cost of transaction management,” Brown said.

Blockchain and bitcoin are not the sole domain of large enterprises and financial institutions, however. It can impact human resources as well. For example, Maynard mentioned one pitch he heard recently of an entrepreneur planning to use blockchain to facilitate background checks.

Indeed, more and more use cases for blockchain are emerging, Brown noted. The supply chain offers a huge opportunity. Noting the recent Equifax breach, Brown also suggested that governments could begin to look to blockchain and other digital ledger technologies to make personal data safer.

In insurance, for example, Brown suggested we’re going to see providers emerge who can store transaction data in digital ledger and lend that data to others who are part of the insurance chain. Anywhere that blockchain can impact subprocesses, small businesses are emerging (with good valuations) to take advantage, Brown said.

As another example, he cited the “know your customer” process conducted by banks to ensure that no one else can access a customer’s account information. Every bank uses it and employ largely the same questions. A business that provides that check using blockchain could offer it to banks at a fraction of the cost and have a pretty good business for themselves, Brown said.

We’re further along the development cycle of blockchain than most realize, he noted.

“We are in the creation of the Apple Store era, not the Napster era,” Brown said. “Over the next 24 months it will become much clearer how small businesses can take advantage of it.”

For more information, watch the webinar recording to hear Brown’s take on blockchain and cryptocurrency, including the emergence of Initial Coin Offerings (ICOs). For more background, check out our interview with Brown, CEO of Sand Hill East Offers Executive Primer on Blockchain, Cryptocurrency.

Interested in attending the next installment of this four-part series on blockchain? Be sure to register for the next one “Blockchain and Cryptocurrency: Maximize Potential, Minimize Risk” with Ray Wang, Principal Analyst and Founder of Constellation Research Inc. It will take place on March 27th

Posted on Fri, March 23, 2018
by NetSuite filed under

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World Series Champion Lou Piniella Reveals 3 Similarities in Baseball & Business

Posted by Evan Heby, Service Industry Marketing Manager

World Series Champion Lou Piniella is no stranger to big league wins.

Pinella World Series Champion Lou Piniella Reveals 3 Similarities in Baseball & BusinessFrom playing baseball to coaching to broadcasting, the star has 46 years of Major League Baseball experience under his belt. Fans know him as “Sweet Lou,” the nickname he earned from his smooth, sweet swing during his playing days.

His wealth of experience has given him perspective on the correlation between business and sports, which he recently talked about at NetSuite’s Grow Live event in Seattle.

“You got to have talent, leadership, you got to have discipline, you have to be very competitive and then you got to be smart,” Piniella said. “Those are the same things we look for in sports and that’s what we were talking about here in the business world.”

To give you a full picture of our time with Piniella in Seattle, we’ve recapped his discussion on three shared pillars of sports and business.

Talent

Piniella credited much of his success as a manager to the talented players he coached – Ken Griffey Jr., Alex Rodriguez and Ichiro Suzuki – to name a few. Jeanne Urich, Managing Partner of SPI Research, a research firm focused on the services industry, also joined us in Seattle to talk about growing in the new services economy. Urich spoke about the importance of hiring the best talent and strategies to retain them over the long haul.

Leadership

Throughout Piniella’s career, there’s one quote by Ronald Reagan he took to heart: “The greatest leader is not necessarily the one who does the greatest things. He is the one that gets the people do the greatest things.”

In everything he managed, he brought along several of his own guys to coach pitching because of how important it was to him to have team members he could trust. Piniella’s management strategy was to let each individual pod run itself.

Expanding on Piniella’s point, Urich discussed the importance of a strong team foundation. She explained how her research shows that top companies almost always have a core group of tenured employees as the foundation of their business.

Competitiveness

During his time as a player and manager, Piniella won three World Championships. For him, winning consistently is the hardest thing to do and losing is the easiest. In business, that’s true as well. Your business will not always win; your company will go through ups and downs, but in general, successful businesses will win more than they lose.

That’s the same with a ball club. The best ball clubs will inevitably lose, but the difference between the top tier businesses and the top tier ball clubs is that losing consistently is not an option.

During the event, Piniella shared a few of his favorite baseball moments with us, including his favorite ejection (long story) and favorite (Boston) and least favorite (Tampa Bay) places to play. Piniella also shared a few of his personal favorites away from the field – he is more of a Beatles fan than a Rolling Stones one, he prefers Cabernet’s from California over beer and chooses hamburgers over hotdogs any day of the week.

Interested in learning more about how to grow your business? Check out our upcoming Grow Live Series, which could be coming to a city near you!

Posted on Wed, March 21, 2018
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How to Ensure You Don’t Lose to Amazon

Posted by Ranga Bodla, Head of Industry Marketing

For many businesses, a core determining factor in their future is the answer to one simple question: Is Amazon a friend or foe?

Digital transformation is permeating every industry, fueled in part in the retail and distribution sectors by Amazon’s rise. Companies who refuse to adapt and recognize their customer’s needs and embrace today’s technology are being out-innovated and risk being wiped off the map completely.

amazon How to Ensure You Don’t Lose to AmazonIn Oracle NetSuite’s recent webinar Amazon: Friend or Foe, Dirk Beveridge, Founder of UnleashWD, Ian Heller President and Chief Operating Officer at Modern Distribution Management, joined me to discuss how to stay competitive and relevant in today’s Amazon world.

Put your customer first… in ways that nobody else can

From the beginning, Jeff Bezos made it clear that Amazon puts its customers first. “We’re not competitor-obsessed; we’re customer-obsessed,” he said in 2013. “We start with customers, and we work backwards.” Amazon’s emphasis on customer satisfaction over profitability is shaking up the business world, and companies that don’t follow suit are setting themselves up to lose to the giant. Secure a win by exploring innovative ways to bring value to your customers: What are you willing to pay for that purely digital companies aren’t?

Make tech the center of your business plan

Research shows that 52 percent of Fortune 500 firms have disappeared since 2000 because they failed to adopt new technology. Tech-forward companies like Amazon, Netflix and Lyft built entirely new value propositions that offered better experiences than the traditional business models they displaced. Investing in technology that’s “good enough” is no longer acceptable. Having up-to-date ERP, web and mobile capabilities is no longer optional. No matter what the future holds, businesses must have state-of-the-art technology to stay competitive. It’s wise to invest in quality tools now.

Imagine how Amazon might beat you

Amazon’s steamroll is threatening entire industries — not just companies — and no industry is immune. Take the recent Whole Foods acquisition, for example. It is essential that companies consider Amazon’s future effect on their business now, even if an Amazon infiltration doesn’t currently seem realistic. Going on the offensive and embracing tomorrow’s technology today can buy your company time and market share.

Ultimately, Amazon’s future actions will tell us whether it’s a friend or a foe. In the meantime, borrow Amazon’s business tricks to give your company the upper hand.

Download the Amazon Business Playbook for a deeper evaluation of Amazon’s effect on the distribution industry and advice on how you should respond. Access the Amazon: Friend or Foe webinar recording here.

Posted on Thu, March 15, 2018
by NetSuite filed under

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International Housewares Show: Customer Experience, Curation, Mobile are Key to the Modern Consumer

Posted by Ranga Bodla, Head of Industry Marketing

From the kitchen to the bathroom to the living room, the annual International Housewares Show that descended upon Chicago this week offered a glimpse into not only every room of the house, but also the future of retail.

 International Housewares Show: Customer Experience, Curation, Mobile are Key to the Modern ConsumerCelebrating its 80th anniversary, this year’s show features the latest and greatest that the industry has to offer in home furnishings and, my favorite part, the kitchen. I was part of the keynote panel with HFN (Home Furnishing News), which presented its annual research into consumer trends that are impacting the industry. The lively panel discussion that followed included executives from Wayfair (a NetSuite customer), Evine and Kitchen a la Mode (a specialty brick and mortar store).

There were a few takeaways that we discussed that I found particularly interesting:

Mobile-first is table stakes 

When it comes to online shopping, businesses need more than just having a great app, they have to be fully mobile enabled for every aspect of how consumers might interact with them. Google drove a big push towards responsive design and mobile in 2017, but many companies are still playing catch up. Whether its consumers doing research before shopping, or while shopping, the expectation is that they have a mobile friendly experience (without having to download an app). And if a consumer wants to buy a product, they want to be able to complete that transaction on their phone. Additionally, consumers want to be able to start researching on one device, transition to another device and then finally complete the transaction on another. Sites need to make sure they can carry that cart across those platforms without placing additional burden on the user.

Customer Experience Wins Over Couponing and Loyalty Programs

Ryan Gilchrist, director of housewares & more at Wayfair, discussed how the company is hyper focused on the customer experience and, when it comes to couponing, it focuses on the transactions that will gain new customers and increase its total volume. Wayfair’s focus is on coupons for major life events (new house, birth, etc.) instead of the ubiquitous 40 percent off coupon that trains consumers to wait for sales. Additionally, while loyalty programs seemed to be all the rage 18 months ago, they have lessened in their importance as consumers are more interested in a good experience than loyalty points when it comes to their houseware purchases.

Curation is key

The amount of choice available to consumers only continues to increase, particularly at a show that showcases hundreds of new products in every category. Increasingly, consumers are looking for guidance about the best products to buy and advice about products in specific categories and prices. Sites and stores that are able to help curate products and provide advice about what to buy are winning and thriving. Trying to compete with Amazon on the price for a Kitchen-Aid isn’t a viable long-term strategy.

The bottom line is, housewares is one of the fastest growing segments as consumers are increasingly spending more time at home and in their kitchens. Learn more about NetSuite software for houseware companies.

Posted on Wed, March 14, 2018
by NetSuite filed under

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