Oracle Corp.’s NetSuite subsidiary today announced a wide range of new and enhanced features to its namesake enterprise resource management software for small and midsized businesses and rolled out a version of the suite specific to the financial technology industry.

SuiteBanking is aimed at the banking industry. It combines automated accounts payable and accounts receivable processes into NetSuite to simplify the process of paying bills, sending invoices and processing receivables from within NetSuite.

“We believe we’re the first cloud ERP suite to have an integrated fintech solution,” said Evan Goldberg, executive vice president for Oracle NetSuite.

“We tried to take the power of the suite and apply it to the entire range of fintech offerings: interest rates, international wallet, payment options, working capital,” said Jason Maynard, senior vice president of global field operations. The difference is that we’re a suite and we took a suite approach to suite banking.”

NetSuite intends for the fintech product to be open and expandable, Maynard said. “We’re not going to require you to use just one bank,” so although HSBC Bank PLC is the first SuiteBanking partner, there will be others, Maynard said. “Customers can bring their bank and we’re going to partner with some of the biggest banks around,” he said.

Features include the ability for firms to accept customer payments via email and to automatically apply them to the receivables system. There’s also a customer portal feature that enables customers to see the status of their accounts and payments. Other features are aimed at processes like bank reconciliation, spend and expense management, international payments and access to working capital.

A warehouse just for NetSuite

NetSuite Analytics Warehouse is a new analytics warehouse built on Oracle’s Analytics Cloud and Autonomous Data Warehouse. It’s intended to help users spot patterns from NetSuite and other data sources.

The warehouse automatically connects to the NetSuite environment using prebuilt pipelines that can transfer data in near-real-time. “We’ve built it specifically for NetSuite,” Goldberg said. “Your data is just automatically there.”

Users can extract, transform and load data from third-party sources ranging from spreadsheets to unstructured data without coding, NetSuite said. There are also more than 25 pre-built connectors to popular file-sharing, customer relationship management and analytics platforms.

The company also said it has expanded its customer support operations to include prescriptive playbooks based on experience and data gleaned from other customers.

“We’ve learned a ton over five years,” Goldberg said. “These playbooks help you deal with everything companies have to deal with as they grow and that cause you to have to change the business. ”

Playbooks are aimed at functions like revenue recognition, project profitability and supply chain management as well as cross-functional processes like quote-to-cash, the company said. They’re also intended to guide customers through geographic expansion preparation from an initial public offering and mergers and acquisitions.

Function-specific playbooks address such operations as financial management, human capital, customer engagement, supply chain and project profitability.

NetSuite thinks the expansion and financing options are a sweet spot. Goldberg said more than 150 of its customers have gone public in 2021 and 65% of technology-based initial public offerings are running the software.

E-commerce product recommendation engine

Other enhancements announced today:

• The SuiteCommerce e-commerce platform now provides intelligent product recommendations based, enabling businesses to personalize offers to website visitors.
• New online payment capabilities enable links to secure payments pages where customers can view and pay their bills.
• New application program interfaces in the SuiteAnalytics reporting module enable programmatic access to workbooks for the development of business intelligence applications.
• New invoice presentation templates enable users to configure project invoices to the needs of individual clients and purchase orders to be created and tracked from the project record and easily tracked.

The $9.3 billion Oracle paid for Netsuite five years ago raised eyebrows at the time from some analysts who thought the price was too high, but the deal is looking to be a winner for Oracle. NetSuite had 11,000 customers at the time of the deal and has more than doubled that number to 27,000 today.

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