NetSuite, which sells its on-demand hosted applications under its own name as well as under the Oracle Small Business Suite nameplate, will add core ERP functionality in areas that include purchasing and budgeting, advanced billing order management and fulfillment, and revenue recognition, the San Mateo, Calif.-based company said.
NetSuite's hosted applications began with relatively basic customer management relationship (CRM) features, but the firm has been regularly expanding the features in its online service to compete in the small- and mid-sized business market with the likes of Microsoft and its Great Plains line. This is NetSuite's first move into higher-end ERP functionality.
“The icing on this ERP cake is that with NetSuite you get CRM integration and instant ecommerce for free,” said NetSuite chief executive Zach Nelson in a statement.
Among the features being added to NetSuite are ones to help mid-sized companies recognize revenue according to customer contracts, budget for multiple scenarios, and automate billing schedules and commission payments.
Other new tools aimed at customers in the wholesale and distribution markets include lot tracking, inventory control for prioritizing back orders, automatic inventory re-ordering notification, and just-in-time special ordering capabilities.
Pricing of the new NetSuite -- which since it's a hosted application doesn't demand software updates on the customer side -- hasn't yet been set, but the beefed up applications are scheduled for the third quarter.