New Multi-National Features Enable Local Currency for Orders, Forecast Management, Quota and Commissions with Regional and Global Roll-up
LONDON and SAN MATEO, Calif. (June 21, 2009) – NetSuite, Inc., the leading on-demand vendor of integrated business management application suites for small and medium-sized businesses, or SMBs, today announced NetSuite® Global CRM to enable complex global sales organizations to manage key operations such as Quota, Forecasting, Order and Commissions management. Building on the award-winning NetSuite CRM and NetSuite CRM+ product offerings, NetSuite Global CRM empowers regional and head office-based sales management with visibility across multi-tiered, multi-national sales entities by providing real-time reporting of sales activity in multiple currencies. Individual sales reps manage their orders and forecast against quota in their own local currency with country, regional and global sales management able to view the same information in their respective operating currencies. These same powerful global quota, forecast, order management and commission facilities also extend to partner networks, ensuring a clear picture of both direct and indirect sales teams. For more information on NetSuite Global CRM, visit www.netsuite.com/globalcrm.
Modern, growing businesses find themselves operating on a multi-national scale far earlier than they have done in the past, introducing new management and communication challenges where funds, expertise and time are in short supply. Traditional CRM systems have focused on improved prospecting and sales management for companies based in a single locale. For years, companies looking to expand internationally have been forced to replicate their systems in each new territory with local product offerings, leading to inconsistent business processes, lack of control and visibility into overseas operations and vastly increased operating costs.
With typical sales force automation point systems, quotas, forecasts and sales calculations do not travel well across borders and continents — leaving regional and global sales management forced to manually compute how transactions in local currency roll-up and compare to the metrics they are being measured on at corporate for overall performance, and particularly, for sales compensation. In addition, as most companies sell through a mix of both direct and channel sales, the tug-of-war problem between regional offices and corporate is compounded since local partners forecast and are compensated in local currency, but corporate has a need to see all numbers normalized across the organization in the currency relevant to headquarters.
NetSuite Global CRM builds upon the foundation of the NetSuite vision of one system for all global operations across the enterprise to resolve the tussle between regional sales operations and corporate headquarters. NetSuite Global CRM allows individual offices or subsidiaries to manage the order and forecast and sell in their local currency, while corporate measurement of quota and commission are converted into the same local currency for easy management so everyone is speaking the same language (or currency) when it comes to sales performance. Similarly, corporate has consolidated sales data on orders, forecast, quota and commission rolled up across all regions and areas, with drill-down capability into any level of the organizational hierarchy, complete with currency conversion at each step. No tedious setup is needed to achieve this level of visibility both at the local sales rep level or the consolidated corporate level since NetSuite Global CRM comes complete with pre-built dashboards that readily handle the multi-currency conversion — so all analytics and reporting can be automatically personalized for the individual’s role within the hierarchy.
NetSuite Global CRM also extends to the ‘Extraprise’ of referral and channel partners by allowing them to manage their opportunity, quote and order forecast in the currency of their local customers, and to have commission tracked in local currency also. Coupled with multi-currency conversion at the country and regional level, NetSuite Global CRM allows sales management to have expanded visibility into both the direct and indirect sales channels.
“Though I have worked with SAP and other large CRM providers, I can honestly say that NetSuite CRM+ has significantly enhanced our customer service operations within our global ‘Talk Talk’ contact centres around the world,” said Andy French, Head of Information Services at Carphone Warehouse Networks/Opal Telecom, a division of Carphone Warehouse. “For sales force automation, marketing, customer support, and partner relationship management (PRM), NetSuite CRM+ has allowed us to have our entire organisation in a single system with all teams benefiting from NetSuite’s role-based dashboards. The key information flowing through our business is right at our fingertips.”
“Governments and businesses have successfully lowered the barriers to international trade. Unfortunately, business software hasn’t kept up and multi-national companies have had to create complex, time-consuming workarounds to assemble data across borders,” said NetSuite CEO Zach Nelson. “NetSuite Global CRM creates a union for selling and managing across borders. It combines the local control needed to manage the day-to-day efforts of selling in a given county, while providing the roll-up required for global visibility.”
NetSuite Global CRM features include:
Global Currency Management capabilities provide sales reps and sales management in each country with visibility in to their quota, forecast, orders and commission metrics in appropriate local currency — right on their dashboards.
Global Dashboards provide accurate, real-time roll-up of country-by-country business activity and results data for regional managers and corporate executives at multiple levels with full drill-down capabilities to the underlying records.
Robust Multi-Currency capabilities provide tracking of both current and historic exchange rates, permitting audit ability and more accuracy with respect to historical sales data as well as allowing generations of comparison reporting in prior periods.
NetSuite’s flexible Tax Engine allows businesses to track and report the Sales Tax, VAT, GST or other taxes appropriate for each of the countries in which they operate.
Multi-Language capabilities allow end users to choose their own language for accessing the application and provide the ability to define the appropriate language for communicating and transacting with each customer individually.
Global Partner Management leverages all the above Global CRM capabilities to address the challenges of managing the ‘Extraprise’ of a worldwide channel sales partner community with the ability for them to forecast deals in the local currency of their customers, place orders that support local taxation conventions and be paid commission in their currency, while retaining management visibility in the corporate currency.
Source: NetSuite