NetSuite Acquires IQity's Cloud Business Solution
Today, NetSuite announced its acquisition of IQity's Cloud Business solution, creating a single cloud software system that encapsulates multiple business operations and can support both discrete and batch process manufacturers. NetSuite and IQity report nearly 40 joint customers, and the combined solution aims to replace traditionally disconnected systems and help manufacturers gain better control of supply chain processes and reduce operating costs.
The integrated offering provides several valuable features for manufacturers. Processes such as multisite and multidivision operations and warehousing, demand planning, and bill of materials are all managed through the joint solution. Furthermore, the solution features inventory and fulfillment capabilities including demand planning, integrated supply chain management, purchasing and vendor management, and procure-to-pay processes.
NetSuite and IQity's united solution also offers accounting functionality that aims to accelerate financial close and provide comprehensive management of invoices and expenses, and its real-time visibility into sales, inventory, and customer information seeks to help manufacturers use data to drive business decisions. Additionally, the solution boasts an implementation speed measured in weeks and months instead of years.
The joint offering provides integration with several other NetSuite offerings. NetSuite SuiteCommerce, the company's platform for both B2C and B2B interactions, enables users to simultaneously manage direct-to-consumer and direct-to-distributor channels, and it provides secure self-service portals for B2B clients and a means of utilizing machine-generated data to automate replenishment in machine-to-machine commerce.
NetSuite's OneWorld global business management solution offers essential capabilities for conducting foreign business transactions; with it, users can manage global factories and subsidiaries and complete global financial consolidation, as well as conduct business in more than 190 currencies, communicate in almost 20 languages, and comply with local tax regulations in more than 100 countries.
NetSuite SuiteCloud lends customization capabilities to the integrated solution with IQity, enabling manufacturers to customize the platform for different business requirements. Customizations are carried over with NetSuite upgrades, so manufacturers—particularly those using on-premises systems—do not have to worry about losing preferences with new versions of the software.
"The best thing is that it's built on the NetSuite platform," Gavin Davidson, industry lead for manufacturing at NetSuite, says of the new solution. "One of the things we hear a lot from our users these days is that the user experience and the ease of use of NetSuite are some of the things they like the most. When you have a solution that's built and deployed on the same platform, it makes adoption much more rapid."
IQity joined NetSuite's SuiteCloud Developer Network as a suit partner in 2012 and created the IQity Advanced Manufacturing SuiteApp, which offers features such as resource capacity planning, quality management, and data collection capabilities for tracking production results, equipment use, and labor productivity. The IQity Advanced Manufacturing SuiteApp was natively built on the NetSuite platform and received the "Built for NetSuite" certification.
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