NetSuite Announces New Tools for OneWorld

Today, NetSuite announced new tools for its OneWorld cloud business solution, including an omnibusiness model and new global features, with NetSuite support expanding into more than 100 countries and supporting 20 languages and 190 currencies—features NetSuite believes will assist businesses looking to expand into new markets.

The new omnibusiness model provides business-to-business and business-to-consumer functionality, with support for e-commerce, in-store, telesales, and social channels; the model is designed to work in conjunction with NetSuite's SuiteCommerce online business solution. OneWorld's global emphasis includes the Global Tax component, with assistance in tax management, tax compliance, filing, and audit accountability in more than 100 countries. Global Tax calculates the correct tax for the correct jurisdiction by taking into account where businesses are shipping from and to.

The updated OneWorld solution's global features also include multilocation inventory management, multilanguage support, and multipayment methods. Multilocation inventory management enables business to keep track of stock in various stores, which, according to NetSuite, allows businesses to better service customers. Multilanguage support allows companies doing business overseas to better communicate with customers by matching the language of forms indicating order status, shipment notification, and invoice details to the customer's language of choice. Multipayment methods, which function through NetSuite’s SuitePayments Program, enable electronic payments in various bank formats in more than 20 countries.

Other noteworthy new features: a global vendor record, which provides businesses with an overall view of their vendor relationships and allows them to automate the vendor selection process based on criteria such as prenegotiated prices and reliability; an omnichannel customer view, which provides an overall record of customer relationships, including purchase history, marketing engagement activity, after-sales interactions, and cross-sell and upsell recommendations; and omnidevice functionality, bringing NetSuite OneWorld capabilities to both Apple and Android devices.

"While other software vendors are struggling to move software architected before the Internet existed to the cloud or build out the rich global functionality NetSuite has pioneered, we're continuing to innovate and expand the reach of our customers with new features that allow global businesses to expand their operations and adapt rapidly on a business platform for the future," said Craig Sullivan, senior VP of Enterprise and International Products for NetSuite, in a statement. "NetSuite's momentum in helping customers like Misys, HP Software, and American Express Global Business Travel to manage dozens of subsidiaries across the globe is a clear indication of the comprehensive functionality of OneWorld."

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