Technology:
NetSuite
When the world around you is a challenging one, you need to know you can rely on your basics. Managing organizations’ core business functions, the NetSuite ecosystem in 2023 didn’t see as much fluctuation as other tech markets, apparently remaining insulated from a volatile business environment. Robert Woodhouse, director of technology at Investigo, looks at the year ahead for NetSuite.
Here are the key areas leaders need to prepare for in 2024:
ERP business critical – projects key to BAU.
AI and automation – skills required across various NetSuite modules.
Growth enabler – NetSuite deployed to support business expansion.
ERP implementations over the last year have tended to be business critical because of their effects on areas such as supply chain, logistics, finance and HR, and therefore to business as usual. Each project is heavily customized and tailored to a business’s individual needs, indicating their commitment not just to a financial investment, but most importantly, to a strategic one. Whereas certain projects in other areas have been cancelled due to budget constraints or downsizing, this has been an extremely rare occurrence for those investing in ERP projects.
AI and automation are very high in demand across the tech ecosystem, being deployed across various NetSuite modules including Advanced Financial, SuiteCommerce and IntelligentPredictions. As organizations clamor for talent, candidates with experience or exposure to these modules will have a significantly greater chance of securing a role than those without. These will continue to be key skills in 2024 and beyond as new products increasingly leverage AI to automate manual tasks and provide better insights.
SuiteBilling for advanced revenue recognition, including subscription-based revenue models, has been a niche area that companies continue to demand as their business grows and their technology environment increases in complexity.
Companies expanding their operations internationally will look to the likes of NetSuite OneWorld, Advanced Financials and Multi-Currency Management. People skilled in these areas are in short supply, but this has given a huge opportunity to NetSuite professionals to gain valuable experience and carve out a niche in an increasingly sought after area.
Closely tied to a business’s crucial everyday functions, the NetSuite market will remain resilient in 2024 as organizations continue to invest in ERP projects. As AI and automation are increasingly deployed across NetSuite modules, companies will need to bolster their capabilities in these areas, as well as in those modules that support their financials and expansion.
