Kevin JohnsonNetSuite Inc. is a cloud-based enterprise software company headquartered in Austin, Texas, which offers products and services suited for small and medium-sized businesses (SMBs). Evan Goldberg founded the company in 1998 as NetLedger to sell web-hosted accounting software over the Internet. In Sep 2003, the company rebranded from NetLedger to NetSuite after expanding its business applications beyond accounting to include ERP, CRM, and e-commerce.
NetSuite went public via IPO in Dec 2007 and started trading on the NYSE. In 2016, Oracle acquired NetSuite for $9.3 billion. In Jun 2023, the company introduced NetSuite Account Reconciliation which provides intelligence and automation to help NetSuite ERP customers close the books faster using accurate data. [1]
NetSuite expanded its portfolio through strategic acquisitions, including Retail Anywhere, OpenAir, QuickArrow, TribeHR, LightCMS, Venda, eBizNET, Bronto Software, Monexa, and FarApp. In 2022, NetSuite purchased Verenia CPQ and ADI Insights. The company now offers accounting, financial, CRM, inventory, project management, procurement, human capital management, payroll, and e-commerce software.
In Mar 2023, NetSuite released several functionality updates for its ERP. Customers can email vendor bills for automatic transaction recording and automate revenue recognition and subscription renewal price changes using the SuiteBilling module. These enhancements simplify business management. However, NetSuite faces stiff competition from IFS, SAP, Epicor Kinetic, Oracle Fusion Cloud, Microsoft Dynamics 365, Acumatica, and Infor. [2]
Here is an in-depth analysis of NetSuite’s top 15 competitors and alternatives:
1. IFS (Industrial and Financial Systems)
Year founded: 1983
Headquarter: Linkoping, Sweden
IFS is a multinational cloud enterprise software company. The firm offers enterprise software to customers worldwide who manufacture and sell goods, maintain assets, and manage service-focused operations. As of Apr 2023, IFS had over 5,500 employees and more than 6,500 clients.
The IFS platform connects industry-specific products to a single data model. It also leverages embedded digital innovation to help businesses achieve the best outcomes at the moment of service. In Feb 2023, Gartner recognized IFS as a Customers’ Choice in the Voice of the Customer: Cloud ERP for Product-Centric Enterprises. IFS is the top NetSuite competitor and alternative. [3]
2. SAP
Year founded: 1972
Headquarter: Walldorf, Germany
SAP is a leading multinational software corporation. Its product portfolio includes database solutions, cloud-engineered systems, and enterprise software. In 2022, SAP had over 111,900 employees and around 6,300 worldwide channel partners.
SAP and NetSuite provide CRM, ERP, and HCM, but SAP also offers SAP S/4HANA Cloud, SAP SuccessFactors, supply chain management (SCM), and Human Experience Management (HXM). In May 2023, the company enhanced S/4HANA Cloud with Business AI and expanded access to SAP Learning Hub for partners and consultants. Users can now leverage generative AI in SAP Signavio Process Manager to identify process models and KPIs. SAP is one of the top competitors for NetSuite. [4]
3. Epicor Kinetic
Year founded: 1972
Headquarter: Austin, Texas
Epicor is a business software company that serves the automotive, manufacturing, building supply, distribution, and retail industries. In Dec 2022, Epicor had around 4,600 employees.
Epicor is a global leader in the industry-specific enterprise software market. Its innovative solutions help organizations respond to fast-changing market realities and boost business growth. In Mar 2023, the company named its Partner Excellence Award winners at its annual Momentum International Conference. Epicor is one of the best alternatives to NetSuite for industry-specific enterprise software. [5]
4. Oracle Fusion Cloud
Year founded: 2011
Headquarter: Austin, Texas
Oracle Fusion Cloud is a comprehensive suite of business management solutions. Although Oracle owns Oracle Fusion Cloud and NetSuite, they compete against each other in the enterprise software market. In 2022, Oracle had around 143,000 employees.
Oracle Fusion Cloud SCM includes Oracle Transportation Management. This module offers comprehensive enterprise capabilities for operational planning, freight payment, shipment visibility, and logistics network modeling.
In March 2023, Oracle Fusion Cloud Transportation Management was named a Leader in Transportation Management Systems (TMS). Oracle Fusion Cloud is a worthy alternative to NetSuite. [6]
5. Microsoft Dynamics 365
Year founded: 2016
Headquarter: Redmond, Washington
Microsoft Dynamics 365 is an ERP and CRM intelligent business application. It combines several productivity tools in a single platform. In 2022, Microsoft employed over 180,000 people.
The main competitive advantage of Dynamics 365 is its integration with other Microsoft business productivity tools. In Apr 2023, Microsoft released its roadmap for Dynamics 365’s updates. Users can use Dynamics 365 Customer Voice to simplify interactions and optimize sales sequences with Sales Engagement AI.
The users can also leverage the integration between Dynamics 365 and the Power Platform to improve the customer experience, order fulfillment and inventory management, and e-commerce operations. These enhancements increase Dynamics 365’s competitive advantage over NetSuite. [7]
6. Acumatica Cloud ERP
Year founded: 2008
Headquarter: Kirkland, Washington
Acumatica is an enterprise resource planning (ERP) provider. The company offers cloud-based ERP software for small and medium-sized businesses (SMBs). In 2022, Acumatica had over 500 employees.
Acumatica and NetSuite cater to SMBs, but Acumatica Cloud ERP cannot match NetSuite’s capabilities. In Apr 2023, Acumatica expanded its platform with new functionality and features. The company adopted an open architecture to enable rapid integrations and allow customers to extend apps with AI and machine learning. Acumatica is a worthy alternative to NetSuite for SMBs. [8]
7. Infor
Year founded: 2002
Headquarter: New York City, New York
Infor is a multinational company that offers industry-specific enterprise software. Businesses can use Infor’s solution on-premises or as a service. As of Jul 2023, Infor had 17,000 employees.
Infor provides business cloud software specialized by industry to over 60,000 organizations in 175 countries. Its mission-critical enterprise applications and services deliver sustainable advantages with security and faster time to value.
In Jul 2023, Infor Marketplace featured over 150 solutions. Customers can leverage partner-developed apps to extend the functionality of Infor ERP systems. Infor is one of the top NetSuite competitors. [9]
8. Sage Intacct
Year founded: 1999
Headquarter: San Jose, California
Sage Intacct is an American company owned by the Sage Group. The firm serves customers in five regions globally, including the US, Canada, the UK, Australia, and South Africa. In 2022, Sage Intacct had around 500 employees.
Sage Intacct and NetSuite provide enterprise software, but Sage specializes in cloud-based financial management and services. In Feb 2023, Sage Intacct released new features to help businesses streamline financial processes and enhance day-to-day operations. Users can now automate accounts payable and combine usage billing with evergreen subscription workflows. Sage Intacct is one of the best alternatives to NetSuite for financial management. [10]
9. QAD Inc.
Year founded: 1979
Headquarter: Santa Barbara, California
QAD is a software company that offers ERP software and related enterprise solutions. The firm caters to customers in the manufacturing sector. According to Gartner, QAD Adaptive ERP has a 4.2-star rating out of 5 from 62 reviews.
QAD serves customers in 84 countries globally. Thousands of companies use QAD’s ERP, digital commerce, supplier relationship management (SRM), digital supply chain planning (DSCP), and global trade and transportation execution (GTTE) software.
In Jul 2023, the company showcased its GTTE solution at the Oracle Transportation Management User Conference. QAD is one of the top competitors for NetSuite. [11]
10. Plex Systems, Inc.
Year founded: 1995
Headquarter: Troy, Michigan
Plex Systems is a software company owned by Rockwell Automation, Inc., an industrial automation and digital transformation tech provider. It offers the Plex Smart Manufacturing Platform, which competes against NetSuite.
As of May 2023, Plex Systems’ parent company Rockwell Automation had 28,000 employees and served customers in over 100 countries.
Plex offers a single-instance, multi-tenant SaaS manufacturing platform with advanced MES, quality, and SCM capabilities. It also provides asset performance management, production monitoring, process automation, and analytics. Users can connect, automate, track, analyze, and transform every aspect of their business.
In May 2023, Plex Systems was named a Leader in Manufacturing Execution Systems Report. Plex Systems is one of the best alternatives to NetSuite for manufacturers. [12]
11. KeyedIn Solutions
Year founded: 2011
Headquarter: Bloomington, Minnesota
KeyedIn is a global business software company that caters to PMOs, EPMOs, and SROs. It offers KeyedIn Manufacturing which competes against NetSuite. In May 2022, the company released KeyedIn Manufacturing 7.0 with end-to-end transaction management for sales, production, purchasing, and finance. [13]
The KeyedIn Manufacturing solution targets custom manufacturers. Users can create GL entries, quotes, and sales orders, authorize bank-to-bank transfers, and analyze deposits and invoices. In Mar 2023, KeyedIn merged with project and portfolio management software provider Sciforma. The merger will strengthen KeyedIn’s position in France, Benelux, and Germany. [14]
12. Syspro ERP
Year founded: 1978
Headquarter: Sunninghill, South Africa
Syspro is a South African software development and ERP company. Its integrated business software streamlines accounting, manufacturing, and distribution operations. According to Forbes, Syspro ERP has a 4.5-star rating out of 5.
Syspro and NetSuite target small to medium-sized businesses, but Syspro is best suited for companies in the manufacturing industry. The selling points of Syspro include its industry-specific ERP solutions, advanced inventory management, and scalable modular system. Syspro ERP is an easy-to-use alternative to NetSuite. [15]
13. Ramco Systems Limited
Year founded: 1992
Headquarter: Chennai, India
Ramco Systems is an Indian multinational enterprise software company. It offers HR, global payroll, ERP, and M&E MRO software solutions for Aviation. In 2022, Ramco employed over 1,900 employees and operated in 28 locations across 35 countries.
The main competitive advantage of Ramco is its next-gen, multi-tenant cloud and mobile-based enterprise software. In Jun 2023, Ramco opened its wholly-owned subsidiary in Qatar to provide ERP, HR, and payroll to the region’s businesses. This move strengthens Ramco’s position in the Middle East. [16]
14. ERPNext
Year founded: 2008
Headquarter: Mumbai, India
ERPNext is a free and open-source integrated ERP solution developed by an Indian software company Frappe Technologies. It is built on the MariaDB database system using a Python-based server-side framework. According to Gartner, ERPNext has a 4.2-star rating out of 5 from 35 customer reviews.
ERPNext is a budget-friendly ERP solution. In May 2023, Frappe Technologies integrated ClearTax with ERPNext. This integration unlocks the power of AI and eliminates time-consuming processes by allowing businesses to automate the reconciliation of GSTR 2A and GSTR 2B. ERPNext is an emerging competitor for NetSuite. [17]
15. Xero
Year founded: 2006
Headquarter: Wellington, New Zealand
Xero is a tech company that provides cloud-based accounting software. It serves small and medium-sized businesses in New Zealand, Australia, the UK, and the US. In 2023, Xero had 5,080 employees.
Xero is a small business platform that offers an accounting solution, payroll, workforce management, expenses, and projects. Its ecosystem of connected apps and connections to banks helps SMBs access financial services and manage their finances within Xero’s open platform. As of Jun 2023, the company had 3.7 million subscribers. Xero is a worthy alternative to NetSuite for accounting professionals. [18]
References & more information
- O’Donnell, J. (2023, Jun 15). NetSuite ERP aims to reconcile the books faster. TechTarget
- Higgins, C. (2023, Mar 15). 9 Key Features of NetSuite 2023 Release 1. Withum
- IFS (2023, Apr 26). IFS continues on a growth path with robust Q1 performance. PRNewswire
- Millward, W. (2023, May 16). SAP Sapphire 2023: The biggest news in AI S/4HANA Cloud. CRN
- Epicor Software Corp (2023, Mar 13). Epicor Recognizes International Partner Excellence at Momentum Conference 2023. Bloomberg
- Oracle (2023, Mar 31). Oracle Named a Leader in the 2023 Gartner Magic Quadrant for Transportation Management Systems. Oracle.com
- DD Staff (2023, May 5). What’s New in Dynamics 365? A Sneak Peek at 2023 Wave 1 Updates. Demand Dynamics
- Doug Johnson, D. (2023, Apr 4). Acumatica 2023 R1: A True Manifestation of Customer-Driven Innovation. Acumatica.com
- Infor (2023, Jul 17). Infor Announces Continued Momentum of Infor Marketplace Showcasing More Than 150 Solutions. PRNewswire
- TAC Staff (2023, Feb 17). What’s New in the Sage Intacct 2023 Release 1? The Answer Co
- QAD Inc. (2023, Jul 19). QAD to Highlight its Global Trade and Transportation Execution Solutions at the 2023 OTM User Conference US. Business Wire
- Plex Systems (2023, May 2). Rockwell Automation Named Leader in Gartner 2023 Magic Quadrant for Manufacturing Execution Systems. Plex.com
- Brooks, S. (2022, Mar 18). KeyedIn to relaunch updated and upgraded Manufacturing ERP. Enterprise Times
- KeyedIn (2023, Mar 22). The merger of Sciforma and KeyedIn enhances their PPM Leadership Position. KeyedIn.com
- Organ, C. (2023, May 17). Syspro ERP Review 2023: Features, Pricing, Pros, & Cons. Forbes
- Ramco Systems (2023, Jun 4). Ramco Systems strengthens its presence in the Middle East. PRNewswire
- Frappe (2023, Jun 2). The Frappe Newsletter – May 2023. LinkedIn
- Xero Media (2023, Jun 20). Xero’s flagship partner event returns to London next year. Xero.com
- Featured Image by ThisisEngineering RAEng
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Ava Abbott
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