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NetSuite Introduces New CRM FunctionalityEditorial Director, CUSTOMER INTER@CTION Solutions
NetSuite, Inc., a player in the sharply competitive (how's that for understatement?) on-demand CRM market, today unveiled a set of new features for its CRM+ product. New functionalities allow for the tracking of multiple quotas and forecasts, as well as the associated commission plans. The new features enable quotas, forecasts and commission plans to be driven using additional metrics that map to the way sales forces are generally managed.
NetSuite states that the new CRM+ forecasting capabilities are not possible with many other SFA applications since competitors' solutions are not built to handle sales transaction-related processes such as booked orders or incentive compensation. CRM+ is built on the foundation of NetSuite’s Order Management & Commissions platforms, and the new capabilities allow companies to measure sales teams using more than just gross metrics of total sales or total bookings. NetSuite provides examples of how this functionality is useful: many companies desire to have one quota for product sales, and another for services sales. Companies that offer an ongoing subscription service may wish to incent their sales force on the revenue recognized from a single year of a contract, as well as the total value of the booked order. .
“This announcement marks the death of the Excel forecast. Simple, single metric quotas and forecasts are rare in any size business, but the SFA tools offered – both on premise and hosted – can’t handle this basic requirement. As a result, most forecasting and commissions happen in Excel, not the SFA tool,” said Zach Nelson, CEO of NetSuite. He continued, “Because NetSuite CRM+ captures the actual sales transaction in the form of an order, that order can now be sliced and applied against multiple quotas, forecasts and commissions schedules automatically. No more Excel.”
For more in-depth information, visit www.netsuite.com/crm+.
Tracey Schelmetic is editorial director for CUSTOMER INTER@CTION Solutions. For more articles by Tracey Schelmetic, please visit the archives.
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