NetSuite Inc. is a software and cloud-based service providing American SMBs (small and medium-sized businesses). Even Goldberg laid the foundation of the tech company in 1998. Today, we’ll discuss the SWOT analysis of NetSuite; it outlines strengths and weaknesses; opportunities, and threats that the company has to face; as a business strategy analysis example company or NetSuite SWOT analysis.
The products and services portfolio of NetSuite
- Cloud-based business management platform
- Applications
- Software as a Services
- Financial Software
- Order management systems
- ERP solutions
- Human capital management
- Customer relationship management
- Procurement
- Payroll
- Accounting application
- Inventory management application
NetSuite Business in Industries
- ERP solution
- Cloud computing
- Business software solutions
- Computer software solutions
Statistical facts and figures of NetSuite
- Employees – 4603
- Annual revenue – 50.0 billion USD (2023)
- Growth rate – 4.84%
Competitors of NetSuite
- Oracle Fusion Cloud ERP
- Epicor
- Microsoft Business Dynamics 365
- IFS Cloud ERP
- Salesforce
- Sage Intacct
- Acumatica Cloud ERP
- SAP solution
- QuickBooks
- SYSPRO
- Infor ERP
- Odoo
The SWOT analysis of NetSuite would analyze the internal strengths and weaknesses of the company; and external opportunities and threats that the brand has to face. Here’s NetSuite SWOT analysis as a business strategy analysis example company as follows;
Strengths of NetSuite
Some of the main internal strengths in the NetSuite SWOT analysis example company as business strategy analysis are as follows;
Product and service portfolio
NetSuite has established a very large software and application portfolio for a wide range of businesses and companies in multiple industries. It ranges from accounting, HR, ERP, supply chain, cloud computing, business solutions, and various other customized solutions for businesses and companies. The vast software portfolio helped the company target a wide range of business customers and satisfy their company needs and requirements.
Awards
NetSuite is a well-recognized brand in the software and application development industry. The company has been providing quality software service solutions for decades. It has allowed the company to achieve multiple awards and recognitions in the software industry. Some of them are as follows;
- G2 Crowd Leader in ERP Systems – 2023
- IT Business Edge’s Best CRM and Software System – 2022
- Power Partner for Cloud Computing – 2021
- CRN Product of the Year for CRM/ERP – 2021
Brand value
Oracle acquired the NetSuite for 9.1 billion USD in 2016. With the strong backing of the tech enterprise, NetSuite has established a very large database of loyal customers of approximately 25000. High brand value shows the strong market presence and trust of client companies.
Strong finances
The annual revenue of NetSuite in 2023 was 50 billion USD with the increasing growth rate. The strong financial position allows the company to invest a significant amount of resources in research and development. In fact, R&D is the key and lifeline of software and application development; because every business is facing unique challenges; the company has to offer them customized solutions.
Global Enterprise
NetSuite is operating its business globally, thanks to the internet and digital technology. Businesses and companies could contact the company online or on-call; the company develops customized software solutions relevant to their business needs and requirements.
Weaknesses of NetSuite
Some of the main internal weaknesses in the NetSuite SWOT analysis example company as business strategy analysis are as follows;
Internet-based
Many marketing and business experts have pointed out the fact that a vast majority and almost all NetSuite products and services are internet-based and online. Without internet connectivity, the entire business and services of the software brand would go down along with it.
Glitches & Errors
Along with many happy and satisfied customers; there is also a long list of customers and client companies that have experienced errors and tech glitches with NetSuite’s software and systems. Some of the errors and tech glitches of the company are as follows;
- Requires Additional Purchase
- Internal Controls and Auditability Issues
- Data Management Issues
- Implementation Issues
- Performance Issues – Slow systems
- Rigid/Not Flexible & Overly Complex
Opportunities for NetSuite
Some of the main available opportunities in the NetSuite SWOT analysis example company as business strategy analysis are as follows;
Acquisition
Business acquisition is a great market expansion strategy and it allows the company to remove the competition from the market. NetSuite has acquired various tech software solution service-providing firms over the years. It helped the company to strengthen its market position and amplify its portfolio. Some of them are as follows;
- Next Technik – 2023
- Verenia CPQ – 2022
- FarApp – 2021
- eBizNET solutions – 2014
Portfolio Expansion
NetSuite should consider expanding its product and service portfolio and shift its focus toward digital device products. It allows the company to diversify its product and service portfolio; decrease the risk factor, and amplify more sources of revenue.
Customer Support Service
In order to improve the customer service experience, NetSuite should invest resources in customer support service. This is because the software company deals with thousands of customers, and they all face different types of challenges. Therefore, the customer support service of the company has to be efficient to improve the customer satisfaction level.
Threats to NetSuite
Some of the main potential threats in the NetSuite SWOT analysis example company as business strategy analysis are as follows;
Lawsuits
Elkay Plastic Company filed a lawsuit against the software company NetSuite accusing them of implementing the failed software in their system in 2020. There are many other lawsuits filed against the company. However, they aren’t only jeopardizing the company’s reputation, but also incurring heavy legal costs and expenses.
Competition
The software solution-providing market has become highly competitive and there are multiple companies offering similar types of services. Microsoft is at the top of the list. However, tough competition imposes significant pressure on the company to keep developing and improving its products and features to maintain its position.
Conclusion: NetSuite SWOT Analysis Example Company |SWOT Analysis of NetSuite |Business Strategy Analysis
After an in-depth study of the SWOT analysis of NetSuite; we have realized that NetSuite is the world’s leading software service-providing company. If you are learning about the NetSuite SWOT analysis example company; then you should keep in mind the abovementioned internal strengths and weaknesses; external opportunities and threats as brand strategy analysis.
Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.
