NetSuite founder: I’m not worried about the smaller players

Evan Goldberg, founder and EVP of Oracle NetSuite, has dismissed the threat posed by smaller specialists that operate in overlapping markets.

During a press conference at SuiteWorld 2022, Goldberg was asked whether he is concerned about the potential for NetSuite to be outmanoeuvred by more agile players that focus more closely on a single solution.

“I’m not worried about [smaller players] because of the vast capabilities we have, the depth of the suite, and how we can scale,” he responded. “We’ve made enormous investments over the course of 23 years, so I’m not concerned about being outflanked.”

“However, we’ve got to make sure that customers aren’t losing anything when they come to us, and that they continue to get all the benefits they had with their small business package.”

NetSuite ERP

The NetSuite ERP platform offers a wide range of functionality, spanning accounting, CRM, HR, ecommerce and more. The idea is that users are able to complete critical business processes from within a single platform, instead of having to wrestle with tens of different applications.

However, as was highlighted during the press conference, it could be argued that vendors that specialize in a single category (e.g. QuickBooks) are better equipped to deliver cutting-edge features within their niche.

Although Goldberg was willing to entertain the concept, he said he is nonetheless confident in the NetSuite approach, which draws an advantage from the tight relationships between the components of the portfolio.

Goldberg also suggested that NetSuite services a slightly different customer demographic than the point solution vendors, made up predominantly of mid-sized, high-growth companies.

“Our customer-base is biased towards people who are growing, companies that have outgrown their existing accounting solutions. We try to set these companies up for success as they scale,” he explained.

“Customers get the most out of NetSuite when they use the full suite. That’s been the idea since the beginning. What’s stifling companies is that they’re mired in many different systems. As customers adopt more of the suite, they benefit from exponential value.”