NetSuite has announced NetSuite Release J, the first available Software-as-a-Service (SaaS (News - Alert)) enterprise resource planning (ERP) suite for the Japanese market, according to company officials.
The release has been fully localized for the accounting rules, usage conventions, regulations and taxation compliance of the Japanese market, says NetSuite (News - Alert). This new ERP functionality, combined with NetSuite’s SaaS customer relationship management (CRM) and e-commerce capabilities, make it possible for Japanese companies to run the core aspects of their business completely in the cloud.
In November, TMC reported that NetSuite CRM was named best mid-range software, based on votes from customers in the U.K. This recognition was bestowed upon NetSuite CRM as part of Sift Media’s Software Satisfaction Award 2008 program.
According to recent forecasts from market research firm IDC (News - Alert), for the period of 2007-2012, the Japanese SaaS market compound annual growth rate of 17.3 percent is expected to far outstrip the CAGR growth rate of 5.1 percent projected for traditional on-premise enterprise resource management applications and 5.5 percent for traditional on-premise CRM applications.
In addition, IDC estimates that SaaS ERM applications will have a higher CAGR of 26.8 percent as compared with the CAGR of 18.5 percent for SaaS CRM.
“We expect that the Japanese business market will appreciate the fact that NetSuite Release J supports the business practices of Japan, such as consumption tax and per-customer billing cycle standard,” said Tomoko Akagi, group manager of the software team at IDC Japan.
Built over the last 18 months in partnership with joint venture partners Miroku Joho Service and transcosmos, NetSuite Release J introduces what NetSuite officials are claiming are “several firsts” to the Japanese market. These milestones include being the first SaaS offering to provide full support for the Japanese accounting system, including native support for Tegata (promissory notes) payments, and J-GAAP-compliant financial statements.
“After working in the SMB accounting market for 30 years, we have seen the rise and fall of many business management applications,” said Hiroki Koreeda, president and COO at Miroku Joho Service, an accounting software provider in Japan, with 22 percent of the market share. “We firmly believe that the company and the SaaS ERP model will continue to build and grow.”
Columbia Music Entertainment, the nearly 100-year-old Japanese music company, recently went live on NetSuite Release J for managing its entire online business operations.
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Edited by Michelle Robart