NetSuite Cloud Software Ranks High, SPI Report Highlights Benefits
NetSuite's cloud PSA and SRP software once again has emerged as a winner for the fourth consecutive year. Currently, NetSuite (News - Alert) leads the Professional Services Automation (PSA) market with a 26 percent market share in 2011. This achievement has been reported by the SPI Research 2012 Professional Services Maturity Benchmark Report, which also names NetSuite customers like Siemens PLM Software, NetSuite, Architech and Advent Software (News - Alert), as being the "Best of the Best.”
According to the report, eight of the 20 "Best of the Best" professional businesses partaking in SPI's study utilize NetSuite software to administer major processes. SPI also observed that these NetSuite clients have an edge over the competition and have outperformed them in spheres of revenue, billable utilization, and bid-to-win ratios.
"NetSuite is committed to delivering PSA and SRP solutions that impact our customers' bottom lines," said Edward Marshall, general manager of Services, NetSuite. "The findings in the SPI report validate our efforts in delivering the best possible PSA and SRP solutions available to the market, and in delivering a solution that enables our customers to grow their businesses without getting bogged down in complex and siloed software."
"The 2011 SPI study finds that the professional services industry is on fire, with double-digit growth in major metrics," Jeanne Urich, managing director at SPI Research added. "The study also reveals that services organizations using PSA or SRP solutions consistently outperform their competitors and are enjoying strong revenue growth and higher margins. We congratulate NetSuite and its customers for their continued success in a competitive and fast-growing industry."
The SPI report observes that the usage of PSA software has increased from an adoption rate of 51 percent in 2010 to 76 percent in 2011. According to SPI's study based on 825 professional services organizations, professional services revenue increased 13.7 percent and the average net profit increased to 13.5 percent worldwide in 2011.
The report also points out that those companies using PSA saw as much as $50,000 more in annual per-consultant revenue when compared to organizations not using PSA. In the case of professional services organizations within technology companies, net profits rose to 17 percent while for independent services firms the rise was recorded at 10.6 percent. The report also mentions billable utilization and how it has risen from 65 percent in 2008 to 70 percent in 2011.
Edited by Jamie Epstein
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