NetSuite Partner Relationship Management Analysis
Comparative Review with Sage CRM
Introduction
Partner Relationship Management (PRM), according to Relayware (2014), is "system of methodologies, strategies, software, and web-based capabilities that help a vendor to organize and manage partner relationships." PRM software is designed to enable organizations in the management of their partners with the aid of a streamlined processes, reliable systems, and an interactive system. The need of integrating the business functions for the operation of partner relationship has been around for more than three decades or beyond. Manufacturing companies such as the automobile industry look for ways on how to keep the business operation into a single network rather than having problems on how to handle partners' operation to meet the demand or the quote of the organization.
Simply, a PRM software is a one-stop system that connect all partners of the production and distribution channels allowing them to access essential data to get their tasks done. The software streamlines functions such as marketing materials, certification controls, collaboration forums, training, product information and more. Since the portal used by the PRM software is a web-based or a cloud architecture, partners, regardless of their locations around the world, can access the system easily.
Based on the research done by Forrester Research, Inc., NetSuite's Partner Relationship Management (PRM) offers a stronger performance compared to all PRM platforms. In fact, among seven vendors compared by Forrester Research, NetSuite ranks at the top in almost every aspect or feature of PRM (NetSuite Inc. , 2014). This study will investigate the features of NetSuite's PRM compared to Sage CRM software, which is an advanced customer relationship management software with the integration of basic PRM.
Being a Strategy
According to Relayware (2014), PRM is not just a tool or a system used by the organization, but it is a whole business strategy used to meet the organization's and the partners' needs in order to become effective in managing the demands of customers. If PRM is used properly, it will provide the organization an edge in the competitive business environment with the holistic approach to it as a strategy. In this regard, Forrester Research, Inc ranked NetSuite's PRM at first place in terms of business planning, customer management, geographical scope, business intelligence, corporate strategy, and lead management.
Business intelligence is the ability of the organization to understand the connection and interrelationship of information or available facts to benefit the organization as a guidepost in making actions for a desired objective (Logi International, Ltd., 2013). NetSuite's PRM works with the lead of customers and use the information gathered from the lead to create essential and relevant interpretation that can be used by the organization for decision making. This means that rather than getting another software to process customers – their behavior, buying pattern, etc – NetSuite's PRM solves the problem by integrating business intelligence and lead management into it. NetSuite's PRM provides a real time tracking of partner leads or referrals within a single network that can create analytic for volume, ROI, and conversion. More than that, NetSuite's PRM also helps to create accurate and data-founded forecast regarding sales, production cycle, and revenue trend.
Compared to NetSuite's PRM, Sage CRM is one of the most advanced PRM-CRM software available. This software also boosts capability in business intelligence and lead management, wherein it directs the operation of the organization from the lad management analysis to closing sales. With the aid of proper data collection and analysis, Sage CRM helps to create decisions that are accurate and real time (Sage Software, Inc., 2014). In the same manner, with the aid of Sage CRM, forecasts on sales are made to aid partners in dealing with demands of production and distribution systems, as noted earlier. How this work? When partners get knowledge of market movement, they will be guided on how to approach the market. In the same manner, when the vendor knows what's happening in the field (as partners give data), the vendor will be able to act properly in terms of pricing competitive advantage and in the production.
Another aspect of PRM's capability to ensure accomplishment of its strategy is the power of coordination and communication (Grant, 2012). NetSuite's PRM works with sales tracking and order management. It is important for partners to know real time data regarding orders and pricing. With this platform, partners spread around the world can now access information of orders, the pricing, campaigns and discounts (NetSuite, Inc., 2014). NetSuite's PRM's principle is simple: Partners should know what's happening to its partners so they could work together toward achievement of the desired goal.
In fact, NetSuite's PRM also provides a way for partners to download or get information regarding the product easily. With the aid of the sales and marketing library, vendors can give their partners the chance to get access to a library of resources that can be used in marketing the product such as product fact sheets and other sales materials. As noted earlier, the goal of this PRM software is to build a collaborative network between the vendor and its partners to increase their integration and their organizational performance. Rather than just making it hard for partners to get in touch with materials that can be used for marketing, the portal speeds up their coordination without the thick and complex structural difficulties.
On the other hand, Sage CRM offers communication solutions to its customers and partners. In fact, with this portal, customers are considered as partners of the vendor's growth (Sage Software, Inc., 2014). This demands for communication from and to the customer. By building a communication channel, customers' needs will be responded immediately. In fact, the network uses social media networks and email communication to expand the materials that could be passed on the customer or partner.
The good thing about Sage CRM is its service and support system. In this era of competition in the market, partner needs the support necessary for them to move around. A real time support is important because a single delay in communication may lead to wrongful actions of those in the field. Vendors have to keep the communication open because a single wrong information may lead to a series of multiplied impact affecting the business' reputation. Yet, NetSuite's PRM also provides a strong support for its partners – and this support is a global one to cope with the demand of global business environment.
As a Collaborative Tool
NetSuite's Partner Relationship Management software is really about collaboration, as already mentioned earlier (NetSuite, Inc., 2014). This is the core of the software. With the business functions integrated into this network, the software is already an integral solution to the needs of organizations. But add to that, this software is built to ensure that businesses that are building partnership with distributors or agents will be able to comply with the demands of the competitive business environment. As a collaborative network, it enables vendors to empower their partners or distributors (and even customers) to become effective channels of the organization to reach out customers of the market.
NetSuite, Inc. (2014) wrote that "companies benefit from real-time visibility into the entire partner marketing and sales process—from opportunity to order to commission—helping organizations to cultivate an educated, enabled and productive channel that dramatically expands revenue and market opportunities." Rather than just leave partners or distributions hanging after they receive their orders and the vendor's responsibility also ends, NetSuite's PRM extends the role of the vendor and the partners become collaborators of the growth. This means that if the partner succeeds, the vendor also gets the benefit.
This is also the goal of Sage CRM, which even has developed the Sage CRM Mobile Solutions, to help partners or teams in accessing critical customer information that will help them in effectively closing sales ( Sage Software, Inc., 2014 ). With updated information regarding customers, partners and teams will be able to know what to do to increase sales. This is empowerment of those who are in the field. While the vendor acts as the overall manager, it enables those who are under its network to become effective market leaders.
Conclusion
Partner relationship management helps vendor to have proper attitude and behavior toward partner. With demand for collaborative marketing programs, NetSuite's PRM and Sage CRM helps to enhance the automation of the entire process - schedules, media and marketing plans, campaign strategies, assets and online marketing with brochures. What PRM does is build a lasting partnership or intimate relationship with those who really deals with customers. Partners and distributors who worked with the customer should be given premium because they are the ones that are making it possible for the vendor to enjoy financial success in the market – and with PRM, this empowerment is made.
However, with the demand of today's environment, Sage CRM combines PRM with CRM to meet demands of communication. Social media and close communication through a multi-channel network increase the way communication is created with partners and the organization. In fact, with this competition in the market, stronger channels must be built to ensure loyalty. Advanced PRM and the combination of CRM will be the best way to meet the demands of the market. NetSuite has been updating its PRM and it heading to become a CRM platform with additional services and capabilities.
References
Grantt, T. (2012). Channel Readiness Blog. Retrieved from http://www.logicbay.com/blog/bid/80400/What-is-PRM-Software
Logi International, Ltd. (2013).Business Intelligence Defined. Retrieved from http://www.logianalytics.com/bi-encyclopedia/business-intelligence
NetSuite Inc. (2014). NETSUITE PARTNER RELATIONSHIP MANAGEMENT (PRM) RECOGNIZED AS A STRONG PERFORMER IN PRM PLATFORMS REPORT BY LEADING ANALYST FIRM. Retrieved from http://www.netsuite.com/portal/press/releases/nlpr12-17-13.shtml
Relayware. (2014). What Is PRM and What is it Becoming? Retrieved from http://www.relayware.com/solutions/hi-tech/what-is-prm/
Sage Software, Inc. (2014). SAGE CRM. Retrieved from http://na.sage.com/us/sage-crm
