NetSuite was the first company to offer cloud services in the world. How have you seen cloud services evolve in Latin America over the past decade?
NetSuite was one of the first companies to have a business management system on the cloud. We wanted to be the only solution on the market through which businesses could manage their entire operations via a single technology platform. We wanted that to be our key differentiator, and we always wanted to be cloud based. A decade ago, the adoption of cloud technologies and solutions for business management was slower. However, there has been a rapid acceleration over the last five years as players continue to embark on their digitalization processes. Over the last year-and-a-half, we saw a radical change, and the process has evolved significantly. There is an acceleration that otherwise would have taken a decade to implement. For many companies, technology stopped being a futuristic dream and a must to operate. Operations have to be extremely agile and allow decision making to happen quickly.
How do you seek to seize this momentum to continue growing in Latin America?
We have made significant investments in Latin America. Oracle allowed us to grow rapidly in Latin America, mainly in Mexico and Colombia. In some countries, we are the only vendor that supplies these cloud services at a local level; there is no other vendor with all our scope and experience for the middle segment. We have local teams and we have solutions for all sizes of companies.
What significant changes in terms of behavior have you witnessed in the Mexican market within this segment?
There have been many changes in terms of behavior, which have resulted in a different way of managing systems. E-commerce was not as widespread in Latin America and Mexico as it is today thanks to the advances in the digital transformation. NetSuite is the preferred technology platform for small and mid-sized businesses. For example, Kavak, the first Mexican unicorn, is one of our clients. During the pandemic, we offered solutions for it, as many people were not interested in buying cars, but selling them for cash, as a result, Kavak started to offer additional services such as a financing service that provided capital for its clients to cope with the effects of the pandemic. The company had to adapt itself to the new normal and to changes in consumer behavior. We helped Kayak replace its in-house software with our flexible and scalable technology, supporting its operations in the long run. Our solutions helped Kayak gather better data from its clients and adapt its business model accordingly.
How does your platform help companies relate better to customers and manage operations through a single platform?
We offer our clients a complete technology platform that includes everything from ERP to customer relationship management (CRM) and analytics in one single product. A company can manage its entire finance division, supply management, expenditure, and many other things through NetSuite. At the same time, this tool also allows us to manage customer relations. This CRM helps us understand when was the last time they purchased our services, how much they purchased, and so on. We provide services through our technology platform, a single tool that gives clients a 360-degree vision of their business. This suite helps clients avoid having one tool for CRM and another to manage expenditure. For example, companies previously had to manage five or six services from different companies and then effectively consolidate all that information. With our platform allows them to gather all that data and easily consolidate the information. NetSuite ensures that clients can adopt our solution as the only tool for running their business, with everything they might need to make the best decisions and continue the growth of their business.
What are your main goals in Latin America for the rest of the year?
We will continue to invest in Latin America and extend our network. We have clients in every country here. NetSuite is constantly seeking companies that want to transform their operations. We want partners that already have experience in the implementation of digital services to help them with the next steps.