Category Archives: NetSuite

UK Private Equity Specialists Provide Words of Wisdom for Scale-ups

Posted by Mark Woodhams, Oracle NetSuite EMEA Vice President

PE%206%20lessons UK Private Equity Specialists Provide Words of Wisdom for Scale upsOne of the most enriching events NetSuite has held this year was an evening of owner and investor matchmaking with private equity specialists and owners and founders of start-ups and scale-ups in London.

Coming out of that event, I couldn’t help but think of the incredible knowledge that was shared, and how so many scale-ups could benefit from it. Here is a list of what I call “words of wisdom” from UK private equity specialists.

Volatility is something you have to price in… 

The UK’s decision to leave the European Union means volatility has become the new normal. Asked how Brexit should inform investment decisions, Rob Foreman, chief investment officer at Primary Capital Partners put it like this: “Our job is to invest capital over the next five years. And we need to do that irrespective of what is happening with Brexit. So, of course, we’re wary about those things that will be affected, like currency, but at the same time our job is to take measured risks and find investments.” Because foreign exchange is changing so quickly, the valuation of businesses becomes more difficult to ascertain. “That can be quite challenging,” Foreman said, noting that a weak pound can be a positive too. “If the world was totally set and not volatile our jobs would be very boring,” added Jack Alcock, investment director at Permira. “Volatility is something you have to price in.”

Location really does matter. UK investment is as good as any.

Should start-ups and scale-ups go across the Atlantic for funding or stay closer to home? “It’s something we fight against a lot,” noted Lewis Bantin, partner at ECI Partners. “We win some battles on that front and lose them. Where we’ve lost them it’s because the founder felt that ultimately the exit was going to be in the United States. Rationally that can be quite a hard battle to fight but equally they are choosing a partner for four or five years. Where we’ve won battles it’s because founders want to work with someone who is here, where they can get decisions taken quickly rather than refer to Washington or New York.” Thomas Studd, partner at Vitruvian Partners agreed. “We compete against US funds all the time and a very powerful selling point, particularly for entrepreneurs in the south east [of England], is that I’m just a 20-minute drive away. I can be over this afternoon rather than conference calls and slow decision making. That’s a massive, massive difference.”

Technology can help drive value creation.

As we’ve explored in a previous post , technology has a central role in the evolution of entrepreneurial businesses. Deploying IT platforms fosters efficiency, enables faster and more effective decision making, and demonstrates business maturity. And make no mistake: investors consider it a pre-requisite for accelerated growth. That’s why a business management system is an essential part of the tool kit to measure and track your business’s key performance indicators (KPIs).

Prepare with data. Difficult questions are coming.

Speaking of KPIs, it also pays to come to investment meetings armed with data. “Companies are often surprised that people like me really ask difficult questions and want to see the data,” said Vitruvian Partners’ Thomas Studd. By way of example, he’ll expect to see individual transaction data as well as cohort data. “Preparation is extraordinarily important. And it’s not just important to make the investor happy – it’s really important data to help you run the business.” In a previous post we identified the key measures and metrics PE specialists look for in a start-up or scale-up business.

‘Chemistry is more important than money.’

“It’s easy to think that our industry is just about providing money to people,” said Jack Alcock, investment director at Permira, “but ultimately if someone is investing in your business, they become your partner and they are the people who are going to speak to you for the next four, five years. The chemistry is ultimately much more important than the money itself. There’s a huge amount of money floating about. There’s a much more limited number of nice, interesting people you actually want to work with.”

Efficiency matters. But growth is the key word.

Investors will be looking for evidence of a well-run business and an indication that at least one eye is on the bottom line. But ultimately, private equity partners want to invest in a business that demonstrates growth potential. “The nice thing about being in a venture capital/private equity scenario,” said Jack Alcock at Permira, “is we are people who take a five-year view on where the business is going. If that means you have to invest today for revenue that will come in three, four, five years’ time, that’s absolutely fine with us because that’s how we think about things, too.”

Learn more about how NetSuite is helping private equity firms with its Private Equity Services Practice.

Posted on Wed, January 17, 2018
by NetSuite filed under

Let’s block ads! (Why?)

The NetSuite Blog

Audiovisual Marketing and IoT Converge to Drive Massive Growth for Spectrio

Posted by Ranga Bodla, Head of Industry Marketing

There’s a lot of thought that goes into audiovisual marketing, the reassuring voice and soft music on hold during a phone call or the video displays in waiting areas of a hotel, auto shop or doctor’s office.

For Spectrio, a top audiovisual marketing provider in the U.S., a great deal of science, testing, customer service and cutting-edge technology goes into its range of full service offerings. To start, Spectrio’s services team collaborates closely with customers to understand the company, its products and services, and the clientele.

Spectrio PresentationImage 122017 01 Audiovisual Marketing and IoT Converge to Drive Massive Growth for Spectrio

“We’re a content company, we’re a marketing company and we’re also a technology-enabled service company,” said Aaron Kleinhandler, CEO at the 150-person Spectrio outside Tampa, Fla. “Customer experience is what we do.”

Spectrio relies on NetSuite’s integrated suite for virtually every business function, from financials and billing to CRM, inventory management, service tickets and tracking audio and visual content. It’s now rolling out NetSuite SuiteCommerce to give customers new ecommerce capabilities. Spectrio’s content and devices are connected (via the internet) with licensing and contracts controlled by NetSuite, which in turn connects with thousands of devices in the field.

Founded in 2002, Spectrio began as an on-hold messaging service, and now offers digital signage and overhead music for consumer-facing merchants. More than 25,000 companies, including Papa John’s, Whole Foods Market, Jiffy Lube and U.S. Cellular, across 65,000 locations, use Spectrio to enrich the customer experience.

A creative team works with customers to devise optimal solutions, often creating custom voice and video content, and licensing music from third-parties. Spectrio technicians are on call to handle hardware, wiring, installation and software management.

For instance, Spectrio worked with a large tire dealer to create a series of videos explaining the need for vehicle maintenance such as tire rotations and differential checks. Customers in a waiting room may learn a few things and ask the shop for additional inspection and possibly repair, generating revenue.

It’s been a recipe for success at Spectrio, named multiple times to the Inc. 5000 list of America’s fastest-growing companies.

“We’ve been able to attract outside investors and some very large customers to grow from a bootstrap Mom and Pop business to where we are today,” said Kleinhandler. “We’ve acquired 20-some businesses over the years, and just completed an acquisition of 25,000 locations that grew the business by about 40 percent.”

Kleinhandler credits the NetSuite platform, which Spectrio deployed as an early cloud adopter in 2003, for providing the scalability and flexibility the business needed to grow. Spectrio has also realized IT cost savings compared to on-premise systems that it’s channeled into customer service and content creation. In its 15 years on NetSuite, Spectrio’s revenue has soared 30-fold.

“Having a 360-degree view of our customers and operations with NetSuite has allowed us to efficiently grow the business,” Kleinhandler said. “If we didn’t have a system as versatile as NetSuite, I don’t think we’d be able to do that.”

Kleinhandler adds that Spectrio enjoys industry-leading customer retention rates, as well as steadily growing margins. In the future, Spectrio wants to personalize the customer experience even further, understanding the nearby consumer and context.

“That’s because we don’t have to spend money on IT infrastructure or deal with upgrades — we can spend money supporting our customers,” he said. “Not only that, NetSuite supports how we do future development, integrate new services and acquisitions, and build out more tools for customers.”

Learn more about NetSuite for advertising and digital marketing agencies.

Posted on Tue, January 16, 2018
by NetSuite filed under

Let’s block ads! (Why?)

The NetSuite Blog

Give 15 Minutes at NRF and Give Clean Water to Orphans

Posted by Barney Beal, Content Director

Sometimes a single event transforms your entire life. On Mother’s Day in 2000, Caroline Boudreaux, a successful account executive at an Austin TV station, met a girl named Sheebani in a rural orphanage in India during a quick stop on a planned trip around the world. Overcome with emotion, Caroline knew she had to do something to help.

Miracle%201 Give 15 Minutes at NRF and Give Clean Water to Orphans

That day, the Miracle Foundation was born, an Austin-based nonprofit dedicated to empowering orphans to reach their full potential by providing children with a healthy childhood, quality education and an opportunity for a promising future. It measures its progress through what it calls the 12 Rights of the Child.

To date, the Miracle Foundation has supported 3,000 orphans directly, as well as an additional 1,200 through its Centers for Excellence, orphanages that the nonprofit provides training and consulting to. The Miracle Foundation has enrolled 100 percent of its children in school (compared to 55 percent of Indian children) and graduated 98 percent from secondary school (compared to 52 percent of Indian children).

This year at the NRF Conference taking place in NYC January 14-16, NetSuite, through RetailROI, will be donating $ 300 to the Miracle Foundation for each person that attends a 15-minute demo during NRF, providing clean water for children in need*.

Miracle%202 Give 15 Minutes at NRF and Give Clean Water to Orphans

RetailROI is a nonprofit focused on raising awareness and provide real solutions for the more than 400 million vulnerable children worldwide. Each year at NRF it organizes the Super Saturday event, presenting the latest trends in the retail industry ahead of the national conference. All sponsorships go to RetailROI’s Retail Orphan Initiative, which directs funds to nonprofit organizations that serve at-risk children.

Hear more about the Miracle Foundation from Caroline.

Schedule a demo with NetSuite today to reserve your spot and help support the Miracle Foundation and RetailROI.

* Up to $ 7,500.

Posted on Wed, January 10, 2018
by NetSuite filed under

Let’s block ads! (Why?)

The NetSuite Blog

A 180-Year-Old Business and a Startup Both Manage Growth, Change in Dynamic Health and Beauty Industry

Posted by Branden Jenkins, GM of Retail, Oracle NetSuite

Bigelow A 180 Year Old Business and a Startup Both Manage Growth, Change in Dynamic Health and Beauty IndustryIn New York City’s bustling Greenwich Village, a vintage neon sign from the 1930s invites patrons to explore the vast array of mainstream and offbeat health and beauty products within C.O. Bigelow, America’s oldest apothecary. On the shelves are typical soaps, shampoos, toothpastes and the like, along with Bigelow-branded products like Lemon Body Cream, its recipe unchanged since 1870.

While the wooden shelving, brass finishes and gas chandeliers more than a century old evoke a sense of history, making it, “by far the coolest place in New York to buy anything beauty-related,” as a Stylecaster reviewer put it, C.O. Bigelow still must deal with the challenges of a modern health and beauty company.

For many, that means a carefully cultivated and evocative brand image, showcased on a sleek, image-rich ecommerce website. Key strategies to elevate a company’s profile in this highly competitive market can include celebrity endorsements, an emphasis on organic ingredients, and aggressive social media marketing.

But beauty is only skin deep. Beneath the surface, health and beauty companies need superior operational efficiency to minimize costs and delays. Inventory, ordering and customer service need to function flawlessly to meet and exceed customer expectations.

Bigelow, in its own description, “transports customers back to a time and place of personalized attention, customized formulas and healing, and therapeutic preparations.” The store was founded in 1838, moving in 1902 two doors down the street to its present location. Bigelow has stayed true to those roots throughout its 180-year history, while simultaneously embracing modern technology to succeed in today’s ever-changing market, even in the face of stiff competition and an influx of chain drug stores.

It struck up partnerships with retailers such as Nordstrom, Sephora and Barney’s, growing the wholesale channel 20 to 30 percent annually in recent years. And notably, it does brisk business with global hotels and airlines that supply Bigelow goods to travelers around the world.

Owner Ian Ginsberg, whose grandfather purchased the business in 1939, says technology is a key ingredient to Bigelow’s success in a changing world: “We’re the ones who survived the disruption. We’re a traditional business surviving in a modern world.”

“The game has changed in all facets of retail,” Ginsberg said. “As growth has slowed, you have to learn how to make money on your bottom line. The more tools and technologies you have to improve your bottom line, the better off you are.”

Since 2013, Bigelow has used NetSuite for core functions of financials, reporting, order management, and inventory management across 30,000 SKUs. Especially valuable, Ginsberg said, are dashboards and real-time reporting that help Bigelow improve cost-efficiency and its bottom line.

Ovation Hair, a manufacturer of high-end hair care products in Carlsbad, southern California, doesn’t have the history that Bigelow does, but it’s confronting many of the same challenges. The 50-person company celebrated its 10-year anniversary in 2017 and has seen rapid growth by every measure.

It joins other upstarts that are challenging household names like Estée Lauder, L’Oréal and Unilever by opening new direct-to-consumer channels to complement traditional distribution strategies.

It comes at a special time. Global health and beauty product sales are expected to grow 73 percent between 2016 and 2025, to $ 750 billion, says Inkwood Research, a Boston-based research firm. Manufacturers and retailers need speed and agility to take advantage of growing opportunities.

For Ovation Hairrevenue is growing annually at a double-digit pace. It has expanded its product lineup beyond its flagship Cell Therapy product, which uses a proprietary blend of proteins, vitamins, botanical extracts and amino acids to help both women and men grow thicker, stronger, longer hair. Today, customers can choose from more than 25 products, including shampoos, conditioners, shaving lotions, vitamins and accessories.

Starting out an ecommerce pure play, Ovation Hair products are now sold on the QVC shopping channel, third-party marketplaces and through roughly 75 select salons in the U.S. And the company is growing globally. Earlier in 2017, it introduced international shipping to countries in Latin America, Asia, Europe and Africa, with ordering available online or over the phone. 

Effective marketing has been instrumental in Ovation Hair’s success. Once advertising mostly through radio spots in southern California, the company now reaches customers and cultivates evangelists through YouTube, Facebook, a blog and other social channels. And it’s grown a database of 500,000 contacts for personalized marketing engagement.

On its website, Ovation Hair offers regular promotions, refer-a-friend rewards, a loyalty program and a 100 percent satisfaction guarantee. Subscription replenishment has proven effective in driving recurring revenue. Beyond marketing, Ovation Hair is also an in-house manufacturer, producing its products at a plant in southern California.

“Developing customer intimacy is extremely important for us,” said Erika Sherwood, Ovation Hair Marketing Manager. “The customer dictates what our next steps are in terms of product development and what they’re looking for from the company.”

Over its 10 years, Ovation Hair has capitalized on new marketing and fulfillment channels in the face of increasing competition. “The industry has evolved a lot over the past couple of years, especially with social media and influencers,” Sherwood said. “There are a lot of ‘me-too’ products out there making the same claims without substantiation.”

Deployed in late 2010, NetSuite has been pivotal to Ovation Hair’s success. The company uses NetSuite for financials, inventory, order management and manufacturing, with SuiteCommerce providing a mobile-friendly ecommerce site. NetSuite is also the repository for all customer information, providing a foundation for personalized marketing and customer service.

The ever-evolving health and beauty industry requires retailers to be nimble, agile and adaptable to change. C.O. Bigelow and Ovation Hair, two companies with completely distinct histories and backgrounds, serve as prime examples of retailers that have found success by applying these requirements. A combination of creativity, product innovation, new distribution channels and technology have helped them maintain a competitive edge and thrive. Learn more about how NetSuite supports health and beauty companies, including COOLA, Anisa International, Epicurean, Perfectly Posh and The Beauty Collective, by visiting our health and beauty page.

Learn More at NRF – Retail’s BIG Show

If you are heading to NRF taking place January 14-16, be sure to schedule a demo to experience NetSuite’s software used by health and beauty companies like C.O. Bigelow and Ovation Hair. Your brief, 15-minute demo will have a big impact. NetSuite, through RetailROI, will be donating $ 300 to the Miracle Foundation for each person that schedules and attends a 15-minute demo during NRF, providing clean water to orphans in need.

Let’s block ads! (Why?)

The NetSuite Blog

Family-owned Businesses, Divestitures and Innovators: NetSuite Customers Shine in 2017

Posted by Barney Beal, Content Director

As we start the new year and begin to line up new projects and initiatives, I think this is the GettyImages 140193196 Family owned Businesses, Divestitures and Innovators: NetSuite Customers Shine in 2017best time to do some reflecting on the past. And the more we think on it, 2017 was ruled by our customers. NetSuite’s vision has always been to transform how businesses operate so they can achieve their business vision, and those transformations have been ubiquitous on our blog. From family-owned businesses expanding beyond expectations to software companies divested from their parent company and thriving, these customer stories speak to our vision.

Here we take the time to showcase some of the best customer stories featured on the NetSuite blog in 2017, as an ode, a tribute, adoration for our customers who help us achieve our vision every day.

MotoAlliance Turns Family Business into Global Manufacturer, Outgrows QuickBooks

MotoAlliance, a manufacturer and distributor of power sports accessories, started as a family-owned business and has grown to manufacture with partners in the U.S., China, Australia and France and sells its products through 400 dealerships across the country including large retailers like Cabela’s and Bass Pro Shops. Read their growth story and hear directly from their president, Maury Kapsner.

Tech Sparks Transformation of Action Health

Action Health, a healthcare packaging distributor, is another family-owned business that has transformed its business to drive rapid growth. Taking on a new mission to deliver savings to the supply chain, the management team knew that technology would play a critical role. Read their growth story and learn how they decided that selling part of the business was the best strategy.

OpenSymmetry Replaces Salesforce, FinancialForce with NetSuite for ERP, PSA and CRM

For OpenSymmetry, a management consulting and system integrator focused on sales performance management, the vision was clear. In order to grow, it needed a single platform that provided ERP, CRM and PSA software that can scale. Read their story and find out why NetSuite OneWorld was the right choice all along.

Quicken Hastens Toward New Future with NetSuite

In March of 2016, Intuit announced it would divest Quicken Inc., the 30-year-old flagship personal finance software, to sharpen its focus on small business. Quicken viewed it as an opportunity filled with potential and a big part of solidifying their future was building the new company on a foundation that was agile and scalable enough to move at the pace the industry demanded. Read their story and see how they prepared their business for growth.

Home Audio Retailer Fluance Makes Beautiful Music with NetSuite

Fluance, a leading manufacturer and B2C ecommerce retailer of speakers, turntables and home theater systems that focus on high performance, is a small family-backed company that pivoted from brick-and-mortar sales of third-party equipment in favor of a budding Fluance brand, opening a first-generation webstore on Yahoo. Read their growth story and learn how Fluance is taking sound to the next level.

These five customer stories embody the different experiences, circumstances and dynamics that running a business entails and their path to growth. Come back to read part 2 of “Customers Shine in 2017” and to see what else we have in store to get you ready to grow in 2018!

Posted on Tue, January 9, 2018
by NetSuite filed under

Let’s block ads! (Why?)

The NetSuite Blog

IDC Insights: Selecting the Right ERP System Critical to Support Future Growth

Posted by Mickey North Rizza, IDC Program Vice President, Enterprise Applications and Digital Commerce

Digital Transformation (DX) is fundamentally changing businesses, allowing them to transform their decision making, which is enhancing their business outcomes significantly. Digital transformation is an enterprise wide, board-level, strategic reality for companies wishing to remain relevant or maintain or enhance their leadership position in the digital economy. Digitally transformed businesses have a repeatable set of practices and disciplines used to leverage new business, 3rd Platform technology, innovation accelerators and operating models to disrupt businesses, customers, and markets in pursuit of business performance and growth. DX is driving businesses to rethink their technology strategy and that includes moving beyond their legacy back office ERP systems. New sources of innovation and creativity to enhance experiences and financial outcomes are paving the way for enterprises to move towards SaaS and cloud-enabled ERP software.

Why move to SaaS and cloud-enabled ERP systems?

Years of spreadsheet jockeying and little visibility make it hard for small and midsized businesses to grow quickly. Larger midmarket businesses have invested in legacy systems that are customized heavily, meaning that every upgrade is a costly and painful process, not to mention the sunk costs in hardware and maintenance. Midmarket businesses looking to grow and move beyond these issues are rethinking their ERP system strategy, seriously considering SaaS and cloud-enabled ERP systems.

Businesses of all sizes undergoing digital transformation have turned their focus to SaaS and cloud-enabled software because they need flexible, agile ERP systems that are configurable, continuously updated, quick to implement and scalable. Small and midmarket businesses are finding that most SaaS and cloud-enabled ERP systems are now within their means, allowing them to quickly expand and grow into new regions around the globe.

How do I select the right SaaS and cloud-enabled ERP system?

Fortunately for ERP buyers there is a massive amount of information surrounding ERP solutions, but synthesizing it can be quite complex. Organizations require significant research to fully understand what they will be buying. So many buyers are quickly scanning the internet, finding a list of ERP vendors and reaching out to them, before they even issue an RFP. This leads to massive confusion and uncertainty.

One sure method for finding the right ERP vendor is an IDC MarketScape document on ERP. IDC publishes IDC MarketScapes for multitudes of applications across the technology spectrum. Midmarket ERP buyers can utilize the IDC MarketScape: Worldwide SaaS and Cloud-enabled Midmarket ERP Vendor Assessment, 2017. The document is thorough, following a rigorous research methodology that looks at vendor offerings, their go-to-market strategy and their business. IDC MarketScapes include a representative list of midmarket ERP technology vendors. Vendors were then surveyed and further investigated to ensure that their ERP systems qualified as SaaS or cloud enabled and were already serving mid-market clients. Fifteen vendors actively participated in the research with a total of 52 references contacted and interviewed. Discussions with references included the systems utilized and their perception of the vendor and software in terms of technical support, account management, marketing message, level of value delivered versus price paid, ease of integration, user interface and ROI. In addition, references also provided areas of improvement and their future business requirements.

The document is an excellent way for the IT buyer to look at the market, understand the market and vendors, determine the field of vendors to include in an RFP, and for the selection process. The IDC MarketScape figure quickly displays the field of vendors so that Leaders, Major Players, Contenders and Participants are outlined based on their strategies and capabilities. The segments are:

Leaders: Vendors strong in both strategies and capabilities.

Major Players: Show strength in most areas of strategies and capabilities.

Contenders: Have many strengths but are often limited in some areas such as geography, industries, or specific product features.

Participants: Are often new entrants, or fading stars with few exceptional capabilities or strategies.

The vendor profiles provide a guide to the IT Buyer on who the vendor is, the strengths and challenges for each vendor and many times include reference comments. Finally, a recommendation is provided for the IT Buyer on when they should consider a particular vendor. The IDC MarketScape document is a guide for vendor inclusion in your selection process and also a must have reference document that answers many of your questions on the vendors in the market.

To learn more, read about NetSuite’s place in the MarketScape for Worldwide SaaS and Cloud-enabled Midmarket ERP applications 2017 and watch a webcast with NetSuite and IDC on how to select the right ERP vendor.

About the Author

 IDC Insights: Selecting the Right ERP System Critical to Support Future GrowthMickey North Rizza is program vice president for IDC’s Enterprise Applications and Digital Commerce research practice. She leads a team of analysts responsible for IDC’s coverage of the next generation of enterprise applications including ERP, financial applications, procurement, supply chain automation project and portfolio management, enterprise asset management, services resource planning (SRP) and related project-based solutions software and the digital commerce business network. In her role, Mickey and the team advises clients on ERP and i-ERP systems and associated applications, and digital commerce with a focus on the key trends, opportunities, innovation and the IT and Business Buyer concerns and requirements.

Posted on Mon, January 8, 2018
by NetSuite filed under

Let’s block ads! (Why?)

The NetSuite Blog

Idaho Farm Bureau Plants Seeds of Innovation with NetSuite OneWorld as its Mission Evolves

Posted by Morgan Carey, Nonprofit Industry Marketing Lead

For 77 years, the Idaho Farm Bureau has been central to helping the Idaho ranching and farming industry, which generates nearly 20 percent of the state’s total economic output and accounts for one in every seven jobs, solve problems, innovate and build community.

Planting%20Seeds Idaho Farm Bureau Plants Seeds of Innovation with NetSuite OneWorld as its Mission Evolves

But as it confronts the reality that farms are consolidating and the average age of a farmer continues to climb – it needed to examine and innovate its business processes, and ensure every farmer is engaged by offering relevant, valuable services to its members.

To have the opportunity to say “yes” to new offers and services for its members, it needed the ability to manage them better. But popular programs like discounted ticket sales to local amusement parks, handled by each office, were exceedingly hard to manage. Each office tracked sales on spreadsheets noting ticket serial numbers to track inventory. This left little time and energy to explore new opportunities, let alone efficiently manage them, that would benefit members and generate revenue.

“One of the reasons we implemented NetSuite was so that we could explore options. We could adapt quicker as things go on,” said Tyler Zollinger, Assistant Treasurer, Idaho Farm Bureau.

Swayed by its cloud architecture and unified platform, the nonprofit chose NetSuite. Idaho Farm Bureau went live in a month to manage financial processes for its headquarters, with the goal of extending the system to help each of its subsidiaries better manage budgets at the local level. With only Zollinger being able to help with the implementation, finding the right partner was crucial. Nationwide NetSuite Partner Cumula 3 Group acted like an extension of the team, ensuring a seamless and fast, go-live.

“They have been really excellent,” Zollinger said of Idaho Farm Bureau’s implementation partner. “I can’t imagine it going any better than it has.”

“We used to spend a lot of time talking about stuff that was linked together with spreadsheets,” Zollinger said. “We spend a lot less time talking about finances, and more time understanding.”

For instance, because it had access to end-to-end information on its finances, it could full-fund its pension plan, enabling it to take advantage of discounted PBGC rates.

NetSuite is also supporting POS transactions within each office, automating the management of popular programs like the discounted ticket sales. Sales information automatically rolls up to headquarters, and the system notifies each unique office when the supply of tickets is starting to get low.

By exposing ways to find efficiencies, and giving easy access to data to deliver innovative services, NetSuite ensures the organization won’t enter the nonprofit starvation cycle. Instead of cutting programs to shore up revenue, it can streamline operations to offer more benefits and services to its members, as well as make insight-driven decisions on new revenue streams.

“When we have a good opportunity now, we don’t have to turn it down because our infrastructure doesn’t support it,” Zollinger said.

Learn more about Oracle NetSuite Social Impact and our solution for nonprofits.

Posted on Thu, January 4, 2018
by NetSuite filed under

Let’s block ads! (Why?)

The NetSuite Blog

Technology Innovation Bearing Fruit for SunMoon Food

Posted by Zakir Ahmed, VP and General Manager for Asia

The SunMoon Food Company was on the brink of bankruptcy in 2007 when Gary Loh, a veteran of the financial services industry, took charge of the Singapore-based company.

Over the next decade, Loh directed a sweeping restructuring and applied technological innovations that have transformed SunMoon into a fast-growing provider of fresh produce-from apples, pears, tangerines and cherries to ready-to-eat sweet corn.

 Technology Innovation Bearing Fruit for SunMoon Food

With an “asset-light, customer-centric” approach, Loh shifted the business strategy from company-owned plantations to sourcing produce from more than 200 carefully selected growers that meet SunMoon’s standards for freshness, quality, safety and traceability. By selling off the plantations, Loh cut the workforce from about 500 to 50.

At the same time, SunMoon aggressively expanded its distribution model, which today encompasses 11,000 points of sale to 169 customers in 20 countries, from the nations of Southeast Asia to Australia, New Zealand, Japan, South Korea and the U.S.

SunMoon’s dramatic turnaround triggered a recent investment by Shanghai Yiguo E-Commerce Ltd., a food service commerce company backed by Chinese ecommerce giant Alibaba. Additional investments by Goldman Sachs and KKR have SunMoon poised for further growth, in part by tapping Yiguo’s logistics and food service network.

“When I came in 2007, I needed to streamline the entire operation,” said Loh, the SunMoon CEO and Deputy Chairman. “We needed to be able to move a lot of items from farm to fork, which means a lot of logistics on the back end and coordination with suppliers.”

Sowing Seeds for Success

A central element of that strategy is SunMoon’s use of NetSuite OneWorld for financials, inventory and order management, financial consolidation across subsidiaries in China, Indonesia, and the U.S., and multi-currency transactions in 11 different currencies.

Before rolling out OneWorld in April 2017, SunMoon relied mostly on manual emails to communicate with suppliers and customers for order management, invoicing and billing. The move to OneWorld has greatly improved efficiency, enabling SunMoon to save 150 hours and an estimated SGD $ 20,000 in just five months.

Today, SunMoon suppliers enter expiry dates, packaging sizes and other details into NetSuite’s cloud-based system. That makes it easy for SunMoon to create quotes and invoices for customers, and to automate purchase orders and payments with suppliers.

“With NetSuite OneWorld, we’ve been able to move our products seamlessly from farm to fork on a global scale much faster and more efficiently,” Loh said. “Using NetSuite OneWorld’s integrated capabilities helps us transform SunMoon into an asset-light and customer-centric enterprise.”

With multi-currency and multi-lingual support, the global solution also gives SunMoon agility for continued global growth. And NetSuite’s inherent flexibility aligns well with SunMoon’s plans to utilize technologies such as artificial intelligence (AI), Blockchain, Bitcoin and fintech in the future.

“NetSuite addresses a lot of the issues we faced in a single bundle, with scalability to expand our geographic reach,” Loh said. “We can smoothly manage exponential growth in sales with real-time data all in one place.”

 Learn more about how NetSuite helps innovative, Singapore-based companies.

Posted on Wed, January 3, 2018
by NetSuite filed under

Let’s block ads! (Why?)

The NetSuite Blog

UK Life Sciences Firm Innovates on Ancient Practices, Manages Growth with NetSuite

Posted by Barney Beal, Content Director

When most people think about treating wounds, maggots aren’t the first solution that comes to mind. But that’s what one innovative company has been using to improve wound management.

For BioMonde, a Bridgend, UK-based life sciences company, one of its first challenges was education. It needed to overcome some initial fears and convince people of the wound cleansing properties and benefits of larval debridement therapy (or Maggot Therapy) for use on chronic, infected and necrotic wounds.

BioMonde Logo UK Life Sciences Firm Innovates on Ancient Practices, Manages Growth with NetSuite

One of the first private companies to spin out of the UK’s National Health Service, Biomonde’s approach is rooted in ancient practices updated for today’s technology driven world. BioMonde has built state of the art pharmaceutical facilities in the UK, Germany and US from where it manufactures and distributes its product, known as BioBag. The BioBags are then applied to open wounds such as pressure ulcers or diabetic foot ulcers. The maggots produce enzymes that break down only the dead tissue, effectively cleaning out the wound, known as debridement therapy. With alternatives like expensive surgical procedures or antibiotics that are increasingly becoming disease resistant, Biomonde saw its business grow significantly from the day it launched its first product in 2005.

The company then found itself with another challenge. Trying to track sales, order and financial data in not one, but three countries, each with their own highly complex regulations. For example, Biomonde distributes its product predominantly through primary care and the NHS in the UK, with some distribution to pharmacies as well as veterinary operations. In Germany, it distributes directly to hospitals but faces strict requirements about who it ships to and how it tracks products. Its US operations, a newer endeavor that has been growing since it received an FDA license in 2014, works with a complex array of businesses including the Veterans Administration, long term acute care and burn hospitals, and regional hospital groups, all with different requirements.

Its existing combination of Sage and Excel spreadsheets did not give Biomonde’s management the end-to-end visibility it needed. So Biomonde turned to NetSuite OneWorld.

“There was a lack of linkage between the different parts of the organization,” said Mike Johnson, Biomonde CFO. “When a customer phones up it should be a seamless process from the client placing the order, through the manufacturing process and the Quality Management System to final dispatch and delivery to the client.”

NetSuite OneWorld provided Biomonde with a single system for financial, customer, product and order data and the flexibility to adjust the software to its needs.

“The ability to manipulate data in NetSuite is second to none,” Johnson said.

In the US, with its wide range of customer types, Biomonde is able to account for and run reports on purchasing groups within hospitals, by hospital or by hospital group as well as by sales territory, which could be a city, a section of the city or even an entire state.

“We’re able to slice and dice not just financial data but all the data sales people have captured,” Johnson said.

And that data knowledge capture is critical for the business. “We have built a very bespoke CRM system,” Johnson said. “With a large percentage of sales, we’re tracking what works and what doesn’t. Our CRM system enables us to dive in and see levels of engagement. How may calls it takes to convert a prospect to an account win. How many calls it takes for a follow up visit.”

That level of detail extends to production as well. With a live product and very specific requirements, forecasting production correctly is critical. With a detailed history that tracks every step from customer orders to production, Biomonde understands the levels of production it required each day.

Room to grow

As the company expands, it may expand its use of NetSuite as well. NetSuite offers the opportunity to track all the inventory that goes into the manufacturing process while NetSuite OneWorld’s global financial consolidation and multi-currency management ensures the company can focus on international growth.

Learn more about how NetSuite is helping life sciences companies.

Posted on Tue, January 2, 2018
by NetSuite filed under

Let’s block ads! (Why?)

The NetSuite Blog

Technology, Innovation Help PODS Redefine the Moving and Storage Industry

By Barney Beal, Content Director

PODS, the provider of portable moving containers that can be seen across the country, only seems to get more ubiquitous. The company’s iconic white and red containers were even seen on the White House lawn recently, when President Donald Trump had some remodeling done and elected to use the containers for spare storage.

PODS%202 Technology, Innovation Help PODS Redefine the Moving and Storage Industry

PODS was founded in Clearwater, Fla. by Peter Warhurst, a fireman who was inspired to provide a storage solution for families whose homes were impacted by fire. He thought, “Let’s bring the storage center to them.”

But, in many ways, it started as a technology company. Co-founder Bob Timberlake had written a system in Visual Basic for Florida’s Emergency Dispatch that allowed the state to dispatch technicians and route them to the right location. That technology was later used to request and route containers as part of the PODS system.

“Tech has always been a part of our platform,” said Bill Tingle, PODS’ CIO.  

As PODS redefined the moving and storage industry with portable containers that could be left onsite, it underwent tremendous growth. It now has a network of more than 190,000 PODS containers and 230 secure PODS Storage Centers in North America alone – and has fulfilled more than 3 million deliveries.

PODS continues to grow and has, expanded into new geographies and has branched out into the commercial market. Aware that the technology that contributed to the company’s initial growth was not going to support further expansion, PODS determined it needed a new ERP software platform.

After a rigorous evaluation process that included a requirements matrix with 3,000 line items, according to Tingle, PODS selected NetSuite. NetSuite’s flexible platform built for the cloud will allow PODS to not only support the company’s ambitious growth plans but also support continuous business process improvements. It plans to implement the system in 2018.

 “I’m excited about the opportunities NetSuite will present in customer service,” Tingle said. “Having a single view of the customer will give us the ability, when a customer reaches out to us, to recognize who they are and the business they’ve done in the past so we can provide a personalized, relevant contextualized experience.”

Learn more about how companies like PODS are using SuiteSuccess to move their business forward.


Posted on Wed, December 20, 2017
by NetSuite filed under

Let’s block ads! (Why?)

The NetSuite Blog