SYDNEY, Sept. 28, 2016 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud financials / ERP and omnichannel commerce software suites, today announced that REA Group Limited (ASX: REA), a multinational digital advertising business specialising in property, has deployed NetSuite OneWorld.
REA Group replaced multiple, disparate legacy software systems and manual processes with a single instance of NetSuite OneWorld to manage mission critical business processes, including financial consolidation, purchasing, order management, billing, revenue recognition, multi-currency management (13 currencies) and multi-country tax compliance management.
Since switching to NetSuite in 2015, the company has dramatically improved operational efficiency and realised significant productivity gains, freeing up employees' time to manage revenue recognition process and global consolidation. Processes which previously took several days to complete can now be done in real time. The company has also gained the scalability needed to handle large volume transactions. The NetSuite OneWorld implementation has provided a strong foundation platform for REA Group to enter and manage new markets.
Founded in Melbourne in late 1995, REA Group's flagship website realestate.com.au has grown to become Australia's leading property website, with more than twice the visits of its nearest competitor1. Keeping up with the sheer speed of growth proved to be a challenge for REA Group's financial operations, due largely to multiple legacy systems which struggled to efficiently scale for REA Group's increased transaction volumes and business growth. NetSuite OneWorld became an obvious choice due to its ease of customisation, multi-subsidiary management capabilities and its flexibility, scalability and agility to meet the company's future global expansion needs.
Deployment of NetSuite OneWorld across REA Group's core business was a large and complex initiative that was implemented on time and on budget. Award-winning NetSuite channel partner Annexa was selected by REA Group to assist with the implementation and worked closely with REA teams during the entire program.
"REA Group's size and services are continuing to grow rapidly and it's vital that we have an ERP system which can cater for our various complex needs," said Norm Duce, Executive Manager, Business Services at REA Group. "NetSuite OneWorld is playing an important role in helping us realise these global growth aspirations by simplifying, consolidating and automating processes that once produced significant bottlenecks in our organisation's workflow. NetSuite OneWorld helps us to accomplish more, with less effort, freeing up time to focus on key priorities like delivering a strong customer experience and expanding globally."
NetSuite OneWorld supports 190 currencies, 20 languages, automated tax compliance in more than 100 countries, and transactions in more than 200 countries.
NetSuite OneWorld provides REA Group with the following key features and benefits:
- Real-time global financial consolidation. NetSuite OneWorld provides REA Group with a scalable, low-maintenance way to ensure financial consistency across its 14 countries of operation, through a single financial system of record that provides real-time visibility into financial performance. Rapid growth in the Australian market has led to aspirations of similar successes abroad. REA Group now owns and operates property websites in 10 countries including casa.it, Italy's second-largest real estate site, and iProperty, a group of leading real estate portals in six South-East Asian markets (Malaysia, Indonesia, Hong Kong, Macau, Singapore and Thailand).
- Multi-tax support that offers productivity, usability, and compliance gains. The platform's multi-tax capabilities have already proven valuable for REA Group's operations in Luxembourg, where the implementations are currently underway.
- Automated upgrades. Instead of requiring each REA Group office to periodically roll out system patches that could risk systems fragmentation, NetSuite OneWorld's automatic updates ensures a seamless and consistent experience while adhering to local regulation and compliance requirements.
- A flexible and agile platform. The NetSuite SuiteCloud Platform easily enables REA Group to customise NetSuite to meet its business requirements and needs and to integrate with other systems.
- Native cloud solution. Version lock, painful upgrades and maintaining on-premise systems can all be avoided.
- Data-driven decisions. With a unified platform, REA Group has real-time access to a single source of data across its entire business to make better informed decisions.
- A scalable platform. NetSuite's scalable infrastructure enables REA Group to easily expand to support growth without significant expenses.
- Real-time business visibility and business intelligence. With NetSuite, REA Group can gain real-time insights into key business performance indicators for a unified view across its head office and subsidiaries from a single version of truth.
Ross Spriggs, Managing Director at Annexa, commented: "NetSuite OneWorld provides REA Group with greater power over its global financial operations and the flexibility to support its strategy for international growth. REA Group is the perfect example of how true cloud infrastructure can equip Australian businesses with the scalability to set the pace for other world markets and expand across borders to achieve international success. Annexa is delighted to play an integral part in REA Group's success."
In 1998, NetSuite pioneered the Cloud Computing revolution, establishing the world's first company dedicated to delivering business applications over the Internet. Today, NetSuite provides a suite of cloud-based financials / Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organisations, and subsidiaries in more than 100 countries.
About REA Group Limited (www.rea-group.com):
REA Group Limited ACN 068 349 066 (ASX:REA) is a multinational digital advertising business specialising in property. REA operates Australia's leading residential and commercial property websites, realestate.com.au and realcommercial.com.au, European sites casa.it, atHome.lu and immoRegion.fr, Chinese property site myfun.com and a number of property portals in Asia via its ownership of iProperty Group. REA also has a significant shareholding in US based Move, Inc.
For more information about NetSuite please visit www.netsuite.com.au.
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1 Source: Nielsen Online Market Intelligence Home and Fashion Suite average monthly visits for the audited sites of realestate.com.au compared to domain.com.au for the year ended 30 June 2016, excludes apps.
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SOURCE NetSuite Inc.