SYDNEY, Nov. 18, 2015 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced STM Bags, a leading global designer and distributor of laptop bags, tablet and phone cases, has deployed NetSuite OneWorld to run its entire business operations as the company continues to expand its global footprint. It has replaced instances of MYOB and SugarCRM at each of its business entities with a single instance of NetSuite OneWorld to manage its core processes including financial consolidation, customer relationship management (CRM), demand and supply planning, inventory management, order management, document management, warehouse management, invoicing and payroll. NetSuite OneWorld also provides STM Bags with multi-subsidiary, multi-country taxation compliance and multi-currency support (AUD, USD, NZD, SGD, HKD and CNY).
Founded in Sydney in 1999, STM Bags designs and oversees the manufacturing as well as the distribution of a variety of laptop bags, tablet and phone cases. The business is run as two separate entities for taxation and reporting purposes with one headquartered in California responsible for the U.S., Canada, Central and South America and the other headquartered in Sydney responsible for all other global regions, including its two offices in the U.K. and India. The company also utilises 10 third-party warehouses, three in Australia, three in Asia, three in the U.S. and one in the U.K., from where it manages its distribution activities. As STM Bags continued to rapidly expand into new markets and product lines, its MYOB and SugarCRM solutions were ill-equipped to support its growing needs and the company found itself having to adapt its operational processes to suit its legacy platforms versus operating in a way that would best support its business. The management team also did not have visibility across its global operations, with each headquarters operating separate instances of its legacy software. This lead to separate stock lists, inventories and financial reporting which made roll-up, insight, analysis and forecasting inefficient and time consuming.
STM Bags undertook an exhaustive search of solutions including SAP, Xero, Saasu and Cin7, but quickly realised that NetSuite OneWorld was the only solution on the market that could accommodate all of its global and cross entity requirements, as well as providing anywhere and anytime access for its employees. With NetSuite OneWorld, STM Bags now has a unified view into its global business and has acquired the flexibility, scalability and agility it needs to continue to expand its global footprint, particularly throughout Asia.
"We believe that NetSuite is the only system on the market that has the capability to run all of our mission-critical business operations from one single software solution," said Ethan Nyholm, owner and CEO of STM Bags. "We have gained much needed visibility into our entire business globally, which has transformed our ability to make timely and informed business decisions. There is no part of our business that NetSuite doesn't touch."
Since implementing NetSuite OneWorld in April 2015, STM Bags has experienced the following benefits:
- Real-time analytics and business intelligence – NetSuite's dashboards provide STM Bags with reporting and analytics tools that enable the company to better monitor, report and analyse global performance in real time to provide one financial system of record across all regions.
- Easy global subsidiary management – NetSuite OneWorld enables STM Bags to easily consolidate the data, performance and analytics metrics of its two separate business entities at the push of a button, which was impossible to do with its previous software. This has given the company unprecedented insight on a global scale.
- Superior order and inventory management – NetSuite OneWorld's inventory management capability is saving STM Bags significant freight costs due to a step-change in its ability to better review and forecast inventory levels. The company is now able to ship the majority of its stock rather than use air-freight as it has real-time visibility into stock levels and inventory requirements.
- Sophisticated warehouse management – NetSuite OneWorld optimally manages STM Bag's third party warehouse operations, including inventory, fulfillment and third party shipping. The company has gained global visibility into 350 SKUs it manages across 10 warehouse locations.
- Single view of the customer – Leveraging NetSuite's CRM functionality, STM Bags now has a single view of its customers globally. The company has gained the ability to run individual P&L's on its key clients, including associated expenses, as well as improved its sales and account management activities.
- Global tax compliance – STM Bags is able to automate many of its global tax and compliance processes, which have transformed its ability to manage its diverse U.S. state sales tax calculations. It will also be able to easily adapt to new markets, particularly throughout Asia.
- Eliminated significant IT cost and complexity – NetSuite's proven, secure cloud solution has significantly reduced the need for STM Bags to spend time managing, maintaining and upgrading business applications.
"Since moving to NetSuite OneWorld, the difference in our ability to gain meaningful financial and customer insights into our global operations has been like comparing night and day," added Mr. Nyholm. "NetSuite has been a real game changer for us – we now have the confidence to successfully continue implementing our global and product expansion strategy."
According to Mark Troselj, vice president and general manager for ANZ at NetSuite: "Moving to the cloud is the obvious step for fast growing international businesses like STM Bags that need to access global business financial and customer data, as well as insights in real-time from anywhere and any device in the world. The transformative efficiencies of managing business-critical processes on one single cloud-based platform are significant and can give an enterprise the ability to rapidly expand, innovate and remain competitive in today's evolving global economy."
Today, more than 24,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-ready cloud business management suites of enterprise resource planning (ERP), customer relationship management (CRM), and ecommerce applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
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SOURCE NetSuite Inc.