BANGKOK, Dec. 21, 2014 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that electrical and electronic component distributor Compomax, has turned to NetSuite to support its steep growth trajectory in Thailand, with an ambitious target of doubling revenue over the next four years. Compomax has replaced UFIDA ERP-U8, an on-premise ERP solution used to run financials by many organisations in Asia, with NetSuite OneWorld to better manage its financials and other core business processes, including financial consolidation, procurement, inventory management, order management, demand planning and supply chain, customer relationship management (CRM), and sales force automation in the cloud. NetSuite OneWorld provides multi-language (English and Thai), tax compliance and multi-subsidiary support across its four businesses, which allows Compomax to manage its operations in real-time by consolidating financials, automating reporting and performing real-time cost of sales analytics in Thailand and other Southeast Asian markets that it may expand to in the future.
Founded in Bangkok in 1988, Compomax is an electrical wholesale distributor, offering high performance products sourced from the U.S. and Europe to the Thai market. The company distributes some of the most locally trusted brands in industrial automation, sensor automation, power supplies and electrical equipment that are used in factories, offices and shopping centres. It also operates three different subsidiaries – which include an Asian electrical equipment sourcing company, a systems integration company, and an ecommerce branch for the group. With four offices, including a warehouse, 200 employees and a turnover of THB 400 million (approx. US$12 million), Compomax believed that its previous Ufida on-premise ERP solution did not have the scalability to expand with the business and support its subsidiaries as it undertakes its aggressive growth plans; nor the ability to customise workflow, records and fields to meet its changing requirements. In addition, Compomax believed its prior system did not have the flexibility to support the mobility needs of Compomax's 50 sales engineers on the road. The wholesale distributor needed a system that could scale with the business as it grows and provide accurate, real-time reporting and sales information to improve its business efficiencies. It also needed a solution that could be accessed from anywhere and from any device to support its mobile workforce.
Compomax has been a NetSuite customer since 2011, when it deployed NetSuite for CRM to provide a seamless flow of information across the entire customer lifecycle from lead to opportunity, sales order, fulfilment, renewal, upsell, cross-sell and support. Compomax was already familiar with the scalability benefits of NetSuite's cloud-based business management software and with the assistance of NetSuite partner TurnOnTechAsia, the company deployed NetSuite OneWorld as a robust, enterprise-grade tool to provide a single, consolidated view of its subsidiaries and support its future expansion plans.
"We have an ambitious growth target over the next few years to capture market share and become the clear leader in our field," said Vikan Chirawatpongsa, business development director for Compomax. "To achieve this, we needed a sophisticated business management system to help us accelerate our growth. NetSuite is able to constantly evolve with us and has already vastly improved our workflow and business efficiencies, which we were never able to do with our previous on-premise ERP system."
NetSuite now provides Compomax with the following key features and benefits:
- Real-time business management – NetSuite's dashboards, reporting and analytical tools enable Compomax to monitor, report and analyse overall business performance in real-time to help maximise profits. All stakeholders, from executives to project managers, can now instantly see personalised reports with meaningful metrics. By having access to the right information whenever they need it, Compomax executives have gained valuable insights into the organisation, enabling the management team to make more informed business decisions. The cumbersome, reporting process in its previous fragmented system made decision making more difficult.
- Time savings – Compomax has reduced the time taken to interpret data and produce reports, which used to take anywhere from a few hours to days for most reports and about 15 days for balance sheets and P&L reports. Reporting in NetSuite OneWorld is in real-time and always up to date, so Compomax can access the required data whenever it's needed.
- Inventory management – NetSuite OneWorld has significantly improved Compomax's control over its inventory and changed the way it orders products by automatically calculating reorder quantities and the optimum quantities that should be kept in stock. The distributor has about 30,000 SKUs currently in its system, but only sells about 5,000 per year, so it needed a way to identify fast and slow moving equipment to maintain the right levels of stock in its warehouse. With NetSuite OneWorld, Compomax can now plan for adequate levels of inventory with demand planning and forecasts on sales and inventory levels based on historical data. Ultimately, using NetSuite OneWorld has made customer orders much easier to track and has improved business efficiency.
- CRM – NetSuite OneWorld provides a real-time 360-degree view of customers and delivers a seamless flow of information across the whole customer lifecycle. Compomax now has a solution that supports its 50 sales engineers on the road, giving them access to critical customer information from their laptops and mobile devices, enabling them to close sales on the spot. Previously, they would have to call into the office to get important information on customers and deals while on the road, which delayed the sales process. In addition, Compomax's call centre is now more efficient and effective. Customer service representatives now have the information they need in front of them when answering customer calls regarding quotes and order progression.
"We initially adopted NetSuite for CRM only, but we now have a business management system that is four times larger than what we started out with," said Mr. Chirawatpongsa. "The more we use NetSuite the more we want to expand our use of the suite. It has been a very positive experience for us and we have plans to further explore our relationship with NetSuite."
According to Mark Troselj, managing director of APAC and Japan for NetSuite, "To successfully run a wholesale distribution business, companies like Compomax are quickly realising the efficiencies that can be gained from switching from on-premise ERP software to far more flexible and scalable cloud-based business management software to make more informed business decisions as they continue to grow. We see these benefits coming to life for Compomax with NetSuite."
Today, more than 20,000 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-class cloud ERP suites for divisions of large enterprises and mid-sized organisations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations, as demonstrated by a recent Gartner study naming NetSuite as the fastest growing top 10 financial management systems vendor in the world. NetSuite continues its success in delivering the best cloud ERP/financial 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.