SAN JOSE, Calif., May 15, 2014 /PRNewswire/ -- NETSUITE
SUITEWORLD 2014, -- NetSuite Inc. (NYSE: N), the industry's leading
provider of cloud-based financials / ERP and omnichannel commerce
software suites, today announced that MusclePharm (OTCQB: MSLP), an
award-winning sports nutrition company, has deployed NetSuite
OneWorld to drive its rapid global business growth. To ensure
agility and scalability, MusclePharm replaced QuickBooks at its US
headquarters, Sage BusinessVision at MuclePharm Canada and a Sage
Accpac solution used by BioZone, a recent acquisition, as
well as numerous Excel spreadsheets, with NetSuite OneWorld's
unified cloud-based business management software solution. Now
MusclePharm is relying on NetSuite OneWorld to manage
mission-critical business operations including financial
consolidation, multi-currency management, inventory management,
order management and warehouse management – all within one unified
solution without having to make significant investments in IT
infrastructure and IT staff. As a result, MusclePharm gained the
operational efficiency, business agility and scalability that it
needed, and was able to grow its revenue 35x from $3.2 million in 2010 to $110.9 million in 2013, while expanding its
distribution and customer base across 110 countries on six
continents, with 35,000 retail partner locations such as Costco,
Dick's Sporting Goods and GNC.
"NetSuite has been a key factor enabling MusclePharm to scale
incredibly fast across the globe and add new business units to fuel
even more rapid growth," said Kyle
Gosnell, MusclePharm Vice President of IT. "We can spend
time on strategy, not IT, and handle growth with a great cloud ERP
system that can scale, integrate and just plain works. There's no
way we could have done that with any other system."
The booming global market for sports nutrition supplements
presents huge business growth opportunities for wholesale
distributors and manufacturers. Research firm Euromonitor reports
the sports nutrition supplement market has nearly doubled between
2007 and 2012, from $4.2 billion to $8.2
billion, with an additional 60 percent growth projected
between 2012 and 2017, to more than $13
billion1. That growth comes with a set of
challenges for companies that have traditionally been reliant on a
hairball of disparate software systems creating inefficiencies that
stifle business growth and innovation.
With NetSuite OneWorld, Denver-based MusclePharm is able to leverage
the following key features to drive business growth and enjoy the
unprecedented benefits:
- Real-time global financial consolidation that provides
real-time visibility. MusclePharm has visibility across all of
its subsidiaries, divisions and business units with one financial
system of record.
- Seamless order management system for large volume
transactions with orders coming from thousands of channels
globally. NetSuite OneWorld gives MusclePharm the ability to
support true omnichannel commerce across multiple channels such as
online, point-of-sale (POS) and call center. NetSuite enables more
than $15 million in transactions per
month for MusclePharm with orders coming in from 35,000 retail
partner locations, its own websites and a call center. NetSuite,
the industry's leading cloud-based order management platform,
supports multi-national, multi-tax, multi-site, multi-currency and
multi-language environments.
- Superior inventory and warehouse management reduces order
backlogs and carrying costs. NetSuite OneWorld has completely
transformed MusclePharm's old inventory management system run by a
third-party logistics provider, enabling the company to more
efficiently manage inventory and fulfillment amidst fast-growing
transaction volumes coming from thousands of channels, while
reducing order backlogs and carrying costs, and improving
fulfillment rates. "We had no insight into our inventory with the
3PL," Gosnell said. "We've gained incredibly valuable business
intelligence by moving our inventory into NetSuite and make better
decisions in real time."
- Rapid integration of a new acquisition. NetSuite
OneWorld gives MusclePharm the agility to accelerate time to value
from its January 2014 acquisition of
BioZone Pharmaceuticals. While switching off Sage, BioZone quickly
got up and running on NetSuite OneWorld as a MusclePharm
subsidiary.
- Rapid launch of new lines of business. The new
MusclePharm.com online store as well as Arnold.com and FitMiss.com
brands were launched with easy set-up and execution through
NetSuite OneWorld, which supports the entire back-end business
operations of the two new sites.
- Fast setup of new offices and facilities. MusclePharm
opened new offices and facilities in 2013 to support its growth,
including a new warehouse in Tennessee that processes millions of orders
each month. A financial operations office in Idaho and a call center in Ohio were also added. NetSuite OneWorld gives
MusclePharm the ability to set up these business operations very
quickly. "NetSuite has been a key factor in enabling us to scale
this fast and add completely new business units to help fuel even
more rapid growth," Gosnell said. "This helps to make IT a profit
center, not a cost center. Without NetSuite, this would have
otherwise been extremely expensive and downright impossible given
our accelerated time frame."
- Transparency as a public company. NetSuite's
award-winning financial management capabilities have been
indispensable in helping MusclePharm increase its financial rigor
and transparency from its origins on QuickBooks, generating
auditable financial reports that can withstand investor and
regulatory scrutiny.
- Customization to meet specific business needs. The
NetSuite SuiteCloud Development Platform provided the flexibility
necessary to tailor NetSuite OneWorld to meet MusclePharm's
specific needs. Integrating NetSuite with Avalara's sales tax
collection and remittance solution covering more than 10,000 U.S.
tax jurisdictions eliminated manual processes and minimized the
risk of error. Tableau Software's cloud-based visual data analytics
enabled advanced data visualization for insights into business
performance and EDI integrations with SuiteCloud Developer Network
Partner SPS Commerce allows MusclePharm to connect with retailers
worldwide.
About MusclePharm
MusclePharm® is a scientifically
driven, performance lifestyle company that currently develops,
manufactures, markets and distributes branded nutritional
supplements. The company offers a complete range of powders,
capsules, tablets and gels. Its portfolio of recognized brands,
including MusclePharm® Hybrid and Core Series, Arnold
Schwarzenegger Series™ and FitMiss™, are marketed and sold in more
than 110 countries and available in over 35,000 retail outlets
globally. These clinically-proven and scientific nutritional
supplements are developed through a six-stage research process
utilizing the expertise of leading nutritional scientists, doctors
and universities. MusclePharm is the innovator of the sports
nutrition industry. For more information, visit
www.musclepharm.com.
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 financials/ERP suites for divisions of large enterprises and
mid-sized organizations seeking to upgrade their antiquated
client/server ERP systems. NetSuite excels at streamlining business
operations as demonstrated in a recent Gartner study naming
NetSuite as the fastest growing financial management software
vendor on a global basis. NetSuite continues its success in
delivering the best cloud ERP/financials suites to businesses
around the world, enabling them to lower IT costs significantly
while increasing productivity, as the global adoption of the cloud
is accelerating.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and
@NetSuite Twitter handle for real-time updates.
For more information about NetSuite, please visit
www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of
NetSuite Inc. Third-party trademarks mentioned are the property of
their respective owners.
1 BBC, "The rise of the protein drinks for ordinary
people," June 6, 2013.
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SOURCE NetSuite Inc.