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."
About NetSuite
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.
Follow NetSuite's Cloud blog,
NetSuite's Facebook page
and @NetSuiteAPAC Twitter handle for real-time
updates.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite
Inc. Third-party trademarks mentioned are the property of their
respective owners.
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.