SAN MATEO, Calif. and
SINGAPORE, April 6, 2016 /PRNewswire/ -- NetSuite Inc.
(NYSE: N), the industry's leading provider of cloud-based
financials / ERP and omnichannel commerce software suites, today
announced that Teak & Mahogany, a Singapore-based B2C and B2B merchant of fine
outdoor and indoor furniture and accessories, has deployed NetSuite
to streamline its business operations and gain operational
efficiency to support rapid international growth. Teak &
Mahogany replaced two separate instances of MYOB and a number of
Excel sheets with one single instance of NetSuite. Teak &
Mahogany is now using NetSuite to manage its core business
processes, including financials, warehouse and inventory
management, order management, CRM and multicurrency management for
the Euro and the dollars of Australia, the US and Singapore. Since deploying NetSuite, Teak
& Mahogany has experienced end-to-end business efficiency and
strong growth in sales to hotels, restaurants, bars, condominiums
and other commercial buyers, as well as growth in its retail
business, resulting in a 300 percent gain in net profitability
between 2014 and 2015.
Prior to NetSuite, Teak & Mahogany struggled with two
separate instances of MYOB, for accounting and retail, while
relying on Excel to manually manage inventory and order
fulfillments. The siloed applications resulted in regular
miscommunication, manual data errors and poor productivity, while a
lack of real-time visibility into key business metrics made it
difficult to make informed business decisions. After evaluating a
number of alternative solutions, including Microsoft Dynamics NAV
(Navision) and SAP, Teak & Mahogany selected NetSuite for its
rich functionality and flexibility in a single, integrated and
scalable solution, based on a cloud architecture that delivers
anywhere, anytime access and minimizes IT resource requirements.
PGE Solutions, a 5-Star NetSuite Solution Provider partner
headquartered in Manila with a
regional hub in Singapore, has
helped Teak & Mahogany with implementation and ongoing
optimizations, aligning NetSuite to the company's unique business
needs and strategic growth objectives.
Founded in 1996 with a flagship retail store in Singapore, Teak & Mahogany is better
positioned with NetSuite to grow its multi-channel business across
Southeast Asia and the
USA. NetSuite helped to support
Teak & Mahogany's recent introduction of a broader lineup of
indoor furniture and accessories, expanding on its traditional
outdoor focus to bring its total SKU count above 3,000, including
seating ensembles, barbecues, bars, dining sets, lighting and more.
NetSuite can help Teak & Mahogany drive sales across its B2B
distributor channel, which sells its products in Singapore, Australia and Hawaii through CRM functionality that provides
a complete real-time view of customers and prospects, from clubs to
condominiums, and automated invoicing that streamlines
transactions. Multi-currency conversions in NetSuite also helps the
company to seamlessly transact in the Euro with their Danish
supplier and in the dollars of Singapore, Australia and the U.S. with their three
distributors, with more currencies available as it grows commercial
sales across the APAC region. Teak & Mahogany also relies on
NetSuite for purchase orders, billing and fulfillment with four
retailers in Australia and one in
Hawaii that sell Teak &
Mahogany merchandise.
"Our goal with NetSuite from the start was to expand the
business and there's no doubt NetSuite has played a big role as we
have increased our profitability," said Philip Jensen, Teak & Mahogany Co-owner and
Marketing and Export Manager. "NetSuite gives us outstanding
flexibility and fantastic real-time data that shows us how the
company is doing at any time. With NetSuite, we have a greater
focus on growing the business with efficiency and real-time KPIs.
We're relying more on NetSuite to drive the future of the company
rather than people using spreadsheets."
Other key benefits that Teak & Mahogany has realized since
deploying NetSuite are:
Better order fulfillment. Teak & Mahogany has
improved order fulfillment accuracy to 100 percent since deploying
NetSuite, compared to error rates in the range of 350 a year with
previous Excel-based processes, improving customer
satisfaction.
Improved inventory management. NetSuite has helped Teak
& Mahogany better manage and replenish inventory, dramatically
reducing costly overstock at its 23,000 square feet of multi-floor
warehousing space in Singapore.
Continued inventory enhancements. Expanding usage of bin
management will improve inventory efficiency and precision across
distributed warehousing space, supported by the OzLINK solution
from NetSuite partner Oz Development.
Greater productivity with a lean workforce. NetSuite
automation has helped Teak & Mahogany to consolidate multiple
job roles, and since deploying NetSuite, Teak & Mahogany has
trimmed the workforce by five full-time personnel, realizing
substantial savings.
According to Zakir Ahmed, Vice
President and General Manager, NetSuite Asia: "Teak & Mahogany
is one of the growing number of businesses in Asia Pacific turning to NetSuite to help
realize efficiencies and support rapid growth. Teak &
Mahogany's impressive gains in profitability are a strong testament
to the potential benefits of running a business on a unified
cloud-based system."
About Teak & Mahogany
Since 1996, Teak and
Mahogany has introduced new and exciting lifestyle products for the
garden, patio, balcony, pool and home. Continuously striving to
introduce new and exciting products to its collections, Teak &
Mahogany's aim is to give its customers the best possible shopping
experience while building lasting relationships. To learn more,
please visit www.teakandmahogany.com.
Today, more than 30,000 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.
For more information about NetSuite, please visit
www.netsuite.com.sg.
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.
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SOURCE NetSuite Inc.