SINGAPORE, May 30, 2016 /PRNewswire/ -- NetSuite Inc.
(NYSE: N), the industry's leading provider of cloud-based
financials / ERP and omnichannel commerce software suites,
announced today that Singapore-based Treknology Bikes 3 Pte Ltd, a supplier of road, mountain and race
bikes as well as accessories and clothing, has gone live on
NetSuite OneWorld. The company replaced MYOB Retail Manager and
other basic accounting packages with NetSuite OneWorld to manage
mission-critical business processes, including financials,
accounting, order management, inventory management, customer
relationship management (CRM), shipping, real-time reporting, point
of sale (POS), and financial consolidation and multi-country tax
compliance for two warehouses and six showrooms across four
subsidiaries in Singapore and
Malaysia and multi-currency
capability for USD, Singapore Dollar and Malaysia Ringgit. As a
result, the retailer has gained operational efficiency, 360-degree
view of its customers and improved ability to respond to customer
demands with maximum levels of accuracy.
Started by a team of passionate cyclists almost 30 years ago,
Treknology 3 set up its first concept store in Tanglin, which
quickly expanded to Sembawang and two other stores on Singapore's East Coast area, while
simultaneously building its presence in Kuala Lumpur and Penang in Malaysia. In addition to customised bicycle
fitting, maintenance and distributing leading high-end bicycle
brands in Singapore and
Malaysia—such as Trek and Electra from the U.S., the company also
distributes and sells a wide range of accessories and cycling
apparel.
Prior to deploying NetSuite OneWorld, Treknology 3 relied on a
number of basic spreadsheets for reporting spread across
Singapore and Malaysia, which proved time-consuming and
failed to provide the real-time information that the company
urgently needed to operate efficiently. As a retailer, Treknology 3
requires real-time data to address customer demands. The company
has seen an increased interest in sports, particularly in cycling.
In response, new brands have flooded the market and Treknology 3's
retail competition has expanded, requiring the company to adapt and
increase efficiency to maintain its competitive advantage and grow
the business.
Previously, in-store customers requesting a particular type of
bike that wasn't in stock, required staff to waste tremendous
amounts of time manually checking inventory across the four stores.
The same inefficiency applied when staff tried to reserve a product
for a customer, only to later establish that it was already sold to
someone else at another store, impacting customer satisfaction and
resulting in lost staff time and productivity.
"Deploying NetSuite OneWorld has helped us to step up our
customer service and add more value, enabling us to build solid
relationships with our customers," said Mohan Mirwani, Chief Operations Officer of
Treknology Bikes 3 Pte Ltd. "We are
now able to view supplies across all our warehouses anywhere,
anytime, allowing us to be much more customer-savvy, which
ultimately helps drive brand loyalty. NetSuite has helped us
capture our key competitive advantage by assessing the levels of
our inventory ahead of demand. We can now respond almost
instantaneously to requests from our customers."
NetSuite OneWorld has provided Treknology 3's daily operations
with several key benefits:
Real-time global financial consolidation - NetSuite
OneWorld gives Treknology 3 real-time visibility across all of its
subsidiaries, with a single financial system of record.
Multi-location inventory management – Treknology 3 is now
able to run its operations with full transparency across all
warehouses and stores, helping it to track real-time supply and
demand and allowing management to make better and faster business
decisions.
Efficient order management – Treknology 3 is able to
streamline order management processes by centralizing orders and
efficiently processing them.
Multi-country tax compliance – Treknology 3 is able to
automate its tax and compliance processes in Singapore and Malaysia, which have transformed its ability
to manage sales tax/value added tax. It will also be able to easily
adapt to new markets.
360-degree customer data – After-sales service is a
crucial component for Treknology 3 as a retailer. NetSuite helps
ensure that there is a single view whenever customer data is
captured, regardless of their location. With NetSuite OneWorld,
Treknology 3 is now able to accurately maintain customer records
across its multi-country operations, down to the details of which
bike is being serviced and which component is being used. The
company's sales invoices are now also tracked better with no
duplication in their system.
Built-in business intelligence – Treknology 3's
accounting team is now able to produce reports within 10 minutes, a
significant improvement from the previous 60 minutes,
without compromising accuracy and quality. Instead of compiling
hard copies of receipts and credit card slips, the finance team can
quickly log into NetSuite to track real-time sales, helping the
company optimise its inventory movement.
Integrated POS system: NetSuite's POS solution
allows Treknology 3 to capture all transaction data within NetSuite
allowing the company to analyse data in real-time and understand
where efficiencies can be gained.
Multi-currency capabilities – NetSuite OneWorld's
multi-currency capability has made it easier for Treknology 3 to
manage multiple currencies, allowing the company to benefit further
from real-time financial consolidation and visibility across their
Singapore and Malaysia operations.
According to Zakir Ahmed, Vice
President and General Manager, NetSuite Asia: "In today's
increasingly competitive landscape, retailers need to remain one
step ahead to be able to capture customers' long-term loyalty.
NetSuite OneWorld and our cloud ERP capabilities have helped define
Treknology 3's competitive advantage by transforming their overall
customer service experience. We are glad to have played a role in
helping Treknology 3 connect with more fellow cyclist enthusiasts,
both locally and regionally, and are excited to be part of their
journey as they continue their expansion in the region."
NetSuite OneWorld, winner of the 2015 Software & Information
Industry Association (SIIA) CODiE Award for Best Financial
Management Solution and the 2015 UK Cloud award for ERP Product of
the Year, provides a unified and cloud-based suite of software that
is flexible enough to meet the needs of diverse business models,
legal structures and geographies. Customers like Misys based in the
UK, HP Software and American Express Global Business Travel in the
US and Scoot, a wholly-owned subsidiary of Singapore Airlines in
Singapore, are turning to NetSuite
OneWorld for advanced capabilities to manage their complex business
processes across subsidiaries, countries and continents. NetSuite
OneWorld supports 190 currencies, 20 languages and automated tax
compliance in more than 100 countries, and transaction in more than
200 countries.
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 cloud-based
financials/enterprise resource planning (ERP) and omnichannel
commerce software 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 software 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.