SYDNEY, July 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 wealth management and financial services company
Yellow Brick Road (ASX:YBR), has gone live on NetSuite as its
business management software platform to support its rapid growth
throughout Australia. Yellow Brick
Road replaced existing systems with NetSuite to streamline its core
business processes, including financial management, financial
planning, customer relationship management (CRM), and analytics and
reporting.
Yellow Brick Road offers financial products and services in the
areas of home loans, financial planning, superannuation, insurance
and savings. The company is an advocate for providing quality
financial advice to all Australians. As a result, Yellow Brick Road
achieved 106 percent revenue growth in FY2013 to reach $25 million, with no signs of slowing down in the
near future. Combined with a program of planned acquisitions,
Yellow Brick Road needed a scalable, flexible and easy-to-deploy
business management solution in its Sydney head office, which supports 190
branches around Australia. After
reviewing a number of on-premise solutions, it turned to NetSuite's
fully integrated cloud-based business management solution to
future-proof its business, as it was the only solution that met all
of its requirements and had the ability to keep pace with its steep
growth trajectory.
"NetSuite allows us to easily extend our business management
capabilities organically as we grow, as well as more effectively
incorporate any new businesses that we may acquire in the future,"
said Richard Shaw, chief financial
officer of Yellow Brick Road. "We now have a solution that has the
capacity to adapt to our changing needs over the next ten plus
years, not just a stopgap measure to get us through the next couple
of years - which the other options we considered would have
potentially provided. Whilst we initially deployed NetSuite as a
general ledger to meet our reporting requirements, it has quickly
evolved to become the go-to system for the majority of our business
information, creating consistent data and real-time visibility
across the entire business. Because the business is not reliant on
long established legacy systems, the transition to NetSuite has
been a non-disruptive process."
NetSuite now provides Yellow Brick Road with the following key
features and benefits:
- Analytics and reporting – Yellow Brick Road has gained
the capability for faster, richer data analysis, focusing more
often on individual products and balancing out its data management
at the insurance, lending and wealth management divisional level.
This creates opportunities for Yellow Brick Road to be more agile
and provide even more reliable information to its branches. It has
also gained better insights into how individual products are
performing and which geographic areas are performing the
best.
- Time savings – Since implementing NetSuite, Yellow Brick
Road's finance team has saved a significant amount of time spent on
accounting procedures. According to Mr Shaw, "We have reduced focus
on data management to increase our focus on analysis and managing
products and effectively free us up to support and respond to
growth opportunities."
- Acquisition support – As Yellow Brick Road embarks on
its acquisition strategy, it now has the peace of mind to know that
while it does not expect the acquired companies to change their
business management systems, NetSuite can easily incorporate the
financial management of these acquired companies as
appropriate.
"It is exciting to think about what our NetSuite solution can do
to help us grow our business," added Mr Shaw. We know we've
made a smart technology decision, without having to invest big
money in infrastructure that we would probably have to change again
in a few years. It was a manageable investment and it is the right
technology for our expanding business."
According to Mark Troselj, managing director of APAC and
Japan for NetSuite: "Financial
services companies face no shortage of challenges - managing risk,
maintaining regulatory compliance and exercising strong governance
and control have all become more difficult in our fast-changing
world. NetSuite's cloud business management suite enables financial
institutions like Yellow Brick Road to meet their unique needs with
a single, powerful application and proactively balance risk and
opportunity across business processes."
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.
For more information about NetSuite please visit
www.netsuite.com.au.
Follow @NetSuiteAPAC on Twitter for NetSuite news and real-time
updates.
NOTE: NetSuite and the NetSuite logo are registered service
marks of NetSuite Inc.
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SOURCE NetSuite Inc.
