NetSuite OneWorld Helps Swimwear Innovator Lap Larger Competitors to Accelerate Growth
"With NetSuite, our remote sales reps can track inventory in real time and make instant sales at pool-side or during customer store visits—something that many of our larger competitors are not able to do."
- Finis is now saving $20,000 yearly over cost of a comparable server-based system, and $140,000 in FTE (full time equivalent) salaries due to increased efficiencies throughout the company
- The company's growth rate of more than 20% yearly continues to accelerate
- Warehouse efficiency has increased by 20%, even though this year Finis shipped 20,000 more packages than the previous year
- Sales reps can now make instantaneous sales during pool-side visits, rather than having to wait up to 48 hours to determine inventory availability with the previous software
- NetSuite OneWorld's multi-currency and multi-tariff functions let Finis produce financial reports for its Bulgarian subsidiary in local currency, Euros, and US dollars, and cut the time required for monthly closings by about 50%
- Finis has reduced US debt collection times from 50 to 32 DSOs (days sales outstanding)
- The company's customer portal lets customers see inventory in real-time, which helps generate spontaneous orders and increase customer loyalty
- Fast, three-month ramp-up helped Finis open its Bulgarian subsidiary
- Non-integrated, unreliable business software made it difficult for a company with innovative products to take advantage of substantial growth opportunities
- Limited visibility into available inventory prevented sales reps from making on-the-spot sales during pool-side visits to team coaches, critical because of Finis' goal of appealing to university swimmers and other pre-Olympics demographics
- The company wanted to increase international business, and needed fast ramp-up of new subsidiaries
- Finis chose NetSuite over Oracle because of NetSuite's greater functionality and cloud-computing cost advantages
- NetSuite partner Balkan Technical Services was selected to provide global implementation and ongoing global support to Finis, due to their NetSuite application knowledge, experience and knowledge of the Finis Business both from an operational and implementation perspective.
- Finis sales reps can use iPads, iPhones, or laptops to take orders during pool-side customer visits
- NetSuite partner Balkan Technical Services implemented and ramped up Finis at its Bulgarian subsidiary in just 2 months and then the US in 4 months.
- NetSuite's gross-profit-margin reporting feature helps Finis maximize profit margins by automatically flagging any orders that don't reach the company's pre-set profit-margin threshold
- NetSuite OneWorld's multi-currency and multi-tariff functions will facilitate future subsidiary openings in Asia, Australia, and South America
- Finis uses EDI products and services from NetSuite partners SPS Commerce and Oz Development