NetSuite Helps Consumer Electronics Wholesaler Double Sales, Cut Costs, and Leverage Market Opportunity
"Besides helping up keep on a sharp growth curve, NetSuite has put us at the top of our field. We're no longer an Excel-based startup; now we're able to compete on a global level, and compete on volume as well as margins."
- Since bringing in NetSuite in 2011, Red Hare has quintupled in growth to $75 million in sales expected for 2013
- Company saved $65,000 over the cost of on-premise business software, and saves additional costs by re-allocating employees from time-consuming spreadsheet maintenance chores
- Red Hare has reduced on-hand inventory needs by two-thirds by using inventory re-order automation, freeing up space to add to product variety without adding storage cost
- End-of-quarter financial reconciliation now takes four minutes, compared to approximately 50 hours with the previous system.
- Consumer electronics wholesaler wanted to take advantage of fast-growing demand for gray-market products by online retailers, but had to keep margins razor thin
- Spreadsheet-based pricing, order, and inventory calculations wasted employee time, created data entry bottlenecks, and caused pricing inaccuracies
- Shipping errors caused by manual data entry required the company to take expensive write-downs to avoid risking customer dissatisfaction.
- Rather than upgrade to Microsoft Dynamics, Red Hare brought in NetSuite ERP, CRM, and Ecommerce
- Advanced inventory automation lets the company produce additional revenues by offering third-party fulfillment services, where Red Hare stocks its suppliers' inventories
- Easy-to-use Website-building tools helped Red Hare, which formerly took orders by fax and phone only, experiment with online ordering to broaden customer appeal
- Company used NetSuite partner ONE Consulting Services for implementation and customization services.