Centenary Institute Modernizes for Strategic Growth in the NetSuite Cloud

Centenary Institute of Cancer Medicine and Cell Biology

"NetSuite is a shining light of how to do business in the cloud, and the difference between NetSuite and its competitors is really quite striking." Centenary Institute of Cancer Medicine and Cell Biology

Company at a Glance

Location:
Newtown, NSW, Australia
Industry:
Medical research
Applications Replaced:
DOS-based legacy application, FileMaker Pro

Solutions

NetSuite ERP
Fixed Assets Management

Customer Success:

  • Leading Australian medical research institution has gained breakthrough financial visibility and speed since upgrading from a legacy DOS-based green-screen application.
  • Centenary Institute of Cancer Medicine and Cell Biology finance team has doubled its productivity in managing and reporting on key business information.
  • Not-for-profit institution has gained new flexibility and insight for data-driven strategic and tactical programmatic decisions and future organizational growth.
  • Centenary Institute has strengthened accountability in managing between 100 and 150 state and federal funding grants.
  • On-demand reporting at the detailed grant level enables snapshots of budget vs. actuals with drill-down to transactions.
  • Reports that took hours to assemble can now be generated in minutes, improving Centenary Institute‚Äôs effectiveness as a medical research institution.
  • Payroll processing time has been reduced from two days to a half day, while fixed asset management time has been reduced from a day to a few hours.
  • Accounting staff has eliminated reliance on IT for reporting, monthly financial close and application maintenance.
  • Replacing FileMaker Pro system with NetSuite for purchasing by researchers and department heads has eliminated double data-entry and streamlined processes.
  • Easy-to-use NetSuite interface has made key financial information readily accessible to executives.

Challenges:

  • Highly manual processes with 20-year-old legacy financials application resulted in inefficiencies, delays and risk of error.
  • Lack of reporting functionality required tedious and time-consuming data transfers into Excel spreadsheets.
  • Finance was heavily dependent on IT support for the legacy application, introducing delays and driving up overall cost.

Solution:

  • Cloud-based architecture with anywhere, anytime access and strong financial management were key drivers for selecting NetSuite over TechnologyOne, SAP and Sage.
  • NetSuite ease of use and intuitive interface helped smooth adoption among five fully licensed and 65 employee users.
  • NetSuite flexibility for access over Mac and Windows devices was ideal for Centenary Institute's mixed-desktop environment.