NetSuite OneWorld Helps Swimwear Innovator Lap Larger Competitors to Accelerate Growth

Finis

"Our remote sales reps can track inventory in real time, make instant sales at pool-side or during customer store visits—something that many of our larger competitors can't do." Finis

Company at a Glance

Location:
US (HQ) and Bulgaria
Industry:
Wholesale/Distribution, Retail
Applications Replaced:
Sage Acpacc

Solutions

NetSuite OneWorld

Customer Success:

  • 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 (Day’s Sales Oustanding).
  • The company's customer portal lets customers see inventory in real-time, which helps generate spontaneous orders and increase customer loyalty.
  • Fast, two-month ramp-up helped Finis open its Bulgarian subsidiary.

Challenges:

  • 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.

Solution:

  • 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 on-going 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.