SVP, Corporate Communications
CFOs of Mid-Size Companies Achieve Dramatic Cost Reductions with NetSuite’s Cloud Computing Solution
SAN MATEO, Calif., and NY—January 21, 2009—NetSuite Inc. (NYSE: N), a leading vendor of on-demand, integrated business management software suites for mid-market enterprises and divisions of large companies, today announced the launch of its CFO Strategy Series, a series of events designed to address the changing role of the chief financial officer during challenging financial times, as well as offer solutions that financial leaders can implement in order to reduce costs sensibly and develop a sustainable business environment. The series' first event will be held at the New York Stock Exchange on Wednesday, January 21, 2009, and will include keynote addresses by NetSuite CEO Zach Nelson and William S. McNee, President and CEO of Saugatuck Technology and former head of global research strategy for Gartner. To find out more about how NetSuite can help CFOs reduce costs, please visit http://www.netsuite.com/portal/landing/cfo/main.shtml.
Guests will also hear real-life examples from a panel of financial leaders who are using NetSuite to improve their bottom line: Anne Massey, CFO, Cover-All Technologies; Don Dumont, Director, Digital Accounting, Iron Mountain; Greg Ho, COO, Spring Mountain Capital; and Alex Diaz-Asper, CFO, TARP Worldwide. At the end of the event, NetSuite will ring the closing bell on the NYSE trading floor.
CFOs in Numerous Industries Benefit from NetSuite
Today's CFO faces a myriad of unique challenges. Yet never before has the top financial decision-maker had such an extraordinary opportunity to move beyond operational finance to play a central role in driving strategy. CFOs are being asked to make critical decisions with far-reaching implications.
"Businesses are looking for short-term answers, but need to protect long-term prospects for healthy growth," said Jim McGeever, NetSuite's CFO. "NetSuite is ideally positioned to help organisations embrace change while keeping total cost of ownership down, at costs substantially lower than competing solutions."
NetSuite customers are finding that they attain significant return on investment (ROI) and cost savings by adopting NetSuite. NetSuite's unique integration of enterprise resource planning (ERP) / accounting, customer relationship management (CRM), and Ecommerce capabilities in a single on-demand application has delivered CFO-friendly results for companies such as 2 nd Wind Exercise Equipment, Circle of Friends, SixApart, Nomis Solutions, and TorStar Digital. For more information on NetSuite's product offerings, please visit www.netsuite.com.
For some companies, that means finding ways to be more productive in the back office. NetSuite's reliable, software-as-a-service (SaaS) delivery means social networking leader SixApart (www.sixapart.com) saves $100,000 per year on an IT administrator position it would need to fill with a competing solution. Furthermore, NetSuite's integrated, automated processes have cut days of effort out of each monthly closing cycle.
"For the small amount we pay each month, we get a global financial consolidation system that has all the power and features a company our size needs, and more," said SixApart CFO Tod Harmon.
NetSuite delivers proven ROI, as Tom Kelly, CFO of 2 nd Wind Exercise Equipment (www.2ndwindexercise.com) can attest. "Our annual costs for NetSuite are about one-tenth of what we save with the solution each year," he said. His company has reduced overhead costs by hundreds of thousands of dollars by switching to NetSuite.
NetSuite's ground-up integration of back office and customer-facing processes mean that the CFO can be instrumental in driving new and more profitable business. "NetSuite has freed our talented people from the tether of their desks and allowed us to venture out in new ways to spend more time on the important business of generating profitable revenues for the company," said Brian Keare, CFO of Circle of Friends (www.circle-of-friends.com).
TorStar Digital (www.torstardigital.com) CFO Jeff Sherman agrees. "NetSuite gave us a single, unified environment where everyone involved in touching the customer has the same view — and for us, that is a very big advantage," he said.
Challenging times can spur inventive and timely pushes into new markets. NetSuite OneWorld is the only on-demand system to deliver real-time global subsidiary management and business consolidation capabilities. NetSuite OneWorld delivers the tools and structure necessary to run a coordinated global business. "NetSuite OneWorld's power is that it forces you to have a global chart of accounts, which is critical for a company to run effectively," said Todd Spartz, VP and CFO of Nomis Solutions. "We are able to consolidate any number of entities instantly, and can acquire or create new subsidiaries and bring them up to speed very quickly."
For more information about NetSuite Inc., please visit www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.