NETSUITE ONEWORLD HELPS SUCCESSFACTORS SUCCEED WITH DRAMATIC COST SAVINGS AND WORLD-CLASS FINANCIAL CONTROLS
Cloud Computing Performance and Talent Management Leader Embraces NetSuite OneWorld for Global Management of More Than a Dozen Subsidiaries in a Single Consolidated View
SAN MATEO, Calif. — August 11, 2009 — NetSuite Inc. (NYSE: N), a leading vendor of cloud computing business management software suites, today announced that SuccessFactors, Inc. (Nasdaq: SFSF), the global leader in on-demand performance and talent management solutions, is the latest fast-growing public company to automate some of its key business processes with NetSuite OneWorld, including the consolidation of its financials for all of its foreign subsidiaries. With more than 2,850 customers and the most widely deployed cloud user base of more than 5.4 million, SuccessFactors enables organizations of every size, and across every industry and geography, to achieve high-performing workforces. SuccessFactors is integrating its multinational sales operations with NetSuite at a cost which is one-third less than conventional, on-premise solutions, and, thanks to NetSuite's cloud-based maintenance and support, saves approximately $250,000 annually on IT staff expenditures compared to typical on-premise alternatives. SuccessFactors uses NetSuite OneWorld for ERP, general ledger, revenue recognition, foreign subsidiary consolidation, expenditures and approvals, and providing data for reporting and analysis.
"The bottom line is that we now use a world-class SaaS ERP system in NetSuite OneWorld for some of our financial controls and consolidation of our multiple subsidiaries in North and Latin America, Europe and Asia-Pacific, and yet we still find the system intuitive and easy to use," said Brian Kinion, Vice President and Controller of SuccessFactors. "We are able to get new users up to speed very quickly, and that is key as our overseas expansion continues."
For years, the effectiveness of SuccessFactors' financial operations and business processes were constrained by off-the-shelf software and manual processes. QuickBooks lacked the scalability needed by such a fast-growing, international business. Purchase orders and expenditure approvals were bottlenecked by cumbersome workflow, requiring spreadsheets to be e-mailed around the company. The company needed a modern, nimble partner for its accounting needs in order to stay focused and effective. But it did not want to pay the $250,000 estimated cost to install and maintain traditional on-premise software. Also, it could not afford to put in a system too complex for its growing and expanding employee base. NetSuite, one of SuccessFactors' cloud computing peers, came to the rescue with the right combination of scalability, flexibility, and cost-effectiveness.
NetSuite OneWorld is playing a crucial role in making SuccessFactors a truly integrated global enterprise. SuccessFactors has more than a dozen sales offices worldwide, but initially relied on local bookkeepers, spreadsheets, and manual import processes to consolidate international results. With NetSuite OneWorld, the company's local bookkeepers will now be able to work with the same financial controls and live data without extensive retraining, giving SuccessFactors more timely and reliable insight into each and every market.
Like a growing number of young, successful companies, SuccessFactors was on NetSuite as its system of record when it made its highly anticipated initial public offering in 2007. The company's accounting group is substantially more productive, with the flexibility and convenience of the world's leading cloud computing enterprise suite. More than 100 SuccessFactors employees use NetSuite for business-critical activities, including deeper and more immediate insight into the company's direction and financial processes.
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