Localized and Designed to Meet Business Requirements, Regulatory and Tax Compliance
Meeting the Rising Demand for #1 Cloud ERP among Regional Businesses
Helping Businesses Capitalize on Opportunity Presented by the ASEAN Economic Council
SINGAPORE—May 30, 2016—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced NetSuite OneWorld for Hong Kong and Singapore. Localized and designed to meet the business, regulatory and tax compliance needs of regional businesses, NetSuite OneWorld brings an agile and flexible cloud software application that can run mission-critical business processes with global financial capabilities unmatched in the industry. Already in use by more than 200 subsidiaries and legal entities of global companies running business in Singapore and more than 150 in Hong Kong, NetSuite OneWorld can give today's businesses the ability to expand and transform their organizations and reinvent their business models to meet the ever changing demands of their markets and the expectations of their customers.
Businesses seeking to gain business efficiency, grow revenues, expand globally and enter new markets often find themselves held back by software systems siloed by department, geography or legal entity structures, leaving them unable to deliver an optimal customer experience and gain insights into their operations. These disparate software systems not only cannot scale with business growth, but also introduce excessive costs and potential errors, while restricting businesses' ability to respond to their changing markets and the needs of their customers. While on-premise software such as SAP or Microsoft Dynamics GP requires costly maintenance and disrupts the business with every product upgrade, forcing companies into version lock, other available cloud financial software solutions only offer basic product functionality that cannot scale and support business needs and growth. The agility, flexibility and scalability that NetSuite OneWorld provides can be difficult to achieve by businesses running legacy on-premise software, or immature ERP cloud solutions that are years behind NetSuite and only offer rudimentary functionality.
NetSuite OneWorld, a Game-Changer for Singapore and Hong Kong Businesses
Singapore is widely seen as the hub for Southeast Asia, which has a tremendous opportunity for growth with the establishment of the ASEAN Economic Community (AEC) in 2015, creating a regional economic force. With AEC, the borders of member states (Singapore, Malaysia, Indonesia, Philippines, Thailand, Vietnam, Brunei, Cambodia, Laos, and Myanmar) were officially opened to the free flow of trade, labour and capital, creating an enormous market: the region has over 622 million people, and when combined has a GDP of USD $2.6 trillion, making it the third largest economy in Asia (behind China and Japan) and the world's seventh largest. The lowering of trade barriers and tariffs creates a more competitive environment for local players as nimble new entrants or well capitalized multinationals enter the market.
Hong Kong is viewed as a gateway to China. It has been the ASEAN region's largest trading partner since 2009, while ASEAN has been China's third-largest trading partner, thanks to a Free Trade Agreement between the two. The combination of a unified AEC and growing demand from the Chinese market, creates a huge opportunity for businesses in the region.
To fully capitalize on this opportunity and expand business across borders, businesses need a modern, flexible and global financial system, with support for local language, currencies and tax and regulatory requirements.
NetSuite OneWorld, winner of the 2015 Software & Information Industry Association (SIIA) CODiE Award for Best Financial Management Solution and the 2015 UK Cloud Award for ERP Product of the Year, provides a unified and cloud-based suite of software that is flexible enough to meet the needs of diverse business models, legal structures and geographies. NetSuite OneWorld supports 190 currencies, 20 languages, automated tax calculation and reporting in more than 100 countries, and customer transactions in more than 200 countries.
Further, to help today's B2B and B2C businesses with omnichannel commerce, NetSuite OneWorld delivers commerce-ready capabilities that can help both B2B and B2C commerce businesses to move from siloed online, in-store and phone consumer shopping channels to an integrated commerce solution, connecting ecommerce and in-store POS to order management, inventory, merchandising, marketing, financials and customer service, while delivering a seamless brand experience and exceeding customer expectations.
For companies headquartered in Singapore and Hong Kong, NetSuite OneWorld delivers country-specific features and functionality such as:
NetSuite OneWorld also Enables Multinationals to Do Business across Asia.
For businesses that seek to go to new markets and expand business across the border, NetSuite OneWorld delivers:
In Summary, NetSuite OneWorld for Singapore and Hong Kong delivers:
“Businesses like Scoot Airlines, Hong Kong Express and Treknology 3 are already benefiting from the flexibility, scalability and support for local requirements that NetSuite OneWorld provides,” said Craig Sullivan, SVP, Enterprise and International Products at NetSuite. “With the latest enhancements to the No. 1 cloud ERP, businesses in Singapore, Hong Kong and the rest of the region are getting a world-class global solution to capitalize on the area's growth with the local tax, currency and accounting support they need.”
Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
For more information about NetSuite, please visit www.netsuite.com.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the deployment of NetSuite OneWorld. These forward-looking statements are based upon the current expectations and beliefs of NetSuite's management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, without limitation, risks associated with material defects or errors in our software. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and NetSuite disclaims any obligation to update these forward-looking statements.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.