The 21st century economy can be described with plenty of amazing superlatives. We enjoy high-speed wireless networks almost everywhere people live and work, miniaturization that brings tremendous computing power to an astounding array of devices, and untold access to life-prolonging inventions.
Behind the scenes, however, the 21st century is also defined by the growing need to perform revenue recognition(opens in new tab) over time for subscription-based businesses. ThousandEyes(opens in new tab) lives at the intersection of both of these realities. As a fast-growing provider of network intelligence and monitoring solutions for businesses with mission-critical data, application, and voice services, the company helps ensure that modern networks spanning the cloud, Internet and enterprise are consistently available to deliver these services.
And, because ThousandEyes sells to its global clientele through a subscription-based model, it needs accurate insights into revenue over time. That was too much to ask of its old accounting software.
“With our previous system, it was taking us three days to generate a spreadsheet with revenue recognition breakdowns on a per-customer basis,” said Mike Staiger, ThousandEyes CFO. “Our growth made waiting that long unacceptable.”
With accelerating global sales, along with subsidiaries in both Canada and the United Kingdom, ThousandEyes needed a new ERP solution(opens in new tab) designed for the challenges and realities of a 21st century software company(opens in new tab). Choosing NetSuite OneWorld was an easy decision.
“We're a SaaS company and we fundamentally believe in SaaS, cloud-based solutions,” Staiger said. “Along with the great reputation NetSuite enjoys in the marketplace and a long list of successful NetSuite customers, we knew that would be the right answer.”
Staiger and the ThousandEyes executive team wanted to be sure the changeover would be quick and minimally disruptive to operations. Working with NetSuite, the company was able to completely transition off of their accounting software system within three months of starting the project. The change paid rapid dividends and has already taken three days out of the monthly close process.
“Every module and new functionality we've added to NetSuite has shortened the time it takes to close the books,” Staiger said. “We have better analysis and review capabilities, and are no longer doing as much manual input.”
NetSuite's flexibility and connectors allows it to easily integrate with the other systems ThousandEyes relies on for daily operations, including Salesforce for customer management, and Concur's expense reporting, keeping the company informed and productive.
“The ready-built integrations save us a tremendous amount of time, and our core vendors are all integrated and running well,” Staiger said. “It makes it that much easier to see our entire business results consolidated at the click of a button.”
Network services will only continue to grow in importance and relevance in the years to come. ThousandEyes now has the foundation to engage with a wider range of global high-tech companies and become an indispensable resource and trusted vendor. Looking to the future, Staiger said, “We are preparing to scale at hyper-growth levels over the next several years. NetSuite OneWorld is the system that will grow with us.”
Learn more about NetSuite for Software companies(opens in new tab).