LAS VEGAS, April 27, 2017 /PRNewswire/ -- SUITEWORLD
2017 -- Oracle NetSuite Global Business Unit (GBU), the
industry's leading provider of cloud financials / ERP, HR and
omnichannel commerce software suites, today announced that
Bankrate, Inc., a leading online publisher, aggregator and
distributor of personal finance content, has replaced multiple
on-premise financial systems including Sage ACCPAC, QuickBooks and
numerous Excel spreadsheets with one single instance of NetSuite
OneWorld in less than three months. Bankrate runs its
mission-critical business processes on NetSuite OneWorld, including
accounting, financials, fixed asset management, revenue
recognition, multi-currency management and multi-subsidiary
management for three subsidiaries — Bankrate.com, CreditCards.com
and Caring.com. With NetSuite OneWorld, Bankrate now has a better
understanding of its financial health and has been able to reduce
monthly close times while accelerating growth without adding more
headcount.
Founded in 1976 as a traditional print media company
specializing in financial information, Bankrate has transformed
over the past 40 years into a market leading digital publisher and
online destination. When a new financial team took over, one of
their top priorities was to replace the company's outdated manual
processes and inefficiencies with automated, robust financial
controls. Bankrate also wanted to take the opportunity to
standardize on a modern, flexible and scalable cloud platform.
After considering multiple solutions, Bankrate selected NetSuite
OneWorld for the agility, scalability and flexibility needed to
fuel its business growth.
"NetSuite OneWorld has the flexibility to let us build financial
controls over the way we do business, instead of trying to mold our
processes to inflexible software," said Eric Luehmann, Bankrate's Senior Director of
Financial Systems. "We're not bound to the system or how a software
vendor wants to do things - the system conforms to the way we want
to run Bankrate."
Bankrate is now a social media publisher as well as a
traditional website operator. Tracking revenue and conversions
through more complex relationships with advertisers and visitors is
important to future success. The company has much greater
drill-down insights from invoices and transactional reports than
with its previous ERP system.
"NetSuite OneWorld gives us the velocity to make changes more
quickly as the business landscape changes, without expensive
professional services engagements," Luehmann said.
NetSuite OneWorld supports 190 currencies, 20 languages,
automated tax calculation and reporting in more than 100 countries,
and transactions in more than 200 countries. NetSuite delivers the
following features and benefits to Bankrate:
- Real-time global financial consolidation. NetSuite
OneWorld provides Bankrate with a scalable, low-maintenance way to
enable financial consistency across its numerous media brands,
sites, and destinations through a single financial system of record
that provides real-time visibility into financial performance.
- Data-driven decisions. With a unified platform, Bankrate
has real-time access to a single source of data across its entire
enterprise to make better informed decisions and capitalize on new
and existing business opportunities.
- Native cloud solution. Version lock, painful upgrades
and maintaining on-premise systems are now a thing of the
past.
- Rapid implementation and time to value. Implementing the
first stage of NetSuite OneWorld in less than three months helped
Bankrate improve its financial control structures and future-proof
its business rapidly.
- Real-time business visibility and business intelligence.
With NetSuite, Bankrate gains real-time insights into key business
performance indicators for a unified view across its head office
and subsidiaries with a single version of truth.
- A flexible and agile platform. The NetSuite SuiteCloud
Platform easily enables Bankrate to customize NetSuite to meet its
business requirements and needs, and to integrate with other
systems. As Bankrate continues the evolution that has already taken
it from a media publisher focused on mortgages and deposits into
the additional verticals of credit cards and senior living,
NetSuite OneWorld's flexibility is essential to staying current in
a rapidly changing digital media landscape.
- A scalable system. NetSuite's scalable infrastructure
enables Bankrate to easily expand to support growing business
volumes across new website launches and acquisitions without
incurring significant incremental expenses.
Bankrate CFO Steve Barnhart is
sharing Bankrate's story at SuiteWorld 2017, the number one cloud
ERP event of the year, this year being held in Las Vegas from April
24-27. Watch him and all SuiteWorld 2017 keynotes live
here.
About Oracle NetSuite Global Business Unit
Oracle NetSuite Global Business Unit pioneered the Cloud Computing
revolution in 1998, establishing the world's first company
dedicated to delivering business applications over the internet.
Today, Oracle NetSuite Global Business Unit provides a suite of
cloud-based financials / Enterprise Resource Planning (ERP), HR and
omnichannel commerce software that runs the business of companies
in more than 100 countries. For more information, please visit
www.netsuite.com.
Follow Oracle NetSuite Global Business Unit's Cloud blog,
Facebook page and @NetSuite Twitter handle for real-time
updates.
About Oracle
Oracle offers a comprehensive and fully
integrated stack of cloud applications and platform services. For
more information about Oracle (NYSE:ORCL), visit
www.oracle.com.
Trademarks
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of Oracle and/or its affiliates. Other names may be trademarks of
their respective owners.
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SOURCE Oracle NetSuite Global Business Unit