Leading Financial Software Company Gains a Modern, Agile
Platform for Growth with NetSuite
LONDON, Oct. 6, 2015
/PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's
leading provider of cloud-based financials / ERP and omnichannel
commerce software suites, today announced that Misys, a leading
provider of banking, treasury, trading and risk software, has
deployed NetSuite OneWorld to modernise its core business processes
and simplify its operations across its 150+ subsidiaries in 70
countries, replacing disparate financial systems the company had
amassed through its rapid growth and through acquisitions. Misys is
now using a single unified instance of NetSuite OneWorld to run
mission-critical business processes including key financial
reports, billing, procure to pay, order-to-cash, revenue
recognition, multi-currency, multi-language, intercompany
transactions, and multi-country taxation compliance.
The NetSuite OneWorld deployment provides the flexibility,
agility and scalability Misys needs to sustain its rapid growth and
to gain a real-time view of the customer data across multiple
business units, subsidiaries and countries. This modernisation
effort equips Misys with a fully up-to-date, future-proof
application environment geared for innovation and business
transformation.
Misys needed an agile and flexible software system that could
increase its effectiveness and efficiency, integrate contract
management and billing, and improve reporting and transparency to
reduce audit costs.
"We evaluated the market leaders and chose NetSuite for its core
financial capabilities which let us maintain a single global view
and for the ease with which we could pull data from our other
systems," said Christina Grealy,
Chief Information Officer at Misys. "That integration was critical
to meet our goal of automating several complex and critical
business processes within a single system. Moving our financial
operations to NetSuite OneWorld has eliminated numerous manual
processes and delivered significant time savings."
"Misys has proven, once again, that NetSuite's agile platform
quickly delivers value at an enterprise scale by eliminating silos
of information to facilitate streamlining and automation of even
the most complex of business processes," said Mark Woodhams, Managing Director, EMEA at
NetSuite.
With support for 190 currencies, 19 languages and automated tax
compliance in more than 100 countries, NetSuite OneWorld
delivers the following key features and benefits to Misys,
including:
- Robust customisation capability to meet unique order-to-cash
requirements.
- Agility to adapt to market changes, future-proof the existing
business and rapidly expand to other markets.
- Simplified recurring billing on complex multi-year contracts,
and a single global procure to pay system.
- Significantly reduced time and overhead of managing finance and
reporting for the projects it runs for more than 2,000 customers,
including 47 of the world's 50 largest banks.
- Superior multi-subsidiary management enabling real-time
reporting across 150+ subsidiaries in 70 countries; Misys leverages
NetSuite's prebuilt capabilities for tax compliance in these 70
nations.
- Multi-currency transactions and reporting in 51 currencies
including the Euro, the Japanese yen, the Swedish krona, the Swiss
franc, the British pound and the dollars of the U.S., Canada, Australia, New
Zealand, Singapore and
Hong Kong.
- Built-in revenue recognition capabilities managing a diverse
income stream from subscription, perpetual and term licensing, as
well as revenue from training, services and events. Unifying all
relevant data onto one system has enabled real-time insight into
project finances, aiding service resource planning, and delivering
more efficient Order to Billing and VSOE reporting processes.
- Real-time insightful reporting empowering Misys managers
and personnel to view key metrics, drill down to detail and
generate ad-hoc reports without the need to engage IT
professionals.
- Superior procure to pay enables Misys employees worldwide
to benefit from real-time access to NetSuite for raising and
approving purchase orders, replacing a previous system that
required manual reconciliation on more than 55 percent of purchase
orders – a significant overhead for the finance team, providing
tight financial controls and improved communication with vendors
and partners.
Today, more than 24,000 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 enterprise-ready
cloud business management suites of enterprise resource planning
(ERP), customer relationship management (CRM), and ecommerce
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 suites to businesses around the
world, enabling them to lower IT costs significantly while
increasing productivity, as the global adoption of the cloud
accelerates.
About Misys
Misys is at the forefront of the financial software industry,
providing the broadest portfolio of banking, capital markets,
investment management and risk solutions available on the market.
With more than 2,000 customers in 130 countries, its team of domain
experts, combined with its partner eco-system, have an unparalleled
ability to address industry requirements at both a global and local
level. Misys connects systems, collects data and creates
intelligent information to drive smarter business decisions.
Follow NetSuite's Cloud blog,
NetSuite's Facebook page
and @NetSuiteEMEA Twitter handle for real-time
updates.
For more information about NetSuite, please
visit www.netsuite.co.uk.
NOTE: NetSuite and the NetSuite logo are registered service
marks of NetSuite Inc.
Logo -
http://photos.prnewswire.com/prnh/20090924/SF81218LOGO-b