Elite Model Management Gains Complete Global Finance Operations Makeover With NetSuite OneWorld
06 May, 2015, 17:40 BST
- Leading Model Agency is Replacing 13 On-Premise ERP Systems with One Instance of NetSuite OneWorld
SAN JOSE, California, May 6, 2015 /PRNewswire/ -- NETSUITE SUITEWORLD 2015 -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Elite Model Management, one of the world's leading model management companies representing more than 2,000 models across Europe, Asia, North America, South America, Africa, Australia and New Zealand, has adopted NetSuite OneWorld to transform its global business and finance operations and support its future business objectives. NetSuite OneWorld is planned to replace Elite's 13 different on-premise ERP systems for its more than 20 subsidiaries in 14 countries such as China, France, Italy, Luxembourg, Switzerland, the UK, and the U.S. In addition, Elite is also to replace numerous Excel spreadsheets and error-prone manual processes with NetSuite's single unified cloud-based business management software.
This modernisation effort will allow Elite to run its mission-critical business processes including financial consolidation across all global subsidiaries, core order-to-cash functions such as Accounts Payable (AP) and Accounts Receivable (AR), in multi-currency – including British Pound, Chinese Yuan Renminbi, Czech Koruna, Danish Krone, Euro, Hong Kong Dollar, Swiss Franc and US Dollar, multi-language (English, Italian and French) and with multi-national tax compliance across all of its subsidiaries to one instance of NetSuite OneWorld. With NetSuite OneWorld, Elite can gain the scalability, flexibility and agility it needs to transform business and finance efficiency and support its business growth without huge IT overhead and costs, while achieving a real-time, unified view into the business performance and financials of each and every subsidiary.
Luxembourg, the UK, Italy and Switzerland were the first countries to go live during the first phase of the deployment, and the rest of the countries will be going live on NetSuite OneWorld as the project continues.
Disparate ERP Systems and Error-Prone Manual Processes Create Business Pain Points
Established in 1977, Elite Model Management is now a leading global agency known for launching the careers of Claudia Schiffer, Cindy Crawford and Linda Evangelista. In such a competitive industry, Elite Model Management is always looking for new ways to solidify its leadership position and stay competitive. One area the company evaluated was its technology infrastructure. Previously, Elite's disparate, on-premise ERP systems encompassed 13 distinct financial software systems, numerous Excel spreadsheets, double-data entry and many other manual processes, creating the following business pain points:
- A huge nightmare to consolidate different charts of accounts manually
- Delays in Accounts Payable
- Huge IT overhead and costs to manage and maintain 13 different ERP systems
- Limited visibility into critical business functions, preventing real-time business decisions
- Delayed financial reporting
- Error-prone manual processes
Elite needed a modern cloud-based business management suite to transform the way it manages its financials into a single, real-time, global, end-to-end unified process, allowing the agency to focus on its core skills of identifying and developing the careers of some of the world's greatest models.
"NetSuite is providing Elite with exactly what we needed, a global ERP system that brings all of our businesses together under one single cloud-based platform," said Fabio Pelino, Group Treasury Director at Elite Model Management. "With NetSuite, we will have more control over and insight into our global business on a day-to-day basis."
Why NetSuite?
Elite evaluated a number of ERP systems, but only NetSuite OneWorld could meet its specific needs. With support for 190 currencies, 19 languages and automated tax compliance in over 50 countries, NetSuite OneWorld will provide Elite with:
- Real-time global financial consolidation. NetSuite OneWorld can provide real-time visibility across all of Elite's subsidiaries, divisions and business units with one single financial system of record.
- Multi-country regulatory tax and reporting support. NetSuite OneWorld supports automated tax compliance across more than 50 countries.
- Significant savings in IT costs and complexity. NetSuite's proven, secure cloud solution eliminates the hassles of managing, maintaining and upgrading business applications.
- Real-time analytics and reporting. To maximize profits and streamline operations, NetSuite's dashboards, reporting and analytical tools enable Elite to monitor, report and analyse overall business performance in real-time. The Elite management team will be able to access detailed insights into its business, wherever the executives happen to be.
Today, approximately 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-class cloud financials/ERP suites for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated client/server ERP systems. NetSuite continues its success in delivering the best cloud ERP/financials suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
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SOURCE NetSuite Inc.