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.
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.