SAN FRANCISCO and SAN MATEO, Calif., Oct. 2, 2012 /PRNewswire/ -- ORACLE OPENWORLD 2012-- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP software suites, today announced that the Institute of Electrical and Electronics Engineers (IEEE), the world's largest professional association for the advancement of technology, has replaced thousands of accounting packages and spreadsheets worldwide with one instance of the NetSuite OneWorld solution to manage 70 global organizational units. With NetSuite OneWorld in a two-tier ERP model, NetSuite's global cloud business management solution is used by 70 organizational units spanning 2,110 IEEE chapters and 500 annual conferences to track revenue and expenses, with the solution integrated with an on-premise Oracle ERP installation at IEEE headquarters. Integrating with the IEEE headquarters Oracle ERP instance, the two-tier implementation puts NetSuite OneWorld in the hands of thousands of IEEE users worldwide, conducting business in 100 countries and 55 currencies. By deploying NetSuite OneWorld in a two-tier ERP model, IEEE was able to substantially reduce the time and cost that would have been required for a comparable on-premise ERP deployment at the chapter level. At the same time, the organization has gained real-time visibility and management, reducing the time to reconcile annual reporting from chapters and conferences from a month to a single day.
The NetSuite OneWorld deployment makes IEEE one of the world's largest users of a two-tier ERP system, which is rapidly emerging as the de facto standard for organizations that want to preserve their investments in on-premise ERP at headquarters while equipping subsidiaries and divisions with a global ERP cloud solution to drive new business efficiencies, avoid IT infrastructure overhead and support rapid growth. Used by a growing number of enterprises in a two-tier model, NetSuite OneWorld is the first and only on-demand system to deliver real-time global business management and financial consolidation, with local customization and full integration capabilities with Oracle via the cloud. Featuring built-in support for over 190 currencies, 19 languages and out-of-the-box tax reporting covering more than 50 nations, NetSuite OneWorld enables efficient financial consolidation at both global and local levels while powering front- and back-office operations on a worldwide scale. For more information about NetSuite two-tier ERP solutions, please visit http://www.netsuite.com/portal/solutions/netsuite-oracle-two-tier.shtml.
Founded in 1963 with organizational roots dating back to the birth of commercial electricity in 1884, IEEE is a global community of over 400,000 members in more than 160 countries. Although IEEE has a large investment in its core Oracle ERP implementation, financial management of thousands of chapters and hundreds of annual conferences was previously done through an ad hoc collection of small-business accounting programs and spreadsheets. International management had no visibility into chapter and conference operations except through annually submitted reports, which had to be manually re-keyed into Oracle before they could be correctly processed. This reconciliation took a full month to complete at headquarters, and made life unnecessarily complicated for the independent professionals who often volunteer their time to operate IEEE chapters and conferences.
IEEE wanted a consistent, powerful and flexible ERP solution that could be easily deployed worldwide, without sacrificing its investment in Oracle or requiring technology professionals to learn to operate Oracle ERP. Deploying NetSuite OneWorld in a two-tier ERP model solved this problem perfectly. This two-tier ERP approach preserves the investment made in headquarters ERP while providing remote operations and organizational units with a standardized, powerful and easily customizable cloud ERP solution in a fraction of the time normally needed to expand on-premise systems. NetSuite OneWorld was deployed to over 1,500 IEEE conference entities in less than three months, while the rollout to over 2,100 chapters was completed in less than six months. NetSuite worked closely with IEEE to streamline the user interface and ensure seamless data mapping to Oracle's general ledger requirements, which have combined to reduce the annual reconciliation process at IEEE from a month to a single day.
"IEEE's worldwide mission and highly distributed membership make it a perfect candidate for the universal accessibility of the cloud," said Zach Nelson, NetSuite CEO. "The two-tier NetSuite OneWorld approach enables IEEE to deliver the power and flexibility of our solution to local users, and actually enhances visibility and transparency for the organization's Oracle team."
"The service-oriented architecture of NetSuite OneWorld is exactly what IEEE needed to bring order, scalability and consistency to thousands of chapter and conference volunteers worldwide," said Alexander Pasik, IEEE chief information officer. "By automating expense accounting and eliminating spreadsheets while providing Oracle-ready data for our headquarters team, NetSuite OneWorld has greatly improved operations for thousands of IEEE-affiliated groups."
Today, more than 12,000 companies and subsidiaries use NetSuite to run complex, mission-critical business processes globally in the cloud. There is a growing list of enterprise companies that deployed NetSuite for global business management at the subsidiary level while maintaining their corporate Oracle ERP instance. These companies have been reaping the benefits of NetSuite cloud business solutions which enabled them to go to market very quickly because NetSuite delivers the flexibility, agility, and speed of implementation they need to grow their global business and get their subsidiaries up and running very quickly without a huge investment in IT. Some of these customers include Land O'Lakes, Qualcomm, Magellan (MiTAC Digital Corporation) and Igloo Products. Since its inception in 1998, NetSuite has established itself as the leading provider of enterprise-class cloud ERP suites for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations, as demonstrated by a recent Gartner study naming NetSuite as the fastest growing top 10 financial management systems vendor in the world. NetSuite continues its success in delivering the best cloud ERP/financial suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
For more information about NetSuite, please visit www.netsuite.com.
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SOURCE NetSuite Inc.