Oracle NetSuite Corporate Communications
Hong Kong Company Scales Global Business and Gains Agility with NetSuite Cloud ERP
SINGAPORE—May 30, 2016—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Cosmosupplylab, an industry leader in product design and development for advanced engineered soft-goods, mobile device storage and accessories, has implemented NetSuite OneWorld to fuel its global expansion and growth. Cosmosupplylab is using NetSuite OneWorld to manage mission-critical business processes, including financial consolidation, multi-language support for English and Chinese, multi-currency for the US, Australian and Hong Kong dollar, Chinese Renminbi and the Euro, and multi-subsidiary management for its head office in Hong Kong and subsidiary in mainland China.
NetSuite OneWorld also allows Cosmosupplylab to track finances at its multiple manufacturing facilities in China. With NetSuite OneWorld, Cosmosupplylab has streamlined financial processes and gain operational efficiency. The scalability and agility of NetSuite OneWorld have given Cosmosupplylab the confidence to plan for the future. The company is well positioned to automate manufacturing processes at three manufacturing facilities in China in the near future.
Founded 15 years ago, Cosmosupplylab underwent rapid growth in recent years when it became recognised as the go-to supplier of accessories for the world's leading technology and mobile devices. The company has more than 10,000 employees. Achieving double-digit growth over the past five years with technology accessories and cosmetic supplies distributed around the globe, Cosmosupplylab found that its existing Excel-based processes would not scale with the business. After an unsatisfactory implementation with Epicor, Cosmosupplylab evaluated a number of ERP systems including SAP. It chose NetSuite OneWorld.
“NetSuite's scalability and agility can allow us to continue our rapid growth while positioning us for future enhancements and investments,” said Richard Genrault, Cosmosupplylab's CFO. “Plus, we find the NetSuite platform to be intuitive, which is important. The more our employees use the system, the more they recognise the benefits. It's very powerful and the benefits to our business operations have been significant.”
NetSuite OneWorld provides Cosmosupplylab with the following key features and benefits:
Multi-subsidiary management. NetSuite OneWorld enables Cosmosupplylab to easily manage its Chinese subsidiary by automating many intercompany transactions, eliminating double entry of data and helping to remove human error. Consolidated reporting also helps Cosmosupplylab gain real-time visibility into subsidiary performance.
Anywhere, anytime access. NetSuite gives Cosmosupplylab real-time access to track finances at its Chinese manufacturing facilities.
Faster, more accurate reporting. NetSuite OneWorld's reporting capabilities have given Cosmosupplylab real-time insight into profitability at the product level. The company was not able to achieve this with its previous system, which was a very manual process. Sales reports are now ready a day and a half earlier with NetSuite's automated system.
Rapid implementation and time to value. Implementing financials at its head office in Hong Kong in just six months helped Cosmosupplylab to provide a strong case to the rest of the business for the success of future projects.
A flexible and agile platform. The NetSuite SuiteCloud platform easily enables the company to customise NetSuite OneWorld to meet its business requirements and to better manage its supply chain and production workflow.
Today, more than 30,000 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 cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software 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 software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
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