Virgin Money Australia Banks on NetSuite OneWorld
SAN MATEO, Calif. and SYDNEY, April 18 /PRNewswire-AsiaNet/ --
NetSuite Inc. (NYSE: N), announced today that Virgin Money Australia, the financial services arm
of Sir Richard Branson's Virgin Group, has switched from an outsourced solution to NetSuite
OneWorld. NetSuite OneWorld provides Virgin Money with one system to run its business
operations more efficiently, enabling cost savings for itself as well as savings that can be passed
along to customers. NetSuite is a leading vendor of on-demand, integrated business
software suites that include Accounting / Enterprise Resource Planning (ERP), Customer
Relationship Management (CRM) and Ecommerce software for small and midsized businesses and
divisions of large companies.
Since May 2003, Virgin Money has shaken up the country's financial services industry by fighting
to keep the big banks honest with home loans, superannuation (a pension program for employees
in Australia) and credit cards. The company's ambition for financial services provides customers
with greater value for money products and services, innovation and excellent customer service.
By early 2007, the company was looking to shake off its outsourced business accounting
software and bring the task in-house, and on a platform that could handle more of Virgin Money's
needs, plus its rapid growth. The challenge was that if the company chose to manage the previous
business accounting software in house, instead of having it outsourced, it would have
required extra capital expenses for servers, storage, climate control and security measures. In
addition, the previous accounting software's reporting capabilities did not deliver what was required
to successfully manage the business accounting, as it lacked useful dashboards, was not easily
customized and was generally difficult to use.
Virgin Money found a cost-effective alternative in NetSuite, which will provide a significant
savings to the business -- for many reasons. First, NetSuite is delivered as Software-as-a-Service
(SaaS) business software, so the customer does not need any servers or server rooms. Second,
NetSuite's comprehensive suite includes not just accounting software and real-time dashboards, but
also financial processes and reporting that are better integrated than the alternative they have
replaced. Most importantly, NetSuite gives Virgin Money the necessary room to grow.
"NetSuite can be tailored to suit every role in our company, giving staff the information they need
and the access rights we want them to have," said Andy Sampson, Financial Controller at Virgin
Money. "As a growing company, we want to have options, in case we need to roll it out to our call
center, another location, other subsidiaries, or even add users as we add new staff. With NetSuite,
we can do that. Now we're running our company far more efficiently and cost-effectively than
before, which means we can pass the savings on to customers."
Through NetSuite OneWorld, and with the help of NetSuite Professional Services, Virgin Money
now has the ability to handle multiple companies in one instance of the platform. NetSuite, unlike
other packages, consolidates Virgin Money's subsidiary businesses into its main business.
NetSuite OneWorld has the multi-company capabilities and Web-based platform that make it the
right fit for Virgin Money Australia. Virgin Money's internal processes, such as bank reconciliation,
purchase order processing, and paying expenses, are now automated, simplified and more
accurate.
About Virgin Money
Virgin Money is the financial services arm of Sir Richard Branson's Virgin Group. With
businesses in UK, South Africa, Unites States and Australia, Virgin Money is fast becoming a
recognized brand in the financial services sector. Virgin Money launched in Australia in May 2003 to
do one thing - shake up the financial services industry. That has been achieved with award-winning
products spanning credit cards, home loans and superannuation. Virgin Money products are simple,
great value and transparent, and they are backed up by the world-famous Virgin customer service.
About NetSuite
NetSuite Inc. is a leading vendor of on-demand, integrated business software suites for small and
midsized businesses. NetSuite enables companies to manage core business operations in a single
system, which includes Accounting / Enterprise Resource Planning (ERP), Customer Relationship
Management (CRM), and Ecommerce. NetSuite's patent-pending "real-time dashboard" technology
provides an easy-to-use view into up-to-date, role-specific business information.
NOTE: NetSuite and the NetSuite logo are registered service-marks of NetSuite, Inc. Other
marks are the property of their respective owners.
SOURCE NetSuite Inc.
CONTACT: Mei Li of NetSuite,
+1-650-627-1063, meili@NetSuite.com
PRN Photo Desk photodesk@prnewswire.com
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