Virgin Money Australia Banks On Netsuite Oneworld
SAN MATEO, Calif. (U.S.A.) and SYDNEY (Australia) — April 2008 — NetSuite Inc. (NYSE: N - News), 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.
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