NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Secrid, the award winning designer and manufacturer of privacy protecting wallets, has implemented NetSuite to support its rapid business growth – having doubled sales year-over-year, expanded sales to 3,000 wholesalers and distributors, and grown to 12 warehouses in the last two years. NetSuite replaced a combination of Lightspeed and complex Excel spreadsheets, which the business had been built on, but could no longer cope with the volume of Secrid’s business and the complexity of its supply chain. Secrid is now depending on NetSuite to manage its mission-critical business operations including financials, order management, inventory management, assembly, demand planning, procure-to-pay, production control and shipping – all on one unified cloud business management platform.
With NetSuite, Secrid is able to scale its business as it grows; gain the visibility into warehouse stock at each manufacturing stage for better cost control; and achieve a 360-degree view of customers for better customer support and service. In addition, NetSuite’s SuiteCloud Development Platform gives Secrid powerful customisation tools to tailor the system to its specific workflows and business needs.
Unique in designing, sourcing materials and manufacturing in the Netherlands, Secrid (www.secrid.com) has a multi-site, multi-vendor manufacturing process, feeding online retail, direct and indirect trade sales to 3,000 wholesalers and distributors around the world. Yet, Secrid’s existing business systems could not support its rapid growth. The company struggled with separate systems for financials and sales orders, creating a lack of visibility into inventory across its 12 warehouses throughout the Netherlands and forcing personnel to manually move data.
Two years ago, Secrid began a project to implement Odoo as a replacement for its existing system but terminated the project before going live due to issues with stability, data imports and spiralling implementation costs. Secrid then started to implement Infor LN, but grew concerned by the system’s potential and frustrated by costly configuration charges leading them to cancel the project two weeks before go live. After further research Secrid evaluated Sage, Exact/TradeCloud, SAP, ECi M1, Microsoft Dynamics and NetSuite.
“We wanted a system with its roots in 2015, not the 1980’s, and one which put us in control,” said Paul van Diepen, COO. “We needed a platform for growth that would inspire us to do more with our systems. We could not afford to be restricted by our ERP system. It had to fit our business, not the other way round. We chose NetSuite for its flexibility, agility, and for the possibilities it offers us as we grow.”
With NetSuite, Secrid is now able to deliver new ways of working with partners and free capacity to focus on its core business objectives. NetSuite’s cloud-based system with anytime, anywhere access lets Secrid’s suppliers access the system to give instant visibility into the supply chain. Additionally, NetSuite’s demand planning capabilities help to create weekly transfer orders between locations, while NetSuite’s Work Orders and Assembly functionality streamline production.
After a rapid, two-month implementation by the Secrid team and Netherlands-based NetSuite Solution Provider, E–Litt, Secrid has achieved its planned process improvements and gained numerous benefits including:
A single view of the truth – By uniting its business processes onto a single end-to-end platform, Secrid has gained transparency that has driven more cooperation between teams and streamlined its critical business processes. Executives now have real-time visibility into the entire business, which previously was impossible between their other software systems.
Operational efficiency – Eliminating manual steps across all roles enable faster manufacturing, closing of books, completion of shipping and sales order processing.
Scalability – Secrid can now provide instant access to NetSuite to its rapidly expanding network of suppliers for material orders and processing, improving visibility and efficiency across the entire supply chain.
Improved customer service – NetSuite’s complete view of the business enables Secrid to implement case management to ensure it maintains consistently high levels of customer service as it continues to grow.
Custom functionality – The NetSuite SuiteCloud Development Platform provides Secrid with the flexibility and agility to develop custom built solutions to meet current and future industry specific business needs.
Untapped functionality – Secrid is already doing more with NetSuite than it expected in January 2015, having repeatedly identified additional useful functionality in the suite, which could simply be enabled to solve problems at hand. For example, Secrid is now trialling portal access to the system for their sales agents – to enable self-service.
“I am always blown away by the possibilities of NetSuite. I ask myself ‘How do I solve this?’ and realise that I have options A,B,C & D, then just have to pick which is right for us. The flexible workflows blew us away – they helped us, as non-programmers, to do pretty advanced configurations, which help us work better. It is now more fun to work in our office – there is less of the boring stuff to do and that lets us grow. NetSuite is a beautiful platform,” said Thomas Boogert, ERP & ICT Manager for Secrid.
Secrid will be joining NetSuite CEO Zach Nelson during the keynote at NetSuite’s Cloud Tour Europe in London today to share their incredible story of innovation and business growth.
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.
Secrid is an award-winning designer and manufacturer of privacy protecting wallets, designed to address consumer concerns around the safety of plastic cards, now the go-to replacement for coins and paper money. Each leather wallet is stylishly crafted and contains a Cardprotector which works as a firewall, ensuring that any RFID (Radio Frequency Identification) and NFC (Near Field Communication) cards are safe from being activated, selected or copied by digital fraudsters. The Secrid wallet is sold in 3,000 stores worldwide in 45 countries. The Secrid wallet won the 2012 Aluminium Award, and in 2010 the Cardprotector element won a Red Dot Design Award.
For more information about Secrid, please visit www.secrid.com.
For more information about NetSuite, please visit www.netsuite.co.uk.
Using payments to streamline everyday transport
By Venceslas Cartier, Global Head of Transportation & Smart Mobility at Ingenico Enterprise Retail
Once upon a time the only way to get from A to B on public transport was with cash – and likely a pre-paid ticket bought from a physical office. Nowadays, thanks to technological developments, options range from contactless and mobile payments, to in-app tickets and more. As payment methods advance, consumers and merchants are naturally moving towards Mobility as a Service (MaaS) systems, integrating various forms of transport services into a single mobility service, accessible on demand.
This move towards MaaS does not only streamline the consumer experience, it has other positive impacts too. Incentivising public transport use reduces environmental pollution, improves mental wellbeing by reducing travel-related stress, and aids productivity by freeing up time otherwise spent driving. With this in mind, let’s take a look at the current trends affecting the transport sector, as well as how payments can optimise transportation for both operators and consumers alike.
Optimising transport with payments
The payment process is integral to any service. A payment service provider (PSP) can provide a range of key benefits to operators by proving a gateway to the transportation open payment ecosystem, and ensuring they meet objectives in 3 key areas.
- Environmentally, by reducing the use of personal cars and alleviating pollution and congestion.
- Societally, making urban mobility more inclusive in terms of improving access to all areas and for all socioeconomic classes.
- Economically, by optimising investment in eco-structure and fostering financial transactions, therefore improving the wealth of the city.
Payments professionals’ expertise and technological solutions can make payments easy again for transport operators. They can provide a range of options so that the customer can choose which one is right for them, leveraging the capabilities of the mobility services’ infrastructure (contactless, mobile wallets, P2P, closed-loop, QR code, and blockchain).
Furthermore, they can help promote inclusion and sustainable urban development. For example, methods such as prepaid virtual cards, or mobility accounts linked to a prepaid account can reduce the risks of excluding the unbanked. The environmental impact per kilometre can also be reduced, along with the use of vehicles with lower emissions per person per kilometre.
Finally, PSPs can put merchants’ minds at ease, providing payment liability, allowing aggregation of all due amounts from all mobility service providers, and collecting payments in one single transaction from users while dispatching revenue between mobility service providers.
COVID-19’s disruption to the travel industry cannot be overlooked. In fact, research suggests that public transit ridership is down 70% across the globe since the onset of the virus, longer distance travel has seen reductions of up to 90%, and payment by cash has seen a 60% drop.
Being realistic, these behavioural shifts are unlikely to revert anytime soon, so it’s important for merchants to keep this in mind when thinking about payment methods. More than 70% of consumers and travellers say they are likely to avoid the use of cash over the next six months. As a result, more than 40 countries have already raised their contactless payment threshold, further helping consumers to avoid contact with frequently touched pin pads.
However, the pandemic has only accelerated the way things were heading already and highlighted the benefits. Within the context of the pandemic, transportation needs to reinvent itself and adapt its processes to suit the shift in commuter habits that we’ve already seen and will continue to see in the future.
Other trends to keep an eye on
Contactless has been steadily growing on the transport scene, as have mobile payments and in-app purchases. In fact, the recent move to mobile and online ticketing is the most promising method so far, having seen significant growth in the last few years and having been accelerated by COVID-19 as discussed above. Once consumers move to these easy, convenient, and seamless methods, it’s rare that they revert – so it’s a good idea for operators to think how they can cater to these preferences.
Speed and convenience are a must for busy travellers – but not at the expense of data security. Finding the right payments partner is therefore crucial so operators can safeguard their customers’ personal data, while also keeping on top of other security regulations/features such as P2P encryption, PCI certification, and tokenisation.
Next steps for operators
Public transport is essential for many peoples’ everyday lives – COVID-19 or no COVID-19. As such, mobility service providers can make a great difference to their service and operations by implementing the right solutions.
Grey skies ahead – Malta prepares for a gloomy 2021 if they can’t tackle financial crime
By Dhanum Nursigadoo, ComplyAdvantage
With the summer drawing to a close, many countries who rely significantly on warm weather tourism will be assessing the impact of Covid-19. Being a small island in the middle of the Mediterranean you would expect Malta to be taking a significant economical hit – just like we are seeing in other popular European holiday destinations – but this doesn’t take into account the strength of the Maltese economy.
Emerging from the eurozone crisis with one of the most dynamic economies strategically positioned between three continents, Malta has had one of the lowest unemployment rates in the EU and has recently seen its GDP growth expand year-on-year. But perhaps the most important aspect of the Maltese economy has been its attraction for foreign businesses with only a 5% tax on profits. It is no secret that Malta is a tax haven, probably one of the most effective tax havens in the world.
But you can’t pick and choose who takes shelter, and it’s no secret that money launderers have been taking advantage of the regulatory landscape in this archipelago.
The conditions of a tax haven suit criminal enterprises, who can take advantage of the opaque environment and blend their illegal activities with the same operations enjoyed by high net worth individuals and corporations who are looking to reduce their tax bill. And last year Malta’s keenness for secrecy and avoidance resulted in a damning report by Moneyval – the Council of Europe’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) body – which found that while the nation had made some efforts to curb money laundering there was still much to be desired in order to bring the tax haven up to standard. Overall, they were of the opinion that Malta viewed combating money laundering as a non-priority and this resulted in branding Malta with low to partial ratings for 30 out of the 40 Financial Action Task Force (FATF) recommendations.
The findings of the report were stated to have the potential to “create within the wider public the perception that there may exist a culture of inactivity or impunity”. This follows on from a series of international high-profile stories regarding Malta and financial crime. Most shocking was the murder of journalist Daphne Caruana Galizia – who investigated corruption and money laundering in her native country – and was killed by a car-bomb three years ago leading to international outrage and condemnation.
Now Malta is in a race against time to turn their reputation around or they will suffer genuine consequences. The FATF have threatened to place Malta on a “greylist” of high-risk jurisdictions unless they have shown a genuine commitment to combatting financial crime and implemented the recommendations of the Moneyval report. If they fail, this would make Malta the first EU country to make the list and join others such as Panama, Syria and Zimbabwe.
The pandemic has actually given Malta more time to meet these obligations, and it has been widely reported that an initial summer deadline has now been moved to October due to the widespread disruption.
As we head into the autumn, there are signs that Malta has begun to take action. The Malta Financial Services Authority (MFSA) has created and established an empowered AML now headed up by Anthony Eddington, formerly of the UK’s Financial Conduct Authority and who has previous experience of tackling anti-financial crime at Deutsche Bank. This team has already begun working closely with international experts, specifically partners in the US through the US embassy in Malta and the United States Commodities Futures Trading Commission (CFTC). In May this collaboration led to 25 new cases focused on money laundering in particular, and with plans to increase standard inspections and on-site investigations into businesses in Malta, it appears there is a change to the country’s priorities.
Importantly, the report highlighted a problem for countries that choose to become tax havens. In some cases it was not that the Maltese authorities deliberately turned a blind-eye, but simply that they did not have the necessary knowledge to effectively tackle financial crime in the first place. Law enforcement appeared unable to even recognise when crime was occurring.
But this blurring of financial compliance will not help businesses if Malta does indeed become “greylisted” this year. While not as devastating as being blacklisted (the two occupants of this list are Iran and North Korea) there are significant detrimental effects to being put on the FATF greylist. Although this signals that the country is committed to developing AML/CFT plans (unlike the blacklist) it still sends out a warning signal to the world that this is a high-risk area, with the country in question subject to increased monitoring and potential sanctions from the IMF and the World Bank. Make no mistake, being put on the greylist will be catastrophic for Malta’s economy.
It remains to be seen how the work to avoid such a calamity will affect Malta’s tax haven status. Perhaps with an increased fight against financial crime there will be less ability to defend one of Europe’s most competitive tax regimes. But if Malta does not show they are genuinely committed to tackling this problem, then the pandemic disruption to the island’s tourism may be minor in comparison to the grey clouds that now approach their shores.
How will the UK prepare a supply chain for the distribution of the Covid-19 vaccines?
By Don Marshall, Marketing role at Exporta.
The challenge of mobilising a supply chain for the introduction of a global and nationwide vaccine will be enormously complex. The process will be costly, and it’s likely the figures will stretch to the hundreds of millions for both the production of the vaccine itself and its distribution across the UK. We must prepare and plan a supply chain strategy to ensure it reaches those most in need in a timely and safe manner.
The task of immunising a whole population is something that has never been planned or likely imagined by anyone within a standard supply chain. A supply chain that goes directly from the manufacturer to the end consumer, or user/ patient in this case, is complex and goes beyond the scope of any single logistics company. It would have to be conceived and delivered via a large joint effort and collaboration between multiple organisations. Effectively distributing the vaccine will depend on the source of manufacture, its storage requirements, and protection of the vaccines from manufacture through to patient administration.
The majority of vaccines require storage within a specific temperature range and need to be handled safely and in hygienic conditions. Depending on where the vaccines are manufactured, the transport legs will vary; if they are coming from overseas, air freight will increase cost and complexity. In addition to supplying the vaccine, syringes, needles and containers also need to be taken into account when preparing the supply chain.
Securing the specific types of boxes or containers i.e. the lidded containers normally used for transporting pharmaceutical products will mean acquiring them from all available stockists and manufacturers. Delivery vehicles would then need to be considered, with temperature-control factored in. The medical supply chain can inform their approach to distribution by assessing data from previous supply chains, and how large quantities of vaccines have been sent out in the past. Collating successful vaccine delivery examples from other parts of the world would be advantageous here, the more we can do to prepare for a logistical challenge of this magnitude, the better.
The distribution of this COVID vaccine will be unique in its scale and for that reason, additional supply chains will need to be mobilised. Apart from medical supply chains, those best suited for this type of transportation are the fresh/frozen food industries and supermarkets. I would mobilise these businesses to assist with the vaccine’s distribution wherever possible and use their car parks and facilities for the temporary medical centres needed to administer the vaccine to the public.
Using the food industry and supermarket networks would leave the current pharmaceutical supply chains intact for health services, pharmacies and the NHS. It would protect those vital services and continue to serve communities across the UK. Inevitably, it would place a short term strain on food supply chains, but these are supply chains that are well-equipped and versed in coping with excess demand i.e. the spike endured from the brief spell of public panic buying at the start of the crisis. With adequate resourcing and planning, I believe the UK supply chain can and will handle this challenge.
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