NetSuite OneWorld Provides Smart Heart Health Solution Provider Qardio with Support Across 40 Countries
NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that fast growing smart health solution provider Qardio has implemented NetSuite OneWorld to fuel its business growth and expansion into new global markets. Qardio uses NetSuite OneWorld to manage its mission-critical business processes including accounting, financial consolidation, procure to pay, order management, inventory management, customer relationship management (CRM), multi-currency (US Dollars, British Pounds, Euros), and multi-country tax compliance across its head office in San Francisco, and subsidiaries in the UK, the Netherlands and Asia.
The company sells direct to consumers via its ecommerce website and sells its products through large retailers such as Apple Store, Target, Best Buy, Amazon and Walgreens. With NetSuite OneWorld, Qardio is able to improve operational efficiency, reduce IT costs, and gain real-time insights into its business performance with a 360-degree view of its customers. NetSuite OneWorld delivers the scalability, agility and flexibility Qardio needs to enter new markets, expand operations and grow revenue.
Qardio prides itself on transforming the healthcare industry with simpler, smarter and more effective solutions for everyone: patients, doctors and healthcare providers. Qardio’s mission is to revolutionise personal health monitoring by bringing innovative technologies with high-end design that fit effortlessly into its users lives. The products range from monitoring blood pressure and medical grade ECGs, to wireless weight measurement. All the data collected can be shared with doctors, family or friends, making managing health more enjoyable and part of daily life.
As its business grows exponentially, Qardio needed an ERP software solution that could align with its global expansion ambitions. Previously, the accounting was outsourced to a third party in the US. But with the rapid growth, different inventory locations and several legal entities in different countries, this was no longer sustainable and scalable.
“The complexity of the business for our previous accounting partner was just getting too big,” said Jorrit Kelderman, Qardio’s CFO. “We really needed to have our own ERP software. As we are a US company with operations around the world, we wanted to have a US-based ERP system with excellent international capabilities. For us, it was really important to have billing, inventory reconciliation, taxes, accounting and consolidation in one place. NetSuite OneWorld’s flexibility, agility and scalability made it a clear winner and it allows our business to expand at an unprecedented rate.”
Since Qardio’s global finance activities are managed mostly from out of the Netherlands, the company worked with local NetSuite partner ERP FastForward to purchase and implement NetSuite OneWorld. ERP FastForward is a dedicated and successful NetSuite solution partner with a number of customers in the region.
With support for 190 currencies, 20 languages, and automated tax compliance in over 100 countries, NetSuite OneWorld can bring Qardio the following features and benefits:
Real-time global financial consolidation. NetSuite OneWorld gives Qardio real-time visibility across all of its subsidiaries, with a single financial system of record.
A broad range of robust international capabilities. NetSuite OneWorld provides a highly scalable system for growth with the ability to quickly and easily add functionality as Qardio’s business grows.
Rapid deployment of new subsidiaries. NetSuite OneWorld’s multi-subsidiary management and ease of deployment allows Qardio to move more quickly as it expands into new markets.
Efficient order management. Qardio has centralised its order management with NetSuite OneWorld and streamlined processes. It can now efficiently handle orders from wholesale and retail partners, consolidating them within one unified system.
Multi-location Inventory management. Qardio can orchestrate its supply chain, manufacturing and purchasing and can view the physical location of products in real-time across its wholesale business to ensure inventory gets moved to the right place, at the right time, at the right cost.
Global tax compliance. Qardio is able to automate many of its global tax and compliance processes, which have transformed its ability to manage sales tax/value added tax. It will also be able to easily adapt to new markets.
Customer relationship management capabilities. NetSuite OneWorld’s CRM capabilities can equip the Qardio sales team with an accurate record of each opportunity and its status, a complete view of the prospect and real-time access to every detail.
Customisation capabilities. Customisation and integration capabilities within the NetSuite SuiteCloud development platform help Qardio to tailor the system to its unique business needs and easily integrate with other systems.
Real-time business visibility and business intelligence. With NetSuite OneWorld, Qardio can have real-time insights into key business performance indicators for a unified view across the head office and subsidiaries and can gain a single version of the truth.
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.
Oil prices hit 11-month highs on tighter supplies, Fed assurance on low rates
By Florence Tan
SINGAPORE (Reuters) – Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 11 months, underpinned by monetary easing policies and lower crude production in the United States.
Brent crude futures for April gained 19 cents, 0.3%, to $67.23 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude for April was at $63.30 a barrel, up 8 cents, 0.1%.
Both contracts touched their highest since January earlier in the session with Brent at $67.44 and WTI at $63.67.
An assurance from the U.S. Federal Reserve that interest rates would stay low for a while boosted investors’ risk appetite and global financial markets.
“Comments from Fed Chairman, Jerome Powell, earlier in the week relating to the need for monetary policy to remain accommodative have probably helped, but sentiment in the oil market has also become more bullish, with expectations for a tightening oil balance,” ING analysts said in a note.
A rare winter storm in Texas has caused U.S. crude production to drop by more than 10%, or 1 million barrels per day (bpd) last week, the Energy Information Administration said. [EIA/S]
Fuel supplies in the world’s largest oil consumer could also tighten as its refinery crude inputs had dropped to the lowest since September 2008.
The Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, is due to meet on March 4.
The group will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic.
Extra voluntary cuts by Saudi Arabia in February and March have tightened global supplies and supported prices.
(Reporting by Florence Tan)
Australian media reforms pass parliament after last-ditch changes
By Colin Packham and Swati Pandey
CANBERRA (Reuters) – The Australian parliament on Thursday passed a new law designed to force Alphabet Inc’s Google and Facebook Inc to pay media companies for content used on their platforms in reforms that could be replicated in other countries.
Australia will be the first country where a government arbitrator will decide the price to be paid by the tech giants if commercial negotiations with local news outlets fail.
The legislation was watered down, however, at the last minute after a standoff between the government and Facebook culminated in the social media company blocking all news for Australian users.
Subsequent amendments to the bill included giving the government the discretion to release Facebook or Google from the arbitration process if they prove they have made a “significant contribution” to the Australian news industry.
Some lawmakers and publishers have warned that could unfairly leave smaller media companies out in the cold, but both the government and Facebook have claimed the revised legislation as a win.
“The code will ensure that news media businesses are fairly remunerated for the content they generate, helping to sustain public-interest journalism in Australia,” Treasurer Josh Frydenberg and Communications Minister Paul Fletcher said in a joint statement on Thursday.
The progress of the legislation has been closely watched around the world as countries including Canada and Britain consider similar steps to rein in the dominant tech platforms.
The revised code, which also includes a longer period for the tech companies to strike deals with media companies before the state intervenes, will be reviewed within one year of its commencement, the statement said. It did not provide a start date.
The legislation does not specifically name Facebook or Google. Frydenberg said earlier this week he will wait for the tech giants to strike commercial deals with media companies before deciding whether to compel both to do so under the new law.
Google has struck a series of deals with publishers, including a global content arrangement with News Corp, after earlier threatening to withdraw its search engine from Australia over the laws.
Several media companies, including Seven West Media, Nine Entertainment and the Australian Broadcasting Corp have said they are in talks with Facebook.
Representatives for both Google and Facebook did not immediately respond to requests from Reuters for comment on Thursday.
(Reporting by Colin Packham in Canberra and Swati Pandey in Sydney; Writing by Jonathan Barrett; Editing by Leslie Adler, Stephen Coates and Jane Wardell)
OPEC+ to weigh modest oil output boost at meeting – sources
By Ahmad Ghaddar, Alex Lawler and Olesya Astakhova
LONDON/MOSCOW (Reuters) – OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic. As of February, it is still withholding 7.125 million bpd, about 7% of world demand.
In January OPEC+ slowed the pace of a planned output increase to match weaker-than-expected demand due to continued coronavirus lockdowns. Saudi Arabia made extra voluntary cuts for February and March.
Three OPEC+ sources said an output increase of 500,000 barrels per day from April looked possible without building up inventories, although updated supply and demand balances that ministers will consider at their March 4 meeting will determine their decision.
“The oil price is definitely high and the market needs more oil to cool the prices down,” one of the OPEC+ sources said. “A 500,000 bpd increase from April is an option – looks like a good one.”
A rally in prices towards $67 a barrel, the highest since January 2020, the rollout of vaccines and economic recovery hopes have boosted confidence the market could take more oil. India, the world’s third biggest oil importer, has urged OPEC+ to ease production cuts.
Saudi Arabia’s voluntary cut of 1 million barrels per day (bpd) ends next month. While Riyadh hasn’t shared its plans beyond March, expectations in the group are growing that Saudi Arabia will bring back the supply from April, perhaps gradually.
Some OPEC+ members also anticipate that the Saudis will be willing to ease cuts further, but it was not clear if they had had direct communication with Riyadh.
Saudi Arabia has warned producers to be “extremely cautious” and some OPEC members are wary of renewed demand setbacks. One OPEC country source said a full return of the Saudi barrels in April would mean the rest of OPEC+ should not pump more yet.
“The Saudi voluntary cut will be back to the market,” the source said. “I’m personally with no more relaxation, not until June.”
Russia, one of the OPEC+ countries which was allowed to boost output in February, is keen to raise supply and a source last week said Moscow would propose adding more oil if nothing changed before the March 4 virtual meeting.
(Additional reporting by Rania El Gamal and Nidhi Verma; Editing by Elaine Hardcastle)
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