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TRANSFORMING GLOBAL FINANCE WITH CLOUD TECHNOLOGY

By Helge Zurbrüggen, CFO at Netbiscuits

We started our business as a builder of sites for mobile protocols and quickly evolved into providing an end-to-end mobile application development platform. Today, we are proud to say that Netbiscuits is a global leader in multi-channel web analytics and device detection solutions, helping digital marketers with analytics tools to quickly visualise, measure and improve visitor engagement and conversion for the multiscreen world.As a company that has grown exponentially since its inception, we’ve set the bar high and have strong ambitions to continue growing our business.

As a technology company ourselves, we’re strong believers in technology being the backbone of any business and are very aware of the huge business benefits of cloud computing. That’s why we decided that we needed to transform our business operations by switching from an out dated on-premise ERP product(Sage) to a more modern, future-proof and scalable business management solution in the cloud.

Into the cloud

We’re a business that has to continuously evolve to ensure we can meet the ever-changing needs of digital and content marketers, so we confronted the biggest challenges we faced with our on-premise Sage Finance and Sage Order Processing technology: the lack of scalability with our business dynamics; the lack of visibility into real-time business insights; tedious, cumbersome manual processes required to consolidate financials across three subsidiaries in the US, UK and Singapore, and the time, cost and errors associated with using separate systems for management reporting.

After a rigorous pitch process and with three possible candidates on our shortlist, we decided to solve all of our technology challenges in one go by replacing our multiple Sage solutions (for Finance and Order Processing) and multiple Excel spreadsheets with NetSuite OneWorld’s unified cloud business management suite. With our new cloud technology, we are now able to run our core financial processes including financial consolidation across our multi-subsidiary operation supporting transactions in five countries (Australia, UK, Germany, Singapore and US) and currencies (Australian dollar, British pound, Euro, Singapore dollar and US dollar), revenue recognition and financial reporting.

Just our cup of tea

Moving our financial technology into the cloud has been exactly what we needed for our business – it means that information can be accessed from anywhere at any time, and the technology we opted for offers all the integration capabilities we desired. It is also very process-driven, which means it’s easy to use and being completely in the cloud also provides the scalability we needed to realise our full growth potential. As we expand our business into different countries, we can quickly, easily and affordably scale up our system to manage processes and operations there too.

Moving to the cloud has also helped us realise a number of business benefits. We have the agility, flexibility and scalability we need to continue to grow and expand our organisation globally while having a real-time and unified view of our entire critical business operation.

We now have better business efficiency and can fully automate previously time-consuming manual processes, including data entry and information transfer.We also have a lot more company-wide control, with the ability to streamline and customise financial business processes, a previous major pain point with our on-premise technology.

Going global

Ultimately, being completely in the cloud has helped us future-proof our entire organisation – we are now better positioned to quickly expand our business into new regions and to absorb potential acquisitions by taking full advantage ofthe capabilities we now have for multi-subsidiary management, global financial consolidation, multi-currency conversions, and local taxation support.

It’s always the easy option to stick with on-premise legacy systems and the problems that come with it, but I’d urge all businesses – especially those that have high-growth ambitions – to reassess their legacy systems and strongly consider cloud technology. By taking the time to research and implement a new cloud business management suite, we have the tools we need to address the challenge many businesses are facing today and also better prepare for and manage the challenges of tomorrow.