REA Group Limited has deployed NetSuite OneWorld
OREANDA-NEWS. NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud financials / ERP and omnichannel commerce software suites, today announced that REA Group Limited (ASX: REA), a multinational digital advertising business specialising in property, has deployed NetSuite OneWorld.
REA Group replaced multiple, disparate legacy software systems and manual processes with a single instance of NetSuite OneWorld to manage mission critical business processes, including financial consolidation, purchasing, order management, billing, revenue recognition, multi-currency management (13 currencies) and multi-country tax compliance management.
Since switching to NetSuite in 2015, the company has dramatically improved operational efficiency and realised significant productivity gains, freeing up employees’ time to manage revenue recognition process and global consolidation. Processes which previously took several days to complete can now be done in real time. The company has also gained the scalability needed to handle large volume transactions. The NetSuite OneWorld implementation has provided a strong foundation platform for REA Group to enter and manage new markets.
Founded in Melbourne in late 1995, REA Group’s flagship website has grown to become Australia’s leading property website, with more than twice the visits of its nearest competitor1. Keeping up with the sheer speed of growth proved to be a challenge for REA Group’s financial operations, due largely to multiple legacy systems which struggled to efficiently scale for REA Group’s increased transaction volumes and business growth. NetSuite OneWorld became an obvious choice due to its ease of customisation, multi-subsidiary management capabilities and its flexibility, scalability and agility to meet the company’s future global expansion needs.
Deployment of NetSuite OneWorld across REA Group’s core business was a large and complex initiative that was implemented on time and on budget. Award-winning NetSuite channel partner Annexa was selected by REA Group to assist with the implementation and worked closely with REA teams during the entire program.
“REA Group’s size and services are continuing to grow rapidly and it’s vital that we have an ERP system which can cater for our various complex needs,” said Norm Duce, Executive Manager, Business Services at REA Group. “NetSuite OneWorld is playing an important role in helping us realise these global growth aspirations by simplifying, consolidating and automating processes that once produced significant bottlenecks in our organisation’s workflow. NetSuite OneWorld helps us to accomplish more, with less effort, freeing up time to focus on key priorities like delivering a strong customer experience and expanding globally.”
NetSuite OneWorld supports 190 currencies, 20 languages, automated tax compliance in more than 100 countries, and transactions in more than 200 countries.
Ross Spriggs, Managing Director at Annexa, commented: “NetSuite OneWorld provides REA Group with greater power over its global financial operations and the flexibility to support its strategy for international growth. REA Group is the perfect example of how true cloud infrastructure can equip Australian businesses with the scalability to set the pace for other world markets and expand across borders to achieve international success. Annexa is delighted to play an integral part in REA Group’s success.”
In 1998, NetSuite pioneered the Cloud Computing revolution, establishing the world’s first company dedicated to delivering business applications over the Internet. Today, NetSuite provides a suite of cloud-based financials / Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organizations, and subsidiaries in more than 100 countries.
About REA Group Limited:
REA Group Limited ACN 068 349 066 (ASX:REA) is a multinational digital advertising business specialising in property. REA operates Australia’s leading residential and commercial property websites, realestate.com.au and realcommercial.com.au, European sites casa.it, atHome.lu and immoRegion.fr, Chinese property site myfun.com and a number of property portals in Asia via its ownership of iProperty Group. REA also has a significant shareholding in US based Move, Inc.