NewswireToday - /newswire/ -
Makati City, Philippines, 2011/11/22 - NetSuite, Inc. (NYSE: N), announced that Yuchengco Group of Companies (YGC) has adopted NetSuite OneWorld PH to manage 11 of its subsidiaries, including five companies held by its House of Investments subsidiary - NetSuite.com. NYSE: N; ORCL
• Replaces Three Instances of Microsoft Dynamics GP and Hundreds of Excel Sheets;
• Eleven Subsidiaries Go Live On NetSuite OneWorld PH in Just Six Months.
NetSuite, Inc., the industry's leading provider of cloud-based financials / ERP software suites, today announced that Yuchengco Group of Companies (YGC) has adopted NetSuite OneWorld PH to manage 11 of its subsidiaries, including five companies held by its House of Investments subsidiary. NetSuite OneWorld PH replaced three instances of Microsoft Dynamics GP, hundreds of spreadsheets and numerous cumbersome manual processes at these subsidiaries, and is a key component of YGC's two-tier ERP strategic overhaul. YGC is implementing Oracle at its corporate headquarters for the second tier of this two-tier ERP approach, while NetSuite OneWorld PH provides faster implementation and greater agility needed for YGC's many subsidiaries. Its 11 subs are now relying on NetSuite OneWorld PH for ERP, multi-subsidiary consolidation, rollup reporting to corporate parent, regulatory compliance and analytics.
With many of YGC's subsidiaries facing new regulatory requirements for large taxpayers from the Philippines' Bureau of Internal Revenue, the company needed to act fast to maintain full compliance. YGC wanted to move past the limitations of its outdated on-premise software and implement a consistent solution across many of its subsidiaries. The new solution also needed to integrate smoothly with the Oracle system being rolled out at corporate headquarters. Because YGC determined that it would be too time-consuming and constraining to implement Oracle in its many subsidiaries, the company decided that a two-tier ERP strategy was necessary. Even though an in-house/customized financial system is installed at one of its many subs, the stone-age on-premise solution couldn't scale to meet the business needs of YGC. YGC also replaced hundreds of excel sheets with NetSuite.
NetSuite OneWorld PH proved to be the perfect solution for all of YGC's needs: rapid deployment, integration with Oracle ERP at the corporate headquarters, agility and scalability. NetSuite OneWorld PH has been localized for the accounting rules, usage conventions, statutory and regulatory requirements of the Philippine market, including tax reporting requirements mandated by the Bureau of Internal Revenue (BIR). NetSuite OneWorld PH is the perfect solution for Philippine businesses to manage their domestic and global businesses in the cloud, whether they are locally headquartered or a division of a larger, multi-national enterprise.
NetSuite OneWorld PH delivers a unified chart of accounts to YGC's 11 subsidiaries and ensures complete transparency to the corporate ERP system. With businesses ranging from investments to advertising to security, NetSuite OneWorld PH is easily adapted to YGC's diverse business needs while providing a consistent, easy-to-use interface. YGC is not only a customer but also a partner. Pan Pacific Computer Center, Inc., a company under the House of Investments, is managing the implementations of NetSuite for YGC.
"Since House of Investments operations are growing, NetSuite OneWorld PH has tremendous benefits in terms of scalability and flexibility," said Prudence Joy Laman, YGC—PPCC Project Manager. "We currently expect to be fully compliant with all financial reporting requirements by January 2012 thanks to NetSuite OneWorld PH."
Today, more than 10,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite (netsuite.com) has established itself as the leading provider of enterprise-class cloud ERP suites for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated client/server ERP systems. NetSuite excels at streamlining business operations, as demonstrated by the 2011 CODiE Award for Best Financial Management Solution, as well as a recent Gartner study naming NetSuite as the fastest growing financial management systems vendor in the world. NetSuite has continued its success in delivering the best cloud business suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud is accelerating.
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