NetSuite, Inc., the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Point6 (point6.com), a manufacturer, distributor and retailer of performance-oriented socks made of fine merino wool for hiking, running, cycling, skiing and other outdoor activities, deployed NetSuite for supporting its fast-growing business. The Steamboat Springs, Colo.-based company abandoned Microsoft Dynamics GP (Great Plains) and SalesPad GP for NetSuite's superior cloud-based business management suite that provides the company with unmatched capabilities to run its core business operations including financials, inventory management, order management, fulfillment and warehouse management all without having a huge IT infrastructure and staff. This modernization effort has helped Point6 streamline the order to cash business process, improving visibility and control over its fast-growing business, with products distributed across hundreds of retail locations such as Eddie Bauer, L.L.Bean, Bass Pro Shop and Title Nine in the U.S. and 17 countries including New Zealand, Mexico, and Canada. As a result, the company has gained the scalability, flexibility and agility to grow its business in a highly competitive outdoor retail market.
"At Point6, Microsoft Dynamics GP was a completely broken system we couldn't keep up with baseline financial reporting. It did not poise Point6 for growth," said Drew Williams, COO at Point6. "Pulling data was a very painful process. It simply did not work from the standpoint of accomplishing what we needed with the business, from order to cash to taking care of our customers."
Like many other companies that have switched from Microsoft Dynamics GP to the NetSuite cloud, Point6 faced the challenge of operating a pre-Internet solution built based on antiquated client-server architecture, meaning the software can't capitalize on the economies of scale of the cloud. The "version lock" of on-premise software leaves them waiting for infrequent product updates that require re-testing of all customizations and hardware upgrades. In particular, Point6 was frustrated with:
Consistent problems accessing and interpreting key business data.
The rising costs for licensing and third-party IT consultants that were regularly engaged to troubleshoot issues and implement workarounds.
Delays in financial and operational processes that hindered Point6's ability to react quickly to challenges and opportunities while impacting productivity.
No real-time visibility into key business performance indicators, which impacted its ability to track sales by product variations and understand its customer base at a detailed level.
After a rigorous evaluation of several other solutions, including Oracle, Point6 selected NetSuite as its new cloud ERP solution, based in part on Williams' experiences using NetSuite at another outdoor retail company in Colorado. Since going live, the company has seen swift improvements across its key business processes, including order to cash, inventory and order management, warehousing, CRM and marketing. At the same time, the company has reduced its total cost of ownership by migrating from the in-house Microsoft system to NetSuite's award-winning cloud business management suite.
"NetSuite has helped Point6 fix many of its business problems and has put the company in a position to reach its aggressive growth targets over the next five years," Williams said. "We now have a much better understanding of our core business processes from order to cash and are able to more effectively conduct business with customers and partners."
With NetSuite, Point6 has gained the following benefits:
• Accelerated monthly financial close time. Point6 has significantly sped up its monthly close, allowing staff to focus on more strategic work.
• Real-time analytics that has given Point6 new insights into financials. Executives are able to access information at any time, from anywhere, right from within NetSuite.
• Configurations and customizations that carry forward automatically with no need for hardware. IT staff no longer have to worry about stressful, labor intensive upgrades.
• More efficient channel distribution. Point6 has streamlined its interactions with retailers selling its products at hundreds of U.S. locations, including Bass Pro Shops, Eddie Bauer and L.L. Bean, as well as distribution partners operating in 17 countries.
• Better inventory and fulfillment. NetSuite supports Point6 with real-time inventory visibility and efficient fulfillment from its Chattanooga, Tenn., warehouse of orders from B2B partners as well as consumers ordering directly over the point6.com ecommerce site.
• Material sourcing and contract manufacturing. Point6 has improved capabilities in working with partners who source merino wool from sheep farmers and domestic contract manufacturers that produce Point6 socks.
• New CRM and marketing capabilities. NetSuite's CRM capabilities equip Point6 with a single view of both B2B and B2C customers for a deeper understanding of customer needs and more effective service while enabling the company to drive sales with targeted marketing campaigns based on customer purchase history and interests.
Today, more than 20,000 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 financials/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 in a recent Gartner study naming NetSuite as the fastest growing financial management software vendor on a global basis. NetSuite continues its success in delivering the best cloud ERP/financials 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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