Oracle NetSuite Global Business Unit (GBU), the industry’s leading provider of cloud financials / ERP, HR and omnichannel commerce software suites, today announced that Prophet, a leading global consulting firm, has implemented NetSuite OneWorld for ERP and Professional Services Automation (PSA). Since going live on NetSuite OneWorld in October 2016, Prophet has gained a unified view of financial, resource management and project management processes that have streamlined operations across nine global offices operating in the U.S., U.K., Germany, Switzerland and Hong Kong, creating efficiencies across the entire organization.
San Francisco, Calif.-based Prophet brings together thought leaders and top talent from across the globe to grow better brands and businesses. As demand for Prophet’s consulting services skyrocketed, the combination of legacy software from acquisitions and manual processes used to manage the business was anything but seamless, which hindered efficiency gains and scalability for growth. Hundreds of internal employees and consultants based around the globe submitted time and expenses in different currencies and disparate systems. Project management was conducted manually through its intranet, and a decades-old Sage system was used to manage financial processes and required manual intervention to do everything from basic reporting to month-end close.
Prophet needed a flexible infrastructure that could scale to accommodate its rapid growth.
After a comprehensive evaluation of solutions that promised streamlined management of ERP and PSA processes, Prophet selected NetSuite OneWorld for its robust international functionality and scalability, coupled with automated, integrated resource and project management capabilities.
“Resource management is a key driver and strategic advantage for our business,” said Jeani Vance, CIO of Prophet. “Other large-scale competitors couldn’t meet all of our needs the way that NetSuite can.”
NetSuite OneWorld supports 190 currencies, 20 languages, automated tax calculation and reporting in more than 100 countries; customer transactions in more than 200 countries; and enables businesses to streamline their mission-critical business processes.
In just six months since go-live, Prophet has realized efficiencies with the following features and benefits including:
Streamlined financial consolidation and month-end close. NetSuite OneWorld’s robust financial consolidation engine and multi-currency support eases month-end close across five different offices in the United States, as well as offices in London, Berlin, Zürich and Hong Kong. This includes support for transactions in the U.S. dollar, British Pound, Swiss Franc and Hong Kong dollar. NetSuite OneWorld not only provides Prophet control over month-end close, it has expedited the process by upwards of a week.
Increased spend control. With integrated, automated expense and time reporting, expenses hit budget owners in real-time, ensuring streamlined approval and payment processes, and protection against freelance overspend and budgeting overages at month-end.
Enhanced project management capabilities. Real-time reporting on key project metrics allows managers to see everything from progress to profitability that help streamline project management and empower leaders to make insight-driven decisions on resources used, client profitability and more.
International scalability facilitates growth. Robust multi-language and multi-currency functionality in NetSuite OneWorld allows Prophet to quickly provision software for international offices, and accelerate its global strategy.
A flexible and powerful development platform. NetSuite’s SuiteCloud Development Platform provides flexibility for Prophet to tailor the system and integrate with other third-party solutions to meet its unique business needs and industry-specific requirements. Prophet has plans to extend the NetSuite implementation to include advanced forecasting capabilities.
“Prophet’s value proposition is to help our clients find better ways to grow,” said Vance. “With NetSuite, we have a backend technology foundation that allows us to do just that.”
Jeani Vance is sharing Prophet’s story at SuiteWorld 2017, the number one cloud ERP event of the year, this year being held in Las Vegas from April 24-27. Watch her and all SuiteWorld 2017 keynotes live here.
Prophet (prophet.com) is a consultancy that helps clients find better ways to grow by focusing on three important areas: creating relevant brand and customer experiences, driving accelerated growth strategies and leveraging digital as a transformative force in their business. We operate differently than other consultancies, blending insight, strategy and creativity with an optimistic yet pragmatic approach. We have partnered with some of the world’s most successful companies, including Electrolux, T-Mobile, UBS, Gatorade and GE. With nine global offices and more than 350 experts in marketing, innovation, digital and design, we are able to bring together the right people with the right experience to solve our clients’ business challenges.
About Oracle NetSuite Global Business Unit
Oracle NetSuite Global Business Unit (netsuite.com) pioneered the Cloud Computing revolution in 1998, establishing the world’s first company dedicated to delivering business applications over the internet. Today, Oracle NetSuite Global Business Unit provides a suite of cloud-based financials / Enterprise Resource Planning (ERP), HR and omnichannel commerce software that runs the business of companies in more than 100 countries.
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