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TheStreet Open House

SOI Group Plots New Course For Business With NetSuite Cloud

LONDON and SAN MATEO, Calif., Oct. 29, 2013 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that SOI Group, a managerial holding company for the marine companies at the University of St Andrews, has moved from Sage 100 to NetSuite OneWorld. SOI Group turned to NetSuite OneWorld in order to improve the business visibility and agility of its six subsidiaries around the world, enabling the company to manage growth and rapidly scale to meet the needs of new subsidiaries with a flexible platform. SOI Group is now using NetSuite OneWorld for all aspects of its business including financials, multi-currency, financial consolidation, customer relationship management (CRM), inventory management, order management, and resource management.

Created to grow the commercial interests of the University of St. Andrews, Scotland, the SOI Group of companies, which include SMRU Marine and St Andrews Instrumentation, offer innovative, robust and environmentally sound product and service solutions to clients active in the marine environment. Its six subsidiaries operate across a diverse range of markets, including Asia Pacific, North America, Canada and the U.K. In addition to managing the organic growth of its existing holdings, SOI Group is frequently tasked with launching new business ventures for the university – often within time frames of less than two months. With this in mind, SOI Group was keen to move from an on-premise business support system to a cloud model. Lacking confidence in Sage's ability to provide a true cloud solution, the organisation decided to turn to NetSuite OneWorld to run their entire business with a single unified solution.    

NetSuite OneWorld is a comprehensive cloud-based business management software suite that allows businesses to manage multiple subsidiaries, business units and legal entities from a single, centralised point. The cloud platform enables services that can be supplied without the high capital costs, painful upgrades, manual data-entry and spreadsheet reconciliations, and ongoing troubleshooting typical of on-premise environments with disparate applications. NetSuite OneWorld, with support for 190 currencies, 19 languages and automated tax compliance in more than 50 countries, enables SOI Group to manage its six subsidiaries and seamlessly conduct business around the globe.

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