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July 21, 2014 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of
omnichannel commerce software suites, today announced that wealth management and financial services company
Yellow Brick Road (ASX:YBR), has gone live on NetSuite as its business management software platform to support its rapid growth throughout
Australia. Yellow Brick Road replaced existing systems with NetSuite to streamline its core business processes, including financial management, financial planning, customer relationship management (CRM), and analytics and reporting.
Yellow Brick Road offers financial products and services in the areas of home loans, financial planning, superannuation, insurance and savings. The company is an advocate for providing quality financial advice to all Australians. As a result, Yellow Brick Road achieved 106 percent revenue growth in FY2013 to reach
$25 million, with no signs of slowing down in the near future. Combined with a program of planned acquisitions, Yellow Brick Road needed a scalable, flexible and easy-to-deploy business management solution in its
Sydney head office, which supports 190 branches around
Australia. After reviewing a number of on-premise solutions, it turned to NetSuite's fully integrated cloud-based business management solution to future-proof its business, as it was the only solution that met all of its requirements and had the ability to keep pace with its steep growth trajectory.
"NetSuite allows us to easily extend our business management capabilities organically as we grow, as well as more effectively incorporate any new businesses that we may acquire in the future," said
Richard Shaw, chief financial officer of Yellow Brick Road. "We now have a solution that has the capacity to adapt to our changing needs over the next ten plus years, not just a stopgap measure to get us through the next couple of years - which the other options we considered would have potentially provided. Whilst we initially deployed NetSuite as a general ledger to meet our reporting requirements, it has quickly evolved to become the go-to system for the majority of our business information, creating consistent data and real-time visibility across the entire business. Because the business is not reliant on long established legacy systems, the transition to NetSuite has been a non-disruptive process."
NetSuite now provides Yellow Brick Road with the following key features and benefits:
Analytics and reporting – Yellow Brick Road has gained the capability for faster, richer data analysis, focusing more often on individual products and balancing out its data management at the insurance, lending and wealth management divisional level. This creates opportunities for Yellow Brick Road to be more agile and provide even more reliable information to its branches. It has also gained better insights into how individual products are performing and which geographic areas are performing the best.
Time savings – Since implementing NetSuite, Yellow Brick Road's finance team has saved a significant amount of time spent on accounting procedures. According to Mr Shaw, "We have reduced focus on data management to increase our focus on analysis and managing products and effectively free us up to support and respond to growth opportunities."
Acquisition support – As Yellow Brick Road embarks on its acquisition strategy, it now has the peace of mind to know that while it does not expect the acquired companies to change their business management systems, NetSuite can easily incorporate the financial management of these acquired companies as appropriate.
"It is exciting to think about what our NetSuite solution can do to help us grow our business," added Mr Shaw. We know we've made a smart technology decision, without having to invest big money in infrastructure that we would probably have to change again in a few years. It was a manageable investment and it is the right technology for our expanding business."