Singapore furniture company Teak & Mahogany gets 300% boost from NetSuite
By Digital News Asia April 18, 2016
- Deployed NetSuite to streamline business ops to support rapid international growth
- Was using siloed applications that resulted in miscommunication, data errors, etc.
SINCE deploying NetSuite Inc solutions, Teak & Mahogany – a Singapore-based B2C and B2B merchant of fine outdoor and indoor furniture and accessories – saw a 300% gain in net profitability between 2014 and 2015, the tech company claimed.
NetSuite, which provides cloud-based financials/ ERP (enterprise resource planning) and omnichannel commerce software suites, said that Teak & Mahogany deployed NetSuite to streamline its business operations to support its rapid international growth.
Teak & Mahogany is now using NetSuite to manage its core business processes, including financials, warehouse and inventory management, order management, CRM (customer relationship management) and multicurrency management for the Euro as well as the American, Australian, and Singaporean dollar.
Previously, Teak & Mahogany used siloed applications that resulted in regular miscommunication, manual data errors, and poor productivity, NetSuite said in a statement.
Furthermore, a lack of real-time visibility into key business metrics made it difficult to make informed business decisions, it added.
“Our goal with NetSuite from the start was to expand the business and there’s no doubt NetSuite has played a big role as we have increased our profitability,” said Philip Jensen, Teak & Mahogany co-owner and marketing and export manager.
“NetSuite gives us outstanding flexibility and fantastic real-time data that shows us how the company is doing at any time. We have a greater focus on growing the business with efficiency and real-time KPIs (key performance indicators).
“We’re relying more on NetSuite to drive the future of the company rather than people using spreadsheets,” he added.
After evaluating a number of alternative solutions, including Microsoft Dynamics NAV (Navision) and SAP, Teak & Mahogany selected NetSuite for its single, integrated and scalable solution, based on a cloud architecture that delivers anywhere, anytime access and minimises IT resource requirements, it claimed.
PGE Solutions, a ‘5-Star NetSuite Solution Provider’ partner headquartered in Manila with a regional hub in Singapore, has helped Teak & Mahogany with implementation and ongoing optimisations.
Founded in 1996 with a flagship retail store in Singapore, Teak & Mahogany is now better positioned to grow its multi-channel business across South-East Asia and the United States, NetSuite claimed.
NetSuite helped support Teak & Mahogany’s recent introduction of a broader line-up of indoor furniture and accessories, expanding on its traditional outdoor focus to bring its total SKU (stock-keeping unit) count above 3,000, including seating ensembles, barbecues, bars, dining sets, lighting and more.
NetSuite can help Teak & Mahogany drive sales across its B2B (business-to-business) distributor channel, which sells its products in Singapore, Australia and Hawaii, through CRM functionality that provides a complete real-time view of customers and prospects, from clubs to condominiums.
“Teak & Mahogany’s impressive gains in profitability are a strong testament to the potential benefits of running a business on a unified cloud-based system,” said NetSuite Asia vice president and general manager Zakir Ahmed (pic).
NetSuite claimed that the other key benefits that Teak & Mahogany has realised since deploying its solutions include:
- Better order fulfilment: Teak & Mahogany has improved order fulfilment accuracy to 100% since deploying NetSuite, compared with error rates in the range of 350 a year with previous Excel-based processes, improving customer satisfaction;
- Improved inventory management: NetSuite has helped Teak & Mahogany better manage and replenish inventory, dramatically reducing costly overstock at its 23,000 sq ft of multi-floor warehousing space in Singapore;
- Continued inventory enhancements: Expanding usage of bin management will improve inventory efficiency and precision across distributed warehousing space, supported by the OzLINK solution from NetSuite partner Oz Development; and
- Greater productivity with a lean workforce: NetSuite automation has helped Teak & Mahogany to consolidate multiple job roles, and since deploying NetSuite, Teak & Mahogany has trimmed the workforce by five full-time personnel.
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