NetSuite Inc., the industry’s leading provider of cloud-based financials / ERP and omnichannel commerce software suites, announced that fast growing smart health solution provider Qardio has implemented NetSuite OneWorld to fuel its business growth and expansion into new global markets. Qardio uses NetSuite OneWorld to manage its mission-critical business processes including accounting, financial consolidation, procure to pay, order management, inventory management, customer relationship management (CRM), multi-currency (US Dollars, British Pounds, Euros), and multi-country tax compliance across its head office in San Francisco, and subsidiaries in the UK, the Netherlands and Asia.
The company sells direct to consumers via its ecommerce website and sells its products through large retailers such as Apple Store, Target, Best Buy, Amazon and Walgreens. With NetSuite OneWorld, Qardio is able to improve operational efficiency, reduce IT costs, and gain real-time insights into its business performance with a 360-degree view of its customers. NetSuite OneWorld delivers the scalability, agility and flexibility Qardio needs to enter new markets, expand operations and grow revenue.
Qardio prides itself on transforming the healthcare industry with simpler, smarter and more effective solutions for everyone: patients, doctors and healthcare providers. Qardio’s mission is to revolutionise personal health monitoring by bringing innovative technologies with high-end design that fit effortlessly into its users lives. The products range from monitoring blood pressure and medical grade ECGs, to wireless weight measurement. All the data collected can be shared with doctors, family or friends, making managing health more enjoyable and part of daily life.
As its business grows exponentially, Qardio needed an ERP software solution that could align with its global expansion ambitions. Previously, the accounting was outsourced to a third party in the US. But with the rapid growth, different inventory locations and several legal entities in different countries, this was no longer sustainable and scalable.
“The complexity of the business for our previous accounting partner was just getting too big,” said Jorrit Kelderman, Qardio’s CFO. “We really needed to have our own ERP software. As we are a US company with operations around the world, we wanted to have a US-based ERP system with excellent international capabilities. For us, it was really important to have billing, inventory reconciliation, taxes, accounting and consolidation in one place. NetSuite OneWorld’s flexibility, agility and scalability made it a clear winner and it allows our business to expand at an unprecedented rate.”
Since Qardio’s global finance activities are managed mostly from out of the Netherlands, the company worked with local NetSuite partner ERP FastForward to purchase and implement NetSuite OneWorld. ERP FastForward is a dedicated and successful NetSuite solution partner with a number of customers in the region.
With support for 190 currencies, 20 languages, and automated tax compliance in over 100 countries, NetSuite OneWorld can bring Qardio the following features and benefits:
Real-time global financial consolidation. NetSuite OneWorld gives Qardio real-time visibility across all of its subsidiaries, with a single financial system of record.
A broad range of robust international capabilities. NetSuite OneWorld provides a highly scalable system for growth with the ability to quickly and easily add functionality as Qardio’s business grows.
Rapid deployment of new subsidiaries. NetSuite OneWorld’s multi-subsidiary management and ease of deployment allows Qardio to move more quickly as it expands into new markets.
Efficient order management. Qardio has centralised its order management with NetSuite OneWorld and streamlined processes. It can now efficiently handle orders from wholesale and retail partners, consolidating them within one unified system.
Multi-location Inventory management. Qardio can orchestrate its supply chain, manufacturing and purchasing and can view the physical location of products in real-time across its wholesale business to ensure inventory gets moved to the right place, at the right time, at the right cost.
Global tax compliance. Qardio is able to automate many of its global tax and compliance processes, which have transformed its ability to manage sales tax/value added tax. It will also be able to easily adapt to new markets.
Customer relationship management capabilities. NetSuite OneWorld’s CRM capabilities can equip the Qardio sales team with an accurate record of each opportunity and its status, a complete view of the prospect and real-time access to every detail.
Customisation capabilities. Customisation and integration capabilities within the NetSuite SuiteCloud development platform help Qardio to tailor the system to its unique business needs and easily integrate with other systems.
Real-time business visibility and business intelligence. With NetSuite OneWorld, Qardio can have real-time insights into key business performance indicators for a unified view across the head office and subsidiaries and can gain a single version of the truth.
In 1998, NetSuite pioneered the Cloud Computing revolution, establishing the world’s first company dedicated to delivering business applications over the Internet. Today, NetSuite provides a suite of cloud-based financials / Enterprise Resource Planning (ERP) and omnichannel commerce software that runs the business of more than 30,000 companies, organizations, and subsidiaries in more than 100 countries. For more information about NetSuite, please visit www.netsuite.com.