NetSuite (News - Alert) has announced that Virgin Money Australia, the financial services arm of Virgin Group, has switched from an outsourced product to NetSuite OneWorld.
NetSuite OneWorld provides Virgin Money with "one system to run its business operations more efficiently," according to NetSuite officials.
Earlier last year the company said it was looking and on a platform that could handle more of Virgin Money's needs plus its rapid growth. "The challenge was that if the company chose to manage the previous business accounting software in house, instead of having it outsourced, it would have required extra capital expenses for servers, storage, climate control and security measures," the company said.
NetSuite "can be tailored to suit every role in our company, giving staff the information they need and the access rights we want them to have" said Andy Sampson, financial controller at Virgin Money.
Last month NetSuite announced the introduction of two new vertical editions -- NetSuite Ecommerce Company Edition and NetSuite Ecommerce+ Company Edition.
NetSuite has also added new Web Store functionality including PayPal Express Checkout integration and "Tell a Friend," and "Log in for Price," enhanced eBay (News - Alert) integration and Fraud Protection tools.
According to a Forrester research report issued in January 2008, e-commerce has an exponential growth opportunity, projecting that the industry will add $30 billion per year for the next 5 years. The report also finds that the compounded annual growth rate for traditional retail is projected at 2.6 percent through 2012 while in comparison, CAGR for e-commerce is 14 percent due to the fact that online retail is less sensitive to economic shocks.
However, "limitations in traditional software have forced many companies to build their own custom Web Store capabilities," NetSuite officials say, adding that many products created specifically to build e-commerce Web sites "result in isolated, bolt-on systems that are difficult and costly to integrate into core business processes such as accounting, fulfillment, inventory management, shipping and marketing promotions."
David Sims is a contributing editor for TMCnet. To see more of his articles, please visit his columnist page.
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