Wolt, Relex, Vinted, Swappie, Starship Technologies, Smartly.io, Seriously and Aiven are internationally recognized success stories. It is no coincidence that the companies in question have been able to break through to the international markets. Did you know that all the above mentioned success stories are using NetSuite, the most popular cloud-based ERP system in the world?
There isn’t a certain path to success, but there are methods which companies can use to improve their chances of achieving international success. In this blog, our customers Seriously and Smartly.io explain why NetSuite was their business platform of choice and how they benefited from it.
Basics in order
Are your company's back office functions in order? Do your company's current systems scale to meet the demands of growth?
As with any new endeavour, it is a good idea to first ensure that your company is ready for the coming changes. Plans for internationalization should be based on small, achievable steps, while making sure that the company’s systems and adaptability are fit for an agile and growing business model. International expansion is possible when the financial capacities, legal matters and a good internationalization strategy are accounted for. It is also important to commit key persons to enable growth. A stable foundation provides a basis from which to proceed.
Harri Poimaa from VP Finance describes why Seriously chose NetSuite business platform for its Finland and US branches:
“Our goal was to find a single global, cloud-based platform to replace our separate local systems. We had three options to consider at first, and we ended up choosing NetSuite. The platform’s broad visibility in the United States surely weighed in from the start. After familiarizing ourselves with it, we found it to be a good, scalable system that serves us at every area we operate in and which can also receive new features. Using the business platform, local activity will slowly transform into connected, global activity.”
A scalable system works now and in the future
When pursuing international expansion, all system solutions should be implemented with future needs in mind. This way, systems can adapt to sudden increases in growth. A proper scalable ERP system will be of use in international growth.
A scalable business platform will respond to companies’ needs now and in the future. The system provides up-to-date information and reliable reporting to the entire group. The management of subsidiaries is easy, as group’s entire data can be viewed from the same system at real time. A business platform automated to meet the company's needs frees up staff members’ work time, allowing them to concentrate on growth.
Heidi Strandén, Group Accountant - Group Controller at Smartly.io, describes the benefits that NetSuite brings to an international group:
“Smartly.io is an international growth company. We have offices in several countries and send invoices in ten different currencies. We have used NetSuite for several years. It is important for us that the accounts of our entire concern can be stored in the same system and that the system serves our group's internal need for information with its multiple reporting dimensions and for external IFRS reporting, in addition to country-specific regulatory reporting. We appreciate NetSuite for its ability to process currency transactions automatically and value currency items. Not to mention group calculation and elimination.”
A reliable partner
A leap into the unknown does not have to be done alone. A competent partner will help your company meet the challenges brought by both internationalization and growth. The most comprehensive support is offered by a partner who is experienced in services and systems.
In addition to the companies mentioned above, Staria has provided assistance to various internationally successful companies. Staria's International financial services has been developed to support international growth. The service is already available in 40 different countries. We have also developed various support systems around NetSuite, which will allow companies to get the maximum value out of the business platform.
Webinar recording: NetSuite for Dummies – Understanding the Basics
Are you curious about NetSuite, the first true cloud ERP system, and the benefits it may bring for your business but it still a bit too early for a demo? Check a webinar recording tailored to introduce you to the fundamentals of this powerful business platform.