SAN MATEO, Calif., July 23, 2014 /PRNewswire/ -- NetSuite Inc.
(NYSE: N), the industry's leading provider of cloud-based
financials / ERP and omnichannel commerce software suites, today
announced that Quorum Federal Credit Union (www.quorumfcu.org), one
of the nation's strongest credit unions with members in 50 states
and a network of more than 86,000 ATMs and 12 service centers, has
selected NetSuite OneWorld to manage its financials, help support
its rapid growth and power its business transformation. The
Purchase, N.Y.-based company is
replacing multiple, siloed software applications and a multitude of
spreadsheets with NetSuite OneWorld to run its core financial
management operations including general ledger, purchasing,
accounts payable, fixed assets, multi-company financial
consolidation, budgeting, forecasting and electronic payments. With
an 80-year history and origin as the Kraft Foods employee credit
union, Quorum has grown and evolved rapidly in recent years,
including the recent launch of a new brand and a slick, new online
and mobile banking platform to better serve its members. Adopting
NetSuite OneWorld can enable Quorum to transform its business
operations and gain the visibility, agility and flexibility it
needs to grow the business, while eliminating version lock, and the
costly upgrades and maintenance of its previous on-premise legacy
systems.
Credit unions today face a number of challenges, including
fierce competition with large regional and even international
banks, regulatory reform, and evolving customer needs. At the same
time, many credit unions are running on legacy, on-premise business
systems that are ill-equipped to deal with today's constant pace of
change and rising customer expectations. All too often, credit
unions have had to rely upon multiple, disparate systems and
spreadsheets to manage their finance organization.
In stark contrast, NetSuite enables credit unions to:
- Free up resources and drive efficiencies by delivering a single
unified software solution that combines all financial management
processes.
- Streamline reporting and gain real-time access to key business
performance indicators and analytics needed to support timely,
data-driven decisions.
- Leverage NetSuite SuiteCloud, a robust, scalable, and flexible
development platform designed for fast growing organizations to
quickly and easily adapt to unique business changes, through
customization and integration.
In 2010, despite the economic turmoil in the financial industry,
Quorum launched several innovative growth and experience
enhancement initiatives that helped it grow its membership from
about 50,000 members to more than 67,000 members today. However,
the member-owned organization faced the new challenge of
maintaining legacy on-premise systems that are costly, cumbersome
to maintain and difficult to scale as their business expanded. In
addition, the previous accounting system Quorum was using for its
general ledger was no longer being supported, creating additional
pressure on the credit union to change systems.
Rather than replace only the general ledger, Quorum elected to
undertake a full financial system refresh. After a comprehensive
evaluation that included both traditional credit union systems and
several well-known comprehensive financial systems, Quorum selected
NetSuite OneWorld for the following reasons:
- One unified cloud system would replace multiple, disparate
legacy systems.
- NetSuite would automate manual budgeting and forecasting
processes and reduces reliance on Excel.
- With NetSuite OneWorld's automatic updates, Quorum can receive
critical software updates to avoid version lock, ensure they meet
the latest industry requirements, and keep their business current
on the very latest application and technology advancements.
- Real-time analytics and financial reporting can enable and
accelerate better business decisions.
- NetSuite's SuiteCloud platform would give Quorum a flexible and
scalable development solution to customize and integrate business
applications to support their unique business challenges and
growth.
"Quorum is transforming our business to better serve our members
across the nation, and NetSuite is an important component to this
transformation. NetSuite is built to grow as we do, and empowers
our business in new and exciting ways," said Diane Silfstein, VP of
Accounting and Operations at Quorum. "We were looking for a
solution that not only would replace our existing systems, but
offered additional functionality so that finance could be a more
effective partner to the business. NetSuite provided all of that
and saved us money by sparing us from the need to maintain software
and servers."
About Quorum Federal Credit Union
Quorum is a financial institution focused on helping
its members achieve their financial goals. Founded in 1934 as the
exclusive credit union for Kraft Foods employees, today the credit
union serves over 50 companies including Kraft Foods, Inc.,
Avon, Ogilvy, and Mondelez, and
has over 67,000 members across all 50 states. With over
$825 million in assets, Quorum serves
its members with in-person and remote banking channels including
branch, call center, online and mobile services to enable
better banking anywhere, any time. Quorum is headquartered at
2500 Westchester Avenue, Suite 411, Purchase, NY 10577. For more information about
Quorum, please visit www.quorumfcu.org.
Today, more than 20,000 companies and subsidiaries depend on
NetSuite to run complex, mission-critical business processes
globally in the cloud. Since its inception in 1998, NetSuite has
established itself as the leading provider of enterprise-class
cloud financials/ERP suites for divisions of large enterprises and
mid-sized organizations seeking to upgrade their antiquated
client/server ERP systems. NetSuite excels at streamlining business
operations as demonstrated in a recent Gartner study naming
NetSuite as the fastest growing financial management software
vendor on a global basis. NetSuite continues its success in
delivering the best cloud ERP/financials suites to businesses
around the world, enabling them to lower IT costs significantly
while increasing productivity, as the global adoption of the cloud
is accelerating.
Follow NetSuite's Cloud blog, NetSuite's Facebook page and
@NetSuite Twitter handle for real-time updates.
For more information about NetSuite, please visit
www.netsuite.com.
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SOURCE NetSuite Inc.