NetSuite announced that Matrixx Initiatives has accelerated its financial processes, improved business analytics and visibility, and reduced its IT costs since implementing NetSuite OneWorld. Matrixx, headquartered in Bridgewater, New Jersey, is the maker of Zicam brand cold remedies. After it was acquired by H.I.G. Capital in 2011, Matrixx faced a costly upgrade to its outdated Oracle JD Edwards client/server enterprise resource planning (ERP) solution. Rather than undertake a painstaking upgrade, it evaluated several other solutions and selected NetSuite over Microsoft Dynamics GP and Sage 300 ERP (formerly Sage ERP ACCPAC). The company has reportedly significantly reduced its software licensing costs and eliminated its in-house servers and the need for a full-time information technology (IT) employee to perform data backup since transitioning from JD Edwards.
The purported key drivers behind Matrixx’ choice included NetSuite’s cloud architecture, a single enterprise data set, on-demand anytime, anywhere access, and a scalable platform to support growth through potential mergers and acquisitions. NetSuite’s cloud solution make it possible to onboard new business entities faster and at less cost than alternative approaches, and increase sales of its over-the-counter cold remedies.
Matrixx has also reduced its staffing levels of finance professionals, owing in part to the faster and more efficient financials management and sales reporting achievable with the NetSuite cloud. Monthly financial close times have been cut from 12 days to 5 as Matrixx progresses towards the goal of a 3-day close. In addition, the company uses NetSuite to support its cost-efficient business outsourcing model, managing eight partner companies in the areas of contract manufacturing, sales, inventory and distribution, and accounts receivable.
Matrixx executives and managers can also take advantage of NetSuite’s business analytics capabilities and the ability to drill down to transactional details to monitor key metrics in near real time, while using the solution to generate reports to its parent company. NetSuite OneWorld supports 190 currencies, 19 languages, and automated tax compliance in more than 40 countries.
Today, more than 12,000 companies and subsidiaries depend on NetSuite to run their critical, global business processes in the cloud. This fact on its own should prove that cloud deployment is becoming mainstream. However, NetSuite’s continual improvement of its functional capabilities, via both in-house development and smart acquisitions, is what makes the vendor increasingly competitive against both on-premises and cloud ERP competitors.