A billion-dollar global education company has harnessed NetSuite OneWorld to manage 23 global subsidiaries in real-time.
NetSuite Inc., a leading vendor of cloud-based financials and ERP software suites has announced that Knowledge Universe, a global education company with over 3,700 locations interacting with more than five million students daily has deployed NetSuite OneWorld for its enterprise financial management needs.
By implementing NetSuite OneWorld, Knowledge Universe reduced its ongoing systems costs by 70 percent, while gaining advanced multi-currency consolidation and increased organisational flexibility.
Knowledge Universe was able to meet an aggressive four-month timetable for its initial rollout across six subsidiaries in the Asia Pacific region. The global education company is further expanding the use of NetSuite OneWorld throughout its organisation for financial management, reporting and analysis, international consolidation as well as ERP operations.
Knowledge Universe, headquartered in Singapore is the parent company of the internationally known early childhood education, K through 12, and post-secondary organisations such as KinderCare, Busy Bees and GlobalScholar.
An aggressive campaign of both natural growth and acquisition has built a portfolio of brands and services covering learners around the world across multiple educational levels.
NetSuite OneWorld’s powerful multi-company/multi-currency capabilities combined with its broad suite of functionality enables Knowledge Universe to meet the challenges of operating such a diverse group of global businesses, delivering a powerful cloud-based solution at the subsidiary level while providing a real-time consolidated view of all business lines.
NetSuite’s flexible SuiteCloud platform enabled Knowledge Universe to customise the solution to the needs of each brand and market while still meeting the needs of the parent company.
As the system evolves, many future customisations can be made by financial and operational staff rather than costly IT professionals, adding to the productivity gains of deploying NetSuite. Knowledge Universe could double size in its existing businesses without adding any operational staff to support its NetSuite deployment.
After a successful Phase One launch in January 2010, Knowledge Universe has rapidly expanded NetSuite to more than six brands and five currencies.
NetSuite can be used from virtually any Internet-enabled device while deploying the solution to new businesses and territories is far less expensive than on-premise software. Additionally, concurrent rollouts to multiple territories will be much easier to manage.
NetSuite’s ease-of-use also enables Knowledge Universe to significantly reduce training time and cost.
Reginald Singh, Knowledge Universe CFO attributes the selection of NetSuite OneWorld to the application’s powerful multi-entity consolidation functionality combined with its capability to tailor the system to meet unique business process requirements of each individual subsidiary.