For businesses looking to expand beyond their home markets, managing operations across multiple countries presents a dizzying array of challenges. Varying currencies, tax regulations, reporting requirements, languages and cultures can quickly turn global growth plans into a bureaucratic nightmare.
To compete and thrive in the global economy, companies need a unified system that provides real-time visibility, streamlined processes, and localized functionality for every subsidiary and country they operate in. That’s where NetSuite OneWorld comes in.
NetSuite OneWorld is a cloud-based enterprise resource planning (ERP) solution built to power global businesses from a single, unified platform. It provides centralized data, multi-subsidiary management, multi-currency consolidation, and automated tax compliance across modern and legacy markets alike.
Let’s take a closer look at how NetSuite OneWorld equips companies to efficiently run global operations at scale.
Centralized Global Business Management
At its core, NetSuite OneWorld serves as the central command center for managing a company’s entire global operation. Rather than juggling separate systems for each subsidiary, country, or business unit, OneWorld provides one unified data repository with role-based access controls.
This global deployment model eliminates operational silos that plague many multinational companies. Executives, managers, and employees all access the same real-time data, key performance metrics, drill-down reports and business intelligence – from anywhere.
Having this single source of truth prevents the miscommunication, unnecessary complexity, and analysis paralysis that comes from disparate systems, incompatible data sources, and fragmented reporting. OneWorld serves as the operational nerve center for the entire global enterprise.
Multi-Subsidiary Operations
For companies with multiple subsidiaries and legal entities, OneWorld enables truly unified global business management. Rather than keeping parallel instances for each subsidiary, OneWorld manages all operational data – from financials to CRM to e-commerce – on a single instance.
Subsidiaries operate in their local languages, currencies, and taxation rules and do business against a backdrop of corporate standards. Yet management can easily view consolidated reports and drill down into subsidiary details from a single global platform.
This powerful subsidiary construct, combined with robust intercompany functionality, provides the flexibility and visibility needed to efficiently manage global operations. It reduces redundant data entry, closes loopholes between subsidiaries, and accelerates financial consolidation.
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International Tax Compliance and Localization
Complying with each country’s tax regulations can keep even the most diligent global company awake at night. Miss a tax code change and companies risk penalties, fines, and damaged business partner relationships.
NetSuite OneWorld has localized tax capabilities for over 200 countries and territories built directly into the core system. This ensures companies stay current with changing rules and rates right out-of-the-box. Rather than manually tracking changes across a patchwork of external systems, OneWorld customers simply update to the latest release and tax compliance is automatically maintained.
Beyond taxation, OneWorld provides true localization required to perform seamlessly in each region. This includes locally compliant accounting and reporting capabilities, support for multiple languages, inter-company transfers, local payroll and more.
Robust Multi-Currency Management
Managing multiple currencies represents another global challenge OneWorld handles effortlessly. The system allows users to seamlessly conduct business in any currency, with robust currency rate updating and management. Users can set their currency preferences at the global, subsidiary or even employee level.
OneWorld automatically maintains an up-to-date, corporate database of exchange rates for imported currencies and provides real-time currency translation. Multi-currency consolidation and roll-up instantly calculates amounts for real-time viewing of financials in any currency.
This multi-currency functionality powers faster financial period closes, provides unified subsidiary management, and reveals the true global performance of the business while shielding the complexities of foreign currency management.
Streamlined Global Processes
In today’s fast-paced global environment, businesses need streamlined processes to capitalize on new opportunities and scale efficiently. OneWorld facilitates streamlined global operations by providing:
- A single data source that eliminates information silos and duplicate entries
- Automated processes like tax compliance, consolidation and period closes
- System-enforced workflow, controls and approvals
- Real-time reporting, dashboards and business intelligence
- Full audit traceability for global compliance
With NetSuite, companies can finally escape the fragmented systems, manual processes, and lack of visibility that hinder efficient global operations. By unifying data and automating core processes, OneWorld lets businesses focus on value-driving activities rather than data wrangling.
Cloud Scalability and Integration
As a true cloud ERP built on a multi-tenant architecture, OneWorld offers unparalleled scalability and swift deployments for global businesses. Unlike traditional on-premise systems, the platform scales compute power, users, and new countries seamlessly in the cloud.
Need to spin up a new subsidiary in Brazil or Australia? Provision access and required localizations instantly via the cloud without installing software or servers in those countries.
The cloud also equips global businesses to seamlessly integrate other key systems like payroll, sales tax, e-commerce, EDI, and more via web services. With existing integrations to enterprise solutions from companies like Avalara, Stripe, and Shopify, OneWorld enables a centralized system of record with unified data.
This inherent cloud scalability empowers global companies to grow, contract or pivot business models rapidly based on changing market conditions. It provides the agility to outmaneuver competitors.
Unified Global Customer Journey
For companies selling products and services globally, consistency across the customer lifecycle — from lead to cash — is critical yet difficult to achieve with disparate systems.
OneWorld brings global sales, marketing, e-commerce, service, and financials into a single unified platform. This empowers organizations to efficiently manage leads, opportunities, forecasting, orders, fulfillment, and payments, in each market they operate in.
Armed with real-time, global visibility into the entire customer journey, companies can provide superior service and rapidly address issues or capitalize on new opportunities from anywhere.
The unified platform facilitates seamless cross-department collaboration globally. For example, customer service can access a complete order history from financials and supply chain to resolve cases. Marketing teams can analyze results from global campaigns. And sales teams gain enhanced forecasting capabilities.
Real-Time Performance Insights
One of NetSuite OneWorld’s most powerful capabilities is providing real-time visibility into all aspects of global operations and performance from a single location.
Equipped with role-based dashboards, reporting, and analytics embedded directly into the platform, executives and managers can drill down into key metrics like global revenue, bookings, inventory, order management, customer data, and more. They can then slice and filter this information across any dimension like subsidiary, product, or sales rep.
Unlike cobbled-together BI solutions, the reporting and intelligence in OneWorld analyze the complete, unified data set across finance, supply chain, CRM, and e-commerce for a true 360-degree view of the business.
This empowers leaders to uncover issues, adjust tactics and optimize their global businesses continuously based on trusted insights — not just financial data or fragmented operational reports. With real-time visibility, it becomes easier to identify growth opportunities and capitalize on them rapidly before competitors or market conditions shift.
Future-Proof Global Platform
Beyond addressing the tactical challenges of growing globally, NetSuite OneWorld prepares businesses for the future with a single, extensible cloud platform. This future-proofs their global technology investments.
With OneWorld, global companies gain:
- A unified data set for business intelligence and future innovations
- Ability to quickly adapt to new processes, markets, and regulations
- Continuous upgrades for tax compliance and localized capabilities
- Built-in customization and configuration options
NetSuite continuously invests in research and development to enhance OneWorld’s global functionality for modern organizations. Businesses on OneWorld will always have access to the latest capabilities, upgrades, integrations, and innovations for achieving global excellence.
By standardizing on the cloud ERP suite, global companies protect themselves from having to migrate data across disparate on-premise systems in different subsidiaries. They avoid technology hairballs that will hamper future performance and decision-making.
Final Thoughts
In today’s global economy, businesses need to operate nimbly across borders while complying with all requisite market regulations. Having a unified global business management platform is no longer a luxury — it’s a competitive necessity.
NetSuite OneWorld equips companies of all sizes to efficiently manage mission-critical processes across their entire organizations while capitalizing on growth opportunities globally. It centralizes data across finance, supply chain, CRM, and e-commerce for unmatched visibility and control.
From real-time multi-currency consolidation and localized tax compliance to unified global customer management and scalable cloud delivery, OneWorld provides a single system to run your global business while future-proofing for what’s next.
If you’re looking to grow your business beyond borders while maintaining efficiency and visibility, it’s time to explore how NetSuite OneWorld can drive your global success.
FAQs:
NetSuite OneWorld is a cloud-based enterprise resource planning (ERP) solution designed to manage global business operations from a single, unified platform. It centralizes data, facilitates multi-subsidiary management, handles multi-currency transactions, and ensures automated tax compliance.
NetSuite OneWorld serves as the central command center for a company’s global operations. It provides a unified data repository with role-based access controls, allowing all users to access the same real-time data, reports, and business intelligence from anywhere, reducing miscommunication and operational silos.
Yes, NetSuite OneWorld can manage multiple subsidiaries and legal entities within a single instance. Each subsidiary can operate in its local language, currency, and taxation rules while still adhering to corporate standards, enabling seamless global management and reporting.
NetSuite OneWorld has built-in localized tax capabilities for over 200 countries and territories, ensuring that companies stay current with changing tax rules and rates. This automated compliance helps prevent penalties and fines associated with tax errors.
NetSuite OneWorld allows businesses to conduct transactions in any currency with real-time currency translation and management. This feature supports robust multi-currency consolidation, providing real-time financial views in any currency and facilitating faster financial period closes.
NetSuite OneWorld streamlines global operations by eliminating data silos, automating tax compliance, consolidation, and period closes, enforcing system workflows, controls, and approvals, and providing real-time reporting and audit traceability for global compliance.
As a cloud-based ERP, NetSuite OneWorld offers unparalleled scalability and quick deployments. It enables businesses to rapidly provision new subsidiaries and integrate with other key systems without the need for local installations, providing agility to adapt to changing market conditions.
NetSuite OneWorld integrates global sales, marketing, e-commerce, service, and financials into a single platform, ensuring consistency across the customer lifecycle. This integration enhances lead management, order fulfillment, and customer service, providing a seamless customer experience globally.
NetSuite OneWorld offers role-based dashboards, reporting, and analytics that provide real-time visibility into key metrics such as global revenue, bookings, inventory, and customer data. This unified data set allows executives to make informed decisions and identify growth opportunities swiftly.
NetSuite OneWorld provides a single, extensible cloud platform that continuously evolves with new capabilities and upgrades. This future-proofs a company’s global technology investments by avoiding the need for data migrations across disparate systems and ensuring access to the latest innovations and compliance updates.
