PH-based social enterprise hops on the cloud

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Rags2Riches provides economically disadvantaged artisans, mostly women, with a market to sell their goods. The social enterprise reported that it has realized rapid growth and better execution of its eco-ethical mission since implementing NetSuite, which provides Rags2Riches real-time business management for financials, e-commerce, and inventory management. Rags2Riches, which started its eco-ethical business model in 2007 at the Payatas dumpsite, said its cloud infrastructure helped achieved greater efficiency and visibility into financials, production, and sales since abandoning on-premise software and manual paper-based processes. The social enterprise has grown its artisan community from 300 to 800 between 2011 and 2012, while increasing its full-time staff from nine to 25 and growing revenue by more than 150 percent. Since the shift, Rags2Riches has also been able to provide its partner artisans — living and working in poor communities in Metro Manila and across the Philippines — with financial, health and life skills training. The firm?s journey to the cloud was enabled by, which provides discounted software licensing to qualified non-profit charities and for-profit social enterprises. ?NetSuite has been a big part of the Rags2Riches effort to help our artisans lift themselves and their families out of poverty. NetSuite is more than just a tool ? they are a genuine partner and like family as they help us to better understand how we are doing with sales and expenses while making our operation more effective to serve people,? said Reese Fernandez-Ruiz, Rags2Riches founder and CEO. Fernandez-Ruiz is also one of the five inaugural Rolex Young Laureates selected by the Rolex Foundation in Switzerland in recognition of her work. Working with Manila-based CloudTech, a NetSuite Solution Provider Program partner, Rags2Riches plans to go on to a Phase II implementation to link its e-commerce webstore to NetSuite for more efficient order management, fulfillment and automated reconciliation of e-commerce sales with financials in the coming months. That effort is expected to help expand direct-to-consumer e-commerce sales, both domestically and internationally, complementing product sales at leading brick-and-mortar and digital retailers in the Philippines. Additionally, the planned deployment of the NetSuite Light Manufacturing module can help track work across the decentralized artisan community and improve final assembly and quality assurance processes at a centralized workshop in Manila for more than 10,000 products made each month. ?Our goal is an end-to-end process from buying raw materials to finished goods that is completely integrated and available in a single solution, helping us reduce costs and increase efficiency,? added Fernandez-Ruiz. Also at SuiteWorld, Netsuite announced that it is has been named the fastest growing financial management software vendor globally in 2012 by research firm Gartner. NetSuite has been named the fastest growing financial management software vendor in North America for the last four years and in 2012, became the fastest growing vendor on a global basis, according to the analyst firm. NetSuite demonstrated significant market share gains on many metrics according to Gartner?s latest research on Financial Management Software:

? NetSuite’s 2012 global growth rate of 49 percent was entirely organic, significantly outperforming its closest competitors?, some of whom relied on acquisitions to gain customers. ? NetSuite is the only pure cloud company among the Top 15 global FMS vendors. ? NetSuite’s growth rate was more than four times the growth rates of legacy competitors combined. ? NetSuite?s growth continues to build upon prior successes as its overall share of the global FMS market jumped to number 12. ? In the mature APAC market, which Gartner defines as Australia, Singapore, New Zealand and Japan, NetSuite has been the fastest growing FMS vendor in the top 10 for the last three years and ranks tenth in market share in the region. ? NetSuite was the fastest growing FMS vendor in the UK, ranking ninth in market share where it is the only pure cloud FMS vendor.

“The migration to cloud ERP is in full force, not just in North America, but everywhere as NetSuite?s growth and market share numbers clearly demonstrate,? said Zach Nelson, CEO of NetSuite. “Across the world, companies are realizing they no longer need to be held back by the antiquated on-premise software of another age and NetSuite is leading them forward.?]]>

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