The Boston Globe Implements NetSuite OneWorld To Transform Financial Operations

SAN JOSE, Calif., May 18, 2016 /PRNewswire/ -- NETSUITE SUITEWORLD 2016 -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that Boston Globe Media Partners LLC, the parent company of The Boston Globe, has implemented NetSuite OneWorld to manage its mission-critical business processes including financial consolidation, reporting and accounts payable, replacing a legacy on-premise system. With NetSuite, Boston Globe Media Partners now has a unified system of record for its financials across 13 subsidiaries and sophisticated, drill-down reporting—with anytime, anywhere access—offering significant savings over its previous system.

Boston Globe Media Partners publishes The Boston Globe, the largest daily newspaper in New England and the winner of 23 Pulitzer Prizes. Its holdings also include: bostonglobe.com, the online edition of the daily paper; boston.com, a complementary site for news, forums, classified and real estate listings; their new online reporting website, called "STAT," which focuses on the medical community; and a direct mail business, Globe Direct. It joins a fast-growing list of media publishing companies using NetSuite to transform their business operations, including Refinery29, Gawker Media, Sonoma Media (Santa Rosa Democrat), PropertyGuru (AllProperty Media) and The Onion.

In 2013, when The New York Times sold The Boston Globe to John Henry, an investor and owner of the Boston Red Sox, the organization's financials were still managed by its former parent company using a legacy on-premise system. As a result, requests for reports from the finance team at Boston Globe Media Partners could take up to two weeks to fulfill, creating delays in audits, forcing manual workarounds and introducing manual errors. With the publishing business undergoing massive and rapid transformation, the previous system left Boston Globe Media Group ill-prepared to adjust to change and diversify its advertising and outsourced printing business, while the finance team struggled to create detailed budget forecasts and analysis and senior executives had no access to real-time business data. After evaluating Microsoft Dynamics GP and NetSuite, Boston Globe Media Partners chose NetSuite for its robust reporting capabilities, modern user interface, mobile functionality and cloud-based access.

As a result of implementing NetSuite OneWorld in August of 2014, Boston Globe Media Partners has achieved the following features and benefits:

• Significant savings in IT costs and complexity. NetSuite's proven, secure cloud solution helps to eliminate the hassles of managing, maintaining and upgrading business applications and offered significant savings over the previous environment, while eliminating the need for one full-time position in the finance department.
• Real-time business intelligence. To help maximize profits and streamline operations, NetSuite's dashboards, reporting and analytical tools enable Boston Globe Media Partners to monitor, report and analyze overall business performance in real-time across disparate business units including print advertising, digital advertising and circulation. The company's management team is now able to access detailed insights into its business, anywhere at any time.
• Financial planning and analysis. NetSuite's financial planning enables them to conduct detailed financial planning and analysis, replacing a highly customized Hyperion solution.
• A flexible and agile platform. The NetSuite SuiteCloud platform easily enables the company to customize NetSuite OneWorld to meet its business requirements.
• Multi-subsidiary management. With NetSuite, Boston Globe Media Partners can manage the finances for all its businesses in one central location and add new subsidiaries in as little as eight hours.

"NetSuite has transformed our reporting," said Dave Geary, Controller at The Boston Globe. "The mobile capabilities of NetSuite will ease the burden of a major office move that will take place in the next six months. Whether my staff is working at our new HQ, our offsite offices, or at home, I know that I'll never have to worry about IT support for them. For me personally, it's great to be able to work on my month-end close in the office, go home and put my kids to bed, and then easily pick-up where I left off later that night.

Today, more than 30,000 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 cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates. 

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