Amid Business Transition, Covisint Modernises with Cloud ERP and PSA


Covisint

Company

Covisint

Location

Detroit, Mich.

Industry

Software

Applications Replaced

Changepoint project management

Solutions

NetSuite OneWorld
Revenue Recognition
CRM
Advanced Projects


"NetSuite is much easier to navigate. It’s really improved our business functionality and efficiency in understanding what drives financial results." Covisint

Customer Success

  • Covisint has improved its global business agility since moving to NetSuite’s single, integrated cloud solution.
  • NetSuite-based cloud modernisation has aided in Covisint’s transition from a Compuware spinoff to establishment as a publicly traded standalone company as of October 2014.
  • NetSuite supplies a single system of record for financials, revenue recognition and professional services automation (PSA) for vendor of B2B cloud platform software used by more than 3,000 global enterprises.
  • NetSuite OneWorld global business management solution enables fast, accurate financial consolidation across three subsidiaries, including offices in Germany and China.
  • Covisint uses NetSuite OneWorld for seamless multi-currency transactions in about 20 currencies, including the Euro, Chinese renminbi and South African rand, and to streamline local tax compliance in China and Germany.
  • Monthly financial close time has been reduced from 15 days to ten days with NetSuite.
  • Audit efficiency is improved 50% with ability to provide direct NetSuite access to internal and external auditors.
  • NetSuite Revenue Recognition module streamlines management of complex revenue environment, including deferred and multi-element VSOE revenue.
  • Replacing Changepoint, NetSuite Advanced Projects supplies integrated project accounting and management, time reporting and resource management.
  • Cloud architecture enables anywhere, anytime access for 475 users, including 300 services consultants and managers.
  • In a next phase, NetSuite CRM and Recurring Billing is being rolled out to replace a homegrown contract management system.

Challenges

  • Being spun off from its former parent Compuware, Covisint wanted to move from an archaic on-premise IT environment to an integrated cloud platform covering core business processes.
  • Covisint dealt with high volumes of manual data reconciliation in spreadsheets and relied on numerous paper reports and documentation.
  • Company needed an agile, scalable environment for fast time to market and overall efficiency as a new standalone company.

Solution

  • Selected over Workday, Microsoft Dynamics GP. NetSuite offered ease of use and integrated capabilities across the business.
  • With an initial go-live for accounting in April 2014, Covisint next rolled out Advanced Projects for the services team with NetSuite CRM implementation now getting under way.
  • Localisation for China subsidiary by NetSuite Solution Provider Hitpoint Solution Co. Ltd. aids with local tax compliance.

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