Singapore -based Treknology Bikes 3 Pte Ltd, a supplier of road, mountain and race bikes as well as accessories and clothing, has gone live on NetSuite OneWorld.
The company replaced MYOB Retail Manager and other basic accounting packages with NetSuite OneWorld to manage mission-critical business processes, including financials, accounting , order management , inventory management, customer relationship management (CRM), shipping, real-time reporting, point of sale (POS), and financial consolidation and multi-country tax compliance for two warehouses and six showrooms across four subsidiaries in Singapore and Malaysia and multi-currency capability for USD, Singapore Dollar and Malaysia Ringgit. As a result, the retailer has gained operational efficiency, 360-degree view of its customers and improved ability to respond to customer demands with maximum levels of accuracy.
Started by a team of passionate cyclists almost 30 years ago, Treknology 3 set up its first concept store in Tanglin, which quickly expanded to Sembawang and two other stores on Singapore’s East Coast area, while simultaneously building its presence in Kuala Lumpur and Penang in Malaysia . In addition to customised bicycle fitting, maintenance and distributing leading high-end bicycle brands in Singapore and Malaysia — such as Trek and Electra from the U.S., the company also distributes and sells a wide range of accessories and cycling apparel.
Prior to deploying NetSuite OneWorld, Treknology 3 relied on a number of basic spreadsheets for reporting spread across Singapore and Malaysia , which proved time-consuming and failed to provide the real-time information that the company urgently needed to operate efficiently. As a retailer, Treknology 3 requires real-time data to address customer demands. The company has seen an increased interest in sports, particularly in cycling. In response, new brands have flooded the market and Treknology 3’s retail competition has expanded, requiring the company to adapt and increase efficiency to maintain its competitive advantage and grow the business.
Previously, in-store customers requesting a particular type of bike that wasn’t in stock, required staff to waste tremendous amounts of time manually checking inventory across the four stores. The same inefficiency applied when staff tried to reserve a product for a customer, only to later establish that it was already sold to someone else at another store, impacting customer satisfaction and resulting in lost staff time and productivity.
“Deploying NetSuite OneWorld has helped us to step up our customer service and add more value, enabling us to build solid relationships with our customers,” said Mohan Mirwani , Chief Operations Officer of Treknology Bikes 3 Pte Ltd. “We are now able to view supplies across all our warehouses anywhere, anytime, allowing us to be much more customer-savvy, which ultimately helps drive brand loyalty. NetSuite has helped us capture our key competitive advantage by assessing the levels of our inventory ahead of demand. We can now respond almost instantaneously to requests from our customers.”
NetSuite OneWorld has provided Treknology 3’s daily operations with several key benefits:
Real-time global financial consolidation — NetSuite OneWorld gives Treknology 3 real-time visibility across all of its subsidiaries, with a single financial system of record.
Multi-location inventory management — Treknology 3 is now able to run its operations with full transparency across all warehouses and stores, helping it to track real-time supply and demand and allowing management to make better and faster business decisions.
Efficient order management — Treknology 3 is able to streamline order management processes by centralizing orders and efficiently processing them.
Multi-country tax compliance — Treknology 3 is able to automate its tax and compliance processes in Singapore and Malaysia , which have transformed its ability to manage sales tax/value added tax. It will also be able to easily adapt to new markets.
360-degree customer data — After-sales service is a crucial component for Treknology 3 as a retailer. NetSuite helps ensure that there is a single view whenever customer data is captured, regardless of their location. With NetSuite OneWorld, Treknology 3 is now able to accurately maintain customer records across its multi-country operations, down to the details of which bike is being serviced and which component is being used. The company’s sales invoices are now also tracked better with no duplication in their system.
Built-in business intelligence — Treknology 3’s accounting team is now able to produce reports within 10 minutes, a significant improvement from the previous 60 minutes ,without compromising accuracy and quality. Instead of compiling hard copies of receipts and credit card slips, the finance team can quickly log into NetSuite to track real-time sales, helping the company optimise its inventory movement.
Integrated POS system: NetSuite’s POS solution allows Treknology 3 to capture all transaction data within NetSuite allowing the company to analyse data in real-time and understand where efficiencies can be gained.
Multi-currency capabilities — NetSuite OneWorld’s multi-currency capability has made it easier for Treknology 3 to manage multiple currencies, allowing the company to benefit further from real-time financial consolidation and visibility across their Singapore and Malaysia operations.