Oracle Corp
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Information Technology : Software | Large Cap Blend
Company profile

Oracle Corporation provides products and services that address enterprise information technology (IT) environments. The Company’s businesses include cloud and license, hardware and services. Its products and services include applications and infrastructure offerings that are delivered through a variety of IT deployment models. These models include on-premises deployments, cloud-based deployments, and hybrid deployments. Its Oracle Cloud Services offerings include Oracle software-as-a-service (SaaS) and Oracle Cloud Infrastructure (OCI) offerings, which provides integrated stack of applications and infrastructure services delivered via cloud-based deployment models. Its Oracle Cloud Services integrate the IT components, including software, hardware and services, on a customer’s behalf in a cloud-based IT environment. Its Oracle cloud license and on-premise license deployment offerings include Oracle Applications, Oracle Database and Oracle Middleware software offerings, among others.

Closing Price
$82.72
Day's Change
0.16 (0.19%)
Bid
--
Ask
--
B/A Size
--
Day's High
83.49
Day's Low
82.54
Volume
(Light)
Volume:
2,754,876

10-day average volume:
6,717,494
2,754,876

Studio McGee Makes Life Beautiful for Customers with NetSuite

10:03 am ET September 28, 2022 (PR Newswire) Print

NetSuite supports interior design innovator's rapid growth by simplifying key business processes

SUITEWORLD 2022 -- Studio McGee, Inc., one of the premier innovators in the interior design industry, is working with Oracle NetSuite to help scale its business to meet soaring customer demand for homewares. With NetSuite, Studio McGee has been able to take advantage of an integrated business system to improve the speed and accuracy of its finance processes and business operations, move into a massive new fulfillment center, and explore international expansion.

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Studio McGee was launched in 2014 by Shea and Syd McGee after they built a loyal Instagram following by sharing their home renovation. Since then, Studio McGee - including McGee & Co - has rapidly grown to seven subsidiaries and now offers a wide range of products including furniture, rugs, pillows, decor, artwork, mirrors, lighting, and bed & bath accessories. In the past five years, Studio McGee has increased its revenue by more than eight times to over $80 million, created a highly-successful licensing subsidiary in partnership with Target, and expanded its team from 20 to 200 people. To support its growing operations and fulfill rising customer demand, Studio McGee needed a new enterprise resource planning (ERP) system. After careful evaluation, Studio McGee centralized its business on NetSuite to improve visibility across its growing organization and enhance decision making.

"When consumer demand for homeware spiked in 2020, our sales skyrocketed and our loyal customer base grew exponentially. While we took the growth in stride, behind the scenes we were struggling with disconnected business systems that hindered our ability to capitalize on opportunities," said Patrick Ord, president, Studio McGee, Inc. "With NetSuite, we now have a single business system that helps us connect data across our operations and manage our various subsidiaries. The enhanced insights, comprehensive reporting capabilities, and automated processes NetSuite provide helps us make quicker and more informed decisions, and that is having a huge impact on our business."

With NetSuite, Studio McGee has been able to move from five disconnected business applications - accounting and financials, inventory, ecommerce, fulfillment, and planning and budgeting - to a single integrated system. By automating and streamlining operations on a single cloud business system, Studio McGee has been able to increase productivity, enhance business insights, and benefit from faster and more accurate reporting. NetSuite is also helping Studio McGee gain a clear picture of profits from each vendor by providing built-in controls that enable transactions from across its businesses to be accurately recorded and allowing teams to enter shipping carrier bills individually. The enhanced visibility and reporting delivered by NetSuite also enables Studio McGee to offer its interior design clients an improved ecommerce experience by enabling them to review custom invoices online.

"Meeting the ever-rising expectations of today's customers requires excellence across the board," said Evan Goldberg, founder and EVP, Oracle NetSuite. "With NetSuite's centralized and scalable platform, Studio McGee has been able to significantly simplify its business processes and scale its operations. Using multiple parts of the suite, Studio McGee can accelerate its rapid growth by focusing on its customers and meeting skyrocketing demand for stylish homewares."

To support its move into a new 325,000-square-foot fulfillment center - complete with pick-and-pack robots that are integrated with NetSuite - and explore international expansion, Studio McGee is using NetSuite Analytics Warehouse. Studio McGee will combine its NetSuite and Shopify data in NetSuite Analytics Warehouse and will also add data from Google Analytics and other systems.

To accelerate budget and merchandise planning processes and gain a better understanding of product and profit margins, Studio McGee will replace Excel with NetSuite Planning and Budgeting and leverage NetSuite Advanced Revenue Management to handle deferred revenue and accrued expenses. Finally, Studio McGee is using NetSuite Advanced Customer Support to help address unique business challenges, support growth milestones, and realize the full value of its NetSuite investment.

Get all the latest updates from SuiteWorld by registering for SuiteWorld On Air: netsuitesuiteworld.com/onair. By registering, attendees will have access to keynotes, sessions, demos, and NetSuite's two-day live broadcast, NetSuite TV. Learn more about how organizations are leveraging the power of NetSuite to increase efficiency, improve productivity, and grow profitability.

About Oracle NetSuite

For more than 20 years, Oracle NetSuite has helped organizations grow, scale and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 32,000 customers in 217 countries and dependent territories.

Learn more at https://www.netsuite.com. Like us on Facebook, and follow us on LinkedIn, Instagram, and Twitter.

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View original content to download multimedia:https://www.prnewswire.com/news-releases/studio-mcgee-makes-life-beautiful-for-customers-with-netsuite-301635209.html

SOURCE Oracle NetSuite

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