NetSuite OneWorld Streamlines Avant's Ontogenesis

By CIOReview | Tuesday, February 9, 2016
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SAN MATEO, CA: Financial consolidation, the process of coalescing financial data from several departments within an organization for reporting purpose, is gaining importance because of factors like globalization and popularity of mergers and acquisitions. The spreadsheets and standalone accounting applications conks out managing foreign currency and languages, accounting standards, taxation structures and dashboarding and compliance requirements. NetSuite, a seller of an eponymous group of software services, recently announced Avant’s dependency on NetSuite OneWorld, the agile, scalable platform, for crucial business process management. The product suite also guarantees multi-channel and multi-location business operational efficiency across all subsidiaries, reduction of IT cost and overhead, imbibitions of real-time insights into business and gain of flexibility.

NetSuite OneWorld is recognized by B2B (Business to Business), B2C (Business to Customer) and B2Anything (Business to Anything) model based establishments for its unparalleled rapid ROI (Return on Investment) and simplified maintenance. The built-in intelligence and scalability options also add flavor to its uniqueness.

Avant, formerly known as AvantCredit, a booming potentate in the FinTech industry, has maturated rapidly by offering streamlined customer experience. Conceiving the cutoffs of financial management on existing manual systems, the organization opted for NetSuite to germinate innovation while utilizing the triad of robust reporting, spontaneous user interface and cloud based architecture.

The OneWorld platform has bestowed diverse benefits on Avant. The reporting and analytics tools assist Avant in monitoring and analyzing and its business performance in real time. Former’s ability to document journal entries and customize workflows tends to heighten the inclemency of the latter’s financial processes, building trust in data and alleviating audits by key stakeholders. Avant, a fast growing marketplace lending platform looks forward to expand globally by exploiting OneWorld’s support for 190 currencies, 20 languages, and automated tax compliances in over 100 countries. The company aims to carry forward commerce in varied currencies apart from US and Canadian dollars and British pound.

“Avant is among a growing number of financial services companies innovating in a market that’s ripe for disruption and are relying on NetSuite’s cloud platform. We’re excited to see Avant’s success and look forward to helping them grow,” asserts Jim McGeever, President and COO, NetSuite.