Outdoor Home Security Innovator Leverages NetSuite to Scale Global Business Operations
LAS VEGAS, April 25, 2017 /PRNewswire/ -- SUITEWORLD 2017 - Oracle NetSuite Global Business Unit (GBU), the industry's leading provider of cloud financials / ERP, HR and omnichannel commerce software suites, today announced that Ring, a leader in outdoor home security, has implemented NetSuite to fuel its rapid growth, which took it from startup to 1,000 team members in less than three years. Ring is using NetSuite for financial management and reporting with plans to significantly extend the NetSuite platform to other areas of the business as it continues to extend its business model beyond doorbells, to services and subscriptions. With NetSuite, Ring has gained efficiencies and real-time visibility with a unified platform that is next ready. NetSuite enables Ring to grow, scale and adapt its business model as Ring's business expands and evolves.
With a mission to reduce crime in neighborhoods, Ring has revolutionized outdoor home security by building smart doorbells and outdoor cameras designed to proactively monitor your home. Initially founded as DoorBot, Ring got a significant boost when CEO and Chief Inventor Jamie Siminoff appeared on ABC's "Shark Tank" with the smart doorbell in September 2013. It has since expanded its product line and is building a "Ring of Security" around your home with data services and digital neighborhood watches. Additionally, Ring has received $209 million in investment, reached over 1,000,000 users and has expanded its footprint in retail and is now available in over 15,000 stores globally. Initially, Ring relied on an outsourced accounting firm for basic general ledger and journal entries, to manage its financial processes with reporting done in Excel and online spreadsheets. Understanding that the company's growth trajectory demanded more comprehensive solution, Ring evaluated several software packages on the market including Microsoft Dynamics, before selecting NetSuite.
"When you grow as fast as we've grown, one of the biggest challenges is breaking older systems and having to move to new things," said Siminoff. "NetSuite gives us a platform that allows us to grow from zero to infinity. It takes away those concerns and means resources can be directed to sales and business development."
"We are honored to partner with a mission-driven business like Ring as they transform communities and help make neighborhoods safer," said Jason Maynard, SVP of Strategy and Marketing, Oracle NetSuite GBU. "Empowering entrepreneurial companies to scale and achieve their vision is NetSuite's purpose."
While still a young and fast-growing business, Ring has complex needs including a B2C website and B2B relationships with retailers like Costco, Best Buy and Home Depot. Ring is confident that the advanced revenue recognition features in NetSuite can allow it to sell, bill and recognize its revenue as it continues to transform its business and meet the needs of the modern customer. With NetSuite, Ring has streamlined financial processes and gained operational efficiency with a roadmap for future growth.
Since implementing NetSuite, Ring has gained the following benefits:
A flexible and agile platform. The NetSuite SuiteCloud Platform easily enables the company to customize NetSuite to meets its current and future business requirements and to integrate with other third-party solutions.
Real-time visibility. One single, unified financial system of record and financial reporting across the entire organization has created efficiencies by automating cumbersome manual processes.
Significant savings in IT costs and complexity. NetSuite's proven, securely featured cloud solution eliminates the hassles of managing, maintaining and upgrading business applications and offers significant time and cost savings.
Anytime, anywhere access. For a company built around accessing a video doorbell from a smartphone, NetSuite's mobile capabilities enable staff to access the system anywhere there is an internet connection.
Scalability for growth. With plans to extend the NetSuite platform to adopt advanced revenue recognition, CRM and ecommerce, plus inventory management for its warehouse and fulfillment for its retail partners, Ring can continue to grow and adapt its business on a single platform.
Jamie Siminoff will be sharing Ring's story at SuiteWorld 2017, the number one cloud ERP event of the year, this year being held in Las Vegas from April 24-27. Watch him and all SuiteWorld 2017 keynotes live here.
Ring's mission is to reduce crime in neighborhoods and empower consumers by creating a Ring of Security around homes and communities with its suite of smart home security products: Ring Video Doorbell, Ring Video Doorbell Pro (HomeKit-enabled), Ring Stick Up Cam and the new Ring Floodlight Cam. With these security devices, Ring has created the neighborhood watch for the digital age and continues to keep homes around the world safe. For more information, visit www.ring.com. With Ring, you're always home. To learn more, please visit https://ring.com.
About Oracle NetSuite Global Business Unit
Oracle NetSuite Global Business Unit pioneered the Cloud Computing revolution in 1998, establishing the world's first company dedicated to delivering business applications over the internet. Today, Oracle NetSuite Global Business Unit provides a suite of cloud-based financials / Enterprise Resource Planning (ERP), HR and omnichannel commerce software that runs the business of companies in more than 100 countries. For more information, please visit www.netsuite.com.
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