Globalstar Connects the World with NetSuite

Globalstar Inc is collaborating with Oracle NetSuite to enhance its financial reporting and streamline operations as demand for satellite communications rises.

Rhea-AI Summary

Globalstar Inc is collaborating with Oracle NetSuite to enhance its financial reporting and streamline operations as demand for satellite communications rises. By utilizing NetSuite's integrated business system, Globalstar aims to automate financial processes, which previously required excessive manual effort. This partnership allows Globalstar to accelerate growth while ensuring compliance with Securities and Exchange Commission regulations. With NetSuite, the company has improved efficiency, reduced close processes by two days, and enhanced forecasting accuracy. Future plans include leveraging NetSuite Planning and Budgeting for better sales order handling.

Positive

• Implementation of NetSuite has streamlined Globalstar's financial processes, enhancing efficiency.
• Reduction of close processes by two days improves operational speed and compliance.
• Increased sales and enhanced business insights through automation of operations.
• Improved data reliability aids in Sarbanes-Oxley compliance.

Negative

• None.

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NetSuite supports communication provider's rapid growth by automating processes and improving the reliability of financial reporting 

AUSTIN, Texas, March 2, 2023 /PRNewswire/ -- Globalstar Inc, a premier provider of connectivity to businesses and people worldwide, is working with Oracle NetSuite to support its vision to deliver the most reliable communication services. With NetSuite, Globalstar has been able to take advantage of an integrated business system to streamline and scale its international operations and reallocate time and resources to accelerate growth.

Formed as an LLC in 2003, Globalstar has become a leading provider of satellites and commercial devices. It currently operates 30 satellites that serve a global base and a portfolio of products that sends 1.8 billion messages a year. To support its growing business and capitalize on rising demand for satellite communications, Globalstar needed to streamline and automate its financial processes as its finance department was spending too much time manually collecting, managing, and analyzing sales, fulfillment, and payment data. The organization needed a system that offered high levels of automation, managed its international subsidiaries on a single platform, and provided enhanced reporting and visibility into all its business operations. After careful evaluation, Globalstar selected NetSuite in FY21Q1 to help optimize its financial processes ahead of SAP.

"We're a public organization, so we have to consider the reporting requirements of the Securities and Exchange Commission as we grow," said Rebecca Clary, vice president and chief financial officer, Globalstar, Inc. "With NetSuite, Globalstar has an integrated business system that gives our team the real-time data needed to run efficiently and effectively. NetSuite has also helped us address our reporting requirements faster, eliminate two days off our close processes, automate operations, and ultimately do more with fewer resources."

With NetSuite, Globalstar has been able to take advantage of a single business system to simplify its accounting, financials, and operations. By automating and streamlining operations with NetSuite, Globalstar has been able to increase sales, enhance business insights, and generate more accurate financial forecasts. In addition, NetSuite has helped Globalstar address its Sarbanes-Oxley (SOX) compliance process through improving data reliability and enhance manufacturing efficiency and productivity by providing visibility into its complete product lifecycle, from manufacturing to warehouse inventory to device activation. Looking to the future, Globalstar plans to use NetSuite Planning and Budgeting to further streamline sales orders and fulfillments from its warehouse. Globalstar worked with NetSuite Alliance Partner Myers-Holum to implement NetSuite.

"In a highly regulated industry, Globalstar is pushing the boundaries of communications and helping businesses and people stay connected," said David Rodman, senior vice president of customer success, Oracle NetSuite. "With NetSuite, Globalstar has been able to simplify its business processes while scaling its operations. As a result, Globalstar can accelerate its growth and focus on meeting skyrocketing demand for reliable connectivity."

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 33,000 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.

Trademarks
Oracle, Java, and MySQL are registered trademarks of Oracle Corporation.

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SOURCE Oracle NetSuite

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How is Globalstar Inc improving its operations?

Globalstar Inc is improving its operations by partnering with Oracle NetSuite to automate financial processes and enhance reporting capabilities.

What benefits has Globalstar gained from using NetSuite?

Globalstar has streamlined its financial operations, reduced close processes by two days, and improved sales forecasting accuracy using NetSuite.

What is the significance of the partnership between Globalstar and Oracle NetSuite?

The partnership allows Globalstar to efficiently manage its financial reporting and operations, facilitating growth in the satellite communication sector.

When did Globalstar choose to implement NetSuite?

Globalstar selected NetSuite in FY21Q1 to optimize its financial processes.

What compliance requirements does Globalstar need to fulfill?

As a public organization, Globalstar must adhere to Securities and Exchange Commission reporting requirements.