Q4 2024 Featuring:
Q4 2024 Greetings from us at APAC Insider! Welcome to the Q4 edition of APAC Insider magazine, your go-to quarterly source for all the most recent information and updates across the corporate landscape in the Asia Pacific region. The business environment in Asia Pacific is dynamic, and organisations need to continuously adjust and keep on top of developments to successfully manage any uncertainties, run smoothly, obtain a competitive advantage, and prosper. It’s important to stay on top of a number of trends, such as digital transformation – embracing automation, artificial intelligence, and cloud-based solutions, as well as the transition to remote work – and sustainable practices from carbonneutral projects to eco-friendly products. This issue brings you insights into services and solutions across a plethora of industries, from financial brokerage to taxation law, post-surgical rehabilitation support to family law, and more, to ensure you’re up to date with award-winning trailblazers. Our awardees are setting the standard for their industries, and we’d like to take a moment to highlight their dedication. We hope you enjoy reading through the many stories of remarkable businesses and news pieces that fill this edition. Meanwhile, we’re looking forward to seeing you again in Q1 of 2025! Sofi Parry- Senior Editor Website: www.apac-insider.com AI Global Media, Ltd. (AI) takes reasonable measures to ensure the quality of the information on this web site. However, AI will not assume any legal liability or responsibility for the accuracy, correctness or completeness of any information that is available through this web site. If errors are brought to our attention, we will try to correct them. The information available through the website and our partner publications is for your general information and use and is not intended to address any particular finance or investment requirements. In particular, the information does not constitute any form of advice or recommendation by us or any of our partner publications and is not intended to be relied upon by users in making or refraining from making any investment or financial decisions. Appropriate independent advice should be obtained before making any such decision. Any arrangement made between you and any third party named in the site is at your sole risk and responsibility.
4. News 6. Hills Family Lawyers Pty. Ltd:Most Trusted Divorce and Family Law Mediation Firm 2024 – Australia 7. Synvestment Financial Group: Financial Brokerage of the Year 2024 - Greater Melbourne 8. United ACL: Best Commercial Legal Advisory 2024 - Sydney 10. MAXM: Best Patient Empowerment & Post-Surgical Recovery Innovation CEO 2024: Rob Bowden 11. Expert Shares Top Tips for Using QR Codes to Streamline Your Business Operations 12. How To Cut The Cost Of NetSuite Implementation 14. SM LEGAL: Best Taxation Law Firm 2024 – India 15. Tackling Financial Fraud in Southeast Asia: Key Tips from Global Broker Octa for Traders. Contents
News Shanghai Electric took the spotlight at the 24th China International Industry Fair (CIIF), one of the largest global platforms for industry players to showcase their latest innovations, where the Company brought visitors on a unique journey to explore its business strategies and technological prowess that help accelerate the evolution of tomorrow’s technologies. Witnessed by the Company’s Vice President Jia Tinggang at the event, Shanghai Electric debuted SRunicloud 5.0 and its industrial internet platform 5.0, alongside the announcement of the “Joint Initiative for Industrial Digital Carbon Management Construction” with industry partners. With this, the Company is poised to usher in a new chapter for the industrial internet ecosystem. Among the four latest flagship products displayed at CIIF were its integrated equipment system solution for green methanol, the world’s largest generator for offshore floating power platforms, an AI-powered big data center with SIMPLE intelligent maintenance platform for gas turbines, and an ecofriendly R290 refrigerant high-efficiency electric compressor for new energy vehicles. At its booth, Shanghai Electric’s new cutting-edge solutions were presented: Energy: Boosting Global Green Transition - Integrated Wind-Solar-Storage-Adjustment System: Shanghai Electric optimizes wind and solar power generation through high-level coordination and complementarity. Its hybrid energy storage and phase modifiers address active power consumption and reactive power support, ensuring new energy generation is measurable, controllable, stable, and profitable. - Integrated Hydrogen System: Shanghai Electric has developed a comprehensive hydrogen energy system covering production, storage, refueling, and utilization. Leveraging cutting-edge alkaline and PEM water electrolysis technologies, the Company offers integrated solutions for green chemical engineering, hydrogen metallurgy, hydrogen transportation, and hydrogen energy storage. - Integrated Green Methanol System: Shanghai Electric’s green methanol integrated equipment system includes wind power off-grid hydrogen production, large-scale gaseous hydrogen storage, biomass gasification, and CO2-rich syngas to methanol synthesis technologies. The innovative system coupling method adapts to fluctuations in wind power hydrogen production, significantly improving renewable hydrogen/carbon utilization efficiency. Shanghai Electric’s WorldLeading Industrial Solutions Land at China International Industry Fair (CIIF) 2024 Industry: Empowering Next Industrial Revolution - Shipbuilding: Shanghai Electric enhances China’s shipbuilding sector by providing a comprehensive range of marine products, which include large castings and forgings, crankshafts, pumps, valves, and various marine systems for ballast water management, anti-corrosion, sewage treatment, and power generation. The Company’s robust industrial foundation and significant supply achievements position it for continued growth in this field. - Land Transportation: In the EV sector, Shanghai Electric offers comprehensive services spanning low-carbon plant design, battery production equipment, intelligent assembly lines and thermal management systems. For rail transit, Shanghai Electric is a leading global supplier of electromechanical equipment and systems, covering over 90% of urban rail transit needs while providing state-of-the-art maintenance and lifecycle management solutions. - Aerospace: Shanghai Electric serves the aerospace industry with an array of state-of-the-art manufacturing solutions, including automated drilling and riveting systems, composite material systems, and assembly lines. The Company supplies critical aircraft components such as avionics, fasteners, engine blades, and bearings. For the space sector, it provides specialized pressure sensors and heavy-duty AGV transporters. By harnessing its industry know-how and datasharing capabilities, Shanghai Electric is propelling smart manufacturing innovation and pushing the boundary of China’s aerospace industry. During the Fair, Shanghai Electric also provided a glance its supercharging technology of tomorrow, showcasing Humanoid Robot, SEunicloud 5.0, and overall solution of energy in the future.
News Trailblazing Hands-Free Footwear Brand Teams Up with Marubeni Consumer Brands and Kanner to Accelerate International Growth Kizik, the leader in hands-free footwear innovation, is excited to announce its expansion into Japan and Canada through strategic partnerships with Marubeni Consumer Brands Inc. and Kanner Corporation. This international growth marks a significant milestone for Kizik as it continues to revolutionize the global footwear market with its innovative, frictionless technologies and designs. Kizik’s partnership with Marubeni Consumer Brands Inc. will introduce the footwear leader to the Japanese market, where its hands-free technology seamlessly integrates into a culture where shoes aren’t worn in homes and are removed upon entry. “We are grateful to be associated with one of the most important and exciting brands in my long-term experience in the footwear industry,” said Hideto Takahara, CEO of Marubeni Consumer Brands. “Kizik’s innovative and valuable products will seamlessly fit into the Japanese lifestyle, where comfort and convenience are highly prized.” In Canada, Kizik has partnered with Kanner Corporation, a leading North American importer and distributor specializing in premium footwear. With its extensive experience growing globally recognized brands, Kanner is well-positioned to bring Kizik’s category-defining products to Canadian consumers. “In Kizik, we recognize a tremendous opportunity to partner with an industry leader in a rapidly growing, innovative category that represents a thrilling evolution in footwear,” said Edward Kanner, CEO of Kanner Corporation. “Kizik’s unique blend of comfort, style, and hands-free convenience will resonate strongly with the Canadian market.” Kizik’s hands-free technologies have garnered international acclaim for the ability to combine revolutionary design with everyday functionality. By eliminating the need for bending or tying laces, Kizik offers a truly effortless footwear experience for men, women and children. The expansion into Japan and Canada is part of Kizik’s broader mission to bring joy into everyday routines. “We’re thrilled to partner with Marubeni Consumer Brands and Kanner Corporation as we continue our international expansion,” said Monte Deere, CEO of Kizik. “Both partners bring deep expertise in their respective markets, and we’re confident that Kizik will offer something truly valuable to their customers. Our hands-free footwear is designed to make life easier without sacrificing style or performance, and we’re excited to introduce this innovation to even more people around the globe.” This expansion follows Kizik’s continued success in the U.S. and positions the brand for further growth in 2024 and beyond, with plans to introduce additional retail locations and global partnerships. Kizik Continues to Expand Global Reach With Japan and Canada Distribution
APAC Insider Q4 2024 | 6 Divorce can be a difficult process for any couple regardless of how well they cooperate, and who can blame them? Family matters are bound to be emotionally charged; they have the potential to majorly affect either party, their children, and their familial relationships going forward. The trick is keeping these matters from becoming any messier than they have to be, and Hills Family Lawyers understands this well. Its service not only emphasises successful client outcomes but remains guided by sensitivity at every turn. Hills Family Lawyers is a prominent firm providing family law advice in Australia. The team specialises in Courtless Divorce Strategies® which emphasise a collaborative approach and mediation over contentious processes. However, its focus is broad, spanning parenting arrangements, child support, estate law, conveyancing, and beyond. With Hills Family Lawyers, clients enjoy compassionate, authoritative service through life’s most trying times. Divorce is among many clients’ worst experiences in life, which is why Hills Family Lawyers applies a delicate touch to navigate it. Principal Lawyer Nadia MessihaKamil’s experience of a family member’s destructive divorce led her to seek a better, more amicable legal process for those going through the same thing. Her focus is on handling family matters swiftly and with the least possible impact on children, relationships, and assets, so that every party can leave with their dignity intact, feeing that their wishes have been listened to and respected. As the name Courtless Divorce Strategies® suggests, this means keeping matters from entering the courtroom where possible. Instead, Nadia aims to guide an amicable process focused on minimal disruption to each party’s lives. Doing this, she tries to turn the divorce process into something reasonable, bringing people together in the final days of their marriage and allowing them to breathe a sigh of relief. “Nadia is committed to resolving parenting and property matters quickly, efficiently, and respectfully, so that you are able to effectively close one chapter in life and start the new one ahead.” The Hills Family Lawyers promise is the dual benefit of expertise and a simple client-side process. The firm’s client portal allows seamless access to communications and documentation; meanwhile, all pricing is laid out and updated regularly in easy-to-use spreadsheets. From the very beginning of a client’s contact with the firm, the team seeks to foster a relationship based on trust and clarity, ensuring that they’re informed and confident about just what their service entails. Across Australia, clients attest to the firm’s handling of matters spanning a vast range of family, property, estate matters and more. The firm’s run of glowing five-star reviews reflects the warmth and expertise central to the firm’s mission. One client praises Nadia’s compassion, “we recently sought Nadia’s assistance with our matters, and we couldn’t be happier with her support. She is understanding, compassionate, and genuinely supportive,” making a “challenging situation much more manageable.” “Nadia from Hills Family Lawyers managed my divorce and property settlement. She was not only highly empathetic and an absolute pleasure to deal with, but she was also very professional, responsive, and knowledgeable in what was a very confusing process.” Many returning clients consider Nadia and the team their first port of call for family matters, will writing, lasting powers of attorney, and conveyancing in Sydney. With over 22 years serving clients throughout divorces and separations, and approaching 800 family law cases, the firm is a proficient presence both outside and within the courtroom. Whether a matter is resolved collaboratively or otherwise, Nadia and the team represent the best in clientfirst, empathetic service. When life threatens to get messy, Hills Family Lawyers is there to help control the damage, providing firstclass legal service with the personal touch. Contact Details Contact: Nadia Messiha Company: Hills Family Lawyers Pty. Ltd. Web Address: www. hillsfamilylawyers.com.au Most Trusted Divorce and Family Law Mediation Firm 2024 – Australia Aug24557
APAC Insider Q4 2024 | 7 An award-winning financial brokerage firm based in Melbourne, Synvestment Financial Group has successfully funded loans to the value of more than $400 million, helping countless Australians to measurably improve their financial positions in the process. Recognised by the likes of MPA Magazine and celebrated with this award from us for the second consecutive year, Synvestment has caught the eye of many fellow industry professionals across the space, without ever losing sight of its boutique nature and the professional service that afforded it such recognition to begin with. For help with everything from property and car purchases to personal loans, Synvestment Financial Group is the financial brokerage firm of choice for high-net-worth individuals or keen investors seeking quality guidance. Headed up by Director Astin Yoshith, the company enjoys both a 98% conversion rate and high retention among its clients, many of whom recognise the steady stream of benefits that stem from using an independent advisor like Synvestment, from saving them both money and time to not being tied to a lender. Operating atop a commitment to simplicity, clarity, and honesty, as well providing its clients with the personal touch that is often missing from the realm of financial services, Synvestment is a beacon of trust and positive difference in this complex and often alienating landscape. By taking the time to get to know and understand its clients, this exemplary firm is able to offer a fully bespoke service that more than meets their expectations, leading to the team here being able to lend a much-needed hand in even the most complex situations. At its core, Synvestment strives to work hard for its clients, all whilst upholding mutual respect and injecting a distinct air of character and personality into the often-dull world of finance. Providing financial advice that is equal parts sound, compliant, and honest, the solutions that these experts offer up are grounded in real-life experiences, and the unique flavour that every member of this team brings to the table makes doing business with them a pleasure, keeping clients returning time and again for all of their loan-based requirements. The primary area of focus for Synvestment is undoubtedly specialist mortgage solutions, and these see staff able to leverage the unique combination of their experience, robust network of lender contracts, and famed ‘outside-the-box’ thinking to offer an array of exceptional home loans, be it for first-time buyers, refinancing, or investment. These services are available for commercial and residential properties alike, with both areas benefiting from Synvestment’s unbiased and fully independent nature. Outside of the property sphere, Synvestment can also help its clients to purchase the car of their dreams, or simply an upgrade over their current motor, through its comprehensive range of car loan options designed to suit every need. The firm’s low-rate car loans for new and used cars see it offer up the ideal solution, whether the purchase is being made directly through a dealer or a private seller. Lastly, the free consultation offered up by the team, complete with no obligation, offers extra peace of mind for those weighing up their options. Insurance is the third and final specialty area for Synvestment, and sees it bring together its two previous focus areas of homes and cars under one encompassing umbrella, this in addition to offering industryleading life insurance for clients so as to protect both them and their families. Synvestment’s comprehensive insurance solutions ultimately reflect the person-centric nature of this organisation, positioning the firm as much more than simply a business capable of helping clients to secure the right loan for their house or car. Sitting atop a 100% customer satisfaction rate, Synvestment also has a track record of 100% successful loan grants, as well as 100% loan-to-value ratio options for clients. What makes these statistics all the more impressive is that 23% of the firm’s clients have a bad credit history, highlighting that Synvestment Financial Group will find a fitting solution, even when banks and other lenders have turned a person away. This has resulted in an array of testimonials from happy clients, many of whom recommend the firm wholeheartedly. Named as the Financial Brokerage of the Year 2024 - Greater Melbourne, Synvestment Financial Group’s back-to-back winning of this best-inclass award highlights the company’s excellence, and we wish it the best of luck as it continues to uphold the highest standards and put a unique spin on operating in this setting. Contact: Astin Yoshith Company: Synvestment Financial Group Web Address: https://www. synvestment.com.au/ Financial Brokerage of the Year 2024 - Greater Melbourne
Best Commercial Legal Advisory 2024 - Sydney Based in Sydney, New South Wales, United ACL is a pioneering and leading authority in both commercial and property law. Established in 2013, the firm has swiftly become one to watch within its sphere as it offers remarkable legal services to a plethora of clients within many different industries. Here we celebrate United ACL’s win in our APAC Legal Awards 2024. United ACL is a prestigious law firm nestled in bustling Sydney, in New South Wales. The advisory firm deals with a high number of clients on a regular basis. Helping others to resolve all manners of legal issues, United ACL has earned itself a spot at the top in its competitive industry and continues to turn challenges within the sphere into windows for opportunity. From commercial law to property law, and so much more, United ACL works with clients from financial institutions to real estate developers, and many others, to provide individuals and firms with the answers to their biggest and most complex questions. With relationships forged on trust, integrity, honesty, and positive results, United ACL has quickly gained a reputation as a leader in its sphere, especially in Sydney. The firm deals with many cases that span complex matters throughout commercial, property, and financial law, and guarantees desirable results as it continues to help those in need of professional guidance. Of course, every business needs a strong, trustworthy driving force behind it. Introducing Peter Mustaca, United ACL’s Principal, who has worked hard to guide the firm in the right direction – and it shows. Peter’s extensive experience and knowledge of property, finance, and commercial law has pushed the boundaries of the industry, especially as he has successfully represented countless clients across a myriad of industries. Specialising in complex law matters, across any industry, Peter has become a highly trusted lawyer with the power to positively impact every case he touches. With a proven track record of success for his clients, Peter’s years of experience truly speak for themselves as he concentrates on getting the best outcome for everyone he works with. Peter unites his experiences from previous roles and holds a diploma of law from the University of Sydney. These experiences coupled with his public speaking, commercial litigation, alternative dispute resolution, program management, and civil litigation skills – to name a few – have propelled him and his career forward over the years, making him an excellent choice of a lawyer to partner with should anyone need an expert hand to lead the way. Carving out a path for himself in a competitive industry, Peter has successfully influenced those around him – and those who will come after him. Peter’s dedication to quality has gained him his well-deserved recognition in the FM Global Awards 2023, winning his title of Legal Services Provider of the Year in Australia. Now, his firm has been bestowed with the title of Best Commercial Legal Advisory 2024 – Sydney by us at APAC Insider. The possibilities for United ACL’s clients are endless with the leading firm by their side. Contact: Peter Mustaca Company: United ACL Web Address: www.unitedacl.com/
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APAC Insider Q4 2024 | 10 Rob Bowden is the CEO behind Australia’s MAXM, an innovative rehabilitation solutions company renowned for its creation of the patented MAXM Skate knee rehabilitation device. With a sensor that tracks range of motion and the ability to utilise a user-friendly mobile app to help patients across every stage of their rehabilitation journey, all from the comfort of their own home, this technology is changing the game. Founded by Dr Matthew Liptak more than 10 years ago, and in recent years under the watchful eye of Rob as CEO, MAXM Skate has been taken from clinical trials to commercial markets and is today helping patients across the globe from Australia, Singapore, South Korea, the US, Europe, India and more. Best Patient Empowerment & Post-Surgical Recovery Innovation CEO 2024: Rob Bowden Maximising movement, strength, and function to demonstrably improve the outcomes of rehabilitation, MAXM is striving to go above and beyond, becoming a trusted, evidence-based leader in the field of knee surgery and injury rehabilitation and recovery, harnessing the meticulous combination of data and a highcalibre product to offer patients an experience like no other. This is a commitment embodied by every member of this team, and has seen the company develop quickly, achieving such regulatory listings as the CE mark, TGA and FDA certification in the process. Having guided the revolutionary MAXM Skate from clinical trials right through to being a product ready for the international market, MAXM has improved its solution considerably over the past few years. This includes both the technical aspects and the software design of the solution, something that has resulted in significant progression concerning uptake and global usefulness. Each manufacturing run has showcased these improvements, set against a backdrop of the continuous building of a highly skilled team, leading to fast product and company growth. With the groundbreaking nature of the MAXM Skate in tow, MAXM is continuing to focus on revolutionising total knee replacement rehab, a surgical procedure which is expected to more than triple globally over the next five years or so. As Rob himself explains, “our solution is innovative. We enable patients to get out of hospital more quickly, recover successfully at home, and be in control of their own rehab. The data and digital experiences then allow medical teams to track and support their patients’ progress more successfully.” Today, MAXM boasts sales with medical distributors, as well as selling directly to private surgeries, physiotherapists, and hospitals. Across these markets, the company aims to improve the standardisation of rehabilitation, reducing the dissatisfaction rate in TKR recovery. Thus, through this specifically designed skate which offers a unique tangible product with curved “Skate” for range of motion, as well as the added sensor and accompanying digital application, Rob and his team are transforming rehabilitation for good. MAXM’s success in doing exactly this is reflected in countless testimonials from satisfied customers, including one from Rod, a farmer in the region. Rod explains: “MAXM Skate quickly helped me build my own confidence in completing my own rehab for my new knee. The skate exercises gave me relief and I looked forward to doing them each day. My movement is excellent. I’m recommending it to my friends, and I’ll be making sure I have MAXM Skate for my next replacement early next year.” Along with great results, safety is paramount across this entire operation, and this is why Rob and the team are incredibly proud to have achieved regulatory listings across the major markets for total knee replacement recovery enhancements. Beyond this, Rob explains, “we have a clear advantage in our ability to collect data on the rehabilitation process, which traditionally has no data associated. This is enabling surgeons and physiotherapists to support their patients, getting them recovering more quickly while saving the health system significant funds.” Furthermore, there is great potential for the future around data and machine learning, as MAXM offers range of motion and patient outcome measurements that can be coupled with operative data. MAXM is leading the way in the future of orthopaedic care. On the back of updating the MAXM Skate with a more streamlined design and enhanced efficiency, MAXM has had an incredibly prosperous year so far, something that is set to continue as we move into the final weeks of 2024 and beyond. The team have brought a PhD student, Alicia, into the fold, with this bright and talented individual utilising AI within a rehabilitation data setting so as to set the company’s next steps in motion. A company that is always looking ahead and truly trailblazing, MAXM has struck gold with the MAXM Skate, and with the pioneering Rob Bowden at the helm, this innovation is sure to be the first in a long line. It is for this reason that we are proud to recognise Rob Bowden as the Best Patient Empowerment & Post-Surgical Recovery Innovation CEO 2024. Contact: Rob Bowden Company: MAXM Web Address: https://www. maxm.com.au/
APAC Insider Q4 2024 | 11 The widespread usage of smartphones means that QR codes can be highly effective for promoting businesses and helping them connect to their intended audiences. Not only are QR codes quick and easy to read via a smartphone camera, but they offer multiple opportunities to increase brand interactions with customers. Kushal Tantry, CEO of QR Code Developer has shared his top tips for incorporating QR codes into your existing business model to help improve the customer experience and drive more sales. Customers can quickly access your website Businesses can use QR codes to help potential customers quickly locate their website, by placing them on posters, business cards, and other promotional materials. Incorporating a QR code that customers can scan with their phone means they don’t have to type in the URL for your website. This can often be a point of resistance, especially if you want to direct them to a subpage of your site that might have a lengthy URL. Another way to share your information is to put your contact details into a QR code. This makes it easy for customers to get in touch and find out more about the business, or even use it again if they keep it saved on their phone. Improved customer experience If you run a cafe, pub or business where customers choose from a menu or catalog, QR codes can offer an additional point of sale. In addition to a physical menu, linking a QR code to a digital menu means that customers have more options when ordering. Consider extending this further if there is other online media that customers can access via a QR code. Codes can also be placed on email receipts or invoices so that customers can bring the payment system up on their phone if they are not paying in person. Trackable interactions A valuable metric when using QR codes is that you can monitor the number of times it has been scanned. You can also log information about which devices or operating systems were used to scan the code, the timing of scans, and whereabouts the code was scanned. Using QR codes on flyers, posters or business cards allows you to track which are most successful at driving customers to your site and ultimately converting them into paying customers. This can also help businesses determine the types of customers using their QR codes. This can help build up a profile of their target audience and assist them with future marketing or services. Email signups and followers It is valuable to encourage customers to sign up for an email list or follow the business on social media. This allows them to see any updates posted on the platforms and be reminded to use the business again soon. QR codes can send customers to your website to sign up via email, or to an online page that hosts the business’s social media accounts. These QR codes could be printed on a physical receipt or business card, which means customers can be directed straight to the email signup page and avoid needing to search for the websites themselves. Feedback surveys and reviews Utilizing customer feedback is a good way for businesses to appeal to their target audience and improve upon areas customers are unhappy with. QR codes streamline this process by linking directly to the feedback form which the customer can complete in their own time. This allows for more indepth feedback forms which offer customers a potential incentive once completed. QR codes can also link to external online review sites so that customer feedback can help boost rankings. Offer incentives and deals BusinessescanuseQRcodestooffer customers rewards or incentives for repeat visits. These can be tracked by scanning their unique QR codes at the till using a dedicated app. For example, Costa Coffee offers a free drink for customers who have made purchases previously and scanned the QR code on these visits. This rewards customers for their loyalty and gamifies the reward scheme. Expert Shares Top Tips for Using QR Codes to Streamline Your Business Operations
NetSuite is a popular ERP platform used by nearly 40,000 companies worldwide, according to Enlyft. Its featurerich functionality covering manufacturing, supply chain, HR, finance, and other business aspects is a key reason for adoption. As a cloud-native platform, Netsuite also integrates smoothly with corporate applications and third-party solutions, such as Google Workspace and Salesforce, which contributes to its popularity. However, to reap all the benefits NetSuite offers, its adopters need significant investment, as the solution is rather expensive compared to many other ERP on the market. Fortunately, there are ways for companies to optimize NetSuite implementation costs, thereby making its adoption more affordable. In this article, NetSuite consultants from Itransition overview NetSuite cost factors and provide some recommendations for reducing implementation costs. What are the cost factors for NetSuite implementation? The key factors that shape the total NetSuite ERP implementation cost are: Core and extra platform functionality Functionality is one the primary factors determining the cost of NetSuite implementation. A company can gain access to core ERP and CRM functionality by purchasing any NetSuite edition, as these modules are provided by default. NetSuite ERP module includes inventory, warehouse, and financial management capabilities, while NetSuite CRM module comes with marketing automation, order management, and sales forecasting. If a company needs functionality beyond the default NetSuite offering, such as industry-specific features, it will have to purchase additional NetSuite modules, incuring extra costs. These modules are usually grouped in bundles — Manufacturing Edition, Nonprofit Edition, and Healthcare Edition are some examples. Software configuration and customization Alternatively, if a company requires functionality that is not available out-the-box, it can configure the platform by using no-code SuiteFlow tools to create and set up custom NetSuite workflows. However, to fully customize NetSuite to its needs, a company may have to hire developers who’ll use the SuiteScript platform and build custom workflows from scratch via JavaScript, which also incurs additional costs. Number of users As mentioned above, NetSuite offers several editions, each coming at a different price. Companies should choose one depending on their business sizes and number of user licenses they require: • NetSuite Starter/Limited Edition — includes 10 user licenses, so it’s better suited for small businesses (10 to 50 employees). • NetSuite Mid-Market Edition — provides user licenses for 11-1000 employees. • NetSuite Enterprise Edition — includes 1000+ NetSuite user licenses. • NetSuite Premium Edition — provides unlimited licenses, so it better suits large companies and enterprises. File storage and transaction limit Besides the preferred NetSuite edition, the adoption cost also depends on the choice of one or another NetSuite Service Tier, which determines available file storage and monthly transaction limit. NetSuite offers four Service Tiers: • Standard — 100 GB file storage, 200,000 monthly transaction limit • Premium — 1,000 GB file storage, 2,000,000 monthly transaction limit • Enterprise — 2,000 GB file storage, 10,000,000 monthly transaction limit • Ultimate — 4,000 GB file storage, 50,000,000 monthly transaction limit Integration scope and integration approaches The number of NetSuite integrations with other business systems also influences the total implementation cost, with the more integrations required, the higher implementation costs. Along with the number of integrations, selected integration approaches also impact the final NetSuite implementation cost. For example, a company can connect NetSuite to other corporate software using builtin connectors, which require no coding skills and therefore can be executed by specialists without extensive technical expertise. Integrations with legacy systems usually require developing custom connectors from scratch, which is more complex and expensive. User training While NetSuite provides free training materials and user guides, both in the form of articles and video tutorials, training employees still requires some financial investment. For example, if employees need specific expertise to use NetSuite efficiently, a company may need to purchase paid courses, such as those provided by Udemi that can cost up to $100 per employee. Alternatively, a company can opt for user support services from a licensed NetSuite partner. While this type of training can be quite expensive, it helps provide employees with indepth knowledge of NetSuite quickly. For example, licensed partners can execute role-based training to educate employees depending on their user roles – system administrators and regular or advanced users. Project team composition The company will need an IT team to implement the NetSuite platform, and team composition is another important cost factor. The skillset of the project team depends on the scope and scale of the project, for instance, whether extensive NetSuite customizations are required or if comprehensive data migration is performed. 3 recommendations to cut NetSuite implementation costs 1. Prioritize only necessary NetSuite functionality Since the cost of NetSuite adoption directly depends on the functional scope of the solution, the company needs to prioritize ERP capabilities based on operational and strategic business needs. This can help understand which features are most important and should be implemented in the first place. Once a company’s needs are identified, decision-makers should carefully explore the NetSuite functionality. Each NetSuite module has its own set of features, so it’s critical to understand what each offers. Decision-makers can explore the NetSuite functionality and even t use the platform’s trial version to better understand its capabilities. Many licensed partners also offer NetSuite trial accounts for a small fee or free of charge. These typically provided access to core and optional NetSuite capabilities included in OneWorld, Advanced Inventory, Fixed Assets Management, and other modules. Business analysis and research of the NetSuite functionality How To Cut The Cost Of NetSuite Implementation
APAC Insider Q4 2024| 13 can help decision-makers determine whether the core functionality of NetSuite is enough or if additional NetSuite capabilities are required. After a company implements NetSuite with the minimum possible investment and covers its most critical needs, it can purchase additional functionality later on. 2. Streamlining customization and integration processes As mentioned earlier, a company can tailor NetSuite to its needs by configuring or customizing the ERP system. While customization can bring more advantages to a company, it is also more expensive. Increased IT labor cost is one of the key factors here, as the company has to pay for developers’ work. If customization cannot be avoided, the company should optimize this process to make it less labor-consuming and more cost-effective. For instance, the company can reduce the costs associated with customization testing using automated testing tools. Testing automation enables companies to speed up routine and time-consuming QA tasks and reduce IT labor cost. Also, if pre-built connectors provided by NetSuite can not cover a company’s integration requirements, it will have to build custom connectors from scratch. Although creating custom integrations can be expensive as well, companies can still make it more affordable by increasing its speed and efficiency. One of the ways to streamline the integration process is to use Oracle’s Project Integration Framework, a platform available in Oracle Cloud Infrastructure as a SaaS application. Working as a centralized integration hub, it allows teams to quickly create and easily manage integrations between Oracle solutions and third-party software. 3. Involving thirdparty NetSuite experts in the implementation Assembling a team to implement NetSuite can be too difficult and expensive for a company if it lacks the necessary in-house expertise since it can take months or even years. In such a case, outsourcing NetSuite experts can be a more cost-effective option. If a company requires a wide range of skills that are difficult to cover with augmentation, it can hire an external team of NetSuite experts. Such a team can perform the entire implementation end-to-end, including deployment, integration, and ERP customization. Final thoughts NetSuite is a popular ERP solution that helps companies manage and improve various aspects of their businesses, from accounting and logistics to manufacturing and customer relationship management. Although the use of NetSuite enables companies to perform better and thus become more competitive, the adoption of this ERP platform can be costly. The good news is that companies can mitigate multiple adoption costs and thus make NetSuite more affordable. For example, instead of spending resources on building an in-house IT team, a company can delegate the implementation project to thirdparty NetSuite experts and thus ensure more cost-efficient and smooth ERP adoption.
APAC Insider Q4 2024 | 14 SM LEGAL is a Delhi based law firm which provides preventative and curative consultancy services across Taxation, Corporate Law, Arbitration, Banking Laws, Intellectual Property Service, Labor & Industrial Laws, Information Technology, Commercial, and all types of Civil and Criminal matters. We learn more from Managing Partner Asmita A. Nayak as SM LEGAL is named for its excellence in our APAC Legal Awards 2024. Since 2011, SM LEGAL has been taking the weight off its clients’ shoulders so that they can feel more comfortable and empowered in their lives. With offices in Mumbai, Hyderabad, Raipur, and Cuttack, this firm has nestled itself deep across its region – helping countless clients year upon year. Leading by example and taking good care of her clients, Managing Partner Asmita A. Nayak has been enriching the lives of many. She believes it is important to hold positive core values at the heart of everything we do and her hard work is truly paying off as she continues to shape the future of SM LEGAL. Asmita shares, “As a Managing Partner, I have always believed that having a strong value mindset is essential for sustainable growth. Shortcuts may help on occasion, but they won’t take you far. Every professional must have the right values, vision, and mission to achieve true and long-lasting success.” Speaking of her passion for success and growth both personally and as part of a team, Asmita comments, “Throughout my life I believe that I have attempted to display leadership skills as my parents have always encouraged me to be independent and shoulder responsibilities. That is why after my law degree, I decided to follow my passion of becoming a legalpreneur. And as a Managing Partner, I’m extremely proud of where the Law Firm stands today after a period of 12 years. Just like all other firms, we have been through ups and downs but I’m proud to say that we are now one of the best legal firms in India when it comes to taxation, corporate and civil matters.” With services spanning many legal matters, SM LEGAL has all the tools necessary to improve almost any situation. Its dedicated approach to alleviating stress and providing a breath of fresh air into the world of law has propelled it forward in its success. “Our success lies in the success of our clients. We provide creative expertise and a dedicated professional and quality service in order to bring success to our clients and we are determined to fulfil our promise. We feel proud in providing efficient and cost-effective services to our clients. We can help and safely guide our clients in meeting their objectives.” With a keen eye for detail and a sheer drive to improve its clients’ lives, SM LEGAL has consistently gained the respect of many across its region. There’s nothing holding the firm back should it wish to expand further afield, and we’re sure to see it grow exponentially in the near future. SM LEGAL is an award-winning legal firm operated by awardwinning lawyers. Its contribution to its clients’ lives solidifies its position as a leading law firm in India. It’s no wonder SM LEGAL was bestowed with the title of Best Taxation Law Firm 2024 – India from us at APAC Insider. Working so diligently in such a crucial industry, Asmita and SM LEGAL have become essential options for anyone in need of seasoned law services in India. Contact Details Contact: Asmita A. Nayak Company: SM LEGAL Web Address: https://thesmlegal.com/ Best Taxation Law Firm 2024 – India Jul24501
APAC Insider Q4 2024 | 15 In the last few years, financial scams and fraud have been rampant across various sectors in Southeast Asia. Traders and investors, in particular, are being exposed to financial malpractices like never before. Kar Yong Ang, a financial analyst from Octa, a global broker with extensive experience in the financial markets, offers some actionable tips that can help traders avoid scams and fraud. This August, about 400 Malaysian investors lost roughly 100 million RM collectively to a supposed investment scam scheme. Victims started putting their funds in the scheme as early as 2016 through a site posing as a legitimate investment platform and even received due payments until 2022. However, following 2022, they received no more revenue on their investments, with the alleged operators giving various excuses. Victims were promised profits on their investments, and some even signed contracts specifying monthly returns. However, they lost control over or access to their funds after transferring their capital. It is worth noting that scammers used fake e-brokerage licenses to gain the victims’ trust. This case reflects a broad trend: cybercrime in general and financial scams and fraud in particular are on the rise both worldwide and in Southeast Asia. Given that, both seasoned and aspiring investors and traders should look out for potential signs of scams and fraud and do everything they can to protect themselves from malefactors. Belowaresomeofthemostpopular schemes targeting traders. Ponzi and pyramid schemes Malefactors can promise high profits without risk, paying early investors the returns from new investors’ contributions. The scheme starts to collapse when the number of new investors exceeds that of existing ones. Recommendations: avoid offers containing unrealistic promises. Opt for brokers that have been on the market for many years and provide transparent deposit and withdrawal procedures. Broker fraud Some brokers engage in unethical or illegal practices, such as unauthorised trading, churning (excessive trading to generate commissions), or offering fake investment products. Recommendations: choose experienced brokers with internationally recognised licenses and global reach. If a broker successfully meets the strict criteria of multiple regulatory bodies, it is more likely to be legitimate, and you will be safe trading with it. For example, Octa, a global broker since 2011, is always fully transparent about its trading conditions and its financial transactions with clients. The broker’s exposure to high international standards allows it to provide a secure and fair environment to its clients regardless of the region so that you can focus on trading and not get distracted by security concerns. Fake trading platforms Scammers create fake trading platforms that mimic legitimate ones. Traders deposit money into these platforms, only to find out later that the platform doesn’t actually exist or refuses to allow withdrawals. Recommendations: when you see the broker’s logo online, double-check the domain name. You can use the broker’s domainchecker extension to identify the authenticity of its local page. Always assume that fraudsters will be using some version of the brand name to try and trick you. Check the authenticity of brokers’ social media pages: their legitimate accounts are usually listed on their official website. Unfortunately, multiple copycats appear daily, so it’s important to stay vigilant, especially when engaging with Telegram and Facebook groups. Signal-selling Fraudsters can sell trading signals, urging investors and promising guaranteed profits based on fake expert analysis. These signals can be random or deliberately wrong, and traders can lose money by following them. Recommendations: don’t be led by self-proclaimed social media gurus, and do your research before trusting any source of trading insights. Avoid experts who urge you to act right here and now while selling their insights— this is a red flag since they can use the sense of urgency to press you into making a rash decision. Phishing and spoofing Scammers use fake emails, websites, or phone calls to trick traders into revealing sensitive information such as login credentials or personal data. They may also hack legitimate trading platforms’ databases to steal funds or personal details. Recommendations: when receiving any communication allegedly coming from your broker, it is always a safe bet to reach them through the contact details specified on their site and continue the dialogue through this channel. Also, be sure to trade with an experienced broker that ensures high security standards through strict knowyour-customer procedures and efficient customer support. Social media and celebrity endorsement scams Sometimes, scammers use modern technology to create fake endorsements from celebrities or social media influencers. This way, they can lure traders into fraudulent schemes, often related to cryptocurrency or high-risk investments. Recommendations: beware of unrealistic promises and try to check the official special media pages of the celebrities in question before making any hasty decisions. Refrain from sharing your personal information and research the company that is allegedly collaborating with the celebrity. You may also want to contact the company, asking them to verify the endorsement. While the variety of tactics used by fraudsters in the financial sector constantly grows, there are solid and time-proven methods that will help you significantly reduce the risk, if not render yourself immune to it. By applying the approaches listed in this article, you will be able to become more aware of the malefactors’ arsenal and avoid many of their tricks altogether. Tackling Financial Fraud in Southeast Asia: Key Tips from Global Broker Octa for Traders.
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