ROI since implementing MYOB Advanced Manufacturing
End of Month Financial processing time – saved 13 hours per month
Accounts Receivable processing time – saved 10 hours per month
Procurement Accounts Payable time – saved 40 hours per month
Server infrastructure & maintenance – saved $10,000 per annum
Total processing time efficiency & product management – saving $48,000 per annum*
*Based on average time-cost rates per employee
When PolyNovo expanded to deliver its innovative, life-saving products to new markets, the team quickly realised its existing tech stack was a barrier to growth.
The medical device manufacturer was distributing skin products for burn victims and other complex skin issues across the globe however, managing its expanding operations had become a challenge.
As demand grew, the PolyNovo team began searching for a robust solution that could scale with them and connect the dots across continents. Needing access to real-time data from anywhere, at anytime, as well as multi-currency reporting and the precise tax obligation management to match their global reach, PolyNovo quickly identified the key to unlocking their growth potential: an Enterprise Resource Planning (ERP) system.
"We were a startup not many years ago. The opportunity to deploy a fully cloud-based ERP system was crucial for us," explains Philip Scorgie, Chief Information Officer at PolyNovo.
With MYOB Advanced Manufacturing, PolyNovo is now equipped with the tools necessary to succeed in a competitive market.
Implementing better processes and better data accessibility
After moving from traditional on-premises products to the cloud during the Covid-19 pandemic, the implementation of MYOB Advanced Manufacturing transformed PolyNovo’s operations from the ground up.
They were a small team when they launched five years ago across Australia and the US, and were using small business solution MYOB AccountRight for R&D purposes, until they realised the need for a more powerful and effective operating system.
In order to get the basics of a growing company right, PolyNovo knew they needed to upgrade from their small business solution to a full stack ERP that delivered accurate monthly reporting, cost centre reports, and a shift in focus as the business scaled.
Now the medical manufacturer uses the manufacturing capability and integrated financial reporting of the MYOB Advanced Manufacturing ERP to provide reporting to the global workforce.
With MYOB Advanced Manufacturing, PolyNovo integrated all its financial and manufacturing processes into a single platform, streamlining workflows and boosting efficiency.
“We can provide access to all of our people all around the world … and they have access to all of the data within the system anywhere in the world.”
- Philip Scorgie, CIO, PolyNovo
MYOB Advanced Manufacturing also allows for streamlined business operations and access to business-critical data. The cloud-based software means not only more accurate reporting and real-time data, it allows for better business decisions to be made through more informed oversight.
“Upgrading to MYOB has been beneficial … it has become the single source of truth and brought us a lot of time and cost savings.”
- Christine Orpia, Group Financial Controller, PolyNovo
Operational benefits across a complex global environment
Overseas expansion is a major business milestone that comes with its own unique challenges. For PolyNovo, the ability to manage financial operations across multiple countries, each with different currencies, was a key functional requirement.
MYOB Advanced Manufacturing’s multicurrency support proved to be a game-changer, allowing PolyNovo to issue invoices and sell in nine different currencies while maintaining financial reporting in both Australian and US dollars.
“MYOB has heavily helped us to expand our global footprint and be able to report on different currencies as well as translate and consolidate all those reports in the reporting currency,” explains Christine Orpia, Group Financial Controller at PolyNovo.
“MYOB is able to support multi-currency and different tax requirements in different countries.”
- Christine Orpia, Group Financial Controller, PolyNovo
This has allowed significant time savings and process efficiency gains to be realised across the business, as employees can now focus on business-critical work.
"The integration capabilities of MYOB Advanced Manufacturing are particularly beneficial. We’ve managed to integrate it with our other systems … creating a seamless workflow and ensuring data consistency across all platforms," Philip explains. This integration has led to improved decision-making, better collaboration across departments, and enhanced operational efficiency.
Security and scalability: The benefits of cloud-based software
Looking to the future, PolyNovo is confident in its ongoing partnership with MYOB. The scalability of MYOB Advanced Manufacturing means that as PolyNovo continues to grow, its ERP system will adapt and expand to meet new business needs without the hassle of managing physical servers or legacy infrastructure.
“A company like ours doesn’t want to be managing servers, so that cloud model that MYOB provides just fits us perfectly in our growth phase.”
- Philip Scorgie, CIO, PolyNovo
Having already saved them $10,000 per year in server infrastructure maintenance and management, and over 60 hours in efficiency gains throughout their operational processes, MYOB’s cloud-based software delivers robust operational power as PolyNovo grows and scales.
As with any business management software, the question of data security is highly prominent.
PolyNovo has embedded a robust cyber security process for their operations and can rely on MYOB Advanced Manufacturing to bolster that.
“We integrate single sign-on with the authentication in MYOB product via the Microsoft authenticator, so that provides that level of security using two factor authentication,” says Philip.
“The security of MYOB is really powerful.”
- Philip Scorgie, CIO, PolyNovo
A partner in growth now and into the future
For PolyNovo, MYOB Advanced Manufacturing has been more than just an ERP solution; it has been a partner in their growth journey. From simplifying complex financial processes to enabling global operations through its comprehensive multicurrency and tax management features, MYOB Advanced Manufacturing has equipped PolyNovo with the tools necessary to succeed in a competitive market.
“The really exciting thing for us is … there’s many more features coming down the pipeline at MYOB that we’d like to start to leverage.”
- Philip Scorgie, CIO, PolyNovo
As PolyNovo continues to innovate and expand its life-saving products to new markets, MYOB Advanced Manufacturing stands as a pillar supporting their ambitious endeavours.
