Category: NetSuite

Top 10 Features to Look for in a NetSuite Implementation Partner

Posted on by cvp_adm

As more and more companies are taking advantage of ERP (enterprise resource planning) software and finding success with it, its market size is expected to near $50 billion yearly by 2025, according to Oracle NetSuite. These robust systems help organizations manage their core processes like accounting, inventory management, order management, and so much more. However, ERP implementations can be challenging; to ensure success, you need the optimal partner.

 

 

There is a lot involved in deployment, configuration, and daily activity management of NetSuite; most people need help driving its overall value. These elements take a dedicated implementation team, and most organizations lack the skills and resources to execute a full-scale in-house implementation independently.

 

 

Let’s review the top 10 features to look for when searching for the right partner to deploy NetSuite strategically.

1. Experience

In your due diligence searching for the right partner, it is vital to know they are backed by experienced teams who have specifically worked in your industry and organization type. The company you work with should deeply understand how to tailor NetSuite to your needs. The implementation partner should have a long-term strategy for your organization, as these companies are not simply there to deploy and leave, but rather to help your company get the best out of NetSuite over time. They should have a proven track record of commitment with a solid reputation as industry experts. Bench size matters, too; if you’re not working with a firm that has a sizeable consulting bench, you’re putting your project at risk.

 

Many consulting companies are simply too big to care. Small firms, however, will give you the attention you need with their best consultants put forward. Big companies are known for bait-and-switch tactics, where the consultants you sign up for are not the ones you end up working with.

Here are some questions to ask as it relates to experience:

  1. Do they have a list of customers you can reference?
  2. How many implementations have they completed?
  3. What types of companies have they implemented for?

netsuite implementation

2. Choice in Partnership

Oftentimes, companies get lured into working with NetSuite resale partners. In reality, the best choice is to buy direct from NetSuite because they offer complimentary and elevated support and will happily recommend one of their trusted Alliance Partners to work with for implementation. NetSuite Alliance Partners “perform 35% of NetSuite implementations, leading to a rapid return on value for both new and existing NetSuite customers.”


These companies have extensive experience in NetSuite deployment and custom configurations for many types of organizations in various industries. A NetSuite implementation is a big project and comes with some risk if not executed properly. You will be working alongside your partner for some time, and they will become an extension of your internal teams. A trusted NetSuite Alliance Partner has been vetted by previous customers, as well as NetSuite itself. As an external resource, these partners are as good as it gets when it comes to implementation.

3. A Proven Method

Not all methodologies are created equal. Your NetSuite implementation partner should have a successful repeatable framework, yet one that can be tailored to your needs. A tried-and-true process will not only save time, but it will also help the entire process go smoothly, as they have conducted it previously and continually for other companies like yours.

 

Generic training materials and out-of-the-box features are insufficient. Basic implementations that offer low pricing yet over-promise often can only adopt 70 percent of the requirements needed to go live. Over the next year, customers realize the limitations in this type of deployment, and by then it’s too late. If you want a “pre-built home”, know what to expect with those limitations.

4. Cost Savings

Implementing NetSuite is a full-time job, and you’d have to hire someone with experience in implementing and customizing NetSuite accordingly. Many nuances and complex attributes require expertise, and without this deep knowledge, it can cost companies considerable time and money. Implementation also demands internal resources from accounting departments, project managers, and other department heads. Avoiding burnout and employee frustration is another reason why augmenting your team with a partner is the best option. The right partner will have a team and method that will minimize your team’s time, so they can focus on the business.

5. Project Success Ahead of Contracts

The design and architecture of your goals and future accomplishments should be set forth before signing. If not, you will encounter problems that will affect budget and timeline. Design and planning can make or break the implementation. The best partners know this and will work with you on your plan.

6. Impartiality

Your NetSuite partner should have impartiality when working with your organization. Delivering the best solution for the company with no ulterior motives should be top of mind. They should provide you with unbiased direction on what works best for your organization, demonstrating that they understand your business, industry, company culture, and how you conduct daily activities.

7. Delivering Measurable Goalposts

Your partner’s first priority should be to focus on the areas that yield the highest benefit to the business. The second priority should be the “nice to haves” that are not necessarily big drivers for the business. Implementations grow based on users’ isolated requirements that typically don’t have visibility into the bigger picture of what the organization is trying to achieve. Having a steady and calm voice throughout the implementation is critical. 

 

8. A Demonstrative Project Philosophy

Your NetSuite Alliance Partner should be a direct communicator that is not intimidated to deliver news—good or bad.  They should be truthful throughout the process, even if something goes wrong on their end; they should be able to tell how you they can rectify a situation that can sometimes go wrong with a deliverable. Many companies will hide these instances and be afraid to share it with the client, prolonging it with excuses that eventually reach a boiling point where the client is left frustrated.

 

Project transparency is vital and means you know where the partner is in the process at any time. If communication isn’t clear, you leave yourself open to scope creep, timeline extensions, and overrides.

9. Change Management

Implementation is not a “one and done” event where once you go live, you are finished. These are living, breathing systems that need to be optimized well after go-live. Once a user starts to implement the system, they realize certain things are different and it may require some re-tooling. You partner should know this. Monitoring, measuring, and refining are the most important things to consider after going live for those very reasons. Users change after utilizing the system and your partner must take this into account. Having an optimization phase after go-live is critical.

10. Proper Communication and Expectation Setting

The reality is that software isn’t perfect. There’s no one application that does absolutely everything for one organization perfectly. Having the right expectations and mindset toward change is vital. Many organizations go into the implementation with certain expectations and preferences, but because most of the systems are leveraging newer technologies and new levels of automation and ways to report, people don’t necessarily realize that their daily work habits will have to change. Having an open mindset to change is important.

 

Caravel has more than 1,000 clients who depend on their expertise and guidance. They have a proven, repeatable framework that is tailored to each client, depending on their needs and goals. They even have various custom bundles that seamlessly merge with NetSuite to create tailored systems that help companies overcome challenges with their business processes. 

 

Contact us below for more information and for guidance with your NetSuite implementation.  

SuiteWorld 2024 Product Keynote Reveals Better, Smarter, and “Suiter” Growth in NetSuite

Posted on by cvp_adm

The Product Keynote at this year’s SuiteWorld was given by several key members of NetSuite that each brought insights into how the system will be “better, smarter, and suiter” moving into the future.

Gary Wiessinger, SVP of NetSuite Application Development at NetSuite, opened the Product Keynote address with a new theme for this year: All Systems Grow. This means making NetSuite “smarter, easier, deeper and suiter” for the end users. Wiessinger says, “Smarter, by adding AI across the Suite…easier means making it faster and more intuitive and enjoyable to do your jobs; deeper is helping solve more problems and adding more functional depth and sophistication; and Suiter means adding more magic that comes when you run your entire business in one system.”


He started by explaining what “Suiteness” means as it relates to some of NetSuite’s features. He first delved into NetSuite Customer 360 and how blending it with the ERP system gives a much more holistic view of the customer. This data can only be available when all business processes exist in a single system. Next, he spoke about CPQ + Manufacturing + SuiteBilling and how everything is automated to help you work more efficiently. He reiterated that this level of automation can only be achieved when all workflows exist in a single platform.


Wiessinger then brought three NetSuite clients to the stage – Trace2, Packer Fastener, and Municipal Emergency Services to the stage to talk about their successes with the system both inside and outside of work. They were able to talk about their companies, their growth and how they maintain a healthy work/life balance with their families. They mentioned that they’re able to access NetSuite on the go, which helps them to unplug and plug back in when they need to.


Craig Sullivan Dives into Financials

Next on stage was Craig Sullivan, Group VP of Product Management. He began by talking about NetSuite Pay, which is powered by VersaPay, and how it allows user customers to directly pay companies from an email invoice, which saves time by offering the option on the same screen. His talk continued with Bill Capture, which is powered by AI to offer more accuracy and reduce manual effort; he revealed that more NetSuite users have been adopting it and achieving great results, and that it will soon support vendor bills from other countries.


Sullivan said that Cash 360 has been enhanced with new additions, one of which is calculating forecast based upon day sales outstanding and days payments outstanding from the user’s actual data. These forecasts are drillable to reveal the differences between those raw numbers and calculated numbers. There’s also a new feature where installment payments expected from invoices are also being factored into the forecast.


Sullivan then continued by talking about Financial Exception Management to which they are continuously adding more enhancements. Upcoming releases include a dashboard of Exceptions that are drillable and solvable. He then moved on to chat about NetSuite SuiteProcurement, which Evan touched upon the previous day when he announced that Amazon Business and Staples were the first to sign on. This makes indirect procurement both easier and cheaper, whether you’re buying from small businesses or some of the largest companies in the world.


eInvoicing, introduced last year, was initially created to help meet evolving compliance standards and deadlines, but now it has more efficiency and automation in the sales and receivables processes. They’re now working on making NetSuite the first ERP system to adopt the new DB&A standards in the US.

 

It was also announced that entering credit card expenses from a corporate account is being enhanced with Credit Card Automation. On the Credit Card Activity Page, credit card transactions are all brought into the system and are categorized for review. On the Transactions to Review tab, the system has already done work for the user, so that all they need to do is select them to be categorized. This shortens review time greatly and will be coming to NetSuite soon.


He then spoke about NetSuite’s vertical offerings, which the company is continuing to expand. Its most recent, Healthcare, earlier this year, received 3rd party attestation with HIPAA. Its Compliance 360 dashboard identifies KPIs that are drillable to identify things such as outliers. Once a user looks into an issue, whatever that may be, they can look at the audit documentation that relates to it (a new feature!) and make notes within. This helps greatly with meeting compliance obligations.

 

Allison Auclair Goes “Deeper”

 

Sullivan then handed over the stage to Allison Auclair, Group VP of Product Management, who spoke about the “deeper” aspect mentioned above. Auclair continued with Customer 360 and mentioned that the company is continuing to add more scenarios over time that will enhance the AI capabilities and make insights even deeper for users.


With the newly launched CRM Specialized User, NetSuite is getting more people engaged by allowing sales, marketing, and service employees to get what they need. She said they are also unlocking more intelligence with NetSuite CPQ + SuiteBilling, which now work seamlessly together to enable users to configure subscriptions. This will let users configure their products, services and subscriptions all in one place, unlocking hybrid business models. This is all made easier with the CPQ Intelligent Assistant – she then showed both in action. In plain English, the user can simply ask what a customer is looking for and it will deliver the right solution. If it needs more information, it will start a conversation with the user to dig deeper to complete the configuration and the amount that will need to be paid. All that’s left is to send it to the customer, which can be generated with Text Enhance (that can also be translated to other languages).


Auclair then went on to talk about New Sales Order Status Design, which helps with transactions – especially sales and purchase orders that have a lot of downstream transactions. They’re working on a future design that will bring it all together. The new design will bring in the fulfillment and invoicing information together on one screen on the sales order. In the case where a customer wants to know when they will be receiving their products, the user can see what has been shipped and when, as well as tracking numbers.


Next came a brief overview of NetSuite Analytics Warehouse with AI (NSAW) and how it can be proactive in fixing certain issues. That, along with the Oracle Analytics Assistant (coming soon!) can be asked direct questions to help solve problems that are viewed in the NSAW dashboard. She demonstrated how features such as the Churn Prediction Model can help show crucial information about customers without the need for being tech savvy. Information such as this can help better inform users on what to upsell or cross-sell, bringing back the customer into the fold.


In her next segment, she explored how the “deeper” capabilities help with products and services. She brought up Hybrid Business Models and spoke about how products and services are now being offered with subscriptions, and that product companies are now offering services and vice versa. She mentioned how NetSuite offers many automated processes that allow users to sell, bill and deliver all in one place for these hybrid companies. Updates to this are many, including adding a logo to a shipping label and customizable email templates. She also spoke about NetSuite Projects Pro, and how companies get smarter with AI – which is what Evan spoke about the day before. The AI helps alert the user as to which projects need attention and proactively take action.


Hanif Ismail Discusses SuitePeople

Next to take the stage was Group VP of Product Management, Hanif Ismail, who started by talking about hiring and empowering employees with NetSuite SuitePeople. It offers capabilities such as full-service US payroll, HR administration, workforce management, engagement, and analytics. They run $6B in payroll transactions, demonstrating how trusted the platform is. The new enhancements they are making will help users grow the business by effectively managing labor costs and boosting employee productivity. He spoke about how health benefits make up a large portion of labor costs, which is expected to rise by 7% this year. He says that it is crucial to find a way to manage these costs and announced a strategic partnership with SimplyInsured that will allow users to shop and enroll employee benefits right within NetSuite. Once the employee selects the plan, deductions are made automatically in payroll.


He then spoke about productivity, and said NetSuite is currently working to automate “a highly legislative complex process that’s associated to garnishing employee wages in payroll. This feature is expected to help 55% of our existing customer base.” This will greatly reduce time spent on payroll administration and will improve compliance management.


Ismail then moved on to talking about the employee onboarding process and experience, which should be standardized across the board, and can lead to 50% more productivity. NetSuite will be enhancing its onboarding solution to offer a more engaging experience for new hires. Personalized messaging, videos and rich content will be able to be added, as well as leveraging external sources. He says the future of employee productivity lies in the NetSuite Digital Assistant, where features like reaching out to others with generative AI messaging helps save time, or even asking questions like how much money they made in overtime.


Covering the topic of technology and next to the stage was Brian Chess, SVP Technology and AI. He began by saying that with over a million users, a billion transactions per month, and a trillion database queries each day, NetSuite is clearly a powerful platform. Chess announced that now, 100% of users are on its Oracle Cloud Infrastructure and that it has expanded its global reach, totaling 36 data centers in 17 OCI regions around the world.


He revealed that Oracle software works best together and enables NetSuite to scale and get customers to where they are today.


To listen to the full Product Keynote, log onto On Air and see the Home Page.

SuiteWorld 2024 Keynote Reveals Many Exciting Updates and Upgrades to NetSuite

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Bustling with activity and exciting upcoming updates, SuiteWorld 2024 lived up to the hype. As a platinum sponsor, Caravel was privileged to attend some of the many insightful sessions, including the keynote address delivered by Evan Goldberg. With over 7,500 in-person attendees (not including On Air), this was the largest and most attended SuiteWorld thus far.

 

SuiteWorld Evan Keynote

Evan Goldberg, NetSuite’s founder and EVP gave an inspirational keynote revealing AI capabilities and new functionality. The opening included a remarkable show of flexible acrobatic dancers that demonstrated the exciting opportunities to come. He announced the new Oracle data centers in both India and Brazil bringing the total to thirty-six.

 

Comparing NetSuite to the complex underground ecosystem of the redwood trees, interconnecting every function, in all its complexities, in “a way that feels simple” and is seamless, even as businesses evolve. He demonstrated that with all the growth at NetSuite, its foundation has never waivered and has never been greater.

 

There are four main areas that the company has been focusing on for the future. The first is making NetSuite a more natural extension of work and making the user experience more seamless. The second, is giving the user a more holistic view of the business, then comes automation of more processes so you can focus on what matters, and finally, creating an even more collaborative system.

 

Evan Goldberg NetSuite

Hillel Cooperman, NetSuite’s SVP in User Experience Design, was brought on stage to reveal more about this endeavor called Redwood. Employees are using NetSuite on a daily basis, so the idea is to make it as user-friendly as possible and presenting information and the software to be more adaptable and organic for the user. They are removing every point of friction the user possibly experiences, and making Search work with natural language, having the software adapt to the user as opposed to the other way around. Generative AI has led them to better understand how people speak and avoid deciphering “computer language.” Moving forward, at the top of each screen on all Oracle software will be a field called Ask Oracle to search for data, a command, or a prompt – and that includes NetSuite. The new Redwood initiative will be seen across the board in NetSuite, including in Customer 360.

Goldberg also spoke about NetSuite Financial Exception Management, and how AI now replaces the UI to sift through all activity. The AI will auto-detect exceptions in financial transactions and alert the user to anything outside the pattern and suggests fixes. He says, “This results in faster reconciliation and more confidence in your close.”

 

SuiteWorld audience

He then went on to discuss how Open Air is becoming SuiteProjects Pro, which includes a new Home Page in Redwood, and now has AI for more insights into projects without the need to run reports. Projects that need attention will be flagged and will come with AI recommendations.

NetSuite Enterprise Performance Management or EPM, is a family of products that enhances planning, simplifies account reconciliation and close, and powers advanced reporting. Goldberg states, “It considers data from across departments to improve decision-making…and can help get insights more efficiently because it’s infused with more AI.” The company has also made AI enhancements to NetSuite’s Analytics Warehouse or NSAW.

 

The company has also made strides in adding more AI features to the core of NetSuite, and not just its add-ons. The first is the aforementioned Ask Oracle to literally ask Oracle anything. They’re also releasing their first AI assistant, SuiteAnalytics Assistant. Users can have a natural conversation with it, as it helps build reports and visualizations. These two breakthroughs will work together to greatly enhance the user experience.

 

SuiteWorld 2024

NetSuite Text Enhance, which was released last year, has been made even more effective with NetSuite Prompt Studio, which allows users to configure the way Text Enhance operates by editing the default Text Enhance prompts or create new prompts in any field that has Text Enhance capability, including custom fields.

 

 

Another exciting feature Goldberg announced was bringing generative AI to SuiteScript API. He mentioned that Celigo was able to build something very cool with it, and invited the Founder and CEO of the company, Jan Arendtsz up to the stage to talk about it. Jan talked about how Celigo is now a “full-fledged automation platform where companies can automate business processes.” Celigo’s Cloud Extend team has been working to enhance the user experience through many methods with AI, including summarizing email communications to offer the main gist of what was communicated so that users don’t have to go through the emails in their entirety. They’re also, among many others, creating a “knowledge automation bot” where a user can submit a question through a Slack or Teams interface, and in real-time, get a response with great precision. Celigo is also implementing AI in their product and have several capabilities in production.

 

 

Goldberg’s next topic was discussing Oracle Code Assist with SuiteScript – “an AI code companion powered by advanced large language models running in OCI.” It specifically optimizes for SuiteScript, where users can issue a prompt, and it just generates code. You can then cut and paste the code and then deploy it. It also helps with testing, documenting and explaining existing code. This helps save time and increase productivity as they customize NetSuite and build SuiteApps.

 

 

Next came an explanation of NetSuite Guided Learning Managed Service. Guided Learning, which came out last year, embeds step-by-step guidance directly into the UE. It shows team members how to execute tasks more effectively directly in context. The new Managed Service portion allows users to customize the learning experience for your specific business. It also offers analytics to show your team’s use of the Guides to optimize them and get teams to use them even more. The Learning Cloud Support (LCS) gives you access to the online learning center, where teams can choose from thousands of on-demand courses, connect with trainers, attend webinars, and schedule one-on-ones.

 

He then went on to reveal NetSuite Suite Procurement, an indirect procurement solution that lets you punch out from NetSuite to vendor sites to shop for goods and services. The first to sign up to this was Amazon Business and Staples Business Advantage and offer deals for NetSuite users. Suite Procurement automatically creates purchase requests within NetSuite, routes them to the appropriate person, creates purchase orders, and handles everything through vendor payment. This means that there’s no manual data entry for any transaction.

 

 

He also introduced NetSuite Connector for Salesforce, which is “finally marrying Salesforce and NetSuite.” The new connector automatically syncs your customer, inventory, sales order and financial data between your NetSuite and Salesforce environments, eliminating tedious data entry or shuffling between systems, and ensures scalability for the future.

 

 

Another accomplishment this year is NetSuite’s Advanced Customer Support, which can be a great asset in optimizing your NetSuite environment.

 

 

For the full keynote speech where Evan Goldberg reveals even more accomplishments and updates, log into On Air, where you can view it in its entirety.

Caravel Wins NetSuite’s Services Alliance Partner of the Year 2024

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We are thrilled to announce that we have won this year’s NetSuite Services Alliance Partner of the Year! This award recognizes Caravel’s dedication to the Services industry, and being recognized for this by NetSuite is a huge honor.

 

The Caravel team has been diligently working with Services industry customers for over 20 years, with a focus on helping them thrive with NetSuite ERP. We have helped our customers excel with project management, resources, budgets, tasks, expenses, billing, and more, as well as with 3rd party integrations.

 

Managing Director of Delivery & Operations, Tai Valenzuela says, “We are incredibly honored to be named Services Partner of the Year for the fourth year in a row. This achievement is a testament to the hard work and dedication of our amazing team, our strong partnership with NetSuite, and our unwavering commitment to delivering exceptional results for our clients. We couldn’t have done it without the trust of our clients and the collaborative spirit that drives our success every day. Thank you to everyone who has been a part of this journey!”

 

 

Caravel will continue to proudly serve clients in the Services industry and help propel their business with the top ERP system available today, NetSuite.

Ensuring Smooth User Adoption of NetSuite ERP

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As astute organizations seek to optimize their operations and enhance decision-making, the significance of user adoption in NetSuite cannot be overstated. Effective user adoption ensures that employees are well-trained and comfortable with the system, leading to increased efficiency, reduced errors, and a more seamless integration of business functions. Embracing NetSuite ERP fully helps organizations realize their potential, driving better performance and supporting strategic growth.

 

What are the challenges of NetSuite user adoption?

In many organizations, change is sometimes resisted. The implementation of a new system can be daunting at times, which is why proper training and adoption are so vital to its success. Some users may not only have challenges with change, but also with lack of technical skills. A solid implementation partner will know this beforehand and take it into account. Knowing that each user learns using different methods at different paces, they will ensure that users receive training options – and not just provide a single method for adoption.  Adequate training is crucial for successful adoption, with well-structured training materials so they may be used effectively. Because NetSuite has an intuitive user interface and aligns well with user workflows, the platform is more easily adopted.

 

Other challenges include data migration – moving data from legacy systems to NetSuite can be complex, which is why an experienced partner is so crucial. Poor data quality, incomplete migration or disruption of operations can reduce confidence in a new system. Additionally, integrating with other systems can be challenging and if it’s not seamless, it can lead to data silos and operational inefficiencies.

 

Addressing these challenges head-on is the job of the implementation partner. Ensuring the least amount hurdles will encourage users to embrace NetSuite and move forward with implementation into the organization.

 

Netsuite training

Developing a Strategic Training Approach

A strategic training approach begins with an assessment of training needs and identifying the many user roles and their specific training requirements. Sometimes, a skills gap analysis is done to determine what needs to be taught, but it may not be necessary with some organizations whose employees have used other systems in the past.

 

 

What’s important is to offer training in various methods. Some users learn better through video instruction, while others prefer a more hands-on approach and may need a live walk-through. A good implementation partner will offer different options including in-person sessions, and self-paced online video courses. They can provide access to tutorials, guides, and FAQs as well.

Effective Communication Strategies

Developing positive user adoption of NetSuite involves good communication and accessibility. Articulating NetSuite’s advantages and why they have chosen to implement the software, how it will make their work much easier, and sharing client success stories and case studies can also help.

Keeping users informed about implementation timelines and changes is vital, as is providing progress reports and addressing concerns promptly. Being available to answer questions via phone, email, or scheduled Zoom meetings – offering various forms of communication can also ease their woes and help communication efforts. Encouraging user feedback to identify issues and areas for improvement and showing the implementation partner is open to changing things for the better is great. Urging user feedback to refine training and support efforts can also help the partner as well as the user.  

 

NetSuite user adoption

Testing Before Go-Live

Testing your NetSuite instance before going live is crucial to its success and is an important part of training. Users must be comfortable with the system before launch. Ensuring functionality by testing helps to ensure that all modules and customizations are working as intended, and this includes validation of workflows, integrations, and that reports are producing accurate results.

 

 

Identifying issues or bugs before the system is fully operational can prevent disruptions in business processes once it’s live. Testing also ensures that data migration is accurate and complete, which is critical to maintaining the integrity of financial and operational data. Testing also provides opportunities for users to familiarize themselves with the system, and making sure they’re proficient with the functionality before they start using it in their daily tasks. A good implementation partner will also make sure that the customization is verified and works as expected and will create a sandbox for users to “practice” tasks, ensuring integrity of the system.

 

 

The importance of a structured approach is to achieve long-term success – the goal of any organization. Work with your implementation partner to weave in best practices to enhance user engagement and make sure they’re open to feedback so you can always be growing.

 

 

To understand more about how Caravel can help implement or improve your NetSuite instance, please contact us in the form below.

Measuring Success: Key Metrics to Track After NetSuite Go-Live

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With nearly 40,000 companies employing and relying on NetSuite as their ERP of choice, the popular platform has helped them achieve substantial insights into their business processes. The journey for these began once the system went live, however, the more crucial phase – monitoring and optimizing NetSuite to ensure they’re reaping maximum benefits is an ongoing process that needs to be discussed.


Tracking key metrics post-NetSuite go-live is essential for a deeper understanding of performance, identifying areas for improvement, and driving business growth. Below, we will explore what metrics you should be tracking and how to leverage them to continuously enhance your operational and financial strategies – making sure your investment pays off.


 

Efficiency Metrics Relating to NetSuite

Measuring efficiency metrics is likely one of the more apparent metrics you want to delve into so you can see how effectively the platform is utilized to streamline operations, improve productivity, and optimize your resources. Ask your team about cycle time reduction by measuring the time taken from order to cash and other critical processes before and after implementation. Measure your transaction processing time, which indicates how efficiently transactions are processed within the system.


Take a look at process automation, which involves monitoring the execution and outcomes of automated tasks and workflows and tracking the percentage increase and its impact on operational efficiency. For instance, in SuiteFlow, you can view the workflow status and history. You can also check the audit trail, as each workflow action can be audited to track when it was triggered and executed.

NetSuite also offers event monitoring capabilities that track user activity and system events, which can include tracking when automated processes are triggered and executed.

Cost Savings Metrics due to NetSuite Implementation

As one of the more significant metrics, measuring costs can be done in a few ways. Firstly, take a look and see if there is a reduction in IT costs. Compare the pre-ERP and post-ERP costs, including maintenance, support, and infrastructure. Secondly, examine administrative costs by taking a dive into changes in administrative costs due to the now streamlined processes and reduced manual work due to the many automations offered in NetSuite. Next, you can measure procurement savings by looking at the savings in procurement through improved vendor management and purchasing processes.


Measure your labor costs by evaluating changes in staffing requirements for finance, accounting, and IT departments. with regard to compliance and risk management, take a look and see if there was a reduction in costs associated with improved compliance and reduced risk of fines and penalties.


Examine Financial Metrics from Implementing NetSuite

Likely, one of the more significant metrics to examine is financial. Companies want to know if their investment in NetSuite has paid off. There are several financial metrics that can be looked at, starting with revenue growth. Monitor revenue trends post-ERP implementation to identify any positive impacts on sales and profitability. You can also look at profit margins by evaluating changes, considering cost reductions and revenue growth facilitated by NetSuite. Businesses can also examine cash flow and assess improvement in cash flow management and liquidity due to better financial controls and forecasting capabilities.


Return metrics are also significant, so look at your ROA (return on assets) to measure how effectively assets are being used to generate profit. Look at your ROE (return on equity) if you have shareholders. NetSuite can also provide Gross Profit Percentage, EBITDA, Debt Covenants, and Current Ratio.

Customer Satisfaction Metrics

Looking into your customers’ satisfaction sometime after a NetSuite implementation is a great way to see if it’s paying off outside of your organization. Take a look at order fulfillment and track improvements in order accuracy, fulfillment speed, and customer satisfaction scores. Examine service response times by measuring the changes in response times and service levels post-ERP to gauge customer service improvements. Finally, analyze customer retention rates and repeat business post-ERP implementation. These are all ways to get a comprehensive view of customer satisfaction and identify areas for improvement after implementation.

Reporting and Analytics Metrics post NetSuite Go-Live

NetSuite affords users exceptional reporting and analytics capabilities, so you will want to measure some elements to ensure that you’re getting the expected business value. Some key metrics to consider include data accuracy and integrity metrics. For data accuracy, evaluate the precision and reliability of financial and operational data post-ERP. You can also track the frequency of data entry errors or system-generated errors, and also measure the percentage of data fields that are filled out correctly. Take a look at real-time reporting by measuring the efficiency and speed of generating reports and dashboards. Finally, take a look at user adoption by assessing user engagement and adoption rates of NetSuite features and reporting tools.

Employee Productivity Metrics Utilizing NetSuite

Evaluating your return on investment can also be measured by looking at employee productivity after NetSuite implementation. Take a look at time savings, and calculate time saved per employee in performing routine tasks and accessing information. Look at training effectiveness, and measure how effective NetSuite training programs were in improving employee productivity. Another thing to consider is employee satisfaction – gauge employee satisfaction and morale changes post go-live and see what these changes have brought to your user teams.


The importance of tracking metrics post NetSuite implementation is vital to finding out if your investment was worth the time, effort, and money. Making informed decisions comes with continuously optimizing your system, and the only way to do that is by examining these metrics mentioned above. Continuous evaluation and adjustment of metrics will ensure ongoing success and a good return on your investment.


To learn more about how your organization can benefit from a NetSuite implementation or optimization, contact us in the form below.

How Can NetSuite Help Insurance Executives Make More Informed Decisions?

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Download this compelling infographic to learn more about how a cloud-based ERP such as NetSuite can help propel insurance companies to make better decisions and go to market faster.

 

Mastering FP&A with Automation and Machine Learning

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Many organizations are fraught with inaccurate data that is siloed from business operations when conducting planning and budgeting cycles, resulting in arduous manual work that is time-consuming and loaded with errors. Not to mention, relaying this vital information to leadership and key stakeholders can be laborious and flawed.


NetSuite Planning and Budgeting, or NSPB, is a powerful tool used by organizations to budget and forecast utilizing financial data from NetSuite. This robust solution propels finance teams to spend less time on manual tasks, saving them time and energy.


It is collaborative, scalable, automated, and accurate. NSPB provides predictive analytics, sophisticated modeling capabilities, “what-if” scenarios, rolling forecasts, reporting and approval workflows, transparency into performance, and real-time decision-making capability.


Predictive Planning with Machine Learning

The power behind NSPB is due to the integration of machine learning to automate processes, enhance accuracy in forecasting and budgeting, and offer deep insights into financial data, which enables users to make more informed decisions.


With predictive forecasting, machine learning algorithms analyze historical data and identify patterns and trends that financial analysts can miss. This aids in generating more accurate forecasts for future periods based on past performance. These same algorithms can automatically detect anomalies in financial data, which is helpful for pinpointing unusual spending patterns, unexpected variances, or mistakes in budgeting.


NSPB can leverage machine learning to optimize budget allocations based on various constraints and objectives. This might involve recommending adjustments to spending levels across different departments or projects to achieve desired financial outcomes.


Machine learning can help in generating and analyzing multiple scenarios based on different assumptions and inputs, which allows finance professionals to evaluate the potential impact of various business decisions or market changes on their budgets and plans.

Real-Time Data and Collaborative Endeavors

Because NSPB integrates financial planning across the entire organization, data is consolidated from various departments and functions which offers a wholistic view of performance and forecasts. Real-time financial data enables teams to make informed decisions based on the latest information, rather than outdated facts and figures.


With “what-if” scenarios, NSPB allows businesses to create several scenarios based on multiple assumptions and variables, which helps in comprehending potential outcomes of different strategies and decisions. This facilitates better risk management and contingency planning.


The collaborative approach that NSPB takes facilitates different teams to work together and ensures alignment with overall business objectives, assuring that everyone is working for a common purpose. Tools for monitoring performance against budgets and forecasts helps to identify deviations early on, and fosters corrective action to be taken sooner, helping to stay on track with financial goals.



Save Time, Cost, and Hours

Integrating NSPB into your NetSuite instance will greatly help financial teams to cut time on the budgeting cycle. It not only reduces human error in detecting anomalies, it also frees time from analyzing data and allows financial professionals to actually do the work and make decisions. Its out-of-the-box functionality allows teams to leverage these tools to get accurate forecasts without significant upfront costs.


Because all financial data, forecasts, and budgets are stored on a centralized platform, it eliminates the need for spreadsheets and disparate systems across departments. This ensures more accuracy and consistency in financial planning.


Manual work such as data entry, consolidation, and reporting are automated, which reduces time spent on these tasks and allows FP&A teams to focus more on analysis and strategy. Its customized reporting capabilities allows users to generate reports and dashboards that are tailored to specific needs, giving way to a more transparent view into performance and better decision-making. Financial plans and budgets also adhere to regulatory requirements by offering audit trails, version control, and security.

NSPB enhances FP&A by providing a unified, collaborative, and automated solution that seamlessly integrates with NetSuite ERP and empowers organizations to make more intelligent decisions based on accurate data, more precise forecasting, and ultimately improves overall performance and strategic outcomes.


For expert guidance on NSPB and NetSuite and how it can drive your organization to be more efficient and effective, contact us below.

Dilemma Solved: Should You Replace QuickBooks with NetSuite?

Posted on by cvp_adm

Many companies often find themselves in a place where they outgrow software that has once served them well. However, with new business challenges—particularly in accounting—comes new software that can match their growth rate and scale alongside them.

 

 

Organizations using myriad disparate systems to operate their business mostly come to the decision that migrating to one, more powerful platform is the answer. This often happens with QuickBooks users who have come to realize that it simply doesn’t meet the complexity of their needs. Let’s look at why many QuickBooks users migrate to NetSuite and why QuickBooks may have been right for them at some point but they now need to migrate to something more robust that meets their challenges.

 

QuickBooks and NetSuite Commonalities

While both cloud-based softwares are made to essentially help businesses manage their accounting needs, there is a significant difference in the approach and complexity of offerings. Both offer invoicing, billing, AP, and AR, and both integrate with other software solutions that help organizations streamline workflows and connect different parts of their operations. They also both provide reporting capabilities—but on a totally different scale, which we will tackle below.  

 

Differences Between the Two

QuickBooks tends to be great for small- to medium-sized businesses looking for an easy-to-use platform to manage finances. It offers some functionality for those looking to manage a few elements of their supply chain, eCommerce, and retail. It’s primarily focused on accounting for businesses that have straightforward needs for financial management, while NetSuite can handle much more complex and diverse functions, making it more applicable for those organizations with intricate processes and integrations. NetSuite also offers more extensive functionality beyond accounting, such as CRM and ERP, making it suitable for larger or more complex businesses.

 

 

quickbooks vs netsuite

 

What NetSuite has that QuickBooks Lacks

NetSuite’s financial management tools are made for entire accounting departments looking to run billing, planning, reporting, and more—all with real-time visibility into performance. It also has features that can keep organizations in compliance with regulatory requirements. NetSuite has an integrated CRM as part of its ERP suite, which offers integration between accounting and customer management processes. QuickBooks does have basic CRM features, but it’s not as robust or integrated with its accounting capabilities.

 

While QuickBooks offers some degree of customization, NetSuite provides extensive customization options, which allow organizations to tailor the system to its specific workflows and needs.

NetSuite’s reporting capabilities are advanced analytics tools that allow businesses to generate financial reports, analyze performance, and gain insights into their operations. QuickBooks does have reporting, but it’s not nearly as comprehensive or customizable.

 

The same goes for eCommerce integration—NetSuite includes features for eCommerce integration, enabling businesses to manage online sales channels, automate order processing, and synchronize data between their accounting system and eCommerce platforms. QuickBooks may have integration options with a few eCommerce platforms, but they may not be as seamless or comprehensive as NetSuite’s.

 

QuickBooks has limited support for global operations, especially for businesses with complex international requirements. NetSuite was designed to support multi-national businesses with features like multi-currency support, multi-language support, and compliance with international accounting standards.

 

 

switch to netsuite from quickbooks

 

When to Make the Switch

Organizations should consider their long-term strategy and whether QuickBooks or NetSuite best aligns with their business challenges, growth objectives, and operational needs. Firstly, the size of the business and its complexity should be considered. If your business has outgrown QuickBooks capabilities and requires more advanced features such as multi-entity management, international accounting, and more advanced reporting, it is time to consider the shift to NetSuite.

 

Organizations experiencing rapid growth that need a more scalable solution should also consider transitioning to NetSuite, which will accommodate the growth sans the need for frequent system migrations.

 

Consider your industry that may have more unique accounting and reporting requirements that QuickBooks may not address. NetSuite offers solutions and customizable features that are industry-specific to those like manufacturing, retail, or eCommerce.

 

Another thing to address is whether your business relies on multiple systems that will need to be integrated into your accounting software. NetSuite offers a comprehensive suite of integrated applications that streamline operations and improve efficiency.

 

Making the switch to NetSuite requires planning, implementation, and training, all of which are all made simpler with a partner. To help you decide whether your business should migrate to NetSuite, give us a shout below in the contact form.

How NetSuite AI Empowers Users to be Efficient, Effective, and Precise

Posted on by cvp_adm

The hottest investment in tech right now is AI, and NetSuite has taken full advantage of these advancements. AI-powered tools in NetSuite greatly improve the user experience with elements such as predictive analytics for inventory management, and intelligent automation for repetitive tasks like processing invoices. As NetSuite continues to be proactive and anticipates the needs of the end user, it helps to solve problems before we are aware that they even exist.


NetSuite’s intelligent capabilities include a myriad of tools that boost users’ efficiency and productivity. With automated data entry, manual tasks such as extracting relevant information from invoices, receipts, and bills are greatly reduced, which saves time and the chance for mistakes. Helping to improve accuracy and compliance, NetSuite’s AI capabilities analyze expense reports to detect patterns and anomalies, which can flag potential fraud or erroneous transactions.


With predictive analytics, its AI can look into historical financial data to identify trends and make predictions about future performance, which helps users make more data-backed decisions. With cash flow forecasting, AI algorithms can examine cash flow data to predict future patterns, helping organizations optimize their cash management strategies. To help identify fraud and financial irregularities, NetSuite’s AI can detect discrepancies in transactions and can generate reports by automatically aggregating and analyzing data from different sources, helping accountants be more accurate.

Machine learning in NetSuite helps to regularly improve the reconciliation process, learning from historical data and user actions to enhance the accuracy of matching over time, while adapting to changing transaction patterns and business needs. NetSuite’s AI helps automatically categorize transactions based on predefined rules and historical data, too. This also saves time and ensures better accuracy.


There are other myriad components in NetSuite AI, including intelligent automation used to streamline business processes such as order management, procurement, and inventory management that all help reduce manual tasks, improve efficiency, and minimize human error.


Other NetSuite AI tools include NLP or natural language processing, which is used to interpret and respond to user questions or commands in natural language. This enhances the user experience when it comes to tasks such as querying data, generating reports or initiating workflows.


For business intelligence, NSAW, or NetSuite Analytics Warehouse, helps users reveal patterns, opportunities, and relationships from different data sources. Its automations “validate, centralize, and connect data sources from different systems, reducing costs, manual work, and human error,” according to NetSuite. Machine learning in NSAW analyzes large datasets to identify patterns, anomalies, and correlations that can inform business decisions, while its natural language processing (NLP) enables its users to better interact with data, allowing for simple exploration and analysis of complex datasets. NSAW can also automatically generate insights and reports, which provides users with actionable data without the need for manual analysis.


To learn more about how NetSuite can help accelerate your business processes with AI, contact us below in the form.

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