Whilst growth is a goal of most businesses, when it happens unexpectedly it can either be a catalyst for change, or a slippery slope to bankruptcy. Without the right strategy, technology and processes in place, managing administrative, operational and financial process changes can quickly get out of control.
In this article, we will explore the benefits of using NetSuite, how to implement it both before and during rapid business growth, and how to leverage its various modules and add-ons to unlock its full potential. We will also discuss how NetSuite can help you overcome challenges common to a wide range of industries and discuss in detail how you can achieve a successful rapid implementation with SuiteSuccess, if your growth path has already commenced.
Understanding NetSuite and its Benefits
What is NetSuite?
NetSuite is an integrated business management suite that encompasses various modules and functionalities essential for running a business. It offers a comprehensive range of applications, including financial management, customer relationship management (CRM), supply chain and inventory management, e-commerce, and human resources management, to name just a few.
Key Features and Functionality
NetSuite comes equipped with a wide array of features that can help streamline your business operations and drive growth.
Access to Live Reporting, KPI’s and Transaction Data
Having access to current data is crucial for businesses to make timely decisions. NetSuite provides an integrated view of all your business data in real-time. This ensures that decision-makers have access to accurate and current information when evaluating sales metrics, inventory levels, or financial health.
A Modern Customisation Layer That’s Upgrade-proof
Different businesses have varied needs and challenges. Recognising this, NetSuite offers extensive customisation options. Whether there’s a need to set up unique dashboards or establish specific operational workflows, NetSuite’s platform provides the tools necessary to tailor the software to meet individual business requirements.
Support for Process and Approval Automation Out of the Box
Efficiency is paramount in today’s fast-paced business world. With NetSuite, many processes can be automated, including order management, billing, and financial reporting. This not only ensures consistent and accurate outcomes but also reduces manual tasks, allowing teams to concentrate on other essential aspects of the business.
Scalable Infrastructure Managed For You
As businesses grow, so do their operational demands, including data processing, user access, and transaction handling. NetSuite has been designed to scale according to these evolving needs. This means that as a business expands in size or scope, NetSuite can accommodate the increased demands without compromising on performance.
Support for Process and Approval Automation Out of the Box
Efficiency is paramount in today’s fast-paced business world. With NetSuite, many processes can be automated, including order management, billing, and financial reporting. This not only ensures consistent and accurate outcomes but also reduces manual tasks, allowing teams to concentrate on other essential aspects of the business.
Scalable Infrastructure Managed For You
As businesses grow, so do their operational demands, including data processing, user access, and transaction handling. NetSuite has been designed to scale according to these evolving needs. This means that as a business expands in size or scope, NetSuite can accommodate the increased demands without compromising on performance.
Implementing NetSuite During Rapid Growth
Implementing NetSuite during business growth can be a transformative step for organisations. Whether you are a startup or an established business, NetSuite provides the foundation on which you can plan a future state to ensure your software ecosystem supports the needs of your team and customers. However, implementing an ERP solution is a challenging task, so having the right NetSuite Implementation partner to help guide your process is critical to the success of your project.
A good NetSuite partner will have processes and documentation to plan, manage and execute system configurations and customisations rapidly, shortcutting the time it takes to go live and start reaping the benefits of the system.
Scoping Your System and Assembling Your Implementation Steering Committee
Jumping straight into configuring the system may seem tempting, especially when the pressure of managing day to day operations feels overwhelming. Seeing the flaws and gaps in your current systems can be frustrating when you know what NetSuite is capable of, however, taking the time to properly scope and plan your solution is the most important step in the implementation process.
Documenting Your System Requirements
Document Your Current Systems along with the functionality they provide to users as well as the gaps in the software that will be managed by a more modern cloud ERP like NetSuite. Your ERP implementation partner will be able to provide you with comprehensive documentation and tools to record and track this information.
Create a ERP Steering Committee
Assemble an internal steering committee that includes team members for all levels and departments. Whilst executive sponsorship is important, getting input from both management and administrative processors (AR/AR Clerks, Sales Representatives, Warehouse Workers etc), to ensure both the aspirational and more mundane needs of the business have been considered.
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Harnessing the Power of NetSuite to Support Rapid Business Growth
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Harnessing the Power of NetSuite to Support Rapid Business Growth
Configuring and Customising NetSuite
NetSuite stands out as the best business management software for its almost limitless adaptability, which allows businesses to mould its functionalities to suit their use case. Customers can capitalise on netSuite’s flexibility in a few different ways including both configuration and customisation.
The Difference Between Configuration and Customisation
NetSuite Configuration refers to the process of installing and managing settings in the various modules in the system. Depending on the NetSuite modules you have purchased, your ERP consultant will be able to tailor each module, transaction screen, form and settings to reflect the functionality requirements that were defined in your implementation scope. Configuration can also refer to editing standard reports and saved searches to be able to surface the information your users need on their dashboards.
Customisation however, usually refers to technical projects, such as script writing, custom portlet creation or scheduled tasks and automations that are not achievable with NetSuite’s standard functionality.
During the implementation process, your NetSuite partner will work to configure the systems modules to follow industry leading practices, whilst also customising NetSuite to align with your unique business workflows, terminology, and industry-specific requirements.
Deciding What to Turn On
When first implementing NetSuite, it’s crucial to determine which features and modules are most relevant to your business operations. Your NetSuite partner will guide you through the myriad of available tools, ensuring that you activate the functionalities that will drive productivity and align with industry-leading practices. This can range from inventory management and customer relationship management to financial modules, among others.
The key is to identify and enable the components that will deliver the most value to your organisation and that will support growth. It is important to remember that an ERP implementation doesn’t need to instantly solve all business problems. Any improvement to the day to day management of your operations, especially during times of rapid growth will provide significant enhancements when compared to managing things in multiple systems, spreadsheets and databases.
Deciding What to Turn Off
Just as important as knowing what to enable is understanding what to disable. To maintain a streamlined user experience and ensure that the system isn’t cluttered with unnecessary forms, fields and options, it’s essential to turn off or hide features that aren’t relevant to your business model or industry. This helps in keeping the platform efficient, user-friendly, and focused on delivering the best results in the areas that matter most to your operations.
Filling the Gaps with Customisation
While NetSuite offers a comprehensive suite of features, every business has unique workflows, terminology, and industry-specific requirements that may not be addressed out-of-the-box. This is where customisation comes into play. With the assistance of your NetSuite partner, you can tailor the platform further to align with your distinctive business needs. Whether it’s developing new modules, creating custom dashboards, or integrating third-party applications, the aim is to mould NetSuite in a way that it seamlessly integrates with your established business processes and nomenclature.
Data Migration and Integration
Moving your existing data to NetSuite requires careful planning and execution. Data migration involves extracting, transforming, and importing data from various sources into NetSuite. Proper data migration and integration are crucial for a successful NetSuite implementation and to maintain data integrity.
Choosing What Data to Migrate to Your New ERP
Most experienced ERP professionals know that data migration for the sake of being able to access historical data isn’t always the best approach, and can add hundreds of hours to the scope, create unnecessary complexity and sometimes completely derail an implementation.
Having 12 months of historical data in NetSuite, is usually sufficient for most businesses. By keeping a single licence to your existing accounting system, like Xero or MYOB will give users the ability to look up information if required, but not burden the implementation team, giving you a rapid path to go live.
Training and Deployment
Proper training and deployment of NetSuite positively impacts user adoption and system utilisation. Providing comprehensive training sessions to your team will enable them to navigate the system efficiently and effectively use all the features. It is crucial to involve key stakeholders and end-users early in the training and deployment process to establish buy-in and facilitate a smooth transition.
Train the Trainer, Classroom Style or One-on-one
Depending on how many users and roles you have in your company, a “train the trainer” approach to disseminating NetSuite knowledge internally is usually the most cost effective way to approach user learning. Having internal super users will not only speed up resolution to any issues that arise, but it will also provide you with a team of experts that can help continue to enhance NetSuite in the future.
For smaller companies, having a NetSuite Training expert deliver either one-on-one training to individual users, or provide classroom style training when you have a large number of users doing the same role can make sense. Make sure you work with your NetSuite Partner early in the process to ensure you understand your training options to be able to decide which one, or which combination of training approaches makes sense for your team.
Train the Trainer, Classroom Style or One-on-one
Depending on how many users and roles you have in your company, a “train the trainer” approach to disseminating NetSuite knowledge internally is usually the most cost effective way to approach user learning. Having internal super users will not only speed up resolution to any issues that arise, but it will also provide you with a team of experts that can help continue to enhance NetSuite in the future.
For smaller companies, having a NetSuite Training expert deliver either one-on-one training to individual users, or provide classroom style training when you have a large number of users doing the same role can make sense. Make sure you work with your NetSuite Partner early in the process to ensure you understand your training options to be able to decide which one, or which combination of training approaches makes sense for your team.
Getting Ready to Go Live with NetSuite
Going live on NetSuite is an exciting time. Your team and NetSuite partner have worked hard to create a brand new platform to provide the foundation for your future business state. However, there are some critical aspects to managing an ERP go-live that can determine whether the system will be taken up seamlessly, or subject to resistance from team members.
Communication is Key
Before you go live, ensure that all team members are informed about the impending change. Highlight the benefits that NetSuite will bring to their specific roles and the company as a whole. By being transparent and creating an open dialogue, you can address any concerns early on and foster a sense of involvement among staff.
Test, Test, and Retest
Before officially transitioning, conduct thorough system testing. This involves checking every module, workflow, and customisation to ensure that everything works as expected. Engage a group of end-users from various departments in this testing phase. Their feedback can be invaluable in identifying potential issues or areas of improvement.
Prepare for Contingencies
Even with meticulous planning, unexpected issues can arise. Have a contingency plan in place that outlines steps to address potential challenges. This could involve rolling back certain modules, having technical support on standby, or even delaying the go-live date if necessary.
Feedback Loop
After going live, actively solicit feedback from users. Their on-ground experience can provide insights into any tweaks or additional training that might be needed. By showing that you value their input, you also encourage a more positive attitude towards the new system.
Driving Business Growth with NetSuite
NetSuite offers businesses the ability to streamline operations, enhance customer experience, and make data-driven decisions. Let’s explore some key ways in which NetSuite can further support business growth.
Streamlining Operations and Improving Efficiency
One of the key benefits of using NetSuite is its ability to streamline operations and improve overall efficiency. With NetSuite, businesses can automate various processes across different departments, making them more efficient and less time-consuming. Here are a few ways NetSuite can help streamline operations:
Integrated Business Processes
NetSuite provides a unified platform that integrates various business processes, such as financial management, inventory management, and customer relationship management (CRM). There are also a wide range of add on modules available that can be quickly added and implemented as your business grows and changes. Ensure that there is someone internally who is responsible for keeping up with new NetSuite features and modules that could further improve your use of the system and increase your overall return on investment.
Automated Workflows
NetSuite allows businesses to automate repetitive tasks with the Workflows and Approvals module. In our experience, this feature is typically underutilised in most businesses. For example, you can set up automated email reminders for pending invoices or automate the fulfilment process when an order is placed. This helps save time and resources, allowing employees to focus on more strategic tasks.
Capitalise on Live Data with Customised Dashboards
Whilst most users have a main dashboard that they use to surface the information they need to go about their day to day duties, many users don’t realise that each menu parent item can have a specific dashboard for that area of the system. A good example might be a sales person, who works on progressing opportunities most of the time, but may benefit from a dedicated leads management dashboard with alerts to enable them to follow up new enquiries as quickly as possible.
Enhancing Customer Experience and Retention
Rapid business growth is usually synonymous with a deluge of new customers and contacts. NetSuite’s customer relationship management (CRM) capabilities that can help businesses enhance customer experience and improve customer retention.
360-Degree Customer View
With NetSuite, businesses can have a complete view of their customers, including their purchase history, preferences, and communication history. This allows you to provide personalised experiences, offer targeted promotions, and build stronger relationships with your customers.
Improved Customer Service
NetSuite’s CRM module includes features like case management, which helps businesses efficiently handle and resolve customer inquiries and issues. By providing excellent customer service, you can increase customer satisfaction, loyalty, and retention.
Omni-Channel Support
NetSuite enables businesses to provide a seamless shopping experience across multiple channels, such as online, mobile, and in-store. This allows customers to interact with your brand and make purchases through their preferred channel, increasing convenience and customer satisfaction.
Scaling Your Business and Expanding to New Markets
NetSuite is designed to support businesses of all sizes and can easily scale as your business grows. Here’s how NetSuite can help you scale your business and expand to new markets:
Flexible Architecture
NetSuite’s flexible architecture allows businesses to customise and adapt the system to meet their specific needs. Whether you need to add new modules, integrate with third-party applications, or expand into new markets, NetSuite provides the flexibility to support your growth strategies.
Multi-subsidiary and Multi-currency Support
NetSuite has built-in support for multi-subsidiary management and multi-currency transactions. This enables businesses to easily manage operations across different subsidiaries or locations, as well as conduct transactions in various currencies, making it easier to expand into new markets.
Global Compliance
NetSuite is compliant with international accounting standards and regulations, making it suitable for businesses operating in multiple countries. This ensures that you can easily meet regulatory requirements and provide accurate financial reporting, regardless of where your business operates.
Collaborating with NetSuite Experts and Consultants
One of the most effective ways to ensure success with NetSuite is to collaborate with experienced NetSuite experts and consultants like the team at DWR Consulting. Our NetSuite professionals have in-depth knowledge of the platform and can provide guidance and support throughout the entire implementation process, go-live phase and into the future.
The Wrap Up
Harnessing the power of a modern cloud ERP like NetSuite is crucial for supporting and accelerating the growth of your business. By using this comprehensive cloud-based platform, you can streamline operations, enhance customer experience, make data-driven decisions, and overcome challenges that come with rapid expansion.
So, if you’re looking to take your business to the next level and drive growth, consider leveraging the power of NetSuite. If you have any questions, the DWR team is here to help. Please feel free to reach out for an obligation free consultation.
