NetSuite is one of the best ERP options. It can save you enormous costs through streamlining operations and provide predictive analytics that allow for proactive decision making. The key to success is a customized NetSuite implementation.
NetSuite ERP solutions bring the power of automation and the insights of sophisticated predictive data analytics to your organization, allowing your company to react swiftly to market opportunities and anticipate pitfalls. These benefits are quickly becoming indispensable in an environment where competitors work relentlessly to create efficiencies.
However, NetSuite is not a one-size-fits-all product. You must customize your implementation to meet your organization’s unique process and goals.
This requires a well-planned, professional NetSuite implementation that employs five key success factors: understanding NetSuite’s capabilities, choosing the right implementation partner, creating a single view of customers, breaking free of old legacy systems and formulating innovative strategies.
Let’s take a look at each of these factors.
Understanding NetSuite’s Capabilities
Part of NetSuite’s strength comes from its wide range of capabilities. You can employ this ERP solution for tasks in financial management and planning, order management, production management, supply chain management and customer service.
Having this variety of capabilities provides you with the opportunity to add new functionalities as needed and incorporate higher-level features. For example, at the start, some NetSuite users focus on customer service and order management features, and later, they may add a financial planning feature.
Choosing the Right Implementation Partner
For a successful NetSuite implementation, you need a team with specific technical expertise. To evaluate a potential partner’s ability, research the company’s methodology and previous experience. A strong implementation partner can demonstrate its methodology and offer case studies that highlight relevant experience.
Be sure to ask for examples of how the partner can help you with your company’s specific goals.
A potential partner should lay out a plan for the entire implementation, including requirement analysis, design, validation, testing, training and user adoption.
The implementation plan should inspire your confidence that the team will complete the project on time and on budget while emphasizing an implementation strategy that enhances processes and meets stakeholders’ needs.
Creating a Single View of Customers, Real-Time Reporting and Organizational Visibility
One of the early steps in many ERP integrations is organizing a single view of customers, which includes a single view of orders, items or SKUs and real-time reporting capabilities.
The real-time platform integrates data and allows all facets of the company to operate the ERP features they need. And it eliminates data silos by integrating all data into one system, which furnishes more robust data and analytics to enhance decision-making.
Retiring Legacy Systems
Bringing everything under the NetSuite umbrella creates the efficiency and business strategy enhancements that make ERPs so effective.
To do this, you must select the features that are important for achieving your goals. It often makes sense to start with expanding accounting and financial functions, which then improves reporting and automation abilities.
Once the financial functions are in place, you can add other features, such as advanced financial capabilities, more streamlined procurement processes and purchasing controls that reduce expenses.
With your NetSuite implementation complete, your company can break free of the constraints of the old legacy system. You can now use advanced ERP features to solve complicated financial challenges, improve project management flows, enhance compliance management or strengthen any other areas of importance.
Formulating Innovative Strategies
NetSuite ERPs allow management to view operations across even the largest enterprises at the high and granular levels.
The ability to quickly understand the performance of different areas promotes rapid decision-making based on accurate data. You can develop initiatives to save costs, such as through a more efficient compliance process, and to boost revenues, such as by fine-tuning offerings to meet customer demands.
NetSuite ERPs are a great way to ride on top of the data wave. Businesses that use NetSuite ERP are in a position to rocket past the competition.