Considering a NetSuite Implementation? Here’s What You Need to Know
NetSuite is the world’s leading provider of cloud-based business management software. Through a single, integrated business software solution, NetSuite helps companies manage core business processes, including customer management, financial management and planning, order and production management, supply chain management, warehouse and fulfillment, and procurement.
NetSuite combines multiple business processes into one platform, including:
- Enterprise Resource Planning (ERP)
- Customer Relationship Management (CRM)
- Human Resources Information System (HRIS) / Human Resources Management Software (HRMS)
- Automation for Professional Services and E-commerce
NetSuite also provides customized suites for specific industries, including:
- Professional Services
- Wholesale Distribution
Why Do Companies Choose NetSuite?
NetSuite makes sense for a whole host of reasons, including security, ease of use, and the ability to plug in other tools and technologies for seamless reporting. For finance and accounting professionals, NetSuite is highly regarded for the way that it modernizes antiquated processes and old ways of tracking financials. Purging legacy, outdated systems and other workarounds, such as spreadsheets with formulas created by long-gone CFOs, and replacing them with a singular, cloud-based system means efficiency and optimization, not to mention truing up records that more accurately reflect the financial health of the organization – in real-time.
Additionally, below are a handful of the other frequently cited reasons why companies choose Oracle NetSuite as their business management software:
- Built-in flexibility
- Designed for growth and scalability
- An established cloud platform – NetSuite has over 20,000 customers
- Integrates data to maximize on business insights
- Omnichannel for E-commerce
- Unified customer experience across all point-of-sale activities
- Single platform for multiple business processes – often resulting in reduced IT costs
- Customizable, including by industry
NetSuite Implementation Checklist
If you are considering implementing NetSuite for your organization, take these four steps first:
- Define your business requirements. This takes careful planning as well as substantial research and discovery. What business challenges is your organization facing? Before plugging in a solution, know your goals and what you are trying to solve.
- Understand what resources you will need. Assess the skill level of your current workforce. Even with the right implementation partner, companies are always in need of a subject matter expert (SME) who can help translate business requirements to their IT team(s) as well as to their implementation partner. Do you have someone internally on your team who can successfully translate the needs of the business? Would you need a SME who has been involved in a prior implementation to assist or supplement this individual’s experience? If you are using an internal team member, who will take on their workload? Will you need a temporary resource to come in and help offset the work that’s being done?
- Mitigate your risk. Reach out to your network. Specifically, try to identify other companies who have recently gone through a NetSuite implementation. Find out what their best practices are, issues to avoid and which implementation partners they would recommend.
- Control your costs. Implementation projects are expensive, and it can be difficult to know where you can control costs. Finding the right implementation partner and understanding where you can maximize additional resources is key. It is helpful to work with a firm or resource that has experience within your industry. Using someone internally as a SME can oftentimes lead to project delays due to the lack of systems implementation experience, or when their ‘day job’ gets to be too demanding. The flip side, of course, is that using a consulting SME can often lead to expensive hourly costs. Consider using a highly reputable boutique talent advisor. They typically won’t carry a bench, which cuts down on consulting fees while providing highly capable, specialized talent.
As businesses prepare to ramp post-COVID-19, now is a great time to assess your current business management software and implement a platform that will grow and scale with your business.
NOTE: There are several phases to a NetSuite implementation, including configuration, migration, user acceptance testing (UAT), training, go-live, post-launch and ongoing system upgrades and improvements to be made. It will be important to have resources, internally and externally, dedicated to support your iteration of NetSuite.
If you are looking for a talent advisor skilled in NetSuite, reach out to The Intersect Group. We have dedicated resources specializing in information technology who can help with the actual implementation itself, as well as finance and accounting professionals who can help as you convert your system of record to NetSuite.