NetSuite Optimization: 5 Signs You Should Review Your Company’s Use

Whether your company has been using the Oracle NetSuite ERP platform for years or just a few months, you may come across processes that can be improved. Business changes rapidly, and if your system stays the same, it can become a hindrance instead of an asset.

To continue getting the most out of your investment in NetSuite, it’s crucial to stay on top of any issues with NetSuite so that you can drive toward improvements. Consider how NetSuite optimization can solve everyday challenges.

When Do You Know When It’s Time to Optimize NetSuite?

From our experience working with companies, we have identified the most common signs that it’s time to consider improving your company’s use of NetSuite.

1. Poor User Experience

A poor user experience can result in employee complaints and vocal frustration that processes are taking longer than expected.

This red flag is usually tied to a lack of training for the end user, which is why it’s important to continue asking questions to ensure that users understand how to use specific aspects of the platform that tie to their role in the company.

2. Performance Issues

Is your team struggling to retrieve data out of the system efficiently? This warning sign could be the result of an improper set-up.

3. Bad Configuration

If users struggle to perform basic functions within the system, then NetSuite may not have been set up correctly to take advantage of all the system’s capabilities.

4. Incomplete/Incorrect Data

Data migration from other systems to NetSuite is a complex process that requires expert support. If your company is slogging through incomplete or incorrect data, then the data migration may not have been handled correctly.

For example, your team may not be able to close your books smoothly, retrieve critical data, or reconcile accounts inside the system.

5. Manual Processes

We often encounter situations where teams still use manual processes to support their use of NetSuite, which should not be the case.

A typical example is the Accounting team executing a portion of their regular accounting processes outside the system, such as consolidating books and creating reports.

What Causes NetSuite System Problems?

NetSuite is a best-in-class platform with the power to transform business processes. So, what would cause companies to experience the problem areas that we identified?

Companies that are not getting the most out of the platform are likely facing external or internal constraints preventing them from maximizing their use of NetSuite. Consider these examples.

Changing Business Environment

Each year, new accounting standards are introduced. Some of these standards could impact the way that companies account for business activity.

For example, the new ASC 842 lease standard changed the way that companies need to account for long-term leases. These requirements could cause difficulties for some NetSuite users if the system were not configured to handle the change. It may even lead to companies performing manual processes outside the system.

Changing Business Needs

As your company grows, it is normal to encounter new accounting situations. For example, your accounting needs may grow after introducing new service lines or acquiring international business units.

These needs can range from tracking multiple currencies to needing to increase capabilities around inventory tracking, acquisition planning, and reporting. If the system is not configured properly, users may experience difficulty performing additional tasks.

Lack of System Adoption

Not everyone in your company will accept the change to a new software platform. Without universal buy-in, some users may continue to perform manual processes that slow down the rest of the team. A lack of buy-in points to the need to continue providing additional training.

Lack of Integration

As your company expands, you may need to adopt new technology to support specific areas of business operations.

For example, you may license a supply chain software platform to support the rapid expansion of your global supply chain. If there is a lack of integration between NetSuite and the new software, your team may resort to manual processes to perform duties or voice their displeasure about tasks becoming more complicated.

The example points to the critical nature of integrating external systems with NetSuite. Taking action can significantly impact your organization’s productivity and create greater visibility into all areas of the operation.

How Finlyte Can Help with NetSuite Optimization

Fortunately, there is an opportunity to optimize your use of NetSuite – and we can help. Through our NetSuite optimization services, we have helped hundreds of companies review their process and implement optimization strategies.

Consider our Finlyte System Assessment workflow to get your company on the right path:

  • Step 1: Pre-consultation. We document all of your systems (NetSuite and other platforms) and identify issues with these systems.
  • Step 2: System deep dive. We document how NetSuite is configured so we can identify the best optimization solution for your company.
  • Step 3: Present results. We deliver a detailed optimization plan to provide your company with a roadmap for success.

Our Common NetSuite Optimizations

Consider the most common types of NetSuite optimizations that we implement for companies.

1. Custom Workflows

Many companies require custom workflows and approvals before a certain activity is fully approved and processed. Some examples include:

  • Purchase orders
  • Sales orders
  • Expense management
  • Audits
  • Other activity that requires specific approval

We can set up workflows for companies that need to customize how they track a growing amount of activity to create efficiencies and time savings.

These workflows will ensure that business processes are followed per your specific needs. Because no two businesses are alike, spending time with the Finlyte team to configure your particular workflow will create even greater control and automation.

Plus, the approval workflows can keep your business moving while new orders or purchases are added in real time.

2. Additional Configurations and Training

To increase usability, Finlyte provides additional software module configurations and training opportunities. For example, you may no longer want to manage fixed assets depreciation schedules in a spreadsheet or a disconnected piece of software as your business grows.

After introducing a new module in NetSuite, your team can save time and improve efficiency. Our team is happy to work with you to configure the modules that weren’t required in the initial implementation.

3. Customization of Records

As you become familiar with the NetSuite platform, you may want to refine or change how certain records are configured, stored, and retrieved.

We can help your company optimize records by reviewing the current fields and layouts, then we will design custom fields for your specific needs.

4. Saved Searches and Dashboards

Each role in your company can have a specific view when they log into NetSuite. The software suite includes a dashboard that provides visual information in portlets. Enhanced dashboards provide each user with a clear picture of their tasks for the day, providing them with precise details they need to know about how to perform their regular duties.

To support daily tasks, we regularly assist our clients with “saved searches,” which is a powerful tool that allows users to easily search for specific information and save it for later use. Think of it as performing an online search in a search engine and then saving that search for later use.

To ensure that users see the most helpful information immediately upon logging into the system, our team can find creative ways to optimize saved searches for specific purposes.

5. Training for New Users

You likely migrated to NetSuite because you were growing and wanted an Enterprise Resource Planning system that could scale along with your business. Our team can assist you with onboarding new employees and refreshing existing users on how to follow processes using NetSuite. Everyone needs a refresher now and then!

We make it easy to deliver training on NetSuite features, functions, and best practices. We’ll help new and current users get up to speed on new additions and the core features that make NetSuite the best ERP solution in the market.

Our NetSuite Optimization services are designed to support your team regardless of where you are on the NetSuite adoption journey.

Ready to Discuss Our NetSuite Optimization Services?

Our team is ready to review your current use of NetSuite and identify areas of improvement. In addition to laying out the potential time and cost of the optimization project, our team can quickly return a follow-up plan for key configurations and/or training needs.

As part of our project management approach, we will ensure that your team walks away with greater confidence using NetSuite.

Contact us today to learn more about the benefits of NetSuite optimization so that your company can take advantage of all that NetSuite has to offer!