Organizations that utilize Oracle NetSuite ERP understand the powerful nature of the platform to unify accounting, finance, and business. However, NetSuite software is not a set-and-forget software tool.
NetSuite releases two major updates every year. Each update introduces new functionality that makes the platform even more powerful. Many organizations are not aware that these improvements are available to them.
We want to remind organizations about the importance of utilizing the new functionality to continue receiving the full value of their investment in NetSuite. At Finlyte, we help businesses realize a greater ROI through our dedicated NetSuite optimization service.
The Value of NetSuite Optimizations to Support Change
Every company wants to improve its processes. It’s one of the reasons why organizations switch to NetSuite in the first place. But, by failing to optimize the system, your organization could be missing out on potential time and money-saving improvements.
Why is this important? Over time, business environments change. There are new laws, regulations, opportunities, and markets to explore. Nearly every client that we support wants to grow, expand, or manage change. Preparing for these changes requires processes to be in place before they take effect. Without optimizations, your organization runs the risk of experiencing new bottlenecks.
When you continuously update NetSuite to take advantage of new functionality, you will realize:
- Cost-savings by reducing the need to hire new talent to support the platform
- Time-savings by focusing on revenue-generating tasks versus back-office processes
Consider how this plays out in the real-world business environment.
How We Help Organizations Improve The Use of NetSuite
In addition to supporting the two NetSuite updates per year, we also help organizations address common issues and concerns that pop up from time to time using the NetSuite platform.
We look for processes that are time-consuming so that we can help organizations find efficiencies. We also look for areas of improvement if users are spending time performing manual workarounds or not utilizing the system to its full capacity.
We also support common scenarios or changes in circumstances that dictate the need for NetSuite optimizations to support a new operating reality. We often encounter these situations:
- A client is acquiring a new company. We can help integrate the new company in NetSuite and streamline processes.
- A client is increasing headcount in a specific department. We can help segment their duties to make day-to-day tasks more efficient.
- A client is planning an IPO or looking for investors. We can help the company align with new regulations and/or migrate to the accrual method of accounting.
- A client is expanding overseas. We can help the company comply with new regulations, taxes, currencies, and languages.
- A client wants to expand the use of NetSuite. We can help other departments utilize NetSuite for inventory management, customer relationship management, revenue recognition, project management, and more.
Throughout the process of optimizing NetSuite for organizational use, we also look for ways to help groups of individuals find more value in using the platform.
How We Help Teams in the Organization Use NetSuite Software
Clients often approach us for NetSuite support because one or two levels of the organization have specific requests to better utilize NetSuite. We identify gaps and areas for improvement, then provide the right level of support for each team.
We help executive-level decision-makers by setting up dashboards that are specific to their role and day-to-day needs. We understand how important it is for executives to be able to quickly review Key Performance Indicators (KPIs) and trendlines to make real-time decisions.
We also help executives by automating traditionally manual processes. For example, we will build a report that is typically only required once per month. We’ll set up this report to be automatically emailed to relevant parties, eliminating an unnecessary step.
Another way that we help executive-level decision-makers is by building workflows that automate as many tasks as possible. This frees them up to spend more time making critical decisions, not trying to perform tasks.
We look at every end-user in every department that uses NetSuite to find ways to optimize their workflow. We want to provide users with the tools they need to perform critical tasks that support the organization’s overall objectives. Some of the ways we support end-users include:
- Providing training on the functionality of NetSuite, especially the new functionality that is rolled out twice per year
- Setting up the new functionality to help save time and effort while reducing frustration
- Improving dashboards that fit each user’s role and responsibility in the organization
- Consulting on process improvements to ensure that processes continue to align with key functionality of NetSuite
We recognize that IT teams in organizations have a lot on their plate. IT leaders must focus on cybersecurity, data management, and a host of other competing priorities. We help fill knowledge and experience gaps by providing IT leaders with training and support.
Specifically, we help IT administrators better learn the NetSuite system so that they can deploy the appropriate resources to efficiently manage the system, maintain continuous operations, and keep the system secure in their preferred hosting environment.
The Results of Our NetSuite Optimizations
We have provided numerous organizations with NetSuite optimizations to enhance their use of the NetSuite ERP platform. Consider this sample of positive outcomes that clients have realized after working with our team:
- Deferred the need to hire additional talent to support NetSuite
- Complied with new regulations and laws
- Reduced the number of days sales outstanding (DSO) through greater oversight
- Reduced effort for financial report generation and time to close the books
- Increased transparency and audit-ability to attract investors
- Reduced employee burnout through day-to-day task improvements increasing efficiency
- Increased ability to pivot business activity and make changes when necessary
- Decreased operational costs through greater visibility into financial performance
- Improved customer satisfaction by tracking activity in real-time to make adjustments
The combination of our accounting expertise, NetSuite mastery, and understanding of each client’s business environment enables us to deliver custom solutions that meet your needs using NetSuite software. Let us come alongside you to increase usability and confidence throughout the organization.
– Contact us today to schedule NetSuite optimization. We look forward to enhancing your organization’s use of NetSuite to help you get the most out of the platform.