NetSuite Archives

NetSuite FAQ: The Top 6 Most Frequently Asked Questions

Posted on November 13, 2024November 13, 2024 by Sarah Bensimon

As one of the leading ERP platforms worldwide, NetSuite has made its way into many organizations looking to streamline business processes, automate tasks, manage revenue, and more. But what is NetSuite, and what benefits can it provide to growing companies? Let’s look at the most frequently asked questions about NetSuite:

What is NetSuite ERP, and why should growing organizations consider it?
Which departments of an organization should use NetSuite, and why?
Does NetSuite offer customization?
Does NetSuite offer integration with other systems?
Do you need a NetSuite implementation partner?
How is NetSuite priced, and what factors affect total cost?

What is NetSuite ERP, and why should growing organizations consider it?

A cloud-based platform, NetSuite Enterprise Resource Planning (ERP) is a solution that helps businesses manage their core functions including financial, inventory, customer relationships, supply chain, revenue management, and so much more.

Expanding companies should consider implementing NetSuite for various reasons, including its scalability—it’s purposely designed to grow along with your organization. It’s customizable and flexible so companies can tailor it to their specific needs. Most importantly, it greatly improves efficiency through automating routine tasks, allowing users to focus on more important things. NetSuite also offers comprehensive reporting and analytics capabilities, helping users gain insight into performance and make data-driven decisions.

NetSuite has global capabilities that many other ERPs do not offer. For organizations looking to expand worldwide, NetSuite supports multiple currencies, languages, and compliance with various regulatory requirements.

NetSuite users can also take advantage of a strong community and support system, as it offers access to its large network of customers, making it easy to find resources and solutions to challenges.

Which departments of an organization should use NetSuite, and why?

The answer is far and wide. Finance and accounting departments should take advantage of NetSuite’s streamlined financial reporting and compliance, as well as automated billing and invoice processing. NetSuite also provides real-time visibility into financial performance, allowing users to see areas in need of improvement and what is actually working for them. NetSuite also offers Planning and Budgeting (NSPB), which helps financial departments streamline their budgeting, forecasting, and financial modeling processes.

Sales and marketing departments can also benefit from NetSuite, as it offers a built-in centralized Customer Relationship Management (CRM) tool. It tracks leads, opportunities, and sales performance so that all members on the team can keep tabs on growth and make decisions based on what is working and what needs to be optimized. NetSuite CRM also integrates marketing automation tools for campaign management and provides analytics for better decision making and targeting.

Another department that would highly benefit from NetSuite is supply chain and inventory management. NetSuite optimizes inventory levels and reduces carrying costs; it automates order management and fulfillment processes, provides transparency into supply chain operations, and enhances demand planning and forecasting. It even allocates resources and schedules production.

Human resource departments can also use NetSuite, as it manages employee records and payroll processing. NetSuite automates recruitment and onboarding processes, as well as tracks employee performance and training. And, of course, it offers analytics for workforce planning.

Customer service and support teams should utilize NetSuite as it centralizes customer interactions and support tickets, enhances case management and resolution tracking, offers self-service options for customers, and analyzes customer feedback for service improvements.

Project management teams also benefit from NetSuite for its ability to track project budgets, timelines, and resources. It integrates with financial data for accurate project costing and facilitates collaboration among team members. NetSuite also provides insight into project performance and profitability.

Manufacturing departments can use NetSuite as it streamlines production planning and scheduling, manages materials requirements and production costs, enhances quality control and compliance tracking, and provides visibility intro production metrics.

NetSuite can be used by eCommerce teams for a myriad of reasons. It seamlessly integrates online sales channels with back-end operations, as well as manages inventory, orders, and customer data. NetSuite also provides them with tools for managing promotions and customer engagement and boasts analytics to optimize sales performance.

All these departments (among others!) can achieve greater efficiency, improved collaboration, and enhanced decision-making by working off a single source of truth. This often leads to more cohesive and strategic business operations.

Does NetSuite offer customization?

NetSuite enables companies to tailor functionalities to meet specific business needs while also integrating seamlessly with various third-party systems. Regarding customization, users can create custom fields to capture unique data relevant to their business processes. These fields can be added to records like customers, transactions, and items.

With SuiteScript, a Java-based API, developers can create custom business logic, automate processes, and enhance user interfaces. It can also be used for client-side scripts, server-side scripts, and scheduled scripts. SuiteFlow is a tool that enables users to design and automate workflows without coding. It allows businesses to create custom approval processes, notifications, and task assignments.

Users can create customized reports and queries to extract specific data, while saved searches can filter, sort, and display information based on various criteria. With custom records, businesses can define their own record types to capture information that doesn’t fit into standard NetSuite records, allowing for greater flexibility. Dashboards and KPIs are also customized to display relevant metrics and key performance indicators, making it easier to track performance at a glance.

User roles and permissions are also customized to ensure that employees have access to only the information and functionality they need. Custom templates and documents such as invoices, sales orders, and packing slips are also available in NetSuite to reflect personal branding and layout preferences.

Does NetSuite offer integration with other systems?

One of the key features of NetSuite’s integration capabilities is its SuiteCloud platform which provides a robust environment for developers to create custom applications and integrations. Through SuiteTalk, NetSuite’s web services API, businesses can connect their ERP system with other applications, enabling real-time data exchange and enhanced workflow automation. This allows organizations to synchronize financial data, customer information, and inventory levels across multiple systems.

NetSuite integrates with a variety of third-party applications, including popular CRM platforms like Salesforce, marketing automation tools such as HubSpot, and eCommerce solutions like Shopify and Magento. NetSuite supports integration with various logistics and supply chain management systems, such as ShipStation and FedEx, which can help optimize shipping processes and improve delivery times.

It also integrates with popular payment processors including PayPal and Stripe, and HR management tools such as ADP and Workday, which allows for workforce management data for better financial and operational insights.

For business intelligence, it can integrate with Tableau for advanced analytics and visual reporting, as well as Power BI to create interactive dashboards and reports. NetSuite can also integrate with POS systems such as Square and Clover, which syncs transaction data to provide real-time sales insights and inventory tracking.

There are many more apps and systems that integrate with NetSuite that help streamline operations, improve data accuracy, and enhance overall business efficiency. Just ask Caravel for more information.

Do you need a NetSuite implementation partner?

Working with an implementation partner for NetSuite deployment ensures that it’s not only done correctly, but efficiently as well. Organizations who choose not to work with an implementation partner will need to hire a team of in-house experts to perform the deployment and management of the platform, and that can become very costly.

Implementation partners have specialized knowledge and experience in deploying NetSuite, ensuring that best practices are followed. They can help tailor the system to meet specific business needs and optimize processes and workflows. Partners can accelerate the implementation process, minimizing disruptions to your business operations. They even provide training and support for teams as well as ongoing support, helping to ensure that users are comfortable and proficient with the system. These partners can help with change management, easing the transition to a new system for the organization. Experienced partners can identify potential pitfalls early on and mitigate risks associated with the implementation process. They can also assist with future upgrades and enhancements, ensuring that NetSuite evolves with your business needs.

Overall, a good implementation partner can lead to a smoother, more successful NetSuite deployment, ultimately driving better results for your organization.

How is NetSuite priced, and what factors affect total cost?

NetSuite typically uses a subscription-based model, which can include monthly or annual fees. Pricing often depends on the number of users who will access the system—the more users, the higher the cost. NetSuite also offers different editions with varying features and pricing; additional features such as advanced inventory management, project management, or specific industry solutions come with additional fees. Some pricing models factor in the volume of transactions processed, which can affect costs for companies with high transaction levels. To get a precise estimate, it’s always best to contact NetSuite.

Caravel is here to answer all your questions—big or small. Contact us in the form below and we will get back to you immediately.

A Comparative Breakdown of NetSuite vs. Sage Intacct

Posted on November 6, 2024December 2, 2024 by Sarah Bensimon

In the rapidly evolving world of cloud-based accounting and ERP solutions, selecting the best
suited platform can be a pivotal decision for any business. Two well-known names in this arena,
NetSuite and Sage Intacct, offer varying tools designed to streamline financial operations,
enhance visibility, and drive growth.

How do these platforms stack up against each other?

Which one aligns best with your organization’s unique needs and goals?

Business Features	NetSuite	Sage Intacct
Target Audience	Small, mid-sized and enterprise organizations.	Small-to-mid-sized organizations.
Scalability	Highly scalable for all sized organizations.	Scales well for small-to-mid-sized organizations.
Industry Focus	All industries and industry-specific editions.	Software, services, and non-profit editions.
Cost	Pricing varies based on modules selected and number of users.	Pricing varies on requirements, complexity, and number of users.
Licensing	Multi-entity functionality with unlimited licensing in one instance available.	Multi-entity in a single system available.

Top Five Ways NetSuite Boosts Insurance Company Productivity

Posted on November 6, 2024November 6, 2024 by Sarah Bensimon

Research shows that up to 74% of insurance companies still depend on legacy systems for core functions. Enter NetSuite ERP, a transformative solution designed to streamline operations and enhance productivity for insurers. NetSuite empowers insurance companies by integrating vital functions such as policy servicing, billing management, compliance, and customer relationship management into a single platform. Doing so allows insurance companies thrive in today’s competitive market.

In this blog, we’ll explore the top five ways NetSuite boosts productivity for insurance companies, enabling them to deliver exceptional service and achieve sustainable growth.

Efficient Policy Servicing

NetSuite ERP can propel insurance companies to better service policies by providing a unified platform where all policyholder information, claims, and transactions can be stored and easily accessed. This helps to improve data accuracy and reduces the risk of errors. NetSuite can also integrate with other systems—including underwriting software and third-party service providers—which allows for a seamless flow of information across platforms. The platform enables centralized management of policies, granting insurers the ability to easily track premium amounts, due dates, and any changes in coverage, thereby ensuring all records are up to date.

Real-Time Insights and Augmented Reporting Capabilities

NetSuite offers real-time reporting and dashboards that provide insights into Accounts Receivable, Accounts Payable, premium collections, outstanding balances, and trends over time. This allows insurers to quickly identify patterns and adjust strategies accordingly, hand in hand with Financial Reporting. The platform offers robust reporting tools that provide insights into billing trends and cash flow, enabling better financial management and forecasting.

Improved Bills Management

With automated invoicing and billing reminders, insurers can ensure the timely collection of premiums, reducing the chances of late payments and improving cash flow management. NetSuite also allows customization of billing workflows to meet specific needs; this accommodates various billing scenarios such as premium payments, claims processing, and refunds. Recurring billing can be set up for policy renewals, ensuring timely invoices. Because the system integrates well with others, such as payment gateways, it ensures a smooth flow of information to boost the overall billing process.

Enhanced Compliance Maintenance

The system helps ensure compliance with regulatory requirements by providing necessary reports on premium collections and other financial metrics, simplifying audits, and regulatory reviews. NetSuite maintains detailed records of all billing transactions, which can aid in compliance with regulatory requirements and facilitate audits. The platform provides detailed audit trails for transactions, making it easier to track changes and demonstrate compliance with regulations. NetSuite also allows companies to set user permissions, ensuring that only authorized personnel can access sensitive information, which is crucial for maintaining compliance. And, with integrated document management, insurance companies can store and retrieve compliance-related documents efficiently, reducing the risk of non-compliance due to lost paperwork.

Better Customer Relationship Management

NetSuite’s integrated CRM helps insurers manage customer interactions, track policy renewals, and maintain detailed customer profiles. This aids in personalized communication and engagement regarding premium payments. And with mobile capabilities, users can manage billing on-the-go, providing flexibility and responsiveness in customer service. The 360-degree view allows Customer Service, Operations Management Accounting, and Finance to drill into a customer view.

Leveraging the power of NetSuite’s platform can greatly enhance the productivity of insurance organizations by streamlining operations and providing real-time insights. From efficient policy servicing and improved billing management, to enhanced compliance and better customer relationship management, the platform addresses key challenges faced by the industry. By embracing these capabilities, insurers can not only optimize their workflows but also elevate the overall customer experience. This can foster stronger relationships and drive growth. In an era where agility and efficiency are paramount, adopting a comprehensive solution like NetSuite is not just an option; it’s a strategic imperative for insurance companies looking to thrive in a competitive marketplace.

To learn more about how NetSuite can help benefit your insurance organization, contact Caravel in the form below.

NetSuite has a New UI and Script Type and We’re In Love

Posted on October 17, 2024October 17, 2024 by Sarah Bensimon

Written by Luke Pirtle

NetSuite has a new UI and has done it the right way. The ERP system has had scant updates to its look since a major style update in 2015. Several pages are starting to receive this new UI, and you might have already noticed a few. The newer, sleeker interface on the analytics page allows seamless searching and filtering; the new timesheet allows faster and more detailed time entry; even the project record has this enhancement, making the Work Breakdown Structure and other aspects of its page easier to work with. NetSuite will also be releasing the new Redwood theme soon which will add these enhancements to the entire system and make every component faster, more responsive, and modern.

This time around, NetSuite has not just updated the appearance but also the core of their UI and has done so by adopting React.

Why React?

React has been the de facto king of front-end development for quite a while now, and NetSuite used it as a base before adding their own twist. Simply put, the Meta-powered framework allows for very complicated logic and operations to be done on your local machine instead of the server; this makes the UI much more manageable and performant. The sluggish and awkward UI for select boxes and inputs is now lightning fast, and the constant page refreshes on dropdown select have been replaced by instantaneous updates and seamless changes. A great comparison is to think of going to a webpage as going to a grocery store. React makes a list and goes once, while NetSuite’s old UI doesn’t have a list and keeps going when it realizes it doesn’t have what it needs.

New Script Type

While this is good news for all NetSuite users, this is also a huge boon for developers and solution architects in the ecosystem. The new UI is paired with a new script type—The Single Page Application, or SPA. SPAs have existed since AngularJS released in 2010 and denotes a single webpage that updates dynamically as the user interacts with it. This is a much better user experience that feels smooth and seamless and blows the server-side rendering of the old NetSuite UI out of the water. You can see this today as we’ve used it to power our Bulk Deletion SuiteApp in its 3.0.0 release to give it a sleek new interface which is available in the marketplace now for you to try out.

Components

This new script type is a heel turn from previous script types and has a learning curve. To get started, it would make sense to take a quick crash course on React if you are not familiar and create a quick application. After that, the new script type will make much more sense. Once you’ve gotten comfortable, you’ll notice it has a litany of JSX-esque components to choose from, making Suitelets obsolete and giving countless possibilities in terms of customizations and enhancements. There are tables, grids, cards, panels, date pickers, scheduling tools, and more that used to require third-party libraries. Now, it’s a native application. The image below is using their own dog food and is constructed with navigation panels, cards, lists, and links.

In addition to their own JSX components above, they also have a JSX module that allows you to use traditional HTML to create vanilla JSX components should you choose to go that route. This makes the framework just as extensible as vanilla React.

Examples

Each component has amazingly detailed documentation and example code. Each feature is shown with every option in a showcase that makes development feel more like cheating on your homework. A developer can now construct expanding editable sub lists with adjustable header widths and drag and drop columns, and there are code examples you can copy and paste it into your IDE.

What You See is What You Get

If this were not enough of a god send, there is also a WYSIWYG editor that allows you to drag and drop components. When you get something you like, you can export working JSX code. This allows you to visualize and prototype your efforts before you even open WebStorm. While somewhat limited, it also lets you update the properties of these components, which then updates in real time on the page.

All of this comes with a somewhat disappointing “Release Date To Be Determined.” Currently SPAs are only available for SuiteApp development for NetSuite SDN partners. We’re hopeful for a 2025.1 or 2025.2 release for use in general development.

Despite this, the amount of effort and care put into this new UI Framework (UIF) and SPA script type is nothing short of astonishing. Having seen the release of numerous features in NetSuite, this is the most impressive release I’ve seen in my ten-year career.

Congratulations NetSuite, you knocked it out of the park!

Leveraging NetSuite for Strategic Growth in Manufacturing and Distribution

Posted on October 17, 2024October 17, 2024 by Sarah Bensimon

By centralizing data and automating workflows across functions such as inventory management, manufacturing, and order fulfillment, ERP systems enhance operational efficiency, reduce errors, and improve decision-making. This holistic approach enables companies to respond swiftly to market changes, optimize resource utilization, and maintain better control over costs and supply chain logistics. Ultimately, ERP systems support more agile and data-driven management, driving competitive advantage and fostering growth in a rapidly evolving industry landscape.

Transform Manufacturing Companies with NetSuite Solutions

Through the integration of various business processes and the consolidation of data from production, procurement, sales, and finance into a single platform, NetSuite enables manufacturers to automate workflows, reduce manual data entry, and improve overall efficiency. This seamless integration helps synchronize operations, ensuring that all departments work with the most up-to-date information and reduce the potential for errors.

Another vital feature for manufacturers, NetSuite provides real-time visibility into inventory levels so organizations can more effectively manage stock. Automated reorder points and demand planning can forecast and help prevent overstocking and stockouts, optimizing inventory turnover—this ensures smooth production and reduces carrying costs, and contributes to a more cost-effective inventory management process.

Enhanced supply chain transparency offers manufacturers a comprehensive view from procurement to delivery, facilitating better tracking of suppliers, shipments, and production schedules. Thisallows companies to identify and address potential disruptions proactively. Additionally, businesses can make more informed decisions, negotiate better terms with suppliers, and improve the overall supply chain performance.

Cost reduction—another benefit of implementing NetSuite for manufacturing companies—lies both in the automation of routine tasks and providing financial insights to help identify areas where costs can be reduced. The ability to analyze production costs, track expense variances, and optimize resource allocation leads to more efficient operations and better financial management.

Compliance and quality control are supported through tracking and reporting features in NetSuite. The system enables manufacturers to adhere to industry regulations and standards by maintaining detailed records of production processes, quality inspections, and regulatory documentation. Automated alerts and compliance checks help ensure that quality standards are consistently met, while traceability features facilitate quick responses to any quality issues that may arise. This proactive approach to compliance and quality control helps mitigate risks and maintain high standards in manufacturing processes.

The NetSuite Case for Distribution Companies

NetSuite offers substantial benefits to distributors by optimizing various areas of operations, beginning with order fulfillment. It streamlines the entire order-to-cash process, automating tasks like order entry, inventory allocation, and shipment tracking. This reduces processing times, minimizes errors, and ensures timely and accurate delivery of goods. With real-time visibility into inventory levels and order statuses, distribution companies can efficiently manage their fulfillment operations, improve customer satisfaction, and reduce order cycle times.

With advanced demand planning, NetSuite offers robust forecasting and planning tools using historical data, market trends, and season patterns to predict future demand more accurately. This allows distribution companies to proactively adjust inventory levels, preventing excess inventory and stockouts. By aligning inventory with anticipated demand, distribution companies can optimize their supply chain, reduce carrying costs, and ensure that they have the right products available to meet customer needs.

NetSuite’s CRM provides distribution companies with a 360-degree view of customer interactions, enabling them to track orders, preferences, and communication history. This fosters stronger relationships and personalized service. These detailed insights also offer a look into customer behavior and feedback so that distribution companies can tailor offerings, address issues promptly, and improve customer satisfaction.

With data-driven insights, NetSuite provides distribution companies with the opportunity to make more informed decisions. Advanced analytics and reporting tools generate actionable insights from substantial amounts of operational data. This way companies can identify trends, monitor performance metrics, and evaluate key business drivers. This facilitates strategic planning, supports continuous improvement, and enhances overall business performance, giving them a competitive advantage in the marketplace.

NetSuite Implementation Considerations for Manufacturers and Distributors

When implementing NetSuite, manufacturing and distribution companies can significantly benefit from customization and integration capabilities. This means that workflows, processes, and reporting can be customized to align with unique business requirements and industry standards. Integration with existing systems, such as CRM tools, supply chain management solutions, and legacy software, ensures a seamless transition and unified data flow across the organization. This level of customization and integration enhances operational efficiency, reduces manual data handling, and ensures that the ERP system supports the company’s specific business processes effectively.

The cost and ROI of NetSuite implementation are key considerations for manufacturing and distribution companies. While the initial investment in the ERP system and associated services may seem substantial, the long-term benefits often outweigh the costs. The system’s ability to automate processes, improve accuracy, and enhance visibility translates into significant operational efficiencies and cost savings. Companies can expect reduced administrative overhead, lower inventory carrying costs, and improved financial management. Moreover, the data-driven insights provided by NetSuite enable better decision-making and strategic planning, leading to increased profitability and competitive advantage. Overall, the enhanced operational efficiency and strategic benefits of NetSuite can deliver a strong ROI, making the initial investment a worthwhile consideration for forward-thinking manufacturing and distribution companies.

If you’re ready to talk about how NetSuite can empower your manufacturing and/or distribution business, contact us in the form below, and we’ll be happy to quickly demonstrate how.

Webinar on Demand | NetSuite 2024.2 New Releases

Posted on October 7, 2024October 7, 2024 by Sarah Bensimon

Join us as we review the latest releases from NetSuite, including enhanced automation and efficiency, improved user interface and experience, and more.

Transforming Healthcare Management: How Hospitals Can Benefit from NetSuite ERP

Posted on October 4, 2024October 4, 2024 by Sarah Bensimon

Faced with operational efficiency, financial stability, providing exceptional patient care and navigating complex regulatory environments, hospitals are faced with considerable pressures. Because of these surmounting challenges, leveraging the right technology is vital to their success.

Designed to streamline hospital operations, integrate disparate systems and deliver actionable insights, NetSuite ERP can revolutionize hospital management by improving financial processes, operational workflows, patient care, compliance and ultimately lead to a more efficient and effective healthcare environment. Let’s explore how.

Understanding NetSuite for Hospitals

A game-changer in the world of operations and financial management for hospitals, NetSuite offers a comprehensive suite of tools designed to specifically address the unique challenges faced by healthcare organizations. At its core, NetSuite is an integrated, cloud-based system that consolidates the many hospital functions into one single platform, offering users a single source of truth for all departments. NetSuite streamlines operations and offers real-time visibility across financial, operational, and patient data so hospitals can drive significant improvements in efficiency across their organizations.

Streamlining Hospital Financial Management

Because traditional financial processes in healthcare can be cumbersome and prone to errors, NetSuite’s integrated financial management and reporting capabilities streamline these tasks by consolidating financial data into a single platform. Hospitals get real-time access to financial information, allowing them to generate accurate reports quickly and make more informed decisions. NetSuite also enhances budgeting and forecasting with automation and reduces mistakes by improving accuracy of financial projections through its add-on, NetSuite Planning & Budgeting, more commonly known as NSPB. With effective revenue cycle management tools, hospitals can better handle billing, collections, and insurance claims, which leads to improved financial health and operational efficiencies.

Enhancing Operational Efficiency in the Hospital Setting

NetSuite’s advanced supply chain management module Supply Chain Management (SCM for short) offers real-time inventory tracking, which helps prevent shortages and overstock by providing accurate, real-time information of medical supplies and equipment. This ensures that hospital staff can make timely decisions when it comes to procurement and inventory management. NetSuite also simplifies HR management with automated payroll processing, streamlined recruitment, and employee management, which lessens the burdens on HR staff by freeing up their time.

Augmenting Patient Care and Experience

At the heart of every hospital is patient care and enhancing the hospital experience. NetSuite plays a critical role in improving these qualities by integrating and streamlining patient-related processes, such as centralizing patient data for comprehensive medical histories; making treatment records easily accessible to provide better care; automating the billing process to minimize errors and accelerate the revenue cycle process; maintaining compliance with healthcare regulations including HIPAA by providing secure data management and audit trails, and more.. The solution also reduces waiting times and minimizes no-shows through automated reminders and efficient scheduling tools. NetSuite’s Healthcare solution also supports communication between patients and providers, which enables more follow-ups and improved patient satisfaction and care delivery. With tools for managing patient communications and appointment scheduling, healthcare providers can enhance patient the experience and satisfaction, fostering better relationships.

Improving Compliance and Risk Management

Hospitals have the demanding responsibility to navigate complex regulations, as well as mitigate risk, for which NetSuite provides robust solutions that address these challenges. NetSuite’s Healthcare solution supports HIPAA compliance.

Its user activity auditing “helps healthcare organizations monitor access to ePHI in NetSuite, including user activity monitoring of the customer record and associated transactions to identify unusual activity and report on interactions with patient data. With NetSuite Compliance 360, healthcare customers can enhance patient privacy by improving customer record visibility and accelerating audits and HIPAA-related investigations,” according to the NetSuite website.

This helps to reduce the risk of non-compliance and the potential for penalties. NetSuite also enhances risk management with tools for tracking and managing clinical and operational risks. It facilitates efficient reporting and resolution, which allows hospitals to be proactive in addressing issues and lessen potential issues before they escalate.

Data-Driven Decision-Making for Hospitals

Pivotal in today’s healthcare landscape, data-driven decisions, which NetSuite provides, empower hospitals with advanced analytics and business intelligence tools that transform how decisions are made. NetSuite features real-time dashboards and customizable KPIs so that healthcare professionals can gain insight into various operational metrics such as patient outcomes, financial performance, and resource utilization. This enables strategic planning and fast response time to emerging trends and issues. NetSuite’s customized reporting capabilities allow hospitals to tailor reports to their own needs, providing a transparent view of performance across various departments. These features not only enhance decision-making, but also support continuous improvement initiatives by identifying areas for improvement and excellence.

Integration with Other Systems

NetSuite’s value extends beyond its core functionalities with its seamless integration into other systems, which is crucial to hospitals with diverse and complicated IT environments. NetSuite’s interoperability with HER and patient management systems such as EPIC, ensure that data flows smoothly across various departments, which reduces the need for manual entry and minimizes errors. These integrations facilitate and offer a unified view into patient information, financials, and operational metrics. NetSuite also supports integration with other 3rd party applications, which allows hospitals to enhance their system’s functionality and adapt to evolving needs, fostering a more cohesive operational environment.

In a time where hospitals are under pressure to elevate patient care and their experience, adopting a robust ERP system such as NetSuite can completely transform operations and finance management. Its advanced analytics and seamless integration with other systems empower healthcare organizations to make informed, data-driven decisions while maintaining regulatory compliance and managing risk. For hospitals looking to modernize their approach and drive significant operational improvements, exploring NetSuite’s capabilities is a strong and strategic move toward achieving more efficient, and patient-centered healthcare environments.

Contact Caravel below and take advantage of our vast experience with healthcare companies and their NetSuite implementation.

Top 10 Features to Look for in a NetSuite Implementation Partner

Posted on October 3, 2024October 3, 2024 by Sarah Bensimon

As more and more companies are taking advantage of ERP (enterprise resource planning) software and finding success with it, its market size is expected to near $50 billion yearly by 2025, according to Oracle NetSuite. These robust systems help organizations manage their core processes like accounting, inventory management, order management, and so much more. However, ERP implementations can be challenging; to ensure success, you need the optimal partner.

There is a lot involved in deployment, configuration, and daily activity management of NetSuite; most people need help driving its overall value. These elements take a dedicated implementation team, and most organizations lack the skills and resources to execute a full-scale in-house implementation independently.

Let’s review the top 10 features to look for when searching for the right partner to deploy NetSuite strategically.

1. Experience

In your due diligence searching for the right partner, it is vital to know they are backed by experienced teams who have specifically worked in your industry and organization type. The company you work with should deeply understand how to tailor NetSuite to your needs. The implementation partner should have a long-term strategy for your organization, as these companies are not simply there to deploy and leave, but rather to help your company get the best out of NetSuite over time. They should have a proven track record of commitment with a solid reputation as industry experts. Bench size matters, too; if you’re not working with a firm that has a sizeable consulting bench, you’re putting your project at risk.

Many consulting companies are simply too big to care. Small firms, however, will give you the attention you need with their best consultants put forward. Big companies are known for bait-and-switch tactics, where the consultants you sign up for are not the ones you end up working with.

Here are some questions to ask as it relates to experience:

Do they have a list of customers you can reference?
How many implementations have they completed?
What types of companies have they implemented for?

2. Choice in Partnership

Oftentimes, companies get lured into working with NetSuite resale partners. In reality, the best choice is to buy direct from NetSuite because they offer complimentary and elevated support and will happily recommend one of their trusted Alliance Partners to work with for implementation. NetSuite Alliance Partners “perform 35% of NetSuite implementations, leading to a rapid return on value for both new and existing NetSuite customers.”

These companies have extensive experience in NetSuite deployment and custom configurations for many types of organizations in various industries. A NetSuite implementation is a big project and comes with some risk if not executed properly. You will be working alongside your partner for some time, and they will become an extension of your internal teams. A trusted NetSuite Alliance Partner has been vetted by previous customers, as well as NetSuite itself. As an external resource, these partners are as good as it gets when it comes to implementation.

3. A Proven Method

Not all methodologies are created equal. Your NetSuite implementation partner should have a successful repeatable framework, yet one that can be tailored to your needs. A tried-and-true process will not only save time, but it will also help the entire process go smoothly, as they have conducted it previously and continually for other companies like yours.

Generic training materials and out-of-the-box features are insufficient. Basic implementations that offer low pricing yet over-promise often can only adopt 70 percent of the requirements needed to go live. Over the next year, customers realize the limitations in this type of deployment, and by then it’s too late. If you want a “pre-built home”, know what to expect with those limitations.

4. Cost Savings

Implementing NetSuite is a full-time job, and you’d have to hire someone with experience in implementing and customizing NetSuite accordingly. Many nuances and complex attributes require expertise, and without this deep knowledge, it can cost companies considerable time and money. Implementation also demands internal resources from accounting departments, project managers, and other department heads. Avoiding burnout and employee frustration is another reason why augmenting your team with a partner is the best option. The right partner will have a team and method that will minimize your team’s time, so they can focus on the business.

5. Project Success Ahead of Contracts

The design and architecture of your goals and future accomplishments should be set forth before signing. If not, you will encounter problems that will affect budget and timeline. Design and planning can make or break the implementation. The best partners know this and will work with you on your plan.

6. Impartiality

Your NetSuite partner should have impartiality when working with your organization. Delivering the best solution for the company with no ulterior motives should be top of mind. They should provide you with unbiased direction on what works best for your organization, demonstrating that they understand your business, industry, company culture, and how you conduct daily activities.

7. Delivering Measurable Goalposts

Your partner’s first priority should be to focus on the areas that yield the highest benefit to the business. The second priority should be the “nice to haves” that are not necessarily big drivers for the business. Implementations grow based on users’ isolated requirements that typically don’t have visibility into the bigger picture of what the organization is trying to achieve. Having a steady and calm voice throughout the implementation is critical.

8. A Demonstrative Project Philosophy

Your NetSuite Alliance Partner should be a direct communicator that is not intimidated to deliver news—good or bad. They should be truthful throughout the process, even if something goes wrong on their end; they should be able to tell how you they can rectify a situation that can sometimes go wrong with a deliverable. Many companies will hide these instances and be afraid to share it with the client, prolonging it with excuses that eventually reach a boiling point where the client is left frustrated.

Project transparency is vital and means you know where the partner is in the process at any time. If communication isn’t clear, you leave yourself open to scope creep, timeline extensions, and overrides.

9. Change Management

Implementation is not a “one and done” event where once you go live, you are finished. These are living, breathing systems that need to be optimized well after go-live. Once a user starts to implement the system, they realize certain things are different and it may require some re-tooling. You partner should know this. Monitoring, measuring, and refining are the most important things to consider after going live for those very reasons. Users change after utilizing the system and your partner must take this into account. Having an optimization phase after go-live is critical.

10. Proper Communication and Expectation Setting

The reality is that software isn’t perfect. There’s no one application that does absolutely everything for one organization perfectly. Having the right expectations and mindset toward change is vital. Many organizations go into the implementation with certain expectations and preferences, but because most of the systems are leveraging newer technologies and new levels of automation and ways to report, people don’t necessarily realize that their daily work habits will have to change. Having an open mindset to change is important.

Caravel has more than 1,000 clients who depend on their expertise and guidance. They have a proven, repeatable framework that is tailored to each client, depending on their needs and goals. They even have various custom bundles that seamlessly merge with NetSuite to create tailored systems that help companies overcome challenges with their business processes.

Contact us below for more information and for guidance with your NetSuite implementation.

SuiteWorld 2024 Product Keynote Reveals Better, Smarter, and “Suiter” Growth in NetSuite

Posted on September 30, 2024September 30, 2024 by Sarah Bensimon

The Product Keynote at this year’s SuiteWorld was given by several key members of NetSuite that each brought insights into how the system will be “better, smarter, and suiter” moving into the future.

Gary Wiessinger, SVP of NetSuite Application Development at NetSuite, opened the Product Keynote address with a new theme for this year: All Systems Grow. This means making NetSuite “smarter, easier, deeper and suiter” for the end users. Wiessinger says, “Smarter, by adding AI across the Suite…easier means making it faster and more intuitive and enjoyable to do your jobs; deeper is helping solve more problems and adding more functional depth and sophistication; and Suiter means adding more magic that comes when you run your entire business in one system.”

He started by explaining what “Suiteness” means as it relates to some of NetSuite’s features. He first delved into NetSuite Customer 360 and how blending it with the ERP system gives a much more holistic view of the customer. This data can only be available when all business processes exist in a single system. Next, he spoke about CPQ + Manufacturing + SuiteBilling and how everything is automated to help you work more efficiently. He reiterated that this level of automation can only be achieved when all workflows exist in a single platform.

Wiessinger then brought three NetSuite clients to the stage – Trace2, Packer Fastener, and Municipal Emergency Services to the stage to talk about their successes with the system both inside and outside of work. They were able to talk about their companies, their growth and how they maintain a healthy work/life balance with their families. They mentioned that they’re able to access NetSuite on the go, which helps them to unplug and plug back in when they need to.

Craig Sullivan Dives into Financials

Next on stage was Craig Sullivan, Group VP of Product Management. He began by talking about NetSuite Pay, which is powered by VersaPay, and how it allows user customers to directly pay companies from an email invoice, which saves time by offering the option on the same screen. His talk continued with Bill Capture, which is powered by AI to offer more accuracy and reduce manual effort; he revealed that more NetSuite users have been adopting it and achieving great results, and that it will soon support vendor bills from other countries.

Sullivan said that Cash 360 has been enhanced with new additions, one of which is calculating forecast based upon day sales outstanding and days payments outstanding from the user’s actual data. These forecasts are drillable to reveal the differences between those raw numbers and calculated numbers. There’s also a new feature where installment payments expected from invoices are also being factored into the forecast.

Sullivan then continued by talking about Financial Exception Management to which they are continuously adding more enhancements. Upcoming releases include a dashboard of Exceptions that are drillable and solvable. He then moved on to chat about NetSuite SuiteProcurement, which Evan touched upon the previous day when he announced that Amazon Business and Staples were the first to sign on. This makes indirect procurement both easier and cheaper, whether you’re buying from small businesses or some of the largest companies in the world.

eInvoicing, introduced last year, was initially created to help meet evolving compliance standards and deadlines, but now it has more efficiency and automation in the sales and receivables processes. They’re now working on making NetSuite the first ERP system to adopt the new DB&A standards in the US.

It was also announced that entering credit card expenses from a corporate account is being enhanced with Credit Card Automation. On the Credit Card Activity Page, credit card transactions are all brought into the system and are categorized for review. On the Transactions to Review tab, the system has already done work for the user, so that all they need to do is select them to be categorized. This shortens review time greatly and will be coming to NetSuite soon.

He then spoke about NetSuite’s vertical offerings, which the company is continuing to expand. Its most recent, Healthcare, earlier this year, received 3^rd party attestation with HIPAA. Its Compliance 360 dashboard identifies KPIs that are drillable to identify things such as outliers. Once a user looks into an issue, whatever that may be, they can look at the audit documentation that relates to it (a new feature!) and make notes within. This helps greatly with meeting compliance obligations.

Allison Auclair Goes “Deeper”

Sullivan then handed over the stage to Allison Auclair, Group VP of Product Management, who spoke about the “deeper” aspect mentioned above. Auclair continued with Customer 360 and mentioned that the company is continuing to add more scenarios over time that will enhance the AI capabilities and make insights even deeper for users.

With the newly launched CRM Specialized User, NetSuite is getting more people engaged by allowing sales, marketing, and service employees to get what they need. She said they are also unlocking more intelligence with NetSuite CPQ + SuiteBilling, which now work seamlessly together to enable users to configure subscriptions. This will let users configure their products, services and subscriptions all in one place, unlocking hybrid business models. This is all made easier with the CPQ Intelligent Assistant – she then showed both in action. In plain English, the user can simply ask what a customer is looking for and it will deliver the right solution. If it needs more information, it will start a conversation with the user to dig deeper to complete the configuration and the amount that will need to be paid. All that’s left is to send it to the customer, which can be generated with Text Enhance (that can also be translated to other languages).

Auclair then went on to talk about New Sales Order Status Design, which helps with transactions – especially sales and purchase orders that have a lot of downstream transactions. They’re working on a future design that will bring it all together. The new design will bring in the fulfillment and invoicing information together on one screen on the sales order. In the case where a customer wants to know when they will be receiving their products, the user can see what has been shipped and when, as well as tracking numbers.

Next came a brief overview of NetSuite Analytics Warehouse with AI (NSAW) and how it can be proactive in fixing certain issues. That, along with the Oracle Analytics Assistant (coming soon!) can be asked direct questions to help solve problems that are viewed in the NSAW dashboard. She demonstrated how features such as the Churn Prediction Model can help show crucial information about customers without the need for being tech savvy. Information such as this can help better inform users on what to upsell or cross-sell, bringing back the customer into the fold.

In her next segment, she explored how the “deeper” capabilities help with products and services. She brought up Hybrid Business Models and spoke about how products and services are now being offered with subscriptions, and that product companies are now offering services and vice versa. She mentioned how NetSuite offers many automated processes that allow users to sell, bill and deliver all in one place for these hybrid companies. Updates to this are many, including adding a logo to a shipping label and customizable email templates. She also spoke about NetSuite Projects Pro, and how companies get smarter with AI – which is what Evan spoke about the day before. The AI helps alert the user as to which projects need attention and proactively take action.

Hanif Ismail Discusses SuitePeople

Next to take the stage was Group VP of Product Management, Hanif Ismail, who started by talking about hiring and empowering employees with NetSuite SuitePeople. It offers capabilities such as full-service US payroll, HR administration, workforce management, engagement, and analytics. They run $6B in payroll transactions, demonstrating how trusted the platform is. The new enhancements they are making will help users grow the business by effectively managing labor costs and boosting employee productivity. He spoke about how health benefits make up a large portion of labor costs, which is expected to rise by 7% this year. He says that it is crucial to find a way to manage these costs and announced a strategic partnership with SimplyInsured that will allow users to shop and enroll employee benefits right within NetSuite. Once the employee selects the plan, deductions are made automatically in payroll.

He then spoke about productivity, and said NetSuite is currently working to automate “a highly legislative complex process that’s associated to garnishing employee wages in payroll. This feature is expected to help 55% of our existing customer base.” This will greatly reduce time spent on payroll administration and will improve compliance management.

Ismail then moved on to talking about the employee onboarding process and experience, which should be standardized across the board, and can lead to 50% more productivity. NetSuite will be enhancing its onboarding solution to offer a more engaging experience for new hires. Personalized messaging, videos and rich content will be able to be added, as well as leveraging external sources. He says the future of employee productivity lies in the NetSuite Digital Assistant, where features like reaching out to others with generative AI messaging helps save time, or even asking questions like how much money they made in overtime.

Covering the topic of technology and next to the stage was Brian Chess, SVP Technology and AI. He began by saying that with over a million users, a billion transactions per month, and a trillion database queries each day, NetSuite is clearly a powerful platform. Chess announced that now, 100% of users are on its Oracle Cloud Infrastructure and that it has expanded its global reach, totaling 36 data centers in 17 OCI regions around the world.

He revealed that Oracle software works best together and enables NetSuite to scale and get customers to where they are today.

To listen to the full Product Keynote, log onto On Air and see the Home Page.

SuiteWorld 2024 Keynote Reveals Many Exciting Updates and Upgrades to NetSuite

Posted on September 19, 2024September 19, 2024 by Sarah Bensimon

Bustling with activity and exciting upcoming updates, SuiteWorld 2024 lived up to the hype. As a platinum sponsor, Caravel was privileged to attend some of the many insightful sessions, including the keynote address delivered by Evan Goldberg. With over 7,500 in-person attendees (not including On Air), this was the largest and most attended SuiteWorld thus far.

Evan Goldberg, NetSuite’s founder and EVP gave an inspirational keynote revealing AI capabilities and new functionality. The opening included a remarkable show of flexible acrobatic dancers that demonstrated the exciting opportunities to come. He announced the new Oracle data centers in both India and Brazil bringing the total to thirty-six.

Comparing NetSuite to the complex underground ecosystem of the redwood trees, interconnecting every function, in all its complexities, in “a way that feels simple” and is seamless, even as businesses evolve. He demonstrated that with all the growth at NetSuite, its foundation has never waivered and has never been greater.

There are four main areas that the company has been focusing on for the future. The first is making NetSuite a more natural extension of work and making the user experience more seamless. The second, is giving the user a more holistic view of the business, then comes automation of more processes so you can focus on what matters, and finally, creating an even more collaborative system.

Hillel Cooperman, NetSuite’s SVP in User Experience Design, was brought on stage to reveal more about this endeavor called Redwood. Employees are using NetSuite on a daily basis, so the idea is to make it as user-friendly as possible and presenting information and the software to be more adaptable and organic for the user. They are removing every point of friction the user possibly experiences, and making Search work with natural language, having the software adapt to the user as opposed to the other way around. Generative AI has led them to better understand how people speak and avoid deciphering “computer language.” Moving forward, at the top of each screen on all Oracle software will be a field called Ask Oracle to search for data, a command, or a prompt – and that includes NetSuite. The new Redwood initiative will be seen across the board in NetSuite, including in Customer 360.

Goldberg also spoke about NetSuite Financial Exception Management, and how AI now replaces the UI to sift through all activity. The AI will auto-detect exceptions in financial transactions and alert the user to anything outside the pattern and suggests fixes. He says, “This results in faster reconciliation and more confidence in your close.”

He then went on to discuss how Open Air is becoming SuiteProjects Pro, which includes a new Home Page in Redwood, and now has AI for more insights into projects without the need to run reports. Projects that need attention will be flagged and will come with AI recommendations.

NetSuite Enterprise Performance Management or EPM, is a family of products that enhances planning, simplifies account reconciliation and close, and powers advanced reporting. Goldberg states, “It considers data from across departments to improve decision-making…and can help get insights more efficiently because it’s infused with more AI.” The company has also made AI enhancements to NetSuite’s Analytics Warehouse or NSAW.

The company has also made strides in adding more AI features to the core of NetSuite, and not just its add-ons. The first is the aforementioned Ask Oracle to literally ask Oracle anything. They’re also releasing their first AI assistant, SuiteAnalytics Assistant. Users can have a natural conversation with it, as it helps build reports and visualizations. These two breakthroughs will work together to greatly enhance the user experience.

NetSuite Text Enhance, which was released last year, has been made even more effective with NetSuite Prompt Studio, which allows users to configure the way Text Enhance operates by editing the default Text Enhance prompts or create new prompts in any field that has Text Enhance capability, including custom fields.

Another exciting feature Goldberg announced was bringing generative AI to SuiteScript API. He mentioned that Celigo was able to build something very cool with it, and invited the Founder and CEO of the company, Jan Arendtsz up to the stage to talk about it. Jan talked about how Celigo is now a “full-fledged automation platform where companies can automate business processes.” Celigo’s Cloud Extend team has been working to enhance the user experience through many methods with AI, including summarizing email communications to offer the main gist of what was communicated so that users don’t have to go through the emails in their entirety. They’re also, among many others, creating a “knowledge automation bot” where a user can submit a question through a Slack or Teams interface, and in real-time, get a response with great precision. Celigo is also implementing AI in their product and have several capabilities in production.

Goldberg’s next topic was discussing Oracle Code Assist with SuiteScript – “an AI code companion powered by advanced large language models running in OCI.” It specifically optimizes for SuiteScript, where users can issue a prompt, and it just generates code. You can then cut and paste the code and then deploy it. It also helps with testing, documenting and explaining existing code. This helps save time and increase productivity as they customize NetSuite and build SuiteApps.

Next came an explanation of NetSuite Guided Learning Managed Service. Guided Learning, which came out last year, embeds step-by-step guidance directly into the UE. It shows team members how to execute tasks more effectively directly in context. The new Managed Service portion allows users to customize the learning experience for your specific business. It also offers analytics to show your team’s use of the Guides to optimize them and get teams to use them even more. The Learning Cloud Support (LCS) gives you access to the online learning center, where teams can choose from thousands of on-demand courses, connect with trainers, attend webinars, and schedule one-on-ones.

He then went on to reveal NetSuite Suite Procurement, an indirect procurement solution that lets you punch out from NetSuite to vendor sites to shop for goods and services. The first to sign up to this was Amazon Business and Staples Business Advantage and offer deals for NetSuite users. Suite Procurement automatically creates purchase requests within NetSuite, routes them to the appropriate person, creates purchase orders, and handles everything through vendor payment. This means that there’s no manual data entry for any transaction.

He also introduced NetSuite Connector for Salesforce, which is “finally marrying Salesforce and NetSuite.” The new connector automatically syncs your customer, inventory, sales order and financial data between your NetSuite and Salesforce environments, eliminating tedious data entry or shuffling between systems, and ensures scalability for the future.

Another accomplishment this year is NetSuite’s Advanced Customer Support, which can be a great asset in optimizing your NetSuite environment.

For the full keynote speech where Evan Goldberg reveals even more accomplishments and updates, log into On Air, where you can view it in its entirety.