Join us as we review the latest releases from NetSuite, including enhanced automation and efficiency, improved user interface and experience, and more.
Category: Resources
Transforming Healthcare Management: How Hospitals Can Benefit from NetSuite ERP
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
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
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 3rd 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.
eBook | Mastering Salesforce CPQ: A Guide to Streamlining Your Installation Process
This comprehensive guide delves into the intricate planning and collaboration needed to work the complexities of implementing your CPQ so it is accurate, highly functional, and user-friendly.
Download the full guide below.
SuiteWorld 2024 Keynote Reveals Many Exciting Updates and Upgrades to NetSuite
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.
Caravel Wins NetSuite’s Services Alliance Partner of the Year 2024
We are thrilled to announce that we have won this year’s NetSuite Services Alliance Partner of the Year! This award recognizes Caravel’s dedication to the Services industry, and being recognized for this by NetSuite is a huge honor.
The Caravel team has been diligently working with Services industry customers for over 20 years, with a focus on helping them thrive with NetSuite ERP. We have helped our customers excel with project management, resources, budgets, tasks, expenses, billing, and more, as well as with 3rd party integrations.
Managing Director of Delivery & Operations, Tai Valenzuela says, “We are incredibly honored to be named Services Partner of the Year for the fourth year in a row. This achievement is a testament to the hard work and dedication of our amazing team, our strong partnership with NetSuite, and our unwavering commitment to delivering exceptional results for our clients. We couldn’t have done it without the trust of our clients and the collaborative spirit that drives our success every day. Thank you to everyone who has been a part of this journey!”
Caravel will continue to proudly serve clients in the Services industry and help propel their business with the top ERP system available today, NetSuite.
Ensuring Smooth User Adoption of NetSuite ERP
As astute organizations seek to optimize their operations and enhance decision-making, the significance of user adoption in NetSuite cannot be overstated. Effective user adoption ensures that employees are well-trained and comfortable with the system, leading to increased efficiency, reduced errors, and a more seamless integration of business functions. Embracing NetSuite ERP fully helps organizations realize their potential, driving better performance and supporting strategic growth.
What are the challenges of NetSuite user adoption?
In many organizations, change is sometimes resisted. The implementation of a new system can be daunting at times, which is why proper training and adoption are so vital to its success. Some users may not only have challenges with change, but also with lack of technical skills. A solid implementation partner will know this beforehand and take it into account. Knowing that each user learns using different methods at different paces, they will ensure that users receive training options – and not just provide a single method for adoption. Adequate training is crucial for successful adoption, with well-structured training materials so they may be used effectively. Because NetSuite has an intuitive user interface and aligns well with user workflows, the platform is more easily adopted.
Other challenges include data migration – moving data from legacy systems to NetSuite can be complex, which is why an experienced partner is so crucial. Poor data quality, incomplete migration or disruption of operations can reduce confidence in a new system. Additionally, integrating with other systems can be challenging and if it’s not seamless, it can lead to data silos and operational inefficiencies.
Addressing these challenges head-on is the job of the implementation partner. Ensuring the least amount hurdles will encourage users to embrace NetSuite and move forward with implementation into the organization.
Developing a Strategic Training Approach
A strategic training approach begins with an assessment of training needs and identifying the many user roles and their specific training requirements. Sometimes, a skills gap analysis is done to determine what needs to be taught, but it may not be necessary with some organizations whose employees have used other systems in the past.
What’s important is to offer training in various methods. Some users learn better through video instruction, while others prefer a more hands-on approach and may need a live walk-through. A good implementation partner will offer different options including in-person sessions, and self-paced online video courses. They can provide access to tutorials, guides, and FAQs as well.
Effective Communication Strategies
Developing positive user adoption of NetSuite involves good communication and accessibility. Articulating NetSuite’s advantages and why they have chosen to implement the software, how it will make their work much easier, and sharing client success stories and case studies can also help.
Keeping users informed about implementation timelines and changes is vital, as is providing progress reports and addressing concerns promptly. Being available to answer questions via phone, email, or scheduled Zoom meetings – offering various forms of communication can also ease their woes and help communication efforts. Encouraging user feedback to identify issues and areas for improvement and showing the implementation partner is open to changing things for the better is great. Urging user feedback to refine training and support efforts can also help the partner as well as the user.
Testing Before Go-Live
Testing your NetSuite instance before going live is crucial to its success and is an important part of training. Users must be comfortable with the system before launch. Ensuring functionality by testing helps to ensure that all modules and customizations are working as intended, and this includes validation of workflows, integrations, and that reports are producing accurate results.
Identifying issues or bugs before the system is fully operational can prevent disruptions in business processes once it’s live. Testing also ensures that data migration is accurate and complete, which is critical to maintaining the integrity of financial and operational data. Testing also provides opportunities for users to familiarize themselves with the system, and making sure they’re proficient with the functionality before they start using it in their daily tasks. A good implementation partner will also make sure that the customization is verified and works as expected and will create a sandbox for users to “practice” tasks, ensuring integrity of the system.
The importance of a structured approach is to achieve long-term success – the goal of any organization. Work with your implementation partner to weave in best practices to enhance user engagement and make sure they’re open to feedback so you can always be growing.
To understand more about how Caravel can help implement or improve your NetSuite instance, please contact us in the form below.
Measuring Success: Key Metrics to Track After NetSuite Go-Live
With nearly 40,000 companies employing and relying on NetSuite as their ERP of choice, the popular platform has helped them achieve substantial insights into their business processes. The journey for these began once the system went live, however, the more crucial phase – monitoring and optimizing NetSuite to ensure they’re reaping maximum benefits is an ongoing process that needs to be discussed.
Tracking key metrics post-NetSuite go-live is essential for a deeper understanding of performance, identifying areas for improvement, and driving business growth. Below, we will explore what metrics you should be tracking and how to leverage them to continuously enhance your operational and financial strategies – making sure your investment pays off.
Efficiency Metrics Relating to NetSuite
Measuring efficiency metrics is likely one of the more apparent metrics you want to delve into so you can see how effectively the platform is utilized to streamline operations, improve productivity, and optimize your resources. Ask your team about cycle time reduction by measuring the time taken from order to cash and other critical processes before and after implementation. Measure your transaction processing time, which indicates how efficiently transactions are processed within the system.
Take a look at process automation, which involves monitoring the execution and outcomes of automated tasks and workflows and tracking the percentage increase and its impact on operational efficiency. For instance, in SuiteFlow, you can view the workflow status and history. You can also check the audit trail, as each workflow action can be audited to track when it was triggered and executed.
NetSuite also offers event monitoring capabilities that track user activity and system events, which can include tracking when automated processes are triggered and executed.
Cost Savings Metrics due to NetSuite Implementation
As one of the more significant metrics, measuring costs can be done in a few ways. Firstly, take a look and see if there is a reduction in IT costs. Compare the pre-ERP and post-ERP costs, including maintenance, support, and infrastructure. Secondly, examine administrative costs by taking a dive into changes in administrative costs due to the now streamlined processes and reduced manual work due to the many automations offered in NetSuite. Next, you can measure procurement savings by looking at the savings in procurement through improved vendor management and purchasing processes.
Measure your labor costs by evaluating changes in staffing requirements for finance, accounting, and IT departments. with regard to compliance and risk management, take a look and see if there was a reduction in costs associated with improved compliance and reduced risk of fines and penalties.
Examine Financial Metrics from Implementing NetSuite
Likely, one of the more significant metrics to examine is financial. Companies want to know if their investment in NetSuite has paid off. There are several financial metrics that can be looked at, starting with revenue growth. Monitor revenue trends post-ERP implementation to identify any positive impacts on sales and profitability. You can also look at profit margins by evaluating changes, considering cost reductions and revenue growth facilitated by NetSuite. Businesses can also examine cash flow and assess improvement in cash flow management and liquidity due to better financial controls and forecasting capabilities.
Return metrics are also significant, so look at your ROA (return on assets) to measure how effectively assets are being used to generate profit. Look at your ROE (return on equity) if you have shareholders. NetSuite can also provide Gross Profit Percentage, EBITDA, Debt Covenants, and Current Ratio.
Customer Satisfaction Metrics
Looking into your customers’ satisfaction sometime after a NetSuite implementation is a great way to see if it’s paying off outside of your organization. Take a look at order fulfillment and track improvements in order accuracy, fulfillment speed, and customer satisfaction scores. Examine service response times by measuring the changes in response times and service levels post-ERP to gauge customer service improvements. Finally, analyze customer retention rates and repeat business post-ERP implementation. These are all ways to get a comprehensive view of customer satisfaction and identify areas for improvement after implementation.
Reporting and Analytics Metrics post NetSuite Go-Live
NetSuite affords users exceptional reporting and analytics capabilities, so you will want to measure some elements to ensure that you’re getting the expected business value. Some key metrics to consider include data accuracy and integrity metrics. For data accuracy, evaluate the precision and reliability of financial and operational data post-ERP. You can also track the frequency of data entry errors or system-generated errors, and also measure the percentage of data fields that are filled out correctly. Take a look at real-time reporting by measuring the efficiency and speed of generating reports and dashboards. Finally, take a look at user adoption by assessing user engagement and adoption rates of NetSuite features and reporting tools.
Employee Productivity Metrics Utilizing NetSuite
Evaluating your return on investment can also be measured by looking at employee productivity after NetSuite implementation. Take a look at time savings, and calculate time saved per employee in performing routine tasks and accessing information. Look at training effectiveness, and measure how effective NetSuite training programs were in improving employee productivity. Another thing to consider is employee satisfaction – gauge employee satisfaction and morale changes post go-live and see what these changes have brought to your user teams.
The importance of tracking metrics post NetSuite implementation is vital to finding out if your investment was worth the time, effort, and money. Making informed decisions comes with continuously optimizing your system, and the only way to do that is by examining these metrics mentioned above. Continuous evaluation and adjustment of metrics will ensure ongoing success and a good return on your investment.
To learn more about how your organization can benefit from a NetSuite implementation or optimization, contact us in the form below.
How Can NetSuite Help Insurance Executives Make More Informed Decisions?
Download this compelling infographic to learn more about how a cloud-based ERP such as NetSuite can help propel insurance companies to make better decisions and go to market faster.
