Hitting the NetSuite Spot!
This article appears in our Q2 2022 issue of Finance Transformation Magazine. To download the issue, click here
Tony Fidler, Managing Director of SANSA, discusses why fast-growing companies should consider upgrading their ERP System to Oracle NetSuite.
Oracle NetSuite is widely regarded as the number one Cloud ERP system in the world offering a truly integrated finance solution for fast medium-sized companies experiencing hypergrowth. Their ERP functions apply to a wide range of geographies and industries, which positions them uniquely in the market to deliver against their mantra of ‘Run, Scale, Grow’. The core, out-of-the-box solution is aligned to growth companies.
Navigating an ERP selection process can be challenging with many providers and systems to choose from. In my role, I’m regularly engaging with CFOs and Transformation Leaders about their pain points and through my network and background in accountancy and finance transformation. I can guide them through these difficult decisions. Over the last few years, we’ve seen a shift towards Oracle NetSuite as they continue to push the boundaries of the traditional ERP systems and disrupt the market. Here are the common reasons my clients choose to adopt NetSuite and what drives their decision making:
1. More Visibility
Senior Leadership and Sales teams are constantly asking Finance for ad hoc, up to date to reporting so that can make better informed commercial decisions. Each request requires an accounting professional to run bespoke reports which take days to produce and are often out of date by the time it’s interpreted and acted on by the recipient. Oracle NetSuite allows teams to build order processing, quality reassurance and compliance reporting, plus more deports in real-time dashboards and present core business metrics in an intuitive way. The accessibility of data allows teams to view and act on real-time information, which was the case for one of my Commercial Real Estate clients who through their single unified view were able to run accurate reports which helped define international expansion plans. A core strength of NetSuite is its inbuilt capability around multicompany and multicurrency. This enables access to real-time information across a Group from anywhere at anytime.
The world has become a more connected place post Covid with teams operating remotely both nationally and internationally. Today, cloud computing enables companies to adapt to changing business models, both strategically and operationally. Generally, companies with a cloud-first strategy can adjust their way of working much quicker and encounter fewer technology challenges. It’s widely recognised that a cloud platform reduces complexity, increases reliability, and enables faster development changes, all whilst decreasing risk.
Oracle NetSuite often refers to itself as the No.1 Cloud ERP system on the market, well it’s true! Since Oracle acquired NetSuite system development has been paramount and through biannual updates, they continue to maintain their position in the market.
I’ve worked with companies across eCommerce throughout the Covid-19 pandemic to implement global incidences of NetSuite. They’d recognised that to grow efficiently and globally a switch to a cloud-based provider was essential, legacy ERPs system and worst still spreadsheets saved locally was impacting growth and efficiencies. Investing in a cloud-based solution not only helped their operational finance teams but it allowed remote working to flourish.
3. A Strive for Best Practice – SuiteSuccess
SuiteSuccess is engineered to solve unique industry challenges that historically have limited a company’s ability to grow, scale and adapt to change. Most ERP vendors have tried to solve the industry solution problem with templates, rapid implementation methodologies and custom code.
NetSuite took a holistic approach to the problem and productised domain knowledge, leading practices, KPIs and an agile approach to product adoption. The benefits of this are faster time to value, increased business efficiency, flexibility and greater customer success.
SuiteSuccess is based on leading, industry verticals and is designed to accelerate your return on investment, whilst reducing the risk sometimes associated with technology projects. At SANSA we are SuiteSucess enabled and the most accredited Alliance Partner in EMEA – we overlay our knowledge, experience, and consulting skills to personalise NetSuite for customer specific requirements. Clients are often surprised how their desired process flows can be overlaid with Oracle NetSuite’s functionality to produce smarter, more efficient processses. Plus faster implementations, reduced the time to value meaning the days of long, protracted and, expensive ERP implementation projects are over.
4. Cost Efficiencies
The initial outlay and ongoing licensing costs are often at the back of a CFOs mind when embarking on an ERP transformation project – and rightly so. Like with any systems project you look through the list of available features and map how your team can utilise what’s available, but the reality is there are many features you could be paying for that you won’t use from the get go. With NetSuite you don’t need to procure the whole platform from day one, simply buy the functionality you need so you only pay for what you use, and when you need to unlock new features it’s simple. With SANSA’s consultants will assist you in building a stairway of functionality and benefits meaning you won’t try to boil the ocean on day 1.
5. Focus on Tasks that Add Value
Every CFO or Finance Leader is being pulled in every direction but knows their team must complete the basic day-to-day tasks in order for the business to function. With pressures on headcount due to wage inflation and economic uncertainty, being more efficient is one way of realigning your team and delivering value back to the business. NetSuite’s finance and accounting capabilities allow our clients to deliver primary business tasks more efficiently, whether it’s bank reconciliations, purchase orders, re-order notifications, customer profitability reports or forecasting. By reducing the amount of time spent on repetitive BAU tasks, we’ve seen significant reductions in month end and year reporting allowing Finance teams to work on more valuable tasks to help grow the business. One of my eCommerce clients has seen a 25% reduction in task across their purchase ledger which has allowed them to redeploy staff to focus on redefining processes and automation.
All of that said buying the software simply isn’t enough, it needs to be configured for your business. At SANSA we enable businesses to unlock the true potential of NetSuite. We specialise in maximising the value of our client’s investment through consulting, implementation, optimisation and support services. We offer unrivalled efficiencies in building teams of the best Oracle NetSuite certified professionals in the market. And as a certified NetSuite Alliance partner, we are a trusted and recognised partner by Oracle.
Our unique operating model, focussed on people and technology, separates us from our competitors – we are partners, not providers.
About the author: Tony Fidler
Tony Fidler is the founder and Managing Director of SANSA Solutions – an Oracle NetSuite Alliance Partner. Tony is CIMA qualified and a leader in the Finance System and ERP space. Tony has atrack record in building successful teams and delivering change through ERP.