NetSuite ERP Archives - Page 3 of 4

Say Goodbye to Spreadsheets: Empower Your Business with Centralised Data and Real-Time Insights

December 13, 2024

NetSuite ERP NetSuite Financial Management

NetSuite ERP, NetSuite Financial Management

Spreadsheets might have served businesses well in the past for managing data, finances, and operations, but as your business grows, their limitations become more evident. Errors, inefficiencies, and delays caused by manual processes can hold you back, impacting productivity and making strategic decision-making harder.

At OSSM, we help businesses transition from outdated processes to a smarter, more integrated approach. As trusted NetSuite ERP Partners, we empower businesses by centralising data onto one powerful platform. With NetSuite, your key metrics, performance indicators (KPIs), and dashboards are updated in real time and accessible from anywhere. This transparency helps you respond to challenges, seize opportunities, and move forward confidently.

In this blog, we explore the transformative benefits of moving from spreadsheets to centralised data management and how real-time KPIs and dashboards can shape your business’s future.

Why Real-Time Data Visibility Is Essential

In today’s fast-paced and ever-changing business environment, real-time data isn’t just a luxury – it’s a necessity. Having instant access to your business’s key metrics enables you to:

• Make quick, informed decisions.

• Adapt to market changes.

• Stay ahead of the competition.

NetSuite, a leading financial accounting ERP software, offers the tools you need to centralise data and eliminate the reliance on scattered spreadsheets. Real-time visibility allows you to monitor KPIs and dashboards instantly, providing the insights required for both day-to-day management and long-term strategic planning.

With NetSuite’s centralised platform, you can identify trends, tackle challenges, and uncover growth opportunities – all from one source of truth. This clarity is essential for driving productivity, ensuring operational efficiency, and fostering growth.

Boost Efficiency with a Unified Platform

Efficiency underpins every successful business. Yet inefficiencies often lurk in disconnected systems, manual processes, and outdated spreadsheets. These can drain resources and hinder growth. Transitioning to a single, centralised platform like NetSuite can streamline operations and unlock potential you didn’t know existed.

NetSuite unifies your operations, offering features like:

• Real-time insights.

• Automated workflows.

• Comprehensive inventory management.

As NetSuite Consulting Partners, OSSM provides the tools and expertise to reduce manual tasks, eliminate errors, and improve productivity. With instant access to KPIs and tailored dashboards, you’ll gain the power to make decisions that propel your business forward.

The Power of KPI Dashboards

KPIs are more than numbers; they’re visual insights into your business’s performance. NetSuite’s real-time dashboards allow you to:

• Track progress and identify strengths.

• Spot areas for improvement.

• Measure success with precision.

NetSuite’s intuitive dashboards make monitoring KPIs seamless. Automated reports ensure accuracy and save time, allowing you to focus on growth rather than tedious data management. Whether it’s tracking financial performance, operational efficiency, or customer satisfaction, NetSuite provides the clarity you need to thrive.

Why OSSM?

At OSSM, we’re passionate about helping businesses unlock their full potential. As experienced NetSuite ERP Partners, we deliver tailored solutions that transform how businesses operate.

Our team has extensive experience implementing NetSuite solutions across various industries, making us your trusted partner in Ireland and the UK. Ready to take the next step? Contact us at:

• Dublin: +353 (0)1 811 3811

• Belfast: +44 (0)28 9002 3539

Or reach out via our online contact form.

Smarter Decisions Start with Smarter Tools

Step into the future of data management. Move beyond spreadsheets, centralise your operations, and unlock the power of NetSuite’s real-time insights and dashboards. Download our brochure: How to Optimise NetSuite Dashboards & KPIs.

About the Author

Lisa Costello

Lisa Costello is a NetSuite Product Specialist at OSSM, bringing years of experience as a Product Trainer. With a Higher Degree in Industrial Biology & Bioinformatics, and a CMI Certificate in Business Management, Lisa combines technical expertise with strong business acumen. Before joining OSSM, she served as an External Product & Systems Trainer for Sage, specialising in Accounts & Payroll.

2024 Manufacturing Trends and How ERP Can Drive Success

October 15, 2024

Manufacturing - Solutions NetSuite ERP NetSuite Manufacturing

Manufacturing - Solutions, NetSuite ERP, NetSuite Manufacturing

The manufacturing sector is undergoing a profound transformation driven by technology, global market dynamics, and evolving consumer expectations. As we navigate through these changes, manufacturers must adapt to remain competitive and efficient.

This blog explores key trends shaping the industry and how OSSM, in partnership with NetSuite and blendAPPS, can help businesses thrive in this evolving landscape.

An Overview of Manufacturing in 2024: Key Trends and Opportunities

The manufacturing sector has seen remarkable changes in 2024, driven by technological advancements and shifting consumer demands. As businesses navigate these changes, understanding current trends is essential for maintaining competitiveness and achieving operational excellence.

Digital Transformation

The momentum of digital transformation in manufacturing continues to accelerate in 2024. Companies are increasingly adopting advanced technologies, including the Internet of Things (IoT), artificial intelligence (AI), and automation. These innovations enable real-time monitoring of production processes, enhancing productivity and simplifying operations.

By embracing digital tools, manufacturers can respond swiftly to changes, make informed decisions, and optimise their workflows. As a leading partner in the implementation of NetSuite Manufacturing, OSSM helps businesses harness these digital technologies to improve their processes and drive growth.

Sustainability and Green Manufacturing

Sustainability remains a top priority for manufacturers in 2024. With growing awareness of environmental issues, businesses are focusing on reducing waste, optimising resource use, and implementing environmentally friendly practices. This shift not only meets consumer demand for sustainable products but also aligns with regulatory pressures and enhances brand reputation.

NetSuite’s capabilities allow manufacturers to track and manage their sustainability initiatives effectively. From monitoring resource consumption to managing compliance with environmental regulations, NetSuite helps businesses integrate sustainability into their operations. OSSM’s expertise in deploying these solutions positions us as the ideal partner for manufacturers seeking to enhance their sustainability efforts in Ireland and the UK.

Supply Chain Resilience

The challenges of the past few years have highlighted the fragility of global supply chains. As a result, manufacturers in 2024 are prioritising supply chain resilience by diversifying suppliers and investing in technologies that enhance visibility and flexibility. A robust supply chain is essential for mitigating risks and ensuring smooth operations.

With OSSM’s deep understanding of the local market and commitment to customer success, we are well-equipped to guide businesses through setting up automated systems to support the complexities of supply chains.

Personalisation and Customisation

In 2024, consumer preferences are increasingly shifting towards personalised products and experiences. Manufacturers are responding by adopting flexible production processes that enable customisation at scale. This trend demands agile manufacturing capabilities and efficient inventory management to meet individual customer needs.

OSSM’s expertise in implementing NetSuite’s production planning and scheduling tools ensures that businesses can efficiently manage their production processes, offering personalised products while maintaining operational efficiency.

Advanced Analytics and Data-Driven Decision Making

Data has become the new currency in manufacturing, and in 2024, companies are leveraging advanced analytics to gain insights into production performance, customer preferences, and market trends. This data-driven approach allows businesses to optimise processes, reduce costs, and enhance overall efficiency.

At OSSM, we understand the importance of data in driving success, and we work closely with our customers to ensure they maximise the potential of these insights.

Addressing These Trends with NetSuite and blendAPPS for Businesses in the UK and Ireland

NetSuite Manufacturing offers a comprehensive cloud-based solution that empowers manufacturers to tackle these trends effectively:

• Enhanced Supply Chain Management: NetSuite provides real-time visibility into your supply chain, allowing for better collaboration with suppliers and distributors.

• Sustainable Practices: With built-in tools for tracking resource consumption and waste, NetSuite helps manufacturers implement sustainable practices while maintaining compliance with environmental regulations.

• Flexible Production Planning: NetSuite’s production planning and scheduling capabilities enable manufacturers to adapt quickly to changing market demands, ensuring that they can offer personalised products without sacrificing efficiency.

• Advanced Analytics: The platform offers powerful reporting and analytics tools that provide insights into operational performance, helping manufacturers make data-driven decisions and identify areas for improvement.

Through our partnership with blendAPPS, we enhance these capabilities further, particularly for process manufacturing. With tools designed specifically for this sector, businesses can optimise their operations:

• Formula Designer: Allows manufacturers to derive cost-effective formulas and perform real-time analysis, ensuring quality and efficiency.

• Quality Control: Enables seamless inspection of materials and generates certificates with one click, ensuring that quality standards are consistently met.

• Batch Manufacturing: Provides detailed tracking of batch-level records, maximising production efficiency and reducing waste.

Why OSSM is the Best Partner for Manufacturing in Ireland and the UK

Choosing the right partner for your manufacturing needs is critical. Here’s why OSSM stands out as the best choice for businesses in Ireland and the UK:

Local Expertise

OSSM’s deep understanding of the manufacturing landscape in Ireland and the UK ensures that we can provide tailored solutions that meet regional requirements.

Personalised Support

We prioritise building strong relationships with our clients. Our dedicated support team is available to provide personalised assistance throughout the implementation process and beyond, ensuring a smooth transition and ongoing success.

Proven Solutions

With a track record of successfully implementing NetSuite solutions for manufacturers, OSSM has the experience and knowledge to deliver results. Our customers trust us to provide innovative solutions that drive efficiency and growth.

Commitment to Innovation

At OSSM, we are committed to staying ahead of industry trends. By partnering with NetSuite and blendAPPS, we ensure our customers have access to the latest tools and technologies that enhance their manufacturing operations.

Focus on Your Success

Our mission is to empower our customers to succeed in an increasingly competitive market. We work closely with you to understand your unique challenges and provide solutions that align with your business goals.

Embrace the Future of Manufacturing with OSSM

The manufacturing sector is at a pivotal moment, and businesses must adapt to thrive. With OSSM as your partner, you can leverage cutting-edge solutions from NetSuite and blendAPPS to transform your operations and position your business for success.

Book a Demo or Contact Our Experts to discover how OSSM can help you navigate the challenges and seize the opportunities in the ever-evolving manufacturing landscape.

About the Author

Rob Van Der Velden

Rob Van Der Velden is a Consultant at OSSM, specialising in NetSuite implementation project management. He oversees the entire process from pre-sales to training, with expertise in Manufacturing, Project Management, Service Management, CRM, and Distribution & Warehouse Management. Rob excels in workshops, process definition, data migration, customisation, and change management, providing strategic guidance to optimise business processes.

Maximising ERP Success with NetSuite Services

August 30, 2024

NetSuite ERP Services

NetSuite ERP, Services

Investing in a cloud-based ERP system like NetSuite is a strategic move that can unlock numerous advantages. A well-implemented ERP system provides your business with the tools needed to streamline operations, improve productivity, and foster growth through powerful, real-time insights. However, implementing and managing an ERP system is a complex task, and businesses often face challenges during their NetSuite journey. These challenges can lead to inefficiencies, delayed processes, and an overall feeling that your ERP isn’t living up to its potential.

That’s where OSSM steps in. As certified NetSuite ERP Partners, our mission is to empower businesses to optimise their ERP systems so that they work in perfect harmony with their goals. Whether you’re looking for support on an existing NetSuite ERP Implementation or require a new solution to drive your business forward, OSSM offers a full suite of NetSuite services tailored to meet the unique needs of your business. From customised training and thorough system health checks to advanced development and ongoing support, OSSM provides the expertise and solutions that ensure your NetSuite ERP performs at its best, giving your business the agility and confidence to thrive.

In this blog, we’ll explore the five key services OSSM offers to help you make the most of your NetSuite ERP: NetSuite Training, NetSuite Implementation, NetSuite Support, NetSuite Health Check, and NetSuite Development.

NetSuite Training

An ERP system is only as effective as the people who use it. That’s why our NetSuite Training Services are designed to empower your team with the knowledge and skills they need to fully harness NetSuite’s extensive capabilities. We offer bespoke training solutions tailored to suit users at all levels, from those just starting their NetSuite journey to advanced users looking to deepen their expertise.

Every training session is customised to address your specific business needs and goals, ensuring that your team can operate confidently and efficiently within the system. Whether your focus is on finance, inventory management, customer relationship management (CRM), or another aspect of NetSuite, our skilled specialists will help your staff understand how to make the most of NetSuite in their day-to-day activities.

By ensuring that your users are fully equipped to leverage NetSuite’s features, our training services contribute to increased operational efficiency, reduced errors, and ultimately, greater business growth. Training can be delivered on-site or remotely, offering flexibility to meet the demands of your business.

NetSuite Implementation

The successful implementation of an ERP system requires meticulous planning, expert knowledge, and a clear understanding of a business’s unique operational requirements. At OSSM, we pride ourselves on delivering NetSuite Implementation Services that are specifically tailored to meet the individual needs of your business.

The key to a successful NetSuite implementation is dedicating time to thoroughly listen to and understand the unique challenges each customer faces. Our workshop process facilitates this by helping us identify any bottlenecks.

By thoroughly examining the details, we ensure that both our customers and our team have peace of mind, knowing we’ve accurately gathered all requirements and are aligned from project kick-off. With NetSuite SuiteSuccess “out-of-the-box” solutions, industry-specific reports, dashboards, and workflows are instantly accessible, speeding up time-to-value for our customers.

Configuring the NetSuite Sandbox is a critical step in the implementation process. It allows our team and customers to thoroughly test the system, resolving any issues before going live. This ensures your NetSuite system will be fully functional from day one, giving you peace of mind.

We don’t just leave you to figure things out on your own. Before go-live, we provide extensive training to ensure your users are confident in the new system. Our expert project management team works closely with you throughout, ensuring the project is delivered on time and within budget. We also offer go-live support to guide you through the transition, and post-go-live, we continue to provide support to quickly address any issues and keep everything running smoothly.

NetSuite Support

The ERP journey doesn’t end with the implementation, it’s an ongoing process that requires continuous support and optimisation. That’s why local NetSuite Support Services are designed to offer you the assistance you need to keep your system running smoothly.

At OSSM, we recognise that every business has unique challenges, which is why our support services are flexible and tailored to your specific needs. Whether you need help resolving technical issues, assistance with user queries, or advice on how to get the most out of your system, our expert support team is here to help. We offer both proactive and reactive support, aiming to resolve any issues quickly and minimise downtime. Our goal is to keep your NetSuite ERP system performing optimally, ensuring that your business continues to benefit from its full functionality.

In addition to resolving immediate concerns, our support team provides guidance on how to optimise your NetSuite environment as your business evolves. This ensures that your ERP system remains a valuable tool for driving efficiency and growth, rather than becoming a burden due to unresolved issues or outdated configurations.

NetSuite Health Check

If your current NetSuite setup isn’t delivering the results you anticipated, or if your business has grown and evolved since the initial implementation, our NetSuite Health Check can provide the insights you need to get your system back on track.

The NetSuite Health Check is a comprehensive service that assesses your current NetSuite configuration, identifying areas where performance can be improved, or inefficiencies reduced. We begin by conducting an in-depth review of your system and business processes, looking at how NetSuite is currently being used and identifying any gaps or issues that may be impacting its effectiveness.

Once the review is complete, we provide a detailed report outlining our findings and recommendations. These recommendations are designed to help you make better use of NetSuite’s features, streamline your operations, and improve overall system performance. Whether it’s adjusting workflows, reconfiguring dashboards, or integrating additional features, our tailored recommendations are aimed at helping you maximise the value of your NetSuite ERP.

The NetSuite Health Check is ideal for businesses that want to ensure their system is operating at peak performance, or for those who have experienced challenges with their ERP and need a fresh perspective on how to optimise it.

NetSuite Development

Every business is unique, and sometimes an out-of-the-box solution isn’t enough to meet your specific needs. That’s where our NetSuite Development Services come in. At OSSM, we go beyond standard implementations to provide a range of custom developed solutions that enhance and extend the functionality of your NetSuite ERP.

Our development services range from building custom applications to integrating third-party software, automating processes, and creating custom workflows that align perfectly with your business processes. We use our extensive experience and creativity to develop solutions that address complex challenges, ensuring that your NetSuite environment is not only functional but also tailored to meet the specific demands of your industry and business.

Whether you need a simple customisation or a complex integration, our development team is here to deliver solutions that are scalable, reliable, and designed to grow with your business.

Why OSSM is the Right Partner for Your NetSuite Needs

At OSSM, we understand that every business is unique, and so are its challenges. That’s why we approach every NetSuite project with a deep understanding of your specific needs and goals. With years of experience as certified NetSuite ERP partners, we’ve helped businesses across a range of industries optimise their ERP systems to achieve greater efficiency, agility, and growth.

Our hands-on approach ensures that we’re not just implementing a system but partnering with you to ensure that NetSuite supports your long-term business objectives. We work with you every step of the way, from initial consultation and implementation to ongoing support and custom development. Our goal is to provide you with the tools, training, and expertise you need to make your NetSuite ERP a powerful asset for your business.

If you’d like to learn more about how OSSM can help you optimise your NetSuite ERP, you can also Book your free consultation to explore our offerings in more detail.

We’ll be exhibiting at this years ERP Head to Head event, where we’ll have a more detailed demonstration on Field Service Management, Manufacturing and Projects.

If you’d like to attend this demo or just come and chat to a member of our team, click below to register.

Don’t forget to use promo code OSSM20 for an early-bird discount.

About the Author

Roger Gribbin

Roger Gribbin is an IT professional with over 25 years of experience in various roles, involving assisting customers with selection projects for ERP, CRM, and BI, as well as hands-on implementation and project management in medium-sized organisations in Ireland. He currently serves as the Sales Director for the Noledge Group.

Identifying Outputs, Mapping Processes, and Succeeding with a Strong NetSuite Partner: A CFO’s Perspective

August 19, 2024

NetSuite ERP

NetSuite ERP

As a CFO, managing financial operations and ensuring the smooth running of the business can be a challenge, especially when juggling multiple disconnected systems. Before implementing NetSuite, our finance team used four separate applications, each serving different business functions but with minimal integration. This disjointed setup led to countless hours spent ensuring data consistency, manual reconciliations, and cumbersome month-end reporting processes.

In this blog, we’re diving into the transformative power of NetSuite ERP through a conversation with Dawn O’Dwyer, our CFO. We asked Dawn about the challenges she faced with our previous systems, why NetSuite was chosen, and the impact it has had on our operations. Her insights offer a first-hand look at how NetSuite can revolutionise financial management.

The Challenges of a Disconnected System

We began by asking Dawn about the issues she encountered with our old setup. She explained that managing multiple disconnected systems was a significant challenge. “Our finance team was working with four separate applications,” she shared. “Each application served different business functions, but they had minimal integration, leading to countless hours spent ensuring data consistency, manual reconciliations, and cumbersome month-end reporting processes.”

Dawn highlighted that, with more than one company under our umbrella, consolidating a group picture was a manual task. “We had to extract P&L and Balance Sheets into Excel,” she said. “Calculating key performance indicators (KPIs) like chargeable days or support case metrics required multiple data extractions and pivot tables, making the process tedious and prone to errors.”

Why We Chose NetSuite

When we asked Dawn why NetSuite was the chosen solution, she was clear: “We needed a unified system that provided a single version of the truth. The inefficiencies of our previous setup were holding us back, and NetSuite offered the integrated solution we needed.” She emphasised the importance of real-time visibility and the ability to streamline operations, which were critical factors in the decision.

It’s also worth noting that we practice what we preach. As a NetSuite Partner, implementing NetSuite in our own business was a natural fit. It met all our needs: cloud capabilities, multi-entity management, flexibility, scalability, case management, resource scheduling, project management, budgeting and forecasting, revenue recognition, and, most importantly, a single source of truth.

The Implementation Journey

We were curious about the implementation process and how it was managed. Dawn recounted the experience, noting, “Leading the move to NetSuite at the board level was both challenging and rewarding. We spent a significant amount of time mapping out our key processes to implement them effectively.”

She also highlighted the importance of keeping an eye on the outputs required. “Ensuring that the new solution delivered the efficiencies and visibility we needed for day-to-day operations and management reporting was crucial.”

The Impact of NetSuite on Our Operations

Dawn was enthusiastic when asked about the impact NetSuite has had on our operations. “One of the most significant benefits is the fully integrated system that allows us to drill down into transactions and trace them back to their origins,” she explained. “Invoicing, which used to be a manual process, is now automated, and revenue recognition rules are set up in accordance with accounting standards.”

Enhanced Financial Management and Reporting

We asked Dawn how NetSuite has improved financial management and reporting. She responded, “With NetSuite, managing and reporting on financial data has become significantly easier and more efficient. The automation of revenue routines and the availability of detailed, up-to-date financial reports have allowed us to shift our focus from preparing numbers to analysing them.”

Measurable Improvements and Key Metrics

Dawn shared that one of the most tangible benefits of NetSuite has been the ability to generate key reports and metrics effortlessly. “Every Monday morning, we review our KPIs directly from NetSuite,” she said. “Our revenue has continued to grow year on year, and we’ve been able to expand into new jurisdictions with ease.”

Improved Collaboration and Communication

When asked about the effect on collaboration and communication, Dawn noted, “NetSuite has also enhanced collaboration within the finance team and with other departments. The reduction in time spent extracting and analysing data in Excel has led to fewer errors and mistakes.”

Making the CFO Role Easier

We asked Dawn how NetSuite has impacted her role as CFO. She shared, “NetSuite has made my role considerably easier. I now have full visibility into all aspects of the business from a single system. The automation of revenue calculations and journal postings has allowed us to spend more time analysing results and less time preparing numbers.”

Continuous Improvement and Unexpected Benefits

Finally, we asked about any unexpected benefits. Dawn explained, “One of the unexpected benefits of NetSuite has been the endless opportunities for improvement and enhancement. We’ve since added several modules, including NetSuite’s Field Service Management module for resource planning and scheduling, SuitePeople for HR, NetSuite Planning and Budgeting (NSPB) for budgeting and forecasting, and as part of our board level commitment to continuous improvements, we continue to evolve and expand our use of NetSuite in the business.”

Advice for Other CFOs Considering NetSuite

We closed by asking Dawn what advice she would give to other CFOs considering NetSuite. Her advice was straightforward: “Start by identifying the outputs you need and mapping out your current processes. It’s also crucial to have a strong internal project manager and an experienced NetSuite Partner.”

NetSuite has truly transformed the way we operate, providing us with the tools and insights we need to manage our growing business effectively. As a trusted NetSuite Partner in Ireland and the UK, we understand the unique challenges CFOs face and how crucial it is to have an integrated solution that aligns with your business goals.

How OSSM Can Transform Your Finance Operations

If you’re a CFO looking to streamline your financial processes, enhance visibility, and drive efficiency, we’re here to support you. Request a NetSuite demo with us to learn more about how NetSuite can be tailored to meet your specific needs and how our expert team can assist you in implementing a solution that truly transforms your role.

Alternatively, learn more about NetSuite by downloading our brochure, where you’ll discover how NetSuite ERP enables organisations to lower IT costs, optimise accounting efficiency, and improve order management and procurement processes.

We’ll be exhibiting at this years ERP Head to Head event, where we’ll have a more detailed demonstration on Field Service Management, Manufacturing and Projects.

If you’d like to attend this demo or just come and chat to a member of our team, click below to register.

Don’t forget to use promo code OSSM20 for an early-bird discount.

About the Author

Sinéad Galligani

Sinéad has been involved in the software industry, particularly in ERP, for over 25 years. Her career has spanned various roles, including Account Management, Key Account Management, and Business Development. In 2013, she became the Marketing Manager for The Noledge Group and now serves as the Chief Marketing Officer (CMO).

Exploring NetSuite ERP Features for Manufacturing Businesses

July 29, 2024

NetSuite ERP NetSuite Manufacturing

NetSuite ERP, NetSuite Manufacturing

Operating and growing a business in any industry is complex, detailed, and constantly evolving. To succeed, you must stay ahead of the game and embrace the latest technology and innovation. Using cutting-edge tools and strategies is essential for maintaining a competitive edge, streamlining operations, and meeting evolving customer demands. However, there isn’t a one-size-fits-all solution.

Many manufacturers currently use diverse and often disconnected software systems, leading to inefficiencies. NetSuite Manufacturing ERP addresses these challenges by providing a comprehensive, integrated cloud solution tailored to meet all manufacturing needs. OSSM is proud to offer NetSuite Advanced Manufacturing, a leading ERP solution for the manufacturing industry.

In this blog, we delve into this solution and its advanced technologies, such as inventory management, production control, planning, and quality compliance, which can significantly impact your daily operations and growth opportunities. We also explore how features like real-time data and analytics, automated workflows, and robust reporting tools offer valuable insights, enhancing your ability to make crucial strategic decisions.

Key ERP Features for the Manufacturing Industry

Inventory and Supply Chain Management

Visibility into inventory is crucial for manufacturing businesses, yet many still struggle with outdated systems that fail to deliver real-time insights or accurate data. An advanced ERP solution enhances this visibility, leading to improved inventory management. Modern ERP systems can track and highlight low inventory levels, prevent stockouts, and generate automated restocking alerts, thereby streamlining operations and boosting overall productivity.

When it comes to supply chain management, we refer to the coordination and optimisation of the flow of goods from supplier to customer, aiming for efficiency and a reduction in time, costs, and waste throughout the production cycle. A robust ERP system must include the automatic generation of purchase orders to reduce manual effort and enhance efficiency.

Demand Forecasting

Staying ahead of the competition is crucial for leading your industry and driving growth. ERP systems that leverage data, sales forecasts, and trends support this goal by ensuring optimal inventory levels and timely production schedules. This helps manufacturers stay competitive and ensures that customers always have the stock they need. Demand forecasting also involves maintaining control over the shop floor.

Quick access to information from production facilities, regardless of their location, is essential for effective forecasting, scheduling, and planning of both short-term and long-term production. NetSuite Advanced Manufacturing ERP offers functionality to capture shop floor data and access it remotely, supporting precise planning and scheduling of workloads. This capability is a key element in managing the growth of your manufacturing business.

Sales and Customer Communication

Having the ability to manage your entire sales processes on a unified platform, along with access to critical data, supports your team by ensuring a seamless flow from lead generation and conversion to customer acquisition and relationship management. This integration leads to higher retention rates, more returning customers, and improved customer satisfaction. An ERP system that allows you to create campaigns, manage sales opportunities, convert quotes to sales orders, and generate invoices offers a unique and advanced technological solution.

Production Control and Management

NetSuite Advanced Manufacturing ERP provides manufacturers with the ability to plan, schedule, and track all orders, offering full visibility, flexibility, and diversity. With NetSuite, you can optimise your production workflows, ensuring timely and efficient operations. This enhances overall productivity and helps maintain high levels of customer satisfaction by ensuring products are manufactured according to demand and delivered on schedule. It’s a distinctive benefit for your business.

Quality Control

An effective ERP system for the manufacturing industry features quality control and data collection capabilities that enable real-time tracking of production results and ensure compliance with quality standards. These quality control features help manufacturers detect and address issues early, maintaining high productivity and customer satisfaction. The system’s comprehensive reporting tools provide detailed insights into quality trends and performance metrics, supporting continuous improvement and adherence to industry standards.

Order Management

To meet your customers’ demands promptly and accurately, an efficient order management function within your ERP system is essential. Streamlining and automating your order processing will enhance inventory control, reduce delivery times, and boost overall productivity, leading to greater customer satisfaction. Advanced analytics and reporting capabilities allow you to make data-driven decisions, ensuring that your order management processes continuously evolve to meet market demands.

Scheduling

NetSuite Advanced Manufacturing ERP enables quick and efficient scheduling and planning of workloads, crucial for both short-term delivery and long-term strategic planning. The system’s real-time visibility into production processes and resource allocation ensures optimal efficiency and helps mitigate potential bottlenecks before they impact operations.

Choose NetSuite ERP for Your Manufacturing Business

An ERP system is crucial for a modern manufacturing business due to its centralisation of operations and inherent efficiency. Integrating core processes not only streamlines and simplifies workflows but also improves data accuracy and visibility, supporting real-time strategic decision-making and forecasting. Here at OSSM, we offer leading cloud-based ERP solutions that empower businesses to make strategic decisions based on real-time insights.

NetSuite Advanced Manufacturing ERP is a unified business management suite that integrates all critical manufacturing functions, including production, inventory, and supply chain management, into a single platform. This comprehensive solution enhances operational efficiency, provides detailed visibility across all processes, and enables agile responses to market changes, ultimately driving growth and optimising performance.

To learn more about NetSuite ERP for the manufacturing industry or to speak with one of our expert team members, please complete the online enquiry form, or call us at +353 (0)1 811 3811 (Dublin) or +44 (0)28 9002 3539 (Belfast).

We’ll be exhibiting at this years ERP Head to Head event, where we’ll have a more detailed demonstration on Field Service Management, Manufacturing and Projects.

If you’d like to attend this demo or just come and chat to a member of our team, click below to register.

Don’t forget to use promo code OSSM20 for an early-bird discount.

About the Author

Rob Van Der Velden

Ten Steps to a Successful Rescue Implementation

June 26, 2024

Implementation NetSuite ERP

Implementation, NetSuite ERP

Many businesses that have implemented a NetSuite ERP system describe the product as ‘transformative’ and a ‘game changer’ for streamlining processes and improving efficiency. In today’s ever-changing and technologically advanced world, it is important to stay ahead of the curve and embrace the latest innovations that drive efficiency and therefore improve the performance, delivery, and growth of organisations. For many, this means ERP.

Unfortunately, some businesses have experienced challenges with their NetSuite ERP project. We understand that these challenges can lead to inefficiencies and disruptions. A well-planned and delivered ERP rescue implementation can and will address any issues you may be experiencing because of your ERP install and roll-out, and create a successful outcome that ensures a positive ERP experience.

In this blog, we explore our proven ten-step process that will ensure a successful NetSuite ERP rescue implementation. These steps cover an initial ‘stop and assess’ of the current state of the implementation, engaging stakeholders (internal and external), and the planning and preparation required to ensure a streamlined and successful delivery and execution moving forward. Additionally, we explore the significance of preparation, effective communication, training, and support.

At OSSM, we know that by following these steps, businesses can navigate the challenges they may be facing with their ERP software and achieve the desired benefits from a fully optimised and functioning system. Whether you are experiencing mid-project hiccups or are looking for a fresh perspective post-project implementation, this guide will provide the insights you need for a successful project outcome.

Step One – Stop

This is by far the most crucial, yet most difficult step. Stopping all ongoing activities is the only way to properly explore and identify the true extent of the challenge; and recognise what lies ahead and what is required for the implementation to be successful. This pause also allows you to prevent and manage any further complications that may occur. It is, of course, curcial to communicate this first step in the process to all users and stakeholders to manage expectations and avoid any potential confusion.

Step Two – Assess and Review

Undergoing a detailed review and assessment of the current situation and status of the implementation is the next step in our process. Identifying the cause of the issues faced is a great starting point. This can be a lack of alignment between the project objectives and the software roll-out, including insufficient project days sold, inexperienced technical teams, inconsistent project delivery teams, data inaccuracies, or something else entirely. Once this has been identified, you can begin to unpick and plan the journey to recovery. If not already in place, the establishment of a project team is a much-needed step in this part of the process. Project plans and road maps identifying clear roles, responsibilities, actions, and timeframes can be created to ensure the project is managed efficiently and effectively. This step is all about creating a clear picture of what went wrong and what needs to be fixed.

Step Three – Preparation

Preparation is key for most things in life, and it is no different here. As mentioned in the ‘Assess and Review’ step, developing a comprehensive rescue plan that addresses the identified issues, sets realistic goals and timelines, and specifies the actions required ensures you have the right resources in place. This robust and transparent plan will be beneficial throughout the rescue implementation of your NetSuite ERP system.

Step Four – Engagement

Communicating with all interested parties and stakeholders is vital. Keeping everyone informed about the issues identified, the process you are going through, the proposed solutions, and the revised implementation timeline is the best way to ensure that everyone is informed and all expectations are managed. It also allows you to gain their support during a difficult time.

Step Five – Revisit the Goals

Business operations and technology are ever-evolving, developing, and changing, so this is a great opportunity to reassess the original goals of the ERP install. Are these the same and still relevant, and do they align with your business objectives? If necessary, build into the project delivery plan time to reassess and redefine, in line with the changes you are making to the ERP Implementation. Clear and achievable goals are essential here.

Step Six – Technical Review

Following on from the previous step, it is essential to also assess and review the NetSuite setup. You will now be aware of the challenges that have caused the implementation issues and therefore, you are better placed to ensure the new system aligns with your business processes and requirements. Technical issues can include failure to deliver on customisation or integration requirements, or data inaccuracies.

Step Seven – Training and Future Support

Inadequate training and support for end users is a common reason why ERP projects may fail. Ensuring that all users receive comprehensive training on how to use the ERP system effectively is key, as well as ongoing support moving forward. If this was not implemented as part of the original setup, it must be included in your rescue implementation plan moving forward. Ongoing support, preferably local, should be part of the rescue plan to get things back on track.

Step Eight – Execution

It is time to deliver the rescue implementation plan. Following the revised rescue plan and roadmap diligently, as well as monitoring progress closely, reviewing each step, and addressing any new issues promptly, are the building blocks for the success of any ERP project.

Step Nine – Monitor

As mentioned in the previous step, monitoring the rescue implementation is crucial during this revised delivery. This is the same for testing the system thoroughly as you go. Regularly checking the system for any issues, validating that the data is accurate, and ensuring processes are functioning as intended is pivotal. This thorough, meticulous, and proactive approach will help to identify and resolve problems early, ensuring a smoother implementation.

Step Ten – Celebration

Celebrating the small wins along the way, as well as the successful implementation of the rescue programme, is key. Everyone loves and thrives on a success story, so after a turbulent initial implementation, it is important to say well done. Acknowledge and thank the delivery team and stakeholders for their dedication and support.

Choosing NetSuite ERP Partners for Rescue Implementation

With careful planning, clear communication, and precise execution, OSSM can help turn a challenging ERP implementation into a success story, allowing you to reap its full benefits. Visit our website to see a catalogue of our success stories.

We combine strategic execution with effective cloud-based solutions that promote a circular economy and sustainable practices. We are always looking for opportunities to assist companies with their NetSuite projects. Our team excels at turning complex challenges into simple solutions using innovative tools and thinking.

We would love to learn more about your unique needs and answer any questions you may have about NetSuite implementation. Contact us at our Dublin office at +353 (0)1 811 3811 or our Belfast office at +44 (0) 28 9002 3539.

About the Author

Brian Doherty

Brian is an accomplished Project Manager with a background in the ERP software industry. He possesses expertise in Business Process, Sage Products, NetSuite, Requirements Analysis, and Technical Support. As the Operations Director of OSSM, a member of the Noledge Group, Brian has directly implemented or been involved in the implementation of NetSuite ERP cloud-based software in various businesses across multiple sectors.

How Tighter Inventory Control Can Improve Cash Flow

May 16, 2024

Manufacturing - Solutions NetSuite ERP NetSuite Financial Management NetSuite Manufacturing NetSuite Wholesale Distribution Wholesale Distribution - Solutions

Manufacturing - Solutions, NetSuite ERP, NetSuite Financial Management, NetSuite Manufacturing, NetSuite Wholesale Distribution, Wholesale Distribution - Solutions

A healthy cash flow is crucial for businesses, especially during challenging economic climates when many are concerned about their near-term future. In uncertain times, businesses often experience a reduction in revenue, while expenses and operating costs remain constant or even start to rise. Without adequate cash reserves, businesses may struggle to meet their financial obligations and finance teams need to go back to basics, carefully review their finances and properly manage their cash flow.

For any business that buys and sells products, inventory control plays a huge role in cash flow. It’s key to ensure that you have the necessary resources to sustain operations and meet demand, but this can result in money being tied up in inventory. If you’re looking to optimise your cash flow, minimising expenses related to buying, holding and selling items is key, and the importance of improving inventory management shouldn’t be underestimated.

Fortunately, having tighter inventory control can help to improve cash flow and if you’re concerned about the current economic climate, now is the time to focus on your inventory. Below we have explored how inventory management can help with cash flow and how NetSuite can support inventory-related savings.

The Impact of Inventory Control on Cash Flow

Inventory is a significant investment for companies and managing inventory levels can have a direct impact on cash flow.

One of the main ways that inventory control affects cash flow is through the cash tied up in inventory. When a business purchases inventory, it ties up cash that could otherwise be used for other purposes. Additionally, maintaining high levels of inventory can result in increased storage and holding costs, which further drain cash reserves. On the other hand, too little inventory can lead to lost sales and lost revenue. If a business is unable to meet customer demand due to low inventory levels, customers may take their business elsewhere.

Effective inventory control involves finding the right balance between having enough inventory to meet customer demand and minimising the amount of cash tied up in inventory. By finding the right balance, businesses can maximise their financial resources and better position themselves for long-term success.

Revolutionising Inventory Management with NetSuite ERP

Businesses can use technology to help manage inventory levels and optimise cash flow, like NetSuite. Inventory management software can provide businesses with the insight they need into their inventory levels and help to identify opportunities for cost savings. By using technology to manage inventory, businesses can make informed decisions about when to order inventory, how much to order and how to allocate resources more effectively.

NetSuite’s comprehensive Enterprise Resource Planning (ERP) solution provides businesses with financial management and inventory management in a single system. This enables you to see how your inventory is affecting your financials, and it makes it easier to understand the impact that these two key components have on day-to-day business operations as well as one another.

Analysing Sales Data

A popular strategy for effective inventory control is to analyse sales data and identify products that are slow-moving or have a low-profit margin. This enables you to reduce the inventory levels of those items and concentrate on items that contribute most to your bottom line.

NetSuite will help you to strategically manage your inventory levels and minimise the amount of cash tied up in inventory without losing sales or sacrificing customer satisfaction. The user-friendly dashboards make it easy to access real-time data and the consolidated reporting enables you to analyse historical data. It will be easy to track things like sales trends and margins, so you know which SKUs are profit-makers and need to be pushed.

Forecasting Demand

To prevent you from ordering too much or too little inventory, it’s essential to have accurate forecasts. When you order the right amount of specific items, you can ensure that you’re able to meet demand but you’re not stuck with unsold stock, increasing your bottom line.

When you use NetSuite ERP software to your advantage, you will have access to the mission-critical data you need to make better decisions. You can create accurate reports about inventory levels and performance, and use these to support purchase decisions. It will be much easier to ensure you have the right amount of inventory at the right time and NetSuite forecasts can meet the complex needs of different businesses.

Monitoring Inventory Levels

Having ‘safety stock’ is important regardless of which sector you operate in. However, incorrect or outdated safety stock targets can result in holding too much stock. When money is tied up in safety stock, it can’t be used elsewhere and inventory levels could be draining cash reserves.

Integrating NetSuite software into business processes can help you to monitor inventory levels and ensure that safety stock is kept up-to-date. By taking into consideration things such as historical and seasonal demand as well as supply chain predictability, the accuracy of safety stock targets can be improved. NetSuite can also calculate reorder points, helping to ensure you’re always holding the right amount of inventory.

Improving Inventory Data

To improve inventory control, it’s essential to ensure the numbers in your system match on-hand quantities. Far too often inventory isn’t accounted for and businesses don’t have accurate data, which causes an abundance of problems later down the line.

NetSuite ERP can be used to increase the reliability and accuracy of inventory data, and it will be easier than ever before to update inventory records. You can perform cycle counts as well as full inventory counts with this smart business software, and counts can be adapted to your specific needs. When you account for inventory properly, you can avoid discrepancies and make decisions based on accurate inventory data.

Reducing Fulfilment Costs

When you operate across multiple locations, knowing the location of your inventory is crucial and it can help to support fulfilment decisions. By shipping from the best locations, you can reduce shipping costs and boost your profit margins.

Using a comprehensive ERP system like NetSuite can help to improve real-time visibility across locations. You can also save a considerable amount of time and effort by removing the need for manual order reviews, and the system will automatically assign orders to the best shipping locations. Making better fulfilment decisions won’t just reduce shipping costs, but it will also reduce shipping times which can have a knock-on effect on customer satisfaction.

Working With a NetSuite Business Partner in Ireland

Ultimately, improving inventory management is key to improving cash flow and it’s undoubtedly worthwhile focusing on inventory control if you want to free up cash for other purposes. If you’re interested in NetSuite business software and you’re wondering how it can benefit your operations, don’t hesitate to contact our team at OSSM. We collaborate with businesses across a range of industries and help them to overcome unique challenges.

As a trusted NetSuite Solution Provider in Ireland, you can rely on us to deliver flexible and long-lasting cloud solutions. Our team will happily assist you with your NetSuite project and help you to establish the best solutions to your needs. We can even provide you with a NetSuite product tour to help you determine whether it’s the right option for your business.

Why not explore our NetSuite Guide?

Download our guide: Where Warehouse Management and Finance Collide, where we have explored some common problems associated with basic warehouse management systems.

On June 20th, we will host a webinar to help businesses maximise inventory ROI with NetSuite.

The following topics will be discussed:

• Key Challenges for Distributors
• The Critical Role of Inventory Planning
• Precision Forecasting
• Efficient and Green Warehouse Management
• The Impact on the Bottom Line

See link to register: https://ossmcloud.ie/ossm-webinar-from-chaos-to-control/

About the Author

Naren Sompalli

Naren holds a Bachelor of Engineering degree from BNM Institute of Technology. As a NetSuite specialist, he is involved in implementation at OSSM, collaborating with a team of experienced consultants. Naren conducts workshops for solution implementation and delivery, providing technical support and expertise.

beautiful woman human robot artificial intelligence

Exploring AI for NetSuite

April 26, 2024

AI NetSuite ERP

AI, NetSuite ERP

In today’s technologically advanced world, staying ahead in business means embracing the latest technologies that can drive efficiency, enhance decision making and foster innovation. Artificial intelligence (AI) has emerged as a powerful tool for businesses, proving to be an invaluable asset for every day operations across a variety of industries. From streamlining complex processes to providing deep insights into trends, AI’s diverse capabilities are transforming the business landscape.

Among the applications of AI in business, its integration into existing software has been particularly beneficial, especially those that aren’t as technically advanced. NetSuite continually adapts and updates its range of products to incorporate the most advanced technologies and AI is no different. The NetSuite 2024 Release 1 offers new AI capabilities and is designed to enable businesses to benefit from AI without the cost and complexity of navigating new systems. The new and improved NetSuite products are revolutionising business management, enhancing performance and helping teams achieve more.

The Role of AI in Today’s Business World

AI is more than just a buzzword, it’s transforming how businesses operate. With its ability to learn and adapt, AI helps businesses stay at the forefront of efficiency and innovation. Not only does it automate routine and repetitive tasks, speeding up processes and reducing the likelihood of human error, but it also processes large volumes of data with ease. With the help of AI, employees can focus on more strategic activities, increasing overall operational efficiency.

The application of AI ranges from automating customer service with chatbots to optimising supply chain management, enabling common business processes to become more refined and responsive. The integration of AI is here to stay and it will continue to redefine the business ‘norm’, with both general and industry-specific advancements impacting day-to-day operations.

AI’s Integration into NetSuite

For businesses already using NetSuite, the integration of AI into systems can result in more streamlined and effective operations. AI enhances various features of NetSuite, from Enterprise Resource Planning (ERP) to Customer Relationship Management (CRM), and the new upgrade is being rolled out at no additional cost to businesses.

By updating existing NetSuite products with AI, businesses don’t have to become AI experts. They can continue to use the software systems they are familiar with, but benefit from everything AI has to offer. Whether it’s managing finances, sales or HR, operations can be streamlined and deeper insights can be provided, all without having to get your head around new, complex technology. Your entire business can benefit from the way NetSuite works and AI can improve operational outcomes across departments.

New AI Features in NetSuite

Evan Goldberg, co-founder of NetSuite, recently discussed the evolution of NetSuite and embracing AI with CFO Thought Leader, highlighting AI’s indispensable role across industries. Whether businesses already have NetSuite or are considering upgrading their existing software to a smart, flexible and cloud-based solution, here are some of the new AI features that can support daily workflows and improve business performance:

Generate Personalised Content

One of the biggest benefits of AI is that it enables more personalised experiences for users, by learning from their interactions with the system. This means NetSuite can now offer tailored recommendations specific to the needs of each business, including creating contextual and personalised content. NetSuite Text Enhance is designed to help improve employee productivity and it can assist with content creation for everything from product descriptions to customer support communications. This generative AI service uses NetSuite data to create first-draft content for employees, speeding up daily tasks.

Produce Forecasts

AI predictive algorithms in NetSuite now provide advanced analytics that help in forecasting trends and making proactive business decisions. This capability allows businesses to anticipate market changes and customer needs more accurately. NetSuite Planning and Budgeting now benefits from Intelligent Performance Management (IPM), which is powered by machine learning. Using predictive algorithms, businesses can monitor forecasts, uncover trends and improve predictions about future performance. AI-based analysis also enables businesses to identify anomalies and take action to rectify them.

Analyse Data

Within NetSuite, businesses can collate important data and generate reports that enable them to uncover insights. Using these reports, businesses can improve the decision-making process and achieve desired outcomes. NetSuite Analytics Warehouse uses prebuilt AI models to deliver deeper insights. By providing access to a collection of dashboards and quickly building reports, AI offers enhanced visibility and helps employees identify patterns and opportunities within data. Uncovering insights, such as key drivers of revenue growth, can simplify various sources of data and support ongoing business success.

Investing in NetSuite Solutions

As AI continues to evolve and become more sophisticated, its integration into business solutions like NetSuite is inevitable. It’s fair to say the enhanced capabilities provided by AI not only improve the efficiency and effectiveness of day-to-day business operations but also provide opportunities for innovation and growth. For businesses wanting to gain a competitive edge and thrive in a saturated market, investing in NetSuite products and using AI to your advantage can have a significant impact on both short-term and long-term success.

Contacting a knowledgeable NetSuite consulting partner is the best way to implement NetSuite into operations, ensuring the software meets all of your business requirements. At OSSM, we have a team of highly experienced NetSuite experts and we genuinely care about the outcomes of the projects we work on. We can guide you through the integration of NetSuite into operations and help you leverage the new AI capabilities, transforming your business’ capabilities. If you have any questions about NetSuite solutions or our implementation services, don’t hesitate to get in touch with our team.

About the Author

Roger Gribbin

Top 7 Proven Strategies for Successfully Scaling Your Business

March 6, 2024

NetSuite ERP NetSuite Global Business Management NetSuite Manufacturing NetSuite Wholesale Distribution Services - Solutions

NetSuite ERP
NetSuite Solutions
NetSuite ERP Partners

Scaling your business is a transformative step towards achieving sustainable growth and enhanced profitability. When you strategically expand your business operations, you open your organisation up to a wide range of benefits including economies of scale, greater brand recognition and increased market share.

No matter the size or stage of your business, scaling encourages innovation, attracting top-tier talent and elevating your organisation into a formidable industry player. As you continue to expand, the potential for increased revenue becomes substantial too. Ultimately, embracing scalability both future-proofs your business and unlocks opportunities for diversification. In this blog post, we have explored seven top strategies for scaling your business and elevating it to the next level.

1. Going International

Expanding internationally is a logical progression for a business demonstrating product-market fit and success in its home market. Venturing into global markets, however, poses challenges. If international expansion is on the agenda, then it’s important for a business to ask key questions about currency conversion, transaction consolidation, shipping options and costs, taxation (like EU VAT), and compliance with local regulations such as GDPR.

Adopting NetSuite OneWorld is an effective strategy to streamline your operations across multiple countries and currencies. It can enable your organisation to evolve into a global player, facilitating the transition from local to global operations.

NetSuite OneWorld enables businesses to manage multiple subsidiaries, business units and legal entities from just one ERP solution. It supports 27 languages and 190 currencies, so it’s simple to work with customers and suppliers around the globe. With country-specific configurations, you can ensure compliance with local accounting, tax and regulatory requirements too.

2. Building Processes that Scale

Achieving rapid growth necessitates a shift in operational processes to accommodate increased sales, customers and staff. For example, when a distribution business experiences accelerated success, it can lead to a surge in daily orders and the need for a larger warehouse. When this occurs, the old way of doing things simply doesn’t work anymore.

Manually downloading orders and using spreadsheets to track inventory is no longer possible. As a result, there is a need for consolidation and automation. This is where NetSuite’s solution comes into play. With this cloud-based software, a rapidly growing retailer can stay on top of all financials, inventory, order management, e-commerce and advanced analytics in one solution.

Steps can be automated in the order-to-cash and procure-to-pay processes. And, connecting sales, inventory and financials can provide valuable insights into the relationship between these core business drivers. All in all, businesses that grow rapidly need to invest in tools that provide them with real-time, comprehensive data and automation.

3. Expanding Product & Service Offerings

Expanding product and service offerings is another proven growth strategy. When executed correctly, it effectively meets current customer needs and attracts new clientele. Possible diversification avenues include exploring adjacencies, adding capabilities to existing offerings or introducing related products/services.

A hybrid approach, integrating services with products (or vice versa), can enhance revenue streams and stabilise cash flows. Another noteworthy trend is the rise of “second engine” or “engine 2” growth, where investment in a second core business leverages assets from the initial core to drive expansion.

If your business is contemplating product expansion, it’s crucial to ask questions about the problem solved for customers and why it persists, the current market and the advantages offered, who your competitors are, your organisational readiness, and how you’re going to measure successful product or service expansion.

4. Acquiring & Integrating Businesses

The fourth strategy, acquiring and integrating businesses, can pose critical challenges and opportunities for fast-growing companies. While acquisitions offer avenues for growth, they also entail risks and complexities in blending products, cultures, systems and business models. Leaders facing such decisions must carefully consider factors like deal pricing and the level of integration between the acquiring and acquired entities.

Approaches to integration vary, with some businesses tightly blending operations and others maintaining a more independent structure. Key questions to ask include the acquired company’s values, the extent of operational and data integration, and areas for mutual learning.

5. Prioritising Education Around Technology

Technology can play a pivotal role in fostering business growth. But, to achieve this, it’s important for companies to emphasise the need for comprehensive employee training on their technological systems. Effectively upskilling or reskilling the workforce has a hugely positive impact on innovation, productivity and market competitiveness.

A Deloitte survey in 2022 highlighted that organisations fostering a strong learning culture were significantly more likely to innovate, be productive and lead in product/service launches. NetSuite can address this challenge with NetSuite Learning Cloud Support (LCS), which offers continuous education to enhance users’ proficiency in the NetSuite system.

6. Tapping Private Equity or Venture Capital Investment

Entering the world of private equity or venture capital investment is a significant shift for CFOs and their companies, with growth taking centre stage. Despite a recognised need to turn data into actionable insights, a report by Accordion reveals a gap in CFOs’ ability, with only 17% deemed excellent in this area.

However, 80% of investors acknowledge CFOs’ effectiveness in using value levers for robust growth. CFOs are urged to play a larger role in identifying growth opportunities, aligning with investor priorities, emphasising key performance indicators (KPIs) and providing reliable data.

Strategic and operational enhancements, supported by unified data systems like NetSuite OneWorld, are crucial for maximising private equity returns in 2024. The focus lies in balancing cost-cutting and fuelling future growth to navigate the evolving exit market landscape.

7. Divesting to Reinvest

Lastly, leadership teams can strategically divest non-core segments to drive long-term growth. This is a move synonymous with “rightsizing” and rather than being solely about reducing costs, it’s about refining focus, structure and product mix for future success.

Bain & Company’s study of 2,100 public companies reveals that those engaging in focused divestment outperformed inactive counterparts by 15% over a decade. Essential divestment questions surround your strategic goals, the financial benefits, market favourability, deal specifics and robust data management during due diligence.

Speak to a Trusted NetSuite ERP Partner Today

At OSSM, we are a leading NetSuite partner based in Ireland, offering a comprehensive suite of NetSuite software solutions, including industry-specific software and robust reporting tools. Alongside our expertise, these solutions aim to revolutionise business capabilities. We enhance informed decision-making through the world’s leading cloud ERP software.

Our groundbreaking solutions cover financial management, inventory management, manufacturing, order processing and field service management. This empowers businesses to oversee operations in real time within a unified cloud-based platform. We are committed to efficiently and cost-effectively implementing the globally adopted NetSuite ERP system, ensuring transformative benefits for businesses.

On March 20th, we hosted a webinar discussing ways in which you can scale your business with NetSuite.

The webinar delivered valuable insights for businesses looking for a new Finance/ERP system to accommodate their expansion plans or are currently using NetSuite and wish to collaborate with a local solution provider.

See the link to the webinar: https://youtu.be/wzo2EdAnFGg

Key Additions To Any CFO’s Checklist

October 13, 2023

NetSuite ERP NetSuite Financial Management NetSuite Global Business Management

NetSuite ERP, NetSuite Financial Management, NetSuite Global Business Management

The role of a Chief Financial Officer (CFO) is dynamic and demanding. This position is at the heart of an organisation’s financial operations and it has changed a lot over the years. A CFO’s day-to-day activities encompass a vast range of responsibilities, from monitoring key metrics to strategic financial planning. However, there is always more that can be done to drive a business forward. After all, the CFO plays a pivotal role in shaping the financial health and overall success of the organisation.

For CFOs looking for ways to not only improve their organisation’s financials but stay abreast with other aspects of the business and cement themselves as strategic stakeholders, we have created a list of key additions to a CFO’s checklist. While there might not be enough hours in every workday for these tasks, finding time to incorporate them into your workload can help to improve your professional performance as well as the performance of the business.

Host Frequent Meetings With Team Members

There is no denying that communication is essential in business and as they’re in a leadership role, a CFO should keep in touch with their team. To improve communication throughout your department, it’s beneficial to host meetings with your team on a more regular basis. Not only do these meetings provide you with an opportunity to support your team with any concerns they may have, but it enables you to offer coaching to aid ongoing development.

In addition to hosting meetings within your department, you should find time to stay up-to-date with other aspects of the business too. Improving communication between departments can help others to understand how they impact the overall financial performance of the business. By openly discussing with different departments how their decisions can affect cash flow for the whole business, you can ensure everyone is on the same page. Improving communication can have a positive impact on financials moving forward.

Automate More Processes and Daily Tasks

All CFOs should be using technology to their advantage on a day-to-day basis. Automating time-consuming and error-prone tasks is a great way not just to improve productivity, but boost the organisation’s bottom line. During financially challenging times, automating business processes can help to reduce the need for hiring more employees too. You may be surprised by just how many different tasks you can automate with the right technology.

It’s not just the finance department that should be automating tasks either. Introducing more efficient ways of working throughout the organisation can have a huge impact on budgets. So, new software and systems should be seen as an investment. Using technology throughout the whole supply chain can assist with everything from inventory management to faster decision-making, boosting overall business performance.

Be Proactive on Social Media

In this digital day and age, it’s more important than ever for CFOs to maintain their personal brand. Using platforms like LinkedIn, CFOs can stay up-to-date with the latest financial news and get involved in conversations with other industry professionals.

Regularly updating your LinkedIn profile with qualifications and awards is always beneficial, and you should be proactive in connecting with other financial professionals in your industry. In addition to commenting on other professionals’ posts on LinkedIn, consider writing your own posts. This is a great way to engage with other CFOs and boost your profile. Think of social media platforms like LinkedIn as a modern alternative to networking events.

Keep in Touch With Other Departments

As mentioned above, a CFO needs to communicate with other departments and educate them on the impact their decisions have on the business as a whole. However, as head of the finance department, you should also take some time to learn more about the struggles faced by different departments and the inefficiencies they’re experiencing.

Encouraging the whole finance team to engage in conversations with people from other departments can provide you with invaluable insights into what’s going on in the rest of the organisation. Simple ‘water-cooler chats’ during coffee breaks or lunches can help you to learn more about the challenges, priorities and goals of different departments. As a CFO, this puts you in a better position to collaborate with others and make decisions that benefit the business.

Provide Analytics Beyond the Finance Department

Tracking a range of Key Performance Indicators (KPIs) across the business can help you to understand how the organisation is performing in real time. Not only should you be tracking financial KPIs, but there is an array of operational KPIs that can help to improve business processes and support data-driven decision-making.

Helping other departments understand the data and analytics that are available to the finance team, and use these to improve their operations can have a positive impact on the business. Providing departments with KPI graphs, for example, can simplify information and help to improve their understanding of current performance from a financial perspective. When you provide different departments with straightforward analysis of KPIs, you can ensure that everyone is working together toward the same goal of improving the bottom line.

Invest in New Technologies

Should you find that your technology is no longer working efficiently for your business, investing in new systems can transform your day-to-day operations. When trying to automate more processes, you may find that you don’t currently have the capabilities to streamline everyday tasks and this can highlight the need for new technologies. With such a huge array of options on the market now, there is a software solution that can improve every aspect of your business.

Making the right technology investments at the right time can transform the way different departments operate and in turn, the organisation’s financial situation. Implementing powerful and intelligent software like NetSuite has proven time and time again to change the way organisations do business. NetSuite solutions can improve efficiency by simplifying and streamlining complex processes across various departments. Not to mention, these flexible, cloud-based solutions offer unparalleled transparency. By bringing a new level of intelligence to your organisation, NetSuite can boost your bottom line.

Consulting a NetSuite Partner in Ireland

As a modern-day CFO, adding the above tasks to your checklist can help you to ensure you remain a strategic advisor that’s benefiting the whole business. Remember, finance directly impacts every department and CFOs can improve an organisation’s long-term profitability and prospects. If you’re interested in finding out more about how you can use technology to support both financial management and business management as a whole, contact our team at OSSM.

We are leading NetSuite consulting partners. Our expert team understands that all businesses have different problems and our consulting services can help you to determine the best systems for your specific needs. The creative and flexible NetSuite solutions we provide can help to improve your business both now and long into the future. We genuinely care about the outcomes of our projects, and we are passionate about helping our clients implement changes within their organisation.

Click below to download this guide to the top 20 best KPI’s for your business: