Freelance workers communicating while working together on desktop PC in the office.

Unlock Your Business Potential with NetSuite 2025.1: Smarter Financial Management and AI-Driven Insights

AINetSuite ERPNetSuite Financial Management
  • AI, NetSuite ERP, NetSuite Financial Management

The world of business is evolving rapidly, and staying ahead means embracing technology that supports growth, efficiency, and innovation. Enter NetSuite 2025.1 – the latest release of the world’s leading cloud-based ERP platform. This update is packed with powerful features designed to help businesses optimise financial management, enhance automation, and leverage AI for smarter decision-making. Whether you’re a NetSuite user or considering an ERP solution, this release offers the tools your business needs to thrive. Read on to discover how NetSuite 2025.1 can drive operational excellence and help you achieve long-term success. 

NetSuite 2025.1 – The New Release 

The latest release, NetSuite 2025.1, brings powerful new tools to enhance a finance team’s performance, including an embedded procurement solution and reusable audit documentation templates. Embedded AI, improved automation, smarter financial management, deeper analytics, and a more intuitive user experience are at the core of these updates. These enhancements are designed to help finance teams work smarter, optimise processes, and boost efficiency. 

Whether you already have a NetSuite ERP system or are considering an implementation, this new release offers valuable features to help businesses grow and manage operations effectively. These improvements are designed to adapt to evolving businesses and regulatory changes, ensuring that your organisation remains agile and compliant. 

Key Highlights and Features of NetSuite 2025.1

NetSuite 2025.1 introduces a range of improvements designed to enhance the overall business experience, development, and productivity. These updates focus on providing users with more intuitive interfaces and streamlined workflows, creating a more efficient and user-friendly work environment. Below are some of the most significant updates: 

1. Smarter Financial Management and Operational Excellence 
NetSuite’s new SuiteProcurement solution simplifies indirect procurement, giving businesses greater control over operating supply purchases. It automates approval processes and electronic document management and boosts efficiency and accuracy, leading to improved productivity. 

2. Embedded AI 
NetSuite Narrative Reporting has been enhanced with AI-powered features, enabling businesses to generate reports from financial and transactional data. This reduces manual effort, increases accuracy, and provides deeper insights for strategic decision-making and audit documentation. 

SuiteAnswers now includes AI-powered NetSuite Expert, which quickly searches for help and supports content. This functionality simplifies the process, offering businesses clear and concise answers without the need to sort through multiple documents. 

To accelerate innovation, NetSuite has introduced the SuiteScript Generative AI API, making it easier for businesses to build customised and AI-powered NetSuite extensions. 

3. Customer and Employee Engagement 
NetSuite Connectors now allows businesses to seamlessly sync data between NetSuite, Salesforce, Shopify B2B, and Microsoft Outlook. This reduces manual data entry and ensures that NetSuite is the central hub for all business data, improving both customer and employee engagement. 

NetSuite Customer 360 has been enhanced with new features, charts, and metrics, providing businesses with a comprehensive overview of customer status, history, and recent transactions. 

Partner with OSSM for NetSuite ERP Implementation 

Choosing the right partner for your NetSuite ERP implementation is crucial to your success. OSSM is a trusted NetSuite solution provider, offering expert guidance, implementation, and ongoing support to help you unlock the full potential of your ERP system. Here’s what sets us apart: 

• Expertise and Experience 
With years of experience in delivering NetSuite financial management solutions, OSSM understands the unique challenges businesses face and provides tailored strategies for maximum efficiency. 

• Customised ERP Solutions 
Every business is unique. We take a tailored approach to NetSuite ERP implementation, ensuring the system aligns with your specific goals and operational needs. 

• Seamless Implementation and Integration 
We provide end-to-end ERP implementation support, ensuring a smooth transition to NetSuite with minimal downtime. We also offer seamless integration with your existing software and comprehensive training and ongoing support. 

• Dedicated Customer Support 
From initial discussions to post-implementation, our team is committed to ensuring you get the most out of your NetSuite ERP system. Our support team is always available to help maximise system performance and resolve any issues. 

• Proven Success 
We have successfully helped many companies improve their operations with NetSuite, making us the ideal partner for businesses looking to implement or optimise their ERP system. 

Ready to Transform Your Business with NetSuite 2025.1? 

The NetSuite 2025.1 release offers exceptional enhancements that will enable businesses to work smarter. With advanced automation, AI-driven insights, and a more user-friendly experience, NetSuite continues to be the best solution for modern financial accounting. 

If you’re considering a NetSuite ERP implementation or looking for a new NetSuite ERP partner, OSSM is here to help. Reach out to us to learn how we can help you transform your business operations for long-term success. 

Join us at the ERP HEADtoHEAD™ event, where we’ll be exploring the latest trends and discussing the strategies shaping the future of ERP. Visit our stand to discover how NetSuite can drive efficiency and growth for your business, and don’t miss our team’s expert presentations in the Projects and Production sessions.

Let’s connect and explore how NetSuite 2025.1 can empower your organisation with smarter financial management and AI-driven insights. Register here: erpheadtohead.com/uk/

About the Author

Picture of Brian Doherty

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 NetSuite Systems Design Specialist of OSSM, Brian has directly implemented or been involved in the implementation of NetSuite ERP cloud-based software in various businesses across multiple sectors.

professional business entrepreneur team meeting and brainstorming to startup a corporate project strategy in office, co-worker discussion group of businessman colleague person manager teamwork

Why NetSuite SuiteSuccess Starter Edition Is the Right Choice for Growing Businesses

NetSuite ERPNetSuite Financial ManagementNetSuite Starter Edition
  • NetSuite ERP, NetSuite Financial Management, NetSuite Starter Edition

Amid increasing competition and evolving market demands, growing businesses across Ireland face mounting pressure to optimise operations while preparing for expansion. Many ambitious businesses find themselves trapped between entry-level accounting software and enterprise systems that exceed their current needs and budget. NetSuite SuiteSuccess Starter Edition bridges this gap perfectly, offering a comprehensive cloud ERP solution tailored specifically for growing businesses ready to take the next step in their journey. 

The Growth Dilemmas Facing Small and Medium Businesses 

Growth brings exciting opportunities but also introduces new operational challenges:  

• Resource limitations: Growing teams need to get the most out of their resources, and inefficient processes can quickly become a costly burden.  

• System fragmentation: Many businesses use separate systems for accounting, inventory, and customer management, leading to data silos that slow down decision-making.  

• Visibility gaps: Without unified data, management lacks the real-time insights needed to make informed strategic decisions. 

• Scalability roadblocks: As customer bases expand, legacy systems struggle to accommodate increased transaction volumes and complexity. 

• Compliance complexity: Meeting regulatory requirements in Ireland requires strong financial controls and accurate reporting.  

These challenges can hold businesses back, forcing teams to spend time on manual workarounds instead of driving growth and enhancing customer experience. 

NetSuite SuiteSuccess Starter Edition: Built for Growing Businesses 

The SuiteSuccess Starter Edition represents a strategic investment in business infrastructure that eliminates the limitations of basic accounting systems. Unlike standalone software solutions, it delivers an all-in-one system that integrates financials, inventory management, CRM functionality, and project tracking within a single, cloud-based platform. 

This integration removes the need for duplicate data entry, simplifies reconciliation, and gives management a clear, real-time view of business operations – which is a key advantage for companies gearing up for growth. 

Tailored Solutions to Match Your Business Model 

Understanding that business requirements vary across industries and operational models, NetSuite offers flexible Starter Edition configurations: 

• Core Financials: Perfect for service-oriented businesses requiring robust financial management, reporting capabilities, and basic CRM functionality. 

• Inventory Management: Ideal for product-based businesses that need advanced inventory control, order management, and fulfilment capabilities alongside core financials. 

• Project Management: Designed for professional services firms and businesses that deliver client projects, offering sophisticated project tracking, resource allocation, and billing functionality. 

Each configuration builds upon NetSuite’s foundational capabilities while addressing the specific operational requirements of different business models.

Key Advantages of NetSuite Starter Edition  

1. Unified Business Intelligence

With NetSuite, your entire team works from a single source of truth. Sales representatives access customer histories before making calls, the finance team gains visibility into outstanding orders, and management reviews real-time dashboards showing key performance indicators across the business. This connectivity eliminates information gaps and empowers more strategic decision-making. 

2. Scalable Architecture

Unlike entry-level systems that require disruptive migrations as businesses grow, NetSuite’s cloud architecture scales seamlessly. Whether you’re adding new users, expanding your product catalogue, entering international markets, or adding new business entities, the platform grows alongside your ambitions without requiring system replacement. 

3. Process Automation

Manual processing wastes valuable talent and introduces errors. NetSuite automates routine tasks including: 

• Invoice generation and distribution 

• Bank reconciliation and payment processing 

• Inventory updates and reordering 

• Financial close procedures and compliance reporting 

• Customer communications and follow-ups 

This automation not only reduces operational costs but also improves accuracy and customer satisfaction through more consistent execution. 

4. Financial Control and Compliance

For businesses operating in Ireland, maintaining compliance with VAT regulations, Making Tax Digital requirements, and financial reporting standards is non-negotiable. NetSuite delivers built-in compliance capabilities, including: 

• Automated VAT calculations and reporting 

• MTD-compliant tax filing preparation 

• Configurable approval workflows 

• Audit trail tracking for all financial transactions 

• Customisable financial reports that satisfy regulatory requirements 

These capabilities reduce compliance risk whilst providing management with confidence in financial accuracy. 

5. Future-Proof Technology

Technology investments should serve both immediate needs and long-term ambitions. NetSuite’s continuous update model ensures your business always operates on current technology without disruptive upgrades. This approach delivers ongoing improvements and new capabilities without additional implementation projects. 

OSSM’s Implementation Approach

As an expert NetSuite solution provider in Ireland, OSSM brings proven expertise to every implementation. Our approach combines NetSuite’s SuiteSuccess methodology with our deep understanding of local business requirements: 

1. Strategic Assessment: We begin by understanding your business objectives, operational pain points, and growth ambitions to identify the optimal Starter Edition configuration. 

2. Accelerated Implementation: Using pre-configured industry templates and best practices, we deliver rapid time-to-value without compromising solution quality. 

3. Knowledge Transfer: Our comprehensive training programme ensures your team maximises system capabilities from day one. 

4. Continuous Optimisation: Beyond go-live, we provide ongoing support and periodic system reviews to identify new optimisation opportunities as your business evolves. 

This structured approach minimises implementation risk whilst accelerating your return on investment. 

Investing in Growth Infrastructure    

For growing businesses in Ireland, technology infrastructure choices play a crucial role in shaping their growth. NetSuite SuiteSuccess Starter Edition is more than just a software upgrade – it’s a platform that eliminates operational constraints, enhances decision effectiveness, and provides the scalability needed to support your business ambitions.  

Partnering with OSSM for your NetSuite implementation gives you more than just powerful technology – you get a team of experienced advisors dedicated to your long-term success. Our team brings extensive industry knowledge, implementation expertise, and ongoing support capabilities to ensure your NetSuite investment delivers exceptional returns. 

Ready to explore the Starter Edition and transform your business operations? Contact us today for a personalised consultation and detailed pricing information tailored to your specific business requirements. 

About the Author

Picture of Roger Gribbin

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.

Untitled design (58)

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

NetSuite ERPNetSuite 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

Picture of Lisa Costello

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.

The Impact of Inventory Control on Cash Flow

How Tighter Inventory Control Can Improve Cash Flow

Manufacturing - SolutionsNetSuite ERPNetSuite Financial ManagementNetSuite ManufacturingNetSuite Wholesale DistributionWholesale Distribution - Solutions
The Impact of Inventory Control on Cash Flow
  • 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

Picture of Naren Sompalli

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.

Key Additions To Any CFO's Checklist

Key Additions To Any CFO’s Checklist

NetSuite ERPNetSuite Financial ManagementNetSuite Global Business Management
Key Additions To Any CFO's Checklist
  • 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:

Tracking Key Performance Indicators (KPIs) for Business Success

The Importance of Tracking KPI’s

NetSuite ERPNetSuite Financial ManagementNetSuite ProjectsServices - Solutions
Tracking Key Performance Indicators (KPIs) for Business Success
  • NetSuite ERP, NetSuite Financial Management, NetSuite Projects, Services - Solutions

We run our business based on a core set of KPI’s relevant to our business and our industry. The value of being able to spot deviations at a glance and be able to tweak as we go means that there are no big shocks, just some small bumps that need smoothing out every now and then. Staying on track is so much easier to achieve when there is a track to follow in the first place.

Before we get deeper into this topic, let’s first of all take a look at what KPIs actually are. KPIs, or Key Performance Indicators, are performance measurements that allow businesses to track the progress of their goals and objectives. These indicators are hugely beneficial as they are used to assess the effectiveness of strategies, operations and performance.

Understanding and tracking KPIs is key to not just meeting objectives, but business growth as a whole and the more you can learn about the success of your current operations, the better a position you will be in to drive your business forward. Making data-driven decisions without KPI data can be time-consuming and complex.

Below we have shared our thoughts on KPIs and have listed some widely used KPIs that are worth tracking, regardless of what industry you operate in.

Why should businesses track KPIs?

KPIs are more than just numbers, they’re an invaluable insight into how well your business is performing and they can provide you with an accurate snapshot into various aspects of your operations. By tracking KPIs, you can better understand your strengths and weaknesses, measure progress and make any necessary adjustments to stay competitive. Having a core set of KPIs to identify areas for improvement can help you to make better changes to day-to-day operations and ensure your business stays on track.

As well as analysing your own performance, KPIs are a great way to compare your business against your competitors and industry standards, helping you to make better and more informed strategic decisions to help you stay one step ahead.

What can KPIs be used for?

There are many different types of KPIs and they can all be useful for different reasons. Most commonly, KPIs are used to monitor the following:

  1. Performance: Financial & Operational
  2. Satisfaction: Customer & Employee

Every business has a different way of operating, so the KPIs you should track will be dependent on your overall business goals as well as the goals of different departments, teams and employees KPIs can also change over time, usually as your business objectives change and they can help you to determine whether you’re achieving your current goals.

We would suggest that it’s good practice to track both high-level KPIs that focus on overall performance and lower-level KPIs that focus on individual departments. Similarly, you should also track both leading and lagging KPIs, so you’re reflecting on past results as well as predicting future results.

How do you track KPIs?

Spreadsheets are great for so many things but tracking KPIs is not one of them. They can be time-consuming and prone to errors. It’s much easier to use tried-and-tested ERP software, especially as your business grows and you have more complex KPIs to track. Solutions such as NetSuite can provide you with all of the key data you need to calculate and track KPIs. KPI dashboards can be easily set up to present you with the information you require in real-time.

The integrated reporting and analytics capabilities within systems such as NetSuite make it easy to track KPIs and reporting will be more streamlined. You can even set up regular reports that provide you with the up-to-date data you need, so it couldn’t be easier to measure success.

Which KPIs should businesses be tracking?

While KPIs will be business or industry specific, here are a few KPIs that are relevant to most businesses.

It’s recommended that businesses track financial KPIs, such as; ‘operating profit margin’ which shows the percentage of profit you make from operations and ‘budget Vs actual’ which compares your actual spend against budgeted amounts. Some operation KPIs are also incredibly useful, such as; ‘sell-through rate’ which compares the inventory sold to the amount of inventory ordered from a manufacturer and ‘perfect order rate’ which measures how many orders are shipped without issues like damage, inaccuracies or delays.

Using NetSuite solutions to track KPIs

If you’re interested in finding out more about how NetSuite solutions can make it easier for you to track important KPIs, get in touch with our team at OSSM today. We have many years of experience helping our customers implement NetSuite software into their business operations and we provide solutions that completely transform what they do and how they do it. NetSuite’s SuiteSuccess software includes a bundle of pre-built industry-specific KPI’s built on best practices that can help set you off on the right track, quickly.

As an experienced NetSuite Partner in Ireland, we match our team and their expert skill sets to our customers’ needs and we provide tailored advice to help them overcome challenges. We’ve a huge amount of experience in the Manufacturing, Services, Distribution and Field Service sectors and we can provide you with a flexible and scalable NetSuite solution that helps you to track crucial KPIs and remain competitive in today’s fast-paced world.

To get a full list of the 20 most widely used KPIs that every growing business should track, download the NetSuite business guide below.

Best Field Service Management Software

10 Common Questions We’re Asked When Businesses Start The ERP Journey

NetSuite ERPNetSuite Financial ManagementNetSuite Global Business Management
Best Field Service Management Software
  • NetSuite ERP, NetSuite Financial Management, NetSuite Global Business Management

There are so many advantages to investing in an ERP system and it’s something that the vast majority of businesses will decide to do at some stage. ERP solutions can manage your business and operational requirements in a smart and efficient way, and they are highly flexible, powerful and insightful. Cloud-based ERP systems are often the first choice for many businesses looking to improve efficiencies and reach their full potential.

Before deciding to go ahead and invest in a new business solution, many organisations have the same concerns and ask us the same questions. So, to help any businesses interested in starting an ERP journey, below we have answered some of the questions we’re most frequently asked.

1. We’re not a huge business, are ERP systems too big for us?

Lots of small businesses worry about implementing an ERP system, but it’s key to remember that ERP systems can scale up and down in line with your needs. When you’re choosing software for your business, you shouldn’t just think about the current size of your business either, you need to think about your growth plans and ambitions too.

The real question businesses should be asking themselves is; ‘will we be able to scale up with the systems we have today?’. Think about things such as resource availability and how many processes are being carried out manually, and consider whether your current software will be able to meet your future needs.

It’s worth noting that systems such as NetSuite ERP can give your small business a competitive advantage. Being small and staying small but being able to run your business efficiently without the heavy reliance on individuals, which can often be the case in owner-managed businesses, is undeniably advantageous.

 2. How do you know when it’s time to change systems?

Simply put, if your internal systems and processes can be improved, then it may be time to consider the move to an single platform system such as a NetSuite solution. If the delivery of your products/services is being impacted by a lack of automation, inconsistencies and errors or your team is spending too much time on manual and spreadsheet-based tasks, investing in a cloud ERP system will be very beneficial. If you can’t see your business performance in real time without spending time compiling data from various sources, this is another sign that you should change systems.

Sometimes the answer to this question is really obvious and sometimes until you take stock of what you’re doing, you won’t realise just how much you need a new system. You may even wonder how you’ve managed this far with the systems in place.

3. How long does a typical ERP project take?

This is a tough question to answer as all ERP projects are different. Here at OSSM, our clients range from organisations with a few users and basic requirements to clients with larger more complex projects. The simpler projects can be implemented in a short number of weeks, while the larger projects may take months or even years to fully complete.

Best practice would suggest that having the right team in place and the preparatory work completed prior to beginning the project will ensure that time and effort are optimised on both sides. An example of preparatory work includes documents such as system requirements including current processes along with “to be” process mapping.

Another key factor in determining the length of a project is what the internal project team looks like, and time commitment and resource availability is key to a successful outcome. There doesn’t need to be a full-time team dedicated to the project, although we have found this is good practice. However, the skills and experience of your team will come into play. In our business and when advising clients, we would always advocate putting the best team available onto the NetSuite ERP project.

Ultimately, commitment and project buy-in must come from the top down. Ensuring resources have the space and freedom to immerse themselves into the project will be critical, particularly for larger projects.

4. Should we go with a basic implementation first and then add on the bells and whistles? Or should we do it all in one go?

There isn’t a one-size-fits-all solution to ERP implementation and each project is different. Our experience would suggest that a phased implementation is the best way to implement a new NetSuite software. However, if essential processes and requirements must be included as part of Phase 1, then we will ensure that they are in place.

We have seen examples of where ERP projects were sold at a very basic level, but the core requirements of the client have been pushed out to a future phase. In our expert opinion, this is not good practice and while it might make sense from the NetSuite ERP partner’s point of view to keep initial implementation costs down, it doesn’t solve the problem for the client.

5. What skills do we need in-house to ensure a successful project delivery?

We’ve touched on this above, but you should really have departmental representation on your project team. Typically, projects are finance-led, so certainly Finance representation would be the minimum requirement. For larger organisations and more complex projects, we commonly see IT, Sales and Operations representation on the project team too. Apart from skills, experience is hugely important. Having people who know and understand your business and your processes very well is a critical success factor.

6. What does project commitment look like?

Typically, we think project commitment is about having that buy-in from the top and understanding that the individual/s on the project team will be given the freedom and space to put their best foot forward to push the project along internally. Project commitment is an investment in time and effort to ensure a successful outcome.

Project ownership is also critical. We always point out at the outset of an ERP project that we are facilitating the project for our client and that it is ultimately their project. Our job is to project manage and make sure that milestones are met, but the projects with the most successful outcomes are the projects where the client has embraced the ownership of the new system.

7. What are the key ingredients for a successful project?

There are a few points we could make that would point to a successful ERP project, including;

– Having the right project team in place on both sides

– Having a detailed requirements document

– Having a realistic project plan in place

– Understanding the time commitment involved

– Setting realistic expectations from the outset

– Great communication between client and partner

– Top quality project management on both sides

– Understanding the importance of a good set of data – this is often underestimated

8. When is the best time to implement an ERP system?

Often, the best time to start your ERP journey will be dictated by external factors, such as the existing system going “end of life/support” or timing to coincide with other internal projects. However, in all cases, there will usually be a clear cut-off such as a month-end/year-end. If you need any guidance in this regard, a NetSuite ERP partner will help you to determine when you should start implementing new software into your business.

9. Should I go directly to the ERP vendor or should I work with a local partner?

Sometimes, there is a misconception that going directly to the ERP vendor means you will get a higher calibre service or a better price. This isn’t necessarily the case though as a local partner will bring additional value-added services such as industry expertise, local knowledge about taxation, reporting and legislation, as well as being on the ground. Never under-estimate the power of the relationship.  

In the case of OSSM, we work very closely with our clients as we don’t implement hundreds of projects each year. We prefer to focus on the outcome of the project, providing exemplary implementation and support services, and having happy reference clients. Our expert team will become part of your internal team for the duration of the project and we build and develop our working relationship over the long term.

10. It’s a big investment for our company, how do we know we’ve chosen the right ERP partner to implement it?

It can be difficult to know which NetSuite ERP partner you should turn to for assistance, but having reference clients can help you get some comfort from your chosen partner. Reading reviews and testimonials can give you an insight into what it’s like to work with a partner.

Here at OSSM, we always insist on carrying out a pre-implementation scoping workshop before taking an order for NetSuite software too. This gives clients the comfort that;

– We have fully understood their needs

– They are happy working with our team

– They will be left with a detailed scoping document, which becomes the basis for the project implementation, should they decide to go ahead. If they decide not to proceed, they can walk away with the document without having invested in the software.

We think it’s important that the client is comfortable with both the project plan and our team before deciding to go ahead. From our perspective, we also look to get reassurances during the scoping workshop. We hope to satisfy ourselves that;

– We would be happy to take on this project and there is a good alignment between the client’s requirements and our proposed solution

– We feel confident that the client has the resources in place to deliver this project successfully

– There is the commitment and buy-in from the top

On occasion, we have turned down projects in the past where we felt the alignment wasn’t there. It’s far more important for us to do a good job and have a happy client rather than going for the quick win just to clock up another order.

Starting your ERP journey with a reliable NetSuite ERP partner

If you’re looking for a NetSuite ERP partner that can provide you with a comprehensive ERP implementation service, don’t hesitate to contact us at OSSM. We work in partnership with businesses to help them improve their operations with a fully integrated suite of NetSuite cloud software solutions and we can help you to overcome any problems you may be facing. We pride ourselves on supporting clients throughout their ERP journey and as a reliable NetSuite ERP partner, we will help to transform your business and even catapult it to the next level. Get in touch with our team at OSSM if you have any unanswered questions about ERP solutions.

If you are planning to upgrade your ERP system but are unsure where to start, why not get in touch with a member of our team? 

Click below to organise a no obligation call. 

Arrange a call with us