How Implementing Netsuite ERP Can Position You Strongly in Your Industry

  • Gaurav Sharma
  • Jul 11, 2022
  • 9 Min Read
Netsuite-ERP-implementation

Article posted by

Gaurav Sharma

Chief Marketing Officer

Gaurav is the Chief of Marketing at Closeloop. He likes to share his knowledge and experience with the world; blog is one of the mediums. He writes on topics of his interests, such as online marketing, brand building, business growth, sales, lead generation, etc., and believes in adding value to readers’ lives. He loves numbers, business, and beaches. He’s a multitasker who can connect with clients, track ongoing projects, and share a laugh - all at once.

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You might think you have plenty of time to figure out the migration to NetSuite, but honestly, there is no time like the present. It is better to figure out the real problem, like your warehouse team requires real-time inventory updates, your sales team needs status on potential leads, your marketing team needs automation at the consideration and purchase stage, or your finance team doesn't have multi-currency options and audit trail accountability. With immediate effect, you need to implement NetSuite to your business.

Through Netsuite Implementation, you will be able to run your business efficiently with fewer complexities, digging out more opportunities and high profitability.

Once you understand the need for ERP implementation, you should start working on project management planning for better results. Because when it comes to NetSuite implementations, there are various business elements like objectives, budget, people, etc., that need to be appropriately aligned to ensure the success of your NetSuite project.

Few Things to Consider Before Dive-in into ERP implementation

Discover Business Objectives

To outline the best possible NetSuite implementation architecture, you need to examine the business needs and future objectives. Organizations should consider the comprehensive understanding of business functions across departments, key performance indicators, user feedback, and strategic decision-makers. You should gather the most relevant information for greater visibility over business goals - flaunts in the current system, figuring out inefficient resources, opportunities, and limitations on migrating data to the new system.

You can only clearly determine what people want and need from a new system if you first understand your current company landscape and opportunities for change. Defining goals enables you to build a detailed business case on where, why, and how NetSuite will benefit your company.

Major Buy-ins

Understanding business requirements for new systems leads higher authorities to take action. Whether to migrate the data or not, mainly if it includes high-cost to outweigh business benefits.

Overviewing the base price of a NetSuite system before any additional maintenance costs and consultancy fees is a significant buy-in for executives for the new system.

Estimating the budget before implementing any new system is crucial for companies and their leaders, alongside a thorough understanding of its benefits to their organization.

Outline Business Prerequisites

Focusing on defining precise requirements that are essential, significant, quantifiable, and achievable will help you in establishing robust system management planning.

At this stage, you'll need to convert the organization goals, pain points of the process, and short-term and long-term business objectives into a complete, documented, and realistic set of requirements based on your efforts to understand the use of NetSuite for small, medium and large size businesses results.

Documentation of fundamental business needs is essential for better alignment of implementation processes across departments, allowing you to make strategic decisions.

Plan Out a Budget and Achievable Timelines

Most Big data migration projects are estimated to be 45 per cent over budget and seven per cent beyond schedule. As a result, the budget increases as the project progresses and accounts for a successful planning process. It would be best if you also planned on being flexible with your release date and ensuring that all aspects of your company can adjust to any changes in schedule.

Right Team with Right Structure for Project

Placing the right talent for the suitable functions is necessary for good project planning. It involves the correct setting of team responsibilities and duties while considering the specific goals of NetSuite implementation.

The team's talent and experience involved in user acceptance testing, performing significant functions of the new system, and training other users should be compatible with NetSuite ERP solutions. A team focused on implementation should be adaptable, flexible under pressure, and communicate effectively across departments.

Effective Change Management Plan

Engaging each individual involved in the project change management plan is necessary; otherwise, software change can be a difficult task to achieve. After all, everyone learns at their own pace and in their way.

The best software company needs an effective change management plan because even after planning the right strategies and procedures under the correct timeline, the business elements are turning around and changing as time goes by. In that situation, only a change management plan can sail your boat against the wind; it helps you remain adaptive to challenges, agile, monitor success, and track timeline goals.

Setup Proper Employee Training

Organizations should include a unique form of implementation training to guarantee that new software adoption is as successful as feasible. Employees should receive adequate training to grasp the new program and prevent frequent problems throughout the deployment process. This will reduce implementation expenses while also increasing staff motivation.

Unload Data From the Old System Before Migration

Migrating data is key to the success of any ERP system implementation. It is essential to unload the relevant data from the old system before you migrate it to the new system of NetSuite.

It would be best to consider various factors while wiping historical data for a new system transformation. This process includes checking on the relevancy of data against the changes that come into existence after implementing NetSuite ERP.

Implementation brings specific changes in the existing system and process, making it significant to delete or modify the data that should reflect this change before being transferred to new software. The process prevents inaccurate information from being imported and produces a group-by-group audit trail of what has changed.

Testing

While testing is vital for any software product, it's more critical when adopting an ERP solution like NetSuite. It's crucial to have a robust testing plan before going live with your implementation to provide your users the most excellent possible experience.

Phases of NetSuite ERP Implementation

We have given you an in-depth understanding of ERP Project management; to make it work flawlessly, you need to implement the system step by step. So here are the phases of NetSuite ERP implementation.

Establishment - All other procedures must follow after the initial setup. It could be as essential as an email from the CEO to the CFO approving the deployment or a signed contract for the new software purchase.

Start the Project -At this beginning stage, an implementation team discovers the business goals, builds a team, organizes, and collects relevant information. This step aims to open up with the whole team and organization about implementing a new software system.

Analyzing the Project - Here, the team will determine all the aspects of the project, like the specified budget, future problems, and project requirements, both from group and organization. Higher authorities document the requirements to confirm what the project requires.

Designing- The developers work on the structural information of the system, which needs to be plotted at the correct position, and it includes a lot of communication across departments to ensure all documented details are put into the new ERP.

Configuration - When technical people begin configuring new software with the exact items your firm requires, this is known as configuration. This phase can run concurrently with the design phase and may include tasks such as developing a unique purchase order form.

Conducting UAT (User Acceptance Testing) - After plotting elements as per the system architecture, the next step is to involve users in testing the system to validate the product against your business requirements. Here, choosing the right people and experts is very important as they are the ones who manage the system and train other users.

Training - After a set of experts show their acceptance of the system, the next step is to train other users. At this stage, the key experts start transferring the knowledge about the basic functionalities and usability of the system in daily business operations to the bunch of users who will be utilizing the new software system.

Integration - In this phase, all the new system components are combined with the other subsystems to form a single encompassing, more extensive procedure, enabling other software to function together, like migrating accounting data to a financial system NetSuite ERP.

Change Management - The term "change management" refers to aiding individuals in transitioning to a new ERP system. This includes getting everyone in the firm on board with the notion of adopting new software and assisting them in overcoming barriers to new software adaptation.

Migration - This step includes transferring the data from the old system to the new ERP. Data is necessary to perform functions like customer files, shipping orders, and accounting data. The migration team should carefully move data to a new platform so that data loss could occur and minimal manual data manipulation could occur.

Project Management - Project management encompasses project planning, execution, implementation, and measuring performance success to achieve the set objectives of introducing new technology to business. As we have elaborated on the necessary elements of NetSuite ERP Project Management, this step starts the moment an ERP implementation project is begun, and the team of experts monitors each of the phases very cautiously that each step should be implemented as per plan and get completed on the decided time frame.

Deployment - After every phase above has been completed, the software can be deployed when the new product is introduced and goes live.

After implementing and deploying the NetSuite Project, next comes the picture of how successful it is to invest your time and money into a new project.

Evaluation is essential for determining a person's or a system's success. The only difference is the criteria used to evaluate each entity. These elements are known as 'Key Performance Indicators.'

Even the success of a NetSuite project needs to be measured, just like anything else in the world. We will elaborate on a few of the factors that need to be considered while measuring and tracking the success of a NetSuite project.

User Experience - Your users or executives are the ones who perform the functions of the new system across departments. So, it becomes essential for any organization to consider customer experience feedback in evaluating how successful your NetSuite integration is?

Customer experience will help you identify the key areas that need improvement before going live. While measuring the customer experience, you need to examine the three most essential KPIs. i.e., customer ratings, retention rates, and query resolution time.

Productivity - NetSuite ERP is well-known for improving productivity and increasing sales and profitability. It is essential to monitor the seamlessness of functions across organizations and the impact of new processes on the productivity and scalability of the business.

Sales Interpretation - It's not rocket science to estimate the sales figures, as when the system is successful, ultimately, the customers are happy and satisfied with the services, increasing sales. Factors that need to be measured while evaluating the system's effectiveness through sales are average sales, average profit margin per transaction, and the number of missed sales. These figures can be pretty helpful in determining a company's success and determining how to proceed.

Revenue - Improved productivity and increased sales automatically reflect the numbers of your payments. If these figures change, you can assess the success of your NetSuite ERP implementation. An ERP's objective is to streamline business operations to increase sales and profit.

Final words

From gaining senior buy-in and clarifying needs to appropriately setting the system and testing its performance, planning and executing a successful NetSuite setup involves a lot of effort. It is always important to have a thorough understanding of your company, users, and goals and a well-thought-out NetSuite implementation project strategy to increase the effectiveness of your productivity, boost sales and bag high returns.

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