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NetSuite Implementation Improves Financial Controls & Process Efficiency for Software Company

Close up business people meeting to discuss the situation on the market on laptop computer. Business Financial Concept.

OVERVIEW

Founded in 2005 and currently headquartered in Calgary, Canada, 3esi-Enersight is a leading provider of solutions for integrated strategy, planning and reserves. From corporate strategy and planning to operations, capital management and reserves, 3esi-Enersight solutions are used to aid companies in the investment decision-making process.

APPROACH

Facing multiple acquisitions, 3esi-Enersight leverages NetSuite to streamline and consolidate financial systems

In anticipation of growth due to multiple acquisitions, 3esi-Enersight needed to streamline accounting, sales and purchasing processes. The global software company had multiple financial systems in use in several countries, most of which were no longer supported. It also had manually integrated a number of third-party applications, which was causing untimely closing and consolidations processes. Offline spreadsheets calculating revenue recognition and expense amortization were creating the risk of reporting errors and noncompliance, as was an extensive Excel-based private equity reporting package.

The company engaged Bridgepoint to unite its financials under a single ERP solution. A NetSuite implementation included integrating all third-party applications, including OpenAir professional services automation and Microsoft Dynamics, the organization’s CRM system. Bridgepoint consultants additionally configured customized one-click reports and automated 3esi-Enersight’s revenue and expense management processes.

BUSINESS RESULTS

Improved visibility, reporting and analytics

By consolidating its financial applications into NetSuite, 3esi-Enersight has the improved processes and controls it needs to more efficiently manage revenue and expense data across a much larger organization. Employees were able to effectively use the system as soon as it went live and now have real-time visibility into financials and faster reporting capabilities, giving them more time for analysis.

Company update: Effective July 2018, 3esi-Enersight has acquired Palantir Solutions, combining the expertise and capabilities of two top industry providers to form “Aucerna.” Given the longstanding partnership, Bridgepoint was re-engaged to support the onboarding of Palantir into 3esi-Enersight’s existing NetSuite instance, thereby proving Aucerna with a fully unified financial system.

Before Bridgepoint:
  • Multiple, often unsupported financial systems in use for entities in various countries
  • Manual integrations of third-party applications
  • Offline revenue recognition spreadsheets & Excel-based reporting
After Bridgepoint:
  • Improved financial controls and accuracy
  • Full ERP utilization from system onset
  • More efficient processes, better data management and more time for analysis

SERVICES PROVIDED