NetSuite Implementation for Emerging Growth Businesses: Challenges & Tips to Avoid
As an emerging growth business or a lower-middle-market organization, it’s essential to utilize a cloud-based system like NetSuite to help save time, drive process efficiency and grow your organization to new heights.
However, managing a successful implementation without the right expertise is no easy feat.
As experts in helping organizations embrace the power of NetSuite, we’ve outlined the most common challenges of NetSuite implementation and some of the steps your organization can take to properly prepare.
Common NetSuite Implementation Challenges for Emerging Growth Businesses:
- Not having access to the right expertise or internal resources needed to drive a successful implementation.
- Compiling important company and financial data needed for the implementation process
- Standardizing and documenting accounting and operational processes.
- Integrating NetSuite with current systems.
- Understanding how to customize NetSuite tools and applications.
Tips & Steps to Drive a Successful NetSuite Implementation for your Emerging Growth Business
- Assess your organization’s current business state to identify goals and outline processes.
- Develop a NetSuite implementation roadmap and allocate internal resources.
- Compile, clean and migrate data into NetSuite.
- Provide user trainings to ensure everyone understands how to properly utilize NetSuite.
- Conduct systems testing to ensure all NetSuite tools and applications function properly.
- Continuously monitor and optimize your NetSuite configuration post-deployment.
- Consider hiring a skilled NetSuite consultant.
1. Assess your organization’s current business state to identify goals and outline processes
Identifying goals and outlining processes will allow the team to understand which areas of the organization are suited for NetSuite and the tools and/or applications that work well with NetSuite.
For example, taking the time to deep dive into the P2P (Procure to Pay) or O2C (Order to Cash) process, documenting how the transactions flow throughout the organization can be beneficial for setting up the proper solutions NetSuite has to offer.
Whether NetSuite will be utilized for inventory management, SaaS Revenue Recognition, or Accounts Payable bill approvals and electronic bill payments or all of these.
Taking the time to understand the current business state is essential for developing the proper configuration. Without doing so, the implementation will not meet your organization’s expectations because it won’t have the correct functionality, causing timeline delays and other costly risks.
2. Develop a NetSuite implementation roadmap and allocate internal resources
Next, it’s essential to develop a roadmap for your NetSuite implementation.
Breaking a huge project down into obtainable steps and making sure the team has enough time to execute key milestones will reduce the complexity of the implementation and help the organization avoid overloading the employees.
This includes ensuring your team has the resources needed to succeed in clearly defining the roles and responsibilities the team will handle during the course of the implementation. In addition, ensuring the entire team is in alignment regarding the project timeline.
3. Compile, clean and migrate data into NetSuite
After the project roadmap has been developed and everyone is in alignment, it’s time to start uploading your data into NetSuite.
This task includes compiling and cleaning data to eliminate redundancies and identify any issues or inconsistencies that need to be corrected.
Data migration can be a challenging and time-consuming process, and when done incorrectly, it can lead to a loss of important financial information, performance issues and other costly setbacks. For more information on how to drive data migration success, head to our blog: Data Migration: Challenges & Best Practices.
4. Provide user trainings to ensure everyone understands how to properly utilize NetSuite
In order to drive NetSuite implementation success, it’s vital to ensure the team is properly trained on how to use the software.
Training includes setting up change management programs and carving out time to provide hands-on support and answer any questions that may arise as the team adapts to new processes and workflows.
Common methods of providing user training include UAT (user acceptance testing), webinars, workshops or presentations – however, NetSuite also offers a series of tools and trainings to help guide the team in the right direction. Get access to the tools here: NetSuite Education Services.
5. Conduct systems testing to ensure all NetSuite tools and applications function properly
At every stage of the implementation, it’s good practice to conduct UAT (User Acceptance Testing) to ensure the tools, applications and other solutions implemented function as the user intended.
Without doing so, there’s an increased chance of issues arising later that could cause friction with customers, vendors and stakeholders, leading to a loss of time and revenue.
UAT will also provide your organization with an understanding of any underlying issues pre-deployment, allowing the team to strategically correct them and move forward with full confidence.
6. Continuously monitor and optimize your NetSuite configuration post-deployment
As your organization grows and changes, your NetSuite needs will as well.
That’s why it’s essential to continuously monitor and optimize your NetSuite instance post go-live to ensure it continues to meet the needs and goals of your organization.
For more information, head to our blog: NetSuite Optimization: Importance, Definition, Tips & How-to.
7. Consider hiring a skilled NetSuite consultant
If you’re new to NetSuite, hiring a consultant from the get-go can be essential for success. A trusted advisor, who is an expert NetSuite user, will be able to help you strategically tackle all of the above steps and more.
Rather than running the risk of being misinformed and having to make decisions on the fly – or incurring additional costs as the implementation eats up all your internal resources and time – you’ll receive access to a true industry expert who has conducted successful NetSuite implementations for clients in similar situations.
Final Thoughts on NetSuite Implementation for Emerging Growth Businesses
Especially for emerging growth and lower middle market organizations, it can be challenging to navigate NetSuite implementation all on your own – so following the above steps will be beneficial for setting your organization up for success.
But if you’re looking for some guidance regarding which NetSuite tools and applications will work specifically for you, our experienced FiT team is here to help by combining our financial expertise and technical know-how to deliver scalable solutions that accelerate your growth forward.
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Our team at Bridgepoint Consulting seamlessly guides you through the transition from stand-alone accounting software to NetSuite ERP — and we FiT in budget.
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