NetSuite Helps Medical Manufacturer Boost Business Performance While Cutting Costs

Results:

• P3 Medical saved £75,000 over installing an equivalent server-based system, and is saving £25,000 yearly on administration and maintenance
• The company has reduced administration costs by more than £50,000
• Month-end financial closings now take 2 days, compared to 2 to 3 weeks with the previous system
• Summary sales reports are available instantly, compared to 2 to 3 days previously
• Drilling down into KPIs now takes 20% of the time it used to take, thanks to role based dashboards that deliver real-time visibility into P3 Medical's 4,000-plus skus
• Customer satisfaction has grown, thanks to improved on-time deliveries and a customer self-serve portal

Challenges:

• Business performance suffered because multiple acquisitions had created IT bottlenecks that couldn't support P3 Medical's complex business model
• Customer and supplier relationships were complex because P3 both manufactures and assembles products, and sells directly and through private labels into 40 countries via distributors and sub contractors
• The need for manual data re-entry was slowing business processes and wasting administrative time and money
• Poor visibility into inventory and sales orders caused stock run outs, and slowed some product deliveries

Solution:

• P3 Medical chose NetSuite for financials, inventory, reporting, and customer support following an investor's recommendation and an objective third-party review
• Implementation took just 5 months, and included adding custom fields to track P3 Medical's complex sales and distribution processes
• Web information updates, which used to be sporadic, now occur immediately to give P3 Medical a performance advantage over larger competitors