NetSuite Helps Product Researcher Optimize Pricing By Tracking "Unpredictable" Facilities Costs

"Before NetSuite we had no way of knowing if our facilities and human services were being priced fairly, or of calculating the profitability of our research projects. Now we have the information at the tip of our fingers, so we can be confident that we're pricing projects accurately and we're getting the most value out of our test facilities and researchers."

—Q Research Solutions



Results:

  • Q Research can now optimize pricing and utilization of test facilities and human resources to maximize profitability and minimize resource waste
  • The company has been able to standardize on key processes, such as tabulating research results, to improve cost efficiencies and maximize business performance
  • Integrated, real-time information is now immediately available—monthly financial reports that previously took a month are now ready in 2 days, while ad hoc reports now take 10 minutes, compared to 2 hours previously
  • NetSuite has helped Q Research coordinate workflows for bringing consistency to tracking deliverables, such as survey tabulations and calculations
  • With NetSuite, Q Research now gets data centralization, workflow compliance, and automatic, one-click reporting—benefits that were not possible with the previous system

Challenges:

  • Consumer/product research company was unable to track costs for facilities and professionals used in projects, so couldn't fine-tune pricing or optimize business performance
  • By its nature, product research makes used of facilities and professional resources in ways that are highly unpredictable
  • Limitations of its accounting software made it impossible for Q Research to determine actual resource costs – and therefore project profitability—which hampered accurate pricing estimates for new assignments
  • Also, limitations of the company's accounting software/spreadsheet processes created inefficiencies in day-to-day business performance

Solution:

  • NetSuite's ease of modification facilitates Q Research's efforts to use workflows and saved searches to standardize key research processes
  • Q Research originally wanted time-tracking software to augment its accounting system, but decided to replace the accounting system altogether when it saw the extent of NetSuite's capabilities
  • The company, which needs to maintain servers for its research databases, credits NetSuite's cloud architecture for simplifying computer maintenance by keeping all customers on a single version of its software







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