NetSuite Helps Medical Manufacturer Boost Business Performance While Cutting Costs

"NetSuite’s flexibility has allowed us to model something that works for ourselves, rather than waiting for the perfect solution to come along. We have meaningful data rather than what we had before which was really guesswork. Now we work less hard but make more money." P3 Medical

Company at a Glance

Location:
Bristol, United Kingdom
Industry:
Manufacturing
Applications Replaced:
Multiple legacy applications and spreadsheets

Solutions

NetSuite

Customer Success:

  • 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.
  • Standard costing flexibility in robust customization capabilities allowed P3 Medical to more accurately predict margins on manufacturing jobs tracking the full cost and profitability of every item and sale, resulting in higher profits on less work.
  • Reduced costs and efficiencies created by improved manufacturing and save the company an estimated £100,000 annually.
  • Month-end financial closings now take two days, compared to two to three weeks with the previous system.
  • Summary sales reports are available instantly, compared to two to three 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. Real-time alerts allow management to flag variances that can impact production and make changes, saving time, resources and money.
  • 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.