NetSuite Helps Medical Manufacturer Boost Business Performance While Cutting Costs

"NetSuite improved our business performance across the board; more accurate reporting; more responsive customer service and more consistent Website updates. Accessible and all information in one place." 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.
  • 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.
  • 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.