At NetSuite, we’re very proud of all our Alliance Partners and the hard work that they put into selling, implementing, and supporting our leading cloud-based enterprise resource planning (ERP) platform. This year’s Alliance Partner Spotlight Awards recognize those partners that have demonstrated commitment and success in implementing NetSuite. We’re shining a well-deserved spotlight on partners that have developed outstanding expertise, customizations, and/or intellectual property in specific microverticals and those that demonstrate commitment to and success in implementing NetSuite Analytics Warehouse, OpenAir, SuiteCommerce, and NetSuite Planning and Budgeting.
In this blog series, we highlight customer projects that earned the associated Alliance Partner a 2023 Spotlight Award.
Replacing Intacct with NetSuite
Founded in 2012, Degreed is an upskilling platform that individuals and organizations use to discover content, build skills, and certify expertise. Degreed previously used Intacct, Bill.com, and Abacus and was facing challenges with consolidation, reporting by various segments across geographies, reporting out of Intacct, and approvals.
As a long-time NetSuite user, VP corporate controller Johannes Fischli, a CPA, was tasked with fixing those problems and didn’t have to explore other ERP options. The company worked with NetSuite Alliance Partner AppWrap to implement NetSuite for general ledger, accounts payable, and accounts receivable plus standard revenue management, multibook, and fixed assets.
AppWrap implemented customizations that include its proprietary email-based approval solution that allows both NetSuite and non-NetSuite users to approve or reject transactions or update the “reviewed” checkbox. The system also allows approval emails to include attachments. And, AppWrap customized the ERP to allow Degreed to send detailed invoices to multiple customers at once.
Degreed’s existing data needed to be cleansed before the migration, and AppWrap handled needed changes to the company’s bill and journal process approval. With NetSuite in place, Degreed has simplified the consolidation process and has better reporting, automated revenue recognition, and email-based bill approval.
Looking ahead, Degreed may use advanced revenue management (ARM) with allocation and fully integrate its local subsidiary accounting with NetSuite.
Key Performance Indicators and Predictive Analytics
Founded in 2014 by two Mayo Clinic physicians, Sonex Health is a leader in innovative ultrasound guided therapies to treat common orthopedic syndromes affecting the extremities, including entrapment neuropathies and tendinopathies. The company has developed proprietary technology for treating carpal tunnel and trigger-finger syndromes under ultrasound.
Like many start-up organizations, Sonex Health relied heavily on Excel spreadsheets and manual reporting to track and assess performance. As the business has grown in size and complexity, the need for more automation, key performance indicators (KPIs), and predictive analytics also increased.
Working with MindStream Analytics, the company implemented NetSuite Planning and Budgeting (NSPB) and the inventory planning module and customized NSPB to account for Sonex Health’s regional sales structure.
Today, the company has streamlined its reporting capabilities and has the predictive analytics data it needs to support more insightful decision-making. Sonex Health is considering other NetSuite solutions for even deeper data insights.
Visibility into Business Metrics, Financials, Operational Costs
CBRE|Raleigh, a leading commercial real estate firm in the Triangle market since 2001 and in the Triad market since 2004, provides leasing and sales; property, facilities, and project management; and consulting services. In 2022, CBRE|Raleigh was in search of an integrated platform that would help it increase efficiency and improve management and visibility into its business metrics.
The company also wanted to streamline its financial consolidation, reconciliation, and revenue management processes. After evaluating several accounting programs, CBRE|Raleigh decided to partner with Bring IT to implement NetSuite’s SuiteSuccess Financials First Standard, subsidiary management, financial management, revenue management, and advanced electronic bank payments modules.
Bring IT delivered customizations that improved efficiencies within the company’s systems and reporting processes. Two CSV integrations — one within the order management system and the other within the ADP payroll system — along with custom scripts, eased processes including automated journal entries and employee expense report transfers from Concur.
With its new ERP, CBRE|Raleigh has streamlined the import of property management and brokerage data; built an automatic payroll transactions program from an ADP payroll output file; and developed custom reports to track financial and project profitability per property, service, and employee. Improving these systems and processes enabled the company to prioritize business growth and client engagement. After go-live, CBRE|Raleigh retained Bring IT Care for additional support of the company’s new NetSuite solutions.
On Time and On Target
Since 2017, this construction technology company has specialized in 3D printing, robotics, and material science for sustainable construction. The company was using Xero, HubSpot, and Fusion but wanted a central ERP to use for financial management, work orders, assemblies, and demand planning.
It also wanted to integrate the new ERP both with its bank and with a new Nanonet optical character recognition (OCR) system. After considering Microsoft Dynamics and NetSuite, the firm worked with Bring IT to implement NetSuite’s manufacturing, CRM, subsidiary management, financial management, advanced electronic bank payments, work orders and assemblies, inventory management, and OneWorld modules.
The company is using NetSuite for financial management, and Bring IT created a banking integration in multiple currencies. The customer has used NetSuite’s extended support for several months post go-live, added on several improvements, and is currently in the process of planning out Phase 2 of its ERP implementation. In Phase 1, the firm was able to use NetSuite for financial management and integration with its bank and was pleased that its ERP implementation was completed on time and on target.
Transforming Professional Services Data, Insight with NetSuite OpenAir
Founded in 2016, Clarivate Analytics is a publicly listed company operating a collection of subscription services focused largely on analytics, including scientific and academic research; patent intelligence and compliance standards; and pharmaceutical and biotech intelligence trademark, domain, and brand protection.
Clarivate Analytics previously used SAP ECC 6.0 for its ERP, project, and resource management needs and faced challenges with monitoring resource availability and billing, project milestone-based revenue policies, and virtual private network connections for connectivity from multiple locations. The company wanted its project activities to seamlessly reflect in its financials. It also wanted to do project budget tracking and forecasting based on project status and billing information.
To address these challenges, Clarivate Analytics decided to replace SAP with NetSuite ERP and OpenAir. Clarivate partnered with HCL Technologies to manage and optimize their NetSuite OpenAir and ERP functionalities by enhancing the functionalities in procure-to-pay, order-to-cash, record-to-report, advanced revenue management, and project management to OpenAir processes.
HCL Technologies also provided custom workflows, dashboards, and expense-loading logic. With NetSuite in place, Clarivate Analytics now has automation of complex billing rules, advanced revenue recognition tracking and forecasting, optimized resource utilization, and automated expense management for precise project profitability calculations. Up next, it plans to work with HCL Technologies to implement NetSuite Analytics Warehouse.
Implementing Billing and Invoicing Automation
This provider of art, fashion, and collections storage and services was founded in 2013 and used homegrown, organically developed software since inception. The growing company faced billing, invoicing, customer payment, and revenue recognition challenges and needed a new ERP platform.
Working with NetSuite Partner Centrilogic, the organization implemented NetSuite’s advanced billing, advanced financials, advanced inventory, advanced order management, human resources information system (HRIS), multibook, payroll, project accounting and management, and site builder modules.
Centrilogic also created a custom billing engine. Using a multi-phase implementation approach that began with billing, Centrilogic progressed to invoicing and ended with revenue recognition. It now has significant automation in place across both its billing and invoicing operations. This year, the company plans to integrate a newly acquired company into its NetSuite environment.
Efficient Processes and Accurate Reporting
The world’s leading independent lessor specializes in finance, operating leases, and equipment sales. The company, founded in 1991, previously used QuickBooks and was frustrated with an inability to report at the lease level. It was also throttled by too many inefficient manual processes.
Working with Bryant Park Consulting, the customer deployed NetSuite’s financial, accounts payable, accounts receivable, purchasing, and inventory management modules. Bryant Park Consulting also built a custom lease and loan reporting solution, plus custom segments and custom records to build reports involving third-party CRM data.
The NetSuite software has given the company a new lease on business operations. The ability to report at the lease level provides a clearer understanding of the financial status of each lease. The software also eliminates the need to manually create redundant accounts, which has saved the company time and resources.
Furthermore, the custom lease and loan reporting solution allows the organization to gain deeper insights into its financial data. It can now create reports involving third-party CRM data, which has improved the decision-making process.
Working with Bryant Park Consulting has been a game-changer. The consulting group's expertise in NetSuite software implementation enabled the company to streamline its operations, save time and resources, and gain a deeper understanding of its financial data. The customer is now well-positioned to achieve its business goals and continue to grow.
Next, the company plans to implement Netgain, a NetSuite solution that will enable it to manage its leasing portfolio and assets throughout their lifecycles. With Netgain, it will be able to optimize the management of its leased assets, monitor financial performance, and streamline lease administration.
Implementing a comprehensive and cloud-based business management solution like NetSuite and working with a reputable consulting group like Bryant Park Consulting can provide the expertise needed to streamline operations, eliminate inefficient processes, and gain deeper insights into financial data.
Connect with our partners
MindStream Analytics(opens in new tab)