Overview
When companies experience rapid growth, critical technology processes may not align with new business needs, creating potentially significant operational challenges. An optimization project can address pain points and establish a scalable solution that can adapt to new and future demands.
Background
The chief financial officer of a midsize manufacturing company in Massachusetts had always focused on financial precision and operational efficiency. The company, a leader in designing and producing specialized industrial equipment, had recently experienced a period of rapid growth. With that growth, however, came mounting challenges in their NetSuite enterprise resource planning (ERP) system. While the platform was implemented years ago with the best intentions, its current state created inefficiencies across multiple departments.
One day, the company found itself in a familiar situation: reconciling discrepancies in invoices, manually tracking prepaid expenses and fielding complaints about difficulty accessing key data. Frustrated, the CFO knew something had to change.
Project
Realizing the depth of these challenges, the company sought external experience and advice. That's when they engaged RSM US LLP's NetSuite team for a comprehensive assessment. RSM's approach focused on three key areas:
- Deep-dive analysis: Conducting stakeholder interviews, system reviews and process mapping
- Targeted recommendations: Identifying process inefficiencies and suggesting NetSuite optimizations
- Implementation roadmap: Creating a clear action plan with prioritized improvements
In the NetSuite assessment, RSM detailed a path forward and delivered a strategic roadmap that included:
- Standardizing forms and custom fields: Simplifying NetSuite's structure to enhance accessibility
- Invoice and credit memo cleanup: Ensuring accurate financial records and improving audit readiness
- Automating bank reconciliation: Leveraging NetSuite's automation capabilities to accelerate month-end close
- Optimizing the chart of accounts: Introducing hierarchy and automating prepaid expense amortization
- Enhancing inventory management: Implementing advanced BOM features for better production tracking
- Streamlining purchase order approvals: Automating workflows to reduce approval bottlenecks
- Improving CRM and the lead-to-quote process: Reducing manual input and leveraging automation
- Implementing role-based training: Providing structured NetSuite training to increase system proficiency and security.
Outcomes
With RSM's recommendations in place, the company now has a more efficient, scalable NetSuite environment. The company witnessed a transformation within several key business processes, with benefits including:
For the company, the decision to assess and optimize NetSuite was a game changer
By working with RSM, the CFO's team regained control over their financial and operational processes, setting the stage for sustained success.
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