Netsuite Webinar: Streamlining The Order-To-Cash Process
Most people in finance and accounting have heard about
This Netsuite Webinar video is from the Proformative webinar "How NetSuite Streamlines the Order to Cash Process" held on June 21, 2012. The webinar features a presentation from Vishrut Parikh, Director, NetSuite and a technology demo from Larry McMahon, Sr. Solution Consultant, Channel, NetSuite.
I'm just going to go through a few slides to introduce NetSuite, and then I'll hand it over to Larry for the live demonstration. For those of you who don't know about NetSuite, NetSuite is the number one cloud
We've been around since 1998. We are publicly traded. We have offices in ten plus countries and about 1,200 employees. What we offer is a complete suite, so you can run your business on our platform whether it's CRM, ERP,
These are some of the sample customers that we have. As you can see, we have customers in all different industries, and they have standardized running their entire business on NetSuite's platform. From software to warehouse and distribution, manufacturing, services, e-tail, retail or even enterprises. Large companies, they have used NetSuite.
Before we get going with the demo, just to talk about what's happening today, we are experiencing change in all aspects of our lives basically at unprecedented rates. This slide kind of depicts that. More human beings today have access to
Changes are happening in our personal lives from technology to social media to cloud computing, all these things are happening and whether we know it or not, we are being impacted by that whether it be personal life or whether we are running a business. Changes like this, if you don't embrace them, then your competition is going to get to you or you're going to be left behind.
What makes it challenging to embrace these changes is that the technology that we are using is no longer valid. It's no longer applicable, and we are running our businesses on old technology that was designed decades ago to meet the challenges of that time. Today the challenges are different.
No wonder the cloud computing is getting momentum because no longer do the IT departments have budgets to spend money on just to keep the lights on, meaning that 80 percent of the IT budget is just to keep the system running and not deploy new innovation or go to the new technology.
Some of the analysts have kind of validated that. If you look at Forrester, for example, once you buy the licenses for the on-premise solution, it takes about five times that to implement the solution. By the time you realize the benefit of that,
Similarly, Gartner says that 91 percent of the resources are just in maintenance. This drains innovation. Companies cannot run businesses this way in the new environment that we are in. And the one thing that I do want to highlight is the bottom right hand corner is that the systems, because we aren't implementing technology, what has happened is unintended consequences of all the technology.
We have a fragmented system throughout our organizations meaning that we have death of the [inaudible 03:31] applications for our CRM, maybe ERP, e-commerce or whatever, and it's very difficult to make these systems talk to each other and get a visibility to our business as a whole. That is the unintended consequence of applying technology to the business problem.
At NetSuite, we talk to a lot of the CIOs and CFOs, and one of the common things that we hear from them is that we have invested so much money in the technology to run our business, optimize our processes, we want to make sure that we can get appropriate visibility into it. We can still answer these basic questions. Why is that? That's the question that we hear all the time.
Well one of the reasons is that the technology that you have applied is fragmented. It's not connected, and the technology that we have adopted through our businesses a decade ago, it's no longer even valid at this point in time. It's not even keeping the pace with what we need.
So one of the things that we commonly hear is that we want to optimize our leads to our profits and shorten our sales cycles. Why can't we do that? We have many different systems. Why can't we do that? We just want to shorten our sales cycles. We want to accrue
We want to know how much money we're going to pay out in commissions up front, but we can't do that very easily. We have multiple Excel spreadsheets. We have different versions of them, and we can't get clear visibility into how much money we're going to pay out in commissions.
Revenue recognition. As we know, we are moving towards a subscription economy. Business is moving towards pay-as-you-go model from a one-time cost. In that economy or that type of a business model, the way you recognize revenue is totally different. If you don't do it, the consequences are pretty bad. You can misstate your earnings. Well how do you deal with that kind of an issue with the old technology? Why can we not do that? That's the common issue that we hear from our CIOs and CFOs, our financial executives that we talk to here at NetSuite.
Our marketing department. They want to launch new products quickly. They want to come up with new pricing, but we are not able to support that initiative because we don't have appropriate systems in place.
The last thing is we want to create accurate quotes. As we all know that when you have quotes or sales that are inaccurate, that can cause a lot of different issues and a lot of manual work. Why can't we do that after investing so much money into technology? These are the common things that we hear.
One of the things is because we have this [disparate] system. We have a fragmented solution. And the problem that we just talked about is no longer limited to finance and accounting anymore. The role of a CFO has been evolving now that they've become a partner with CEOs. CEOs are looking to CFOs to make strategic decisions. They are asked to make investments based on the data. Within our organizations, because of all this technology, we have so much data. Yet we don't have much visibility. How can that happen?
Editor's Note: Please take a look at some of the other webinars in Proformative's library: Corporate Financial Planning Strategy Webinar, SaaS Consolidation & Reporting Webinar, Managing Debit & Credit Card Merchant Fees Webinar, Evaluating Accounting Software Webinar and Chief Financial Officers & Cloud Computing Webinar.
So you are asked to make decisions based on the data that you have, and you don't have the right data at the right time. You don't have real-time visibility. The problem is not only to finance and accounting. It's across the organization whether it's the procure-to-pay process of the
processes are maybe automated but they're not optimized. They don't work together with each other. That is the common problem.
Like I mentioned, we are leveraging technology. A typical way is that you apply technology to solve one particular problem, and when you do that, you have multiple systems. You have data all over the place, and then you can't actually make decisions because you don't have real-time visibility to the data.
But if you go to the integrated platform like what NetSuite offers, at that time you have one version of truth. That means it streamlines all the different processes across the organization, and the collaboration between the groups is encouraged and it can happen. Not that the people don't want to collaborate, but they can't because they don't know what the other group is doing.
With the integrated solution, you can have ideas. Finance can look into the sales data. Sales can look into the finance data. Inventory, management, or manufacturing can have real-time visibility, so they can serve their customers better and so on and so forth once you have an integrated platform to run your business.
Most importantly, you have real-time visibility so you can make decisions on the real data not on data that was a month old or quarter old. Whatever that you're looking at is what it is right now, so you're making the right decisions.
One thing with the NetSuite solution is that if you look at typical CRM
But with NetSuite's full suite you get complete visibility. Once the opportunity is created, with the click of a button you can create a sales order. When the sales order is created, Finance can take over and look at the accounts receivables table,
What do the sales people see? Finance has access to that. And whatever finance sees, based on their role and responsibility, sales can also see some of the information from finance as well if you make that available to them.
And this is what's kind of neat is to optimize processes within your organization so that you can shorten sales cycles. You can improve processes like procure-to-pay or order-to-cash. Whatever the process that you're looking to optimize, it can happen once you have the right platform that you're working from.
One of the other things that I want to highlight with NetSuite is that not only that our solution is an integrated suite but that we also have a huge partner ecosystem. We have about 5,000 developers working on NetSuite [inaudible 09:55] to develop solutions, and it's completed integrated with NetSuite.
End partial; Netsuite Webinar