Insights from a NetSuite implementation journey – with iBinder Group
For growth companies, it's essential to invest in solutions that are built to keep your business running smoothly and efficiently as you grow, while also being able to scale with the growth. But when is it the right time to go from multiple systems to a single unified solution? What are the keys to successfully implementing that solution? And what makes NetSuite stand out as an excellent choice for multi-company businesses set for growth?
To answer these questions, we organized a webinar together with our customer iBinder Group. Joining us from their side were Monzaide Anzola, Group CFO, and August Tillqvist, Group Finance Manager. Hosting from Staria’s side were International Growth Director Jimmy Löfström and Senior NetSuite Consultant Andrei Postolache.
Keep reading to check out the highlights! You can also download and watch the webinar recording by filling out the form at the end.
The path to an ERP implementation
To start off, we got to learn about the background behind iBinder Group's decision to implement NetSuite. They are a Nordic-based software company that develops solutions for the real estate and construction industry. Founded in 2005, they first focused on expanding locally. In 2019, the company was acquired by Private Equity company Fidelio Capital, which accelerated their growth both in and outside the Nordics through both organic growth and acquisitions, driving the need to grow in a scalable and flexible way.
"One of the keys to this growth has been to be able to develop a platform where we can support these acquisitions and organic growth at the same time", shared Anzola.
In 2022, iBinder Group had legal entities in six countries, and the company struggled with growth pains familiar to many growth companies: a time consuming, complex, highly vulnerable and non-scalable infrastructure.
“One of the most complex parts for us was to drive the consolidation of all the numbers in a fast, flexible and quality-wise correct way. We did it in Excel and we used a lot of external consultants to be able to make this happen. As you can see, it was not really good for us to drive new growth", says Anzola. "So, it was a year ago that we decided that we need to move to a modern platform by the end of the year", he continued, and the choice became NetSuite.
Four key factors for success
Next up, Tillqvist shared the following four key factors for a successful implementation, based on iBinder Group’s experience:
- Take the time needed with the deadlines in the project, have a clear project plan and allocate the resources and a project manager.
- Have an implementation team who are competent in the system you’ve chosen to implement.
- Use the best practices related to the system – be open to changing and adapting some of your own processes to the system instead of vice versa.
- Standardize your output from your historical systems to make importing the data easier.
Tillqvist also shared a number of positive experiences, such as NetSuite having been more effective and easier to learn than expected. The system handles the whole group as one company, and it’s effective to implement new companies.
Demo: NetSuite features for growth companies
Next, the webinar included a short overview demo by Andrei Postolache, Senior NetSuite Consultant at Staria, who demoed NetSuite features that help companies consolidate multiple systems into one and gain visibility into real time numbers. Among these features are:
- Customizable, role-based dashboards
- KPIs that bring actionable insights
- Ability to visualize group data, or a specific entity or region, in real-time
- Ability to interact with the data
- Ability visualize financial statements (consolidated and entity-specific)
- Ability to drill into data to see the underlying transactions
Postolache also demonstrated NetSuite features related to the Accounts Receivable process, month-end close process, and analytics.
An interesting Q&A
The last point on the webinar agenda was a Q&A. Here is a sneak peak on some of the questions that were addressed - download the webinar recording for the full discussion!
How prepared are you now for growth, and how much can you do yourselves?
To which Tillqvist responded that in terms of the first acquisition added to the system, they had made a checklist which they were able to use for their second acquisition. "The second one was much faster than the first one. We have set up the system to match our needs, and we adapt the new companies to the system very easily”, he said. To the second question he replied that in their latest acquisition, “we had all the templates ready, so we prepared them, and then we just used one consultant. And I think we did it in a month from start to finish".
When is a good time to do a project like this?
Tillqvist shared: "For the main implementation - if you could put it in the off-season, when you don’t have a lot of reports to be made".
"You need to make sure that you have the capacity in-house to support the project", said Anzola, continuing with "If you have that capacity in-house, I wouldn’t recommend to wait. Because the efficiency gains and the control you get of the business is worthwhile. But make sure that you have the right competencies and the capacity in-house to do it."
From left:
August Tillqvist (Group Finance Manager, iBinder)
Monzaide Anzola (Group CFO, iBinder)
Jimmy Löfström (International Growth Director, Staria).
Download the webinar recording
Download the webinar to hear Anzola and Tillqvist tell more about iBinder Group’s ERP implementation project and journey with NetSuite, and watch the full Q&A and discussion! Also make sure to take a look at the overview demonstration to see the features in the actual system. >>> Download here
Lisätietoja
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Liiketoimintaprosessi
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Toiminnanohjaus ERP |
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Integraatiot |
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IT |
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Omat tagit
Staria - Asiantuntijat ja yhteyshenkilöt
Kai Kortteinen
Finland Country Manager
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| NetSuite-järjestelmäratkaisut. ERP-, BI-, talous- ja palkkapalvelumme tukevat kansainvälistä kasvua. Staria on Pohjoismaiden johtava NetSuite-kumppani.Menestyksemme perustuu .. | |
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kai.kortteinen@staria.com +358 44 7609 432 |
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