LONDON, May 19, 2017 /PRNewswire/ -- Oracle NetSuite
Global Business Unit, one of the world's leading providers of
cloud-based financials / ERP, HR, Professional Services Automation
(PSA) and omnichannel commerce software suites, today announced
that P3 Medical Ltd., a manufacturer and distributor of medical
devices, has transformed business performance and increased
profitability as a result of replacing multiple legacy applications
and spreadsheets with NetSuite in 2010. P3 Medical, doing business
in more than 50 countries, is now saving £100,000 a year in
improved manufacturing efficiency and another £25,000 a year in
administration costs with NetSuite, while avoiding a £75,000
capital investment for an equivalent in-house infrastructure.
Headquartered in Bristol, UK, with
a second facility in Preston, P3
Medical makes extensive use of NetSuite capabilities for
manufacturers to streamline production and inventory management,
while enhancing margins and pricing with detailed real-time
visibility into all costs to produce a given product with
NetSuite's robust standard costing feature.
Watch the P3 Medical Customer Story
Across the business, the 80-person company has further optimised
efficiency by using NetSuite as a single, integrated system for
financials, order management, regulatory compliance, CRM and
ecommerce, offering its hospital, clinic, distributor and
subcontractor customers a convenient online channel to order many
of its 4,000 products. P3 Medical also takes advantage of
NetSuite's multi-currency capabilities for product sales in the
U.S. dollar, Danish krone, Swedish franc, Euro and British pound,
while gaining a competitive advantage against larger competitors
and sharpening its differentiating focus on low-volume, niche
products used in the operating room and specialised surgical
procedures, rather than high-volume commodity medical supplies.
NetSuite's customisation capabilities have enabled P3 Medical to
tune the solution to its unique needs, driving additional
efficiencies across the business.
"It's hard to imagine how we could have achieved as much as we
have without NetSuite, using another platform," said Simon Talbot, Managing Director at P3 Medical.
"We have meaningful data in a single source with NetSuite, rather
than guesswork. We now work more efficiently while making more
money."
Before NetSuite, P3 Medical, founded in 2001, struggled with a
collection of unintegrated on-site legacy applications, many of
them introduced as a result of several acquisitions. The company
suffered IT and business bottlenecks and poor visibility across the
business, driving up administrative and operational costs with
error-prone manual data entry and resulting in inventory stock-outs
and production delays. Inflexibility in its previous environment
made it difficult for P3 Medical to adapt to changing business
conditions and efficiently manage its inherently complex business
model, while remote access to core systems was problematic with VPN
connections. Seeking an alternative, the company turned to
NetSuite.
"There's a lot of complexity built into our business, and one of
the great things about NetSuite is how it simplifies our processes
and delivers a single source of data under one roof—that's
incredibly valuable," Talbot said. "NetSuite's flexibility has
allowed us to model something that works for our business, rather
than waiting for the perfect solution to come along."
Other benefits that P3 Medical is realising with NetSuite
include:
Greater profitability with deep costing visibility.
Standard costing capabilities in NetSuite enable P3 Medical to
track and optimise the full cost and profitability of every item,
accounting for raw materials, labour, shipments and more. In turn,
the company can more precisely price its goods, boosting
profitability.
"Revenue per hour has increased significantly so we have better
quality margins," Talbot said. "Our pricing of jobs and products is
now calibrated much more closely with true cost. That's something
we'd been chasing for 10 years."
Streamlined manufacturing. P3 Medical takes advantage of
demand planning and MRP (materials requirements planning) in the
NetSuite Work Orders and Assemblies module to streamline
production, scheduling and personnel, while NetSuite Advanced
Inventory helps optimise stock levels of both raw materials and
finished goods.
Stronger regulatory compliance. NetSuite's single source
of data has dramatically improved P3 Medical's regulatory
compliance program with end-to-end documentation and visibility,
while traceability helps ensure that a product's whereabouts are
known even after sale to an end-customer by a third-party
distributor—critical in the event of a recall.
Faster financial reporting and close. Reporting on
mission-critical data is more than 20 percent faster with NetSuite,
while the time needed for monthly financial close has been reduced
to just two days, from two to three weeks with its previous
systems.
Improved customer satisfaction. P3 Medical has seen
significant improvement in customer satisfaction through its
convenient self-service customer portal for online ordering powered
by the NetSuite SuiteCommerce cloud commerce platform.
Better customer and account management with CRM.
Visibility into customers and accounts with NetSuite CRM helps
ensure that sales reps anticipate and meet customer needs, while P3
Medical can better manage its accounts to optimise sales.
Flexibility and scale for efficiency and growth. P3
Medical leverages NetSuite customization capabilities to tailor the
cloud solution to specific business processes, while gaining
end-to-end flexibility and scale to accelerate growth into new
markets.
About Oracle NetSuite Global Business Unit
Oracle NetSuite Global Business Unit pioneered the Cloud Computing
revolution in 1998, establishing the world's first company
dedicated to delivering business applications over the internet.
Today, Oracle NetSuite Global Business Unit provides a suite of
cloud-based financials / Enterprise Resource Planning (ERP), HR and
omnichannel commerce software that runs the business of companies
in more than 100 countries. For more information, please visit
http://www.netsuite.com.
Follow Oracle NetSuite Global Business Unit's Cloud blog,
Facebook page and @NetSuiteEMEA Twitter handle for real-time
updates.
About Oracle
The Oracle Cloud delivers hundreds of SaaS applications
and enterprise-class PaaS and IaaS services to customers in more
than 195 countries and territories while
processing 55 billion transactions a day. For more information
about Oracle (NYSE:ORCL), please visit us
at oracle.com.
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SOURCE Oracle NetSuite Global Business Unit