NetSuite Enables P3 Medical to Boost Margins, Efficiency and Customer Satisfaction
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 magine 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 UnitOracle 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.
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