NetSuite ERP Maintaining Momentum in 2024

Maintaining Momentum in 2024

By: Glenn Hofmann

It's hard to believe another year has quickly gone by. As we wind down the year and get ready for 2024, I thought it would be good to pull together some year-end thoughts.

2023 was a big year for KES

First, 2023 was a big year for us at KES Systems Solutions (KES).

  1. We continued to enhance our existing KES NetSuite Extensions, and we expanded our product line by releasing the KES P/M Toolkit this fall. It's exciting to see how well our KES Extensions are being received in the NetSuite community and hear positive feedback on how these tools are helping organizations extend their NetSuite functionality. The KES NetSuite Extensions are a great source of pride for us.
  2. In 2023 we also continued to expand our list of great NetSuite partners by adding NetGain and ExtendTech. We can now provide additional assistance to our clients who need more advanced fixed asset management (NetGain) or advanced document storage (ExtendTech).
  3. Lastly, we continued to grow both our client base and our team at a pace that ensures we can still provide the high level of support and partnership that our customers expect.

"We expanded our product line by releasing KES P/M Toolkit this fall — a NetSuite Extensions designed to enhances NetSuite's project management module."

NetSuite announces AI advancements for 2024

2023 was also another big year for NetSuite. They continue to quickly grow their customer base by offering new products and expanding their global reach. The successful move to their dedicated OCI data centers helps ensure their infrastructure can handle this growth. With big announcements at SuiteWorld this fall around AI, it's clear that Oracle is continuing to look to the future to ensure NetSuite stays at the leading edge of technology and offerings. NetSuite is moving beyond just adding new features and instead taking a large leap into AI enhancements that will allow you to use your ERP system as a proactive tool to provide actionable insights that can help you manage your business.

"NetSuite is taking a large leap into AI enhancements that will allow you to use your ERP system as a proactive tool to provide actionable insights that can help you manage your business."

What will business look like in 2024?

How are our customers doing? As we talked to our clients throughout the year, many of them expressed concern around "trying to do more with less." As the year progressed, this seemed to take on more urgency, so we worked closely with many customers to add even more automation and efficiencies to their day-to-day processes. In addition, there is no doubt that cash raised to the top of everyone’s mind in 2023, so we worked with many customers to bring additional insights into cash forecasts. But overall, our customers, like us, are cautiously optimistic about 2024. I think most executives are wondering if there will be a so-called “soft landing” rather than a recession. I believe this will likely be the case, but it might be a bumpy soft landing.

"I think most executives are wondering if there will be a so-called “soft landing” rather than a recession. I believe this will likely be the case, but it might be a bumpy soft landing."

Efficiency and cash are king in 2024

As we move into 2024, I believe many executives will be focused on two areas —
efficiency and cash.

  1. I think there will be an even bigger push for organizations to streamline operations and back-office functions. This push will result in organizations reviewing processes for inefficiencies and adding more automation.
  2. I believe cash will likely be even more crucial, especially if the economy slows significantly. Having in-depth insight into their cash forecast will be key for organizations in 2024.

Luckily for those organizations already running NetSuite, these areas align with  NetSuite's currently fuctionality. I encourage organizations to work with their NetSuite partner to get a jump start on implementing solutions within NetSuite to address these focus areas. More specifically, I recommend organizations do the following:

  • Talk to your team about where they are spending their time and the pain points around these. Often as you dig into process pain points, you learn that the real issues are not what you thought. When talking to clients about processes, we often hear “We do it that way because that’s the way it's always been done." That doesn't necessarily mean it's the most efficient way to accomplish the task.
  • Put a plan in place to alleviate pain points. Studies show that 70% of programs or ideas are never implemented or fail to meet their goals. Often times the culprit is a case of "all talk and no action" or a lack of planning and ownership.
  • Think about where the company is headed and potential future disruptions. Start planning for staff or system impacts now rather than waiting until disruptions actually occur. Proactive planning not only ensures you are prepared but often brings benefits even if those future disruptions don't come to fruition.

Contact us if you'd like to talk about how to optimize NetSuite to addresses any of your 2024 business concerns.

What's next for us?

So what’s next for KES? As we move into 2024, first and foremost we plan to continue to do what our clients expect — provide great service and expand the functionality of our KES NetSuite Extensions. Beyond that, we plan to invest heavily in our team to expand their knowledge even further, so we can continue to grow in our role as trusted advisors and solidify KES as one of the top NetSuite service providers.

Why KES Systems Solutions?

As a full-service NetSuite Solution Provider, we're here to help you implement and optimize NetSuite to take full advantage of its capabilities.