NetSuite Implementation for Gas Production Company

This case study details the successful implementation of a NetSuite ERP system for a Hydrogen Extraction Company. The implementation addressed complex vendor management, asset tracking, and financial management challenges, resulting in enhanced operational efficiency, regulatory compliance, and improved financial oversight.

Client Background

• Company Profile: A Hydrogen Extraction Company
• Industry: Energy & Natural Resources
• Business Model: The company specializes in producing hydrogen from biomethane, flare gas, or natural gas with zero CO2 emissions using renewable resources. Their operations include managing raw material vendors, transportation partners, and complex financial transactions.
• Initial Technology Stack: Before implementing NetSuite, the company used legacy systems for vendor management, asset tracking, and financial management, which was not efficient for managing their business complexities.

Objectives and Goals

As the company grew rapidly, tracking suppliers, equipment, and complex financial matters became increasingly challenging which affected their operational efficiency. The company needed a unified system that could streamline these processes, improve financial control, and support growth.

Specific Goals:

• Reduce manual errors
• Improve asset tracking accuracy
• Enhance compliance with VAT and multi-currency transactions

Clients’ Challenges and Pain Points

As the business expanded, they faced several challenges that required our expertise:

1. The management of raw material vendors and transportation partners became increasingly complex and time consuming as a result of a growing network of vendors. They needed an integrated solution to handle these interactions effectively.
2. Due to the business’s rapid growth, tracking assets and managing their lifecycles accurately became increasingly difficult. They required a system to improve asset management and ensure accountability.
3. The company had complex accounting requirements that included VAT compliance, multi-currency transactions, and e-invoicing, which required a comprehensive ERP system.

These challenges led to operational inefficiencies, increased costs, and potential compliance risks, affecting overall productivity and financial health.

Implementation Strategy

A phased approach over 6 months, including planning, data migration, customization, testing, training, and go-live.

Solution Offered

We implemented a customized NetSuite ERP solution tailored to the client’s specific needs.

Integration and Automation:

• We integrated CRM sale orders with NetSuite to simplify sales processes and reduce errors caused by manual entry.
• Implemented barcode scanning technology to improve asset tracking.
• Developed detailed asset data reports for asset utilization and lifecycle management insights.

Financial Management:

• Developed multi-currency financial reports that support both local and base currencies, facilitating accurate financial management across different regions.
• Created operational dashboards that provide real-time insights and enhance decision-making.
• Implemented modules to ensure compliance with VAT and taxation regulations, to streamline the invoicing process.

Customization and Compliance:

• We customized reports based on the client’s business requirements, supporting strategic decision-making and effective resource allocation.
• Integrated functionality to prevent transaction back-dating, ensuring data integrity and compliance

Implementation Process

• Project Management Approach: Utilized an Agile methodology with a dedicated team for each implementation phase, including project managers, developers, and business analysts.
• Training and Support: Provided comprehensive training sessions and ongoing support to ensure smooth adoption and operation, including user manuals and on-site training sessions.

Challenges and Solutions During Implementation

• Integration Issues: Faced initial challenges integrating with the existing CRM, resolved by developing custom connectors.
• User Resistance: Overcame resistance through extensive training and change management initiatives.

Results and Benefits

• • Efficiency Improvement: 50% reduction in manual errors and a 30% increase in asset tracking accuracy.
  • Operational Insights: Real-time dashboards improved decision-making.
  • Regulatory Compliance: Ensured full compliance with VAT and multi-currency regulations.
  • Financial Oversight: Enhanced financial management and reporting accuracy.

Customer Testimonial

Conclusion

The NetSuite ERP implementation significantly improved the Hydrogen Extraction Company’s operations, driving efficiency, compliance, and financial management. The positive feedback and high ratings from the client reflect our commitment to deliver NetSuite ERP solutions that solves complex business needs.