- The key challenges growing mid-market businesses face with Oracle’s NetSuite and how the HighRadius for NetSuite integration can address them.
- See how scalability-first technologies can future-proof your NetSuite tech foundation.
- Learn about HighRadius’s role in partnering in your growth journey.
Mid-Market Business Trends: What You Need to Know
Oracle’s NetSuite is a popular choice for an enterprise resource planning (ERP) system amongst SMBs and growing mid-market businesses, and for a good reason. It is a quick fix on your finance team’s wishlist that seemed to do its job – starting with a set of features that store, manage, and balance the transactions and information that govern the company’s finances.
However, as businesses grow, functional requirements increase, adding layers of complexity to the order-to-cash cycle due to the high degree of resources required to manage operations and the increasing volume of transactions.
Unfortunately, companies that start with NetSuite often discover that it is not extensible. Consequently, they adopt non-integrating niche solutions, leading to data silos, incomplete information, and manual operations, which makes responding to market changes challenging and exposes the business to downtime risk.
The HighRadius for NetSuite integration—champions of accounts receivable
To address these challenges, we built a dynamic, two-way integration between Autonomous receivables and Oracle NetSuite that builds on your existing tech stack and scales with your business. The scenarios below represent the 4 common reasons customers invest in the HighRadius for NetSuite integration and how they benefit.
4 HighRadius + NetSuite Integration Benefits
Leverage AI to Work Alongside Your Team
To maintain a healthy cash position, businesses strive to recover every penny. Even with an ERP, a manual receivables process can leak up to 3% of revenue. NetSuite provides broad functionality across various finance operations, but most of its capabilities lack machine learning and AI. This leads to manual intervention in lower-level processes like account reconciliation, transaction mapping, and intercompany transactions.
Integrating NetSuite with an AI-driven Accounts Receivable software can help plug revenue leaks in your order-to-cash process and maximize cash flow. For instance, the global AR director of Wesco, a leading B2B distribution supply chain company, revealed that their financial analysts spend significant time manually gathering remittance data from web portals. This delay created a domino effect, preventing finance teams from focusing on high-priority tasks such as planning, prioritizing, and revenue collection.
Autonomous Receivables solves this problem by enabling zero-touch, straight-through cash posting to NetSuite. This allows finance teams to focus on high-value strategic tasks instead of spending time on manual efforts. With the Autonomous Receivables cash application solution, Wesco could automatically apply 94% of their payments to NetSuite.
Build Teams with Intelligent Analytics
The modern CFO’s office requires a single source of truth that can highlight the underlying data of the order-to-cash lifecycle and provide insights into various data points such as DSO, CEI, and reduction in % open AR. A leading Architectural Services firm VP shared the need to keep up with changing reporting requirements as NetSuite’s reporting system tends to be tedious, support dependent, and time-consuming.
Imagine a dashboard where you can oversee all your critical working capital metrics without manually scavenging through data-heavy tabs.
Autonomous Receivables offers out-of-the-box reporting and actionable insights by analyzing data across your receivables processes. It provides end-to-end visibility across order-to-cash functions, allowing you to understand where you need to optimize and double down on, besides course-correcting on a real-time basis.
Break Down Data Silos
Companies are expected to do more with less in today’s business environment. But relying on inefficient workarounds such as point and primitive solutions can be frustrating and time-consuming for finance teams. NetSuite’s lack of sustainable automation only adds to the challenge.
Fortunately, with Autonomous Receivables, businesses can seamlessly integrate all their existing data sources through our open, flexible platform. HighRadius lets you connect and understand all your data, wherever it may live, and use it across your business. This creates a single view of the customer, enabling finance teams to focus on strategic initiatives.
Wesco, for instance, once struggled with 22 different point solutions alongside various ERPs like NetSuite. However, by combining HighRadius’s API with out-of-the-box functionality, Wesco established a unified workspace for their team, reducing the number of solutions to just two. This is precisely the type of change that helps companies unlock their growth potential.
Transform Finance Operations with a Trusted Partner
As businesses grow and expand, it’s crucial to have a solution that can handle the financial complexities that come with it. NetSuite is a solid foundation, but to take things to the next level, you need a partner with the breadth and depth of capabilities to build on top of it.
For your business to scale, your finance architecture must scale too.
HighRadius offers a wealth of experience in developing solutions that cater to a wide range of finance complexities, regardless of where a business is on the growth spectrum. With a robust portfolio of solutions, businesses can be confident that their data is secure and that privacy policies are well-governed when partnering with HighRadius.
Future Roadmap: Steps to Integrate HighRadius with NetSuite
Incorporating HighRadius with NetSuite involves taking steps toward designing a functional tech architecture. An efficient revenue infrastructure helps businesses avoid operational issues and system crashes. This approach lets companies focus on their products and services, building business momentum early.
HighRadius for NetSuite integration is already widely adopted by small to enterprise-level customers to incorporate an AI-powered receivables automation layer in their order-to-cash process.
Want to learn more?
Contact us to learn more about this integration.
We understand the importance of this integration to your daily business operations. To help you get started, we have compiled a list of the most frequently asked questions.
How much does it cost to integrate NetSuite with HighRadius Solutions?
HighRadius offers flexible pricing models for integrating NetSuite with its solutions. The pricing plans start low and increase with added features, based on your specific accounts receivable needs and integration complexities. To learn more about our pricing plans, you can start a chat with us on this page or schedule a call with our solution experts. We’re always ready to assist you.
How do I set up my NetSuite integration in Autonomous Receivables?
We have designed our solution to plug and play with Oracle NetSuite. You should be up and running in minutes with our out-of-the-box API-based connection. Schedule a call with our solution expert for guided assistance, and we’ll help you right away.