Evaluation, be it for a student, entrepreneur, or software, is critical to assess success. A student is usually evaluated based on a test, an entrepreneur is evaluated based on its customer network, and software is evaluated based on a user’s productivity and efficiency.
Evaluation is key to knowing how successful a person or a system is. The only difference is the factors that each entity is evaluated on. These factors are usually termed as ‘Key Performance Indicators.’ Just like all things in the world need to be evaluated, even the success of a NetSuite project needs to be measured.
Without measuring success, a company will never know exactly how implementing an ERP helped it grow. This is an important stage as companies need to be sure about investing at the right place at the right time. While there are thousands of companies that have invested in implementing a NetSuite ERP, not many have been able to measure the success of the projects they have completed using it.
Here are some of the key factors that you need to consider while analyzing the success of a NetSuite project.
One of the most important performance indicators in measuring the success of a NetSuite project is the customer experience. The reaction or feedback of the customers is critical in evaluating how successful your NetSuite integration is or to identify the areas that need improvement.
Customer ratings, degree of client retention, and the response time to the queries are the three most important KPIs when evaluating the customer experience. If you see improvement in the customer experience, it is an indication that you are headed in the right direction.
As the primary goal of an ERP is to streamline operations to boost productivity and enhance profitability, productivity and sales are two very critical performance factors of the success of a NetSuite ERP. With the integration of this tool, there must be an improvement in the productivity of the company.
The rate of order completion and the number of transactions processed per employee are two factors that help evaluate any company’s productivity.
There is no rocket science here; if customers are happy and satisfied, the sales will increase. Analyzing the sales performance is also a critical aspect when measuring the success of ERP implementation. You can evaluate the sales performance on factors such as average sales, average profit margin per sale, and the number of lost sales. These numbers can really help a company evaluate their success and how should they plan their next steps.
Revenue and profit
The mission of an ERP is to smoothen business operations to generate higher revenues and earn more profit. If you see a change in these numbers, you can evaluate the success of your NetSuite ERP project. These are the most critical KPIs to measure the success of a NetSuite ERP. The changes in these factors will help you evaluate the performance of the ERP and the ways it is benefiting your business.