- Company: Citeline (a Norstella Company)
- Industry: Healthcare & Pharmaceutical
- Location: Global across North America, Europe and APAC
- Applications Replaced: SAP ERP
Citeline, a provider of data access and services supporting clinical trials, faced challenges with disconnected systems, slow reporting, and manual revenue recognition processes. They sought a solution to streamline operations, gain real-time financial insights, and handle complex revenue scenarios.
Pain Points: Disconnected Systems and Manual Work
Citeline encountered several challenges in their revenue recognition process. Their existing systems lacked the capacity to provide real-time revenue reporting, including crucial metrics like deferred revenue waterfalls and accurate forecasting.
Additionally, their processes relied heavily on manual tasks for unbilled receivables, accruals, and managing the varying revenue recognition rules between subscription and project-based income. This manual workload slowed operations and introduced the potential for errors.
Citeline was required to migrate and process midlife revenue contracts from a legacy system. Finally, the lack of integration between their Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) led to delays and inefficiencies in their order-to-revenue workflow.
Manual and Limited Reporting
Citeline needed robust, real-time revenue reports and forecasts. Existing systems did not provide accurate deferred revenue breakdowns or forecasting capabilities.
Inefficient Processes
The company relied on time-consuming manual processes for unbilled receivables and revenue adjustments, creating a bottleneck in operations.
Lack of Flexibility
Citeline required a system that could adapt to the different revenue recognition rules associated with their subscription and project-based services.
Implementing The NetSuite ARM Solution
Citeline partnered with GURUS Solutions to implement NetSuite's Advanced Revenue Management (ARM) along with a tailored Boomi integration between their CRM (Salesforce) and the NetSuite ERP to address their revenue recognition challenges.
The majority of their reporting requirements were handled by the native NetSuite reporting capabilities, with additional customizations made to ensure all relevant segmentation was included. ARM streamlined revenue journals and unbilled receivables, and the system was configured to handle subscription and project-based revenue recognition rules.
A Boomi integration connected their CRM (Salesforce) with NetSuite, ensuring a seamless and accurate flow of order data.
Finally, all midlife revenue contracts were migrated, ensuring that accurate historical data was available within the new system.
This solution provided
Streamlined Revenue Management
ARM automated revenue recognition processes, managing unbilled receivables, and adapting seamlessly to complex revenue scenarios.
Enhanced Reporting
Real-time reporting on revenue waterfalls, forecasting, plus detailed segmentation by profit center, product line, and customer.
Integrated Workflow
The Boomi integration ensured smooth data flow between the CRM and ERP, leading to efficient order-to-revenue processes.
The Results From A Successful Implementation
GURUS and NetSuite successfully addressed Citeline's revenue recognition and reporting needs. Their reporting and forecasting requirements were met, including customized deferred revenue reconciliation reports.
Detailed segmentation and item-level data enhanced all reporting. Revenue recognition processes were streamlined, with the team now running them weekly to ensure up-to-date financial figures.
The simplicity of the ARM configuration, with only two revenue rules, ensured ease of use while handling the complexities of subscriptions, projects, and historical data. NetSuite’s ARM now handles unbilled receivables and foreign currency adjustments, eliminating the need for manual tasks.
The integration with Salesforce provides a seamless order flow, enabling efficient revenue processing.
Increased Visibility
NetSuite provided Citeline with the up-to-date financial insights they needed to make informed business decisions.
Process Optimization
The automation of key revenue processes freed up valuable time for the finance team, allowing them to focus on strategic activities.
Scalability
Citeline gained a flexible platform capable of supporting company growth and the addition of new products or revenue streams.
The Power of Partnership
NetSuite offers powerful solutions, but its true value lies in expert implementation and ongoing collaboration. A dedicated NetSuite Alliance partner can be a critical force in maximizing your return on investment.
These partners don't just install the software; they become an extension of your team. They take the time to understand your business goals, processes, and any unique challenges.
Citeline's successful implementation highlights the benefits of this partnership. By partnering with GURUS Solutions, Citeline was able to tailor NetSuite's capabilities to its specific needs.
This collaboration streamlined revenue processes, increased financial visibility, and ultimately positioned Citeline for continued growth. When considering NetSuite, it is important to remember that a strong partnership will pave the way for the greatest long-term success.
About Citeline
Citeline is a leading player in the healthcare and pharmaceutical industry, providing essential data access and services to support the development of clinical trials. The company offers a range of solutions that help life sciences organizations make data-driven decisions, accelerate drug development timelines, and ultimately improve patient outcomes.
With a global presence spanning North America, Europe, and APAC, Citeline is committed to partnering with its clients to push the boundaries of innovation in healthcare.
Are you interested in partnering with GURUS Solutions for your digital transformation journey? Improve Your Revenue Recognition with NetSuite and GURUS