MedTech Compliance on NetSuite

00:05Hello everyone and thank you for joining us today. We're excited to have you here at Luxent's NetSuite demonstration for MedTech companies. My name is Brooke Gyepes and I'm the director of marketing here at Luxent and I'll be moderating today's session. So I'm joined by Scott Nelson, our chief solution engineer and director of NetSuite delivery here at Luxent and Scott leads implementations and works closely with a lot of different MedTech companies on everything from inventory and manufacturing, financial reporting, scalability, you name it, he does it.

00:36We're also joined by Katrina Sandgren, our sales director here at Luxent who will walk through NetSuite pricing and packaging later in the session and she will help kind of connect what you'll see in the demo to what a real world budget considerations could look like for um NetSuite. So today is really kind of showing you a glimpse of how NetSuite works for MedTech companies and what it's going to look like on a day-to-day basis and how that can kind of support growth and where it can simplify your operations as you grow and scale.

01:07Before we dive in, um I'm quickly going to kind of walk you through what we are going to cover today. So we'll start with a brief introduction to Luxent, who we are and why we focus heavily in the MedTech industry. Then we'll walk through NetSuite and its key functions and what we like to call the pulse of your operations. From there, Scott will lead us in a live NetSuite demonstration so you guys can really see how NetSuite's working real time, the functionality that offers you and your and your companies.

01:32And then after the demo, Katrina will walk us through some pricing and packaging so you have a really good understanding of how NetSuite's structured from a cost perspective cuz I know that can be a little bit of a a black box out there. So and finally we'll wrap up with some next steps and typically what comes after the session like this is um you know, setting up some time to continue the conversation. So a little bit about who Luxent is. We are a NetSuite Premier Solution Partner, award-winning.

01:59We were founded in 2009 and we're based in Southern California. And our focus is working with growing companies with deep experience across manufacturing, distribution, and a really heavy industry industry base in MedTech. So, our team is made up of senior-level consultants with a really strong NetSuite and industry backgrounds. And we support the full lifestyle life cycle of ERP selection, implementation, integration, development, and then into ongoing support. And because of that experience, we're really able to kind of bring some practical insight into how NetSuite fits into your broader tech stack.

02:34So, things beyond just, you know, just NetSuite. And how companies are using that on a day-to-day to make their operations run a little bit more smoothly. So, we spent over 15 years specifically working with MedTech companies, which has allowed us to build a really deep industry expertise and proven best practices. We're recognized by NetSuite as a leading MedTech partner, which is very important. Not just for knowing the software, but knowing and understanding how the MedTech industry works. You know, it's a it's a it's a tricky industry.

03:08It's not one that's super super common across other generalist um consulting firms. So, we have that industry expertise. We bring pre-built solutions and playbooks designed for MedTech companies. This helps kind of reduce that customization cost, lowers your risks risk, and accelerates your time to go live. And most importantly, we act as a long-term partner. So, we're really focused on supporting growth beyond just your go live. So, making sure that we work with you beyond go live to support and optimize your brand.

03:44Here's a quick snapshot of some of the medical medical manufacturing distribution companies we've had the chance to work with. So, if you work with Luxent, you know that you will be in good hands. With that, Scott, I'm going to pass it over to you to kind of walk us through an introduction to to NetSuite. >> Yeah, absolutely. Uh so, as Brooke said, the pulse of your operations, this is how NetSuite can help in the MedTech industry. So, um I'm going to just go through a couple of slides and talk to you a little bit about who NetSuite is and how they fit.

04:18So, NetSuite by the numbers, uh number one growing ERP many years in a row. Uh 6,000 new logos in the last 12 months, 46,000 customers worldwide. Uh NetSuite has been record growth after record growth since they started and it continues to be a a just a a growing company year after year. Uh what we do is we follow kind of a stairway uh approach and and this is the the NetSuite model for most companies and that is build your foundation from the start.

04:56Uh learn the product, learn how your business fits within the system. So, we implement the product at a base level as much as possible, minimal customizations, uh and then we expand. So, phase two, you've been in the system for a couple of months, you now understand NetSuite. Now, let's maybe bring in some of your production management, supply chain management, things that you didn't do. Um maybe at that point you want to bring in your assets, your fixed assets, uh or your lease management. Uh that could be revenue recognition.

05:31It could be a lot of things that maybe you you didn't want to bite off too much in the first phase of your implementation and we expand with you from there. And then we get into your last uh phase, which is the lead part, which is really just a matter of maintaining and growing with your company. Maybe that's buying a new subsidiary. Maybe that's global expansion that where you were just in in one country and now you're going into many countries. Maybe that's new 3PLs. Uh it's really just growing your business within a software that's there to scale with you.

06:11So, how does this fit into the MedTech industry? So, at Luxent, we've used NetSuite in a lot of MedTech. And we say MedTech, we we're talking distribution, we're talking manufacturing, we're talking labs and in biosciences, um uh prescription medicines, a million different uh types of industries that are kind of sub-verticals within MedTech. We've worked with them all and we've seen a lot of things. Uh so, I'm going to highlight a couple of things in here that, you know, you can all read the the slide, but I just want to highlight a couple of things that we've seen the most.

06:49So, customer hierarchy, that is working with you to identify, you know, maybe a hospital that has 200 doctors, 300 addresses within that hospital. In a lot of systems, that means having one customer with a huge list of addresses that you have to dig through. We use NetSuite's uh parent-child relationship model to to expand on that, and then we've have a couple of customizations around how we fit that within an order um coming in and recognizing which of those child uh customers should be there.

07:28Allows for better reporting and allows for smoother transactions. Um order and shipping validations. So, we work with FDA compliance. Uh so, this could be geography, licenses, prescriptions, um could be something as small as can it accept uh the size of the item into the address that the the customer has. Uh we have a a a customization we've developed for one of our clients that we we can expand out to whatever client that takes those validation steps, goes through a check a system check when you enter the order, and it passes or fails each one of those individually.

08:10Runs them all simultaneously, so it doesn't affect performance, and it can be scalable to whatever is uh important to your business, not something that has to be universal for everybody. Um NetSuite works with chunk stock, outsource manufacturing, smooths out that process, lot control the inventory, so you can track full lot traceability including first expiration date first out handling of products, um revision control and PLM pieces, and then a full FDA software compliance package that NetSuite and Luxent can do for you.

08:54So, what I'm going to do here today is I'm going to do a small demonstration of of some NetSuite functionality. I'm going to introduce you to NetSuite and how navigating around uh the NetSuite platform works for businesses. I'm going to go into a little bit of financial reporting because at the back point of any ERP is how is it going to show me my financials and track them through the system. I'm going to go into a little bit of item configuration, and then bills of materials and revisions, and then I'm going to look and show you how that item configuration and those those bombs and revisions fit into work orders and assembly builds.

09:30So, with that, I'm just going to share my screen and jump into the system. So, as you can see, NetSuite is a form-based internet platform. So, that means anywhere you are with an internet connection, you have accessibility to your system. Login is your username or your username, which is your email, and a password, and then a a a secondary uh two-factor authentication. That could be a an app that generates a code, it could be a text, it could be a code uh that you manage and and keep.

10:09Uh it could be a lot of different ways, but you'll have another authentication uh security measure on top of that. Once you're in NetSuite, you go right to your dashboard. And what I'm going to show you here is you'll see a lot of navigation paths up here. I'm in as an admin administrator, I can click on ones, and it pulls up a bunch of other things that I can do within each one. Go back, I can hover over, and I get a a a ton of menu options for what I can do. Uh but my username is actually a role assigned to it.

10:43I can have multiple roles, multiple businesses, but each one of these is going to have something slightly different than another. So, if I'm going to go to a product manager role, you'll see my dashboard changes. I now have different little portlets that I'm looking at. These can be specific to a role. I actually have a little bit of control over this as a user as well to add and subtract. Uh I can lock things as a business, but you can see now I have KPIs that are specific to my role. So, as a production manager, I'm seeing all my work orders that need to be done, my inventory valuation at this time.

11:20I can set up comparisons, so most of these are comparing this month to last month. These can be this this time to date in the year to last year at the same time or last year's full year. Uh I can track KPIs specific to me as an individual. So, if I have as a sales rep, I have a sales number I have to meet, I can have a running meter showing where I am month to month. Um I can look at things like this is my work centers and I can see the different capacity within each work center. Uh I can see quick reminders here of I have 37 work orders to build.

12:02Uh so, that's as a production manager. But, now if I want to jump in and say, "Okay, let's take a look at my quality management now." I can jump over to that. You'll see my navigation paths up above change with my role. Maybe I have a little bit less on my quality. Uh I haven't built this this dashboard out quite as much. So, then you can see kind of where I my base is. Uh I can jump into uh a production operator. So, maybe now I'm not the manager. I have a little bit more streamlined approach to what my day looks like.

12:35So, now my da- dashboard's more of a day uh controlling uh platform. So, I can see here's my work orders that are waiting for me to dispatch. Here's my total whip percent on on each work order. So, I can see what percent complete I'm running on my work orders based on my routing steps. So, all of this sits just on my dashboard and then I can drill in based on my role. All my navigations change and you'll see I have much fewer options in this production operator than I did as my as an administrator and I have much fewer options up above to select from.

13:12All right, I'm going to go back as an administrator cuz I'm going to do the rest of this probably as administrator just so I can jump around and show different things at different times without permission problems. Um so, in here now I'm going to talk a little bit about reporting and how handles reporting. I think this is what separates NetSuite from most ERP systems, most um most systems in general. Uh NetSuite's reporting is very easy, it's very customizable. I don't need scripting to do it. I don't need a value-added reseller to generate a report for me or write a bunch of queries within a in the system.

13:50All I have to do is really jump into a report. I have a ton of uh standard reports that I can look at. I'm going to look at a couple of financial reports right now, starting with an income statement. So, I'm just going to select my income statement. You'll see this is generating for June. This is a demo environment, so I don't have a ton of data in here. I'm going to actually go back and we're going to look at Q Q2 of 2026 to get just a little bit more. Hit refresh, and now I'm running for the 3-month period.

14:21Then see, I can see here's all of my my income, all of my expenses. It's running and giving me my net income for the quarter. Um but let's say, you know, this this is a multi-entity company. Uh you can see I have subsidiaries all over the world. I'm going to actually just go to my headquarters and look at my consolidation level reporting. I just hit refresh, generates again, and now I can see across all subsidiaries what my income statement looks like. But let's say, okay, this is great. Now I want to see my totals broken up by subsidiary without having to run each one.

14:57I can just come in here to my column and say, okay, show me by subsidiary what this information looks like. And very quickly and I now see column by column each subsidiary laid side by side. So, I can see shared uh chart of accounts if I want. So, this 4 4110 revenue account is what I'm using across all of my businesses, so I can see what the breakdown within that total is. So, I have 2.8 million in there, 2.6 of that is in the US, uh 2 200,000 is in my second US subsidiary, uh and see that broken out.

15:34That's great. Now, I want to drill in and say, "Okay, I want to look at my US, but I want to see how this these dollars within the US are coming out by different factors." I can say, "Okay, let's break this down by location." I have multiple locations, multiple facilities within the US. I want to see how they're performing within each one of these. I just make that my column, and now I can see that across as well. San Francisco is leading in my revenue generation. Uh maybe I'm just getting going here in the BlastOmatic.

16:06Uh Denver is coming along and Boston close behind uh San Francisco for my 2.6 million. Uh maybe I want to see this across business uh product lines. I've now just changed this to class, run that, and now I can see in my product breakdown where my sales are coming from as well. Nice thing about these numbers is when I'm going to look at these $220,000 in my medical devices, I click on that number and it drills into my detail behind that. So, now I can actually see all of the invoices this quarter that make up that 220,000 in sales.

16:45If I want, I'm going to actually open up a new tab to do this, right click on that invoice, open up a new tab, drill in, and it this will actually bring me to the transaction itself. So, I'm going to let that run a little bit in the background and open up. Uh I'm in a demo environment, so this could be a little slower than most would be. Um but this is going to run. I can actually drill right into my invoice and see the the actual transaction and all of the lines if I want. Now, I'm going to go back to my summary.

17:20And this is great, but maybe I want to add something to this report. More fields, something along those lines. I'm going to hit customize. Just edit my columns. And I can come in here and add whatever I need to do. So, I'm going to pull this out and say I want to see my amounts. Um and I'm going to take a look at actually Let's see. I'm going to actually add document numbers to this. So, I want to actually see a little bit more information on my summary level.

18:01I add that and it'll drop in if there's any document numbers, I could show that as well. Uh and that'll actually be better on the my detail side of things. But it's as easy as dropping that in and any of these fields could quickly become reportable for me. Uh it's it's making that uh reporting from being a a drag on time and energy and dollars to being something that anybody can do at at the click of a button. Um I can add custom fields directly to my transactions.

18:39Those are immediately reportable as well. Those um segments that I was showing that I could break up all of these reports by, I can actually create custom segments as well. Some, you know, in the medtech industry, I see things like I need to know by doctor what my breakdown is in my financials. I can do that. Maybe it's by sales rep. Maybe it's by clinic. I have a ton of different options here. I also have the ability to drill this out and I can select one of those options and see an entire income statement based solely off of subsidiary, class, location, department.

19:22Any of those breakdowns, I can see it by customer if I want or by item. So, I have all of those at my fingertips that I'm able to quickly do without having to to completely generate new reports. Same thing too, if I want to do like a comparative income statement, I just run that. Now, I'm telling the system, you know, show me this fiscal year compared to last fiscal year side by side. Again, I have my variance, my variance percentage here. I can also still break these down by subsidiary, by location, department, class, and it'll show me the same thing broken out side by side for those as well.

20:05All right. So, as you can see, financial reporting a little bit at your fingertips. I also have the ability to organize my financial statements within here. I can break up new sections. I can move accounts to different sections to to affect my totals. This allows me to create EBITDA reporting. Maybe it's a different gap report than what my my internal board reporting looks like. That's all just based on moving some things around and creating different breakdowns. All right.

20:43So, next thing I'm going to show here is a little bit about item creation, how NetSuite handles item creation, how that feeds all of my transactions, all of my GL breakdown. And then, I'll show that a little bit in an action. So, I'm going to actually jump over to my production operator account here just quickly drill into a couple of things. So, here's a work order, 603. Uh this is waiting. It hasn't been started yet. I'm going to just open this work order up. So, you can see this is for this assembly item, PCB 100L.

21:31It's a flex circuit board. I'm going to actually drill into this item a little bit. And we'll talk a little bit about what the item page looks like. So, NetSuite is page-based. Customers, vendors, items, anything that you're you're kind of tracking is tracked off of a a uh its own individual record. That record works as our hub for all information flowing through the system. So, this is my item page. You can see I have a bunch of different options here.

22:10Uh I can add custom fields that I want to collect on items. I have a lot of options that come straight out of the box. Manufactured, I can track my country of origin, I can track my manufacturer name. Maybe my manufacturer has a different part number than I do and I want to track that. I I kind of have all those attributes at my at my fingertips. You can see I can have things like a a data sheet, a safety data sheet, a Uh this is a method sheet for this uh for install. I can track all of those records directly from my item as well.

22:43As I come down here, I I have a little bit more things that I can uh kind of control from in here. You'll see I have my costing. Uh NetSuite's fully capable of average cost, standard cost, lot specific or serial specific costing, FIFO. Um I can track all of that within here. I just set it at the item. NetSuite will then use that for my costing when I when I fulfill or receive items. My average cost in my my standard cost, my my lot specific costing, NetSuite also has a costing engine that runs every night.

23:22So, let's say I'm on average cost, every night NetSuite's going to go through all of my transactions and shore up my my average cost for me to make sure I'm not lagging or missing anything or something wasn't added that that was missed in in the cost. So, it's keeping track of that for me. I can see my running average cost across across all location here. If I come down a little bit, I can actually see this broken down location by location. So, right now I have only three on hand in San Francisco.

23:54The value is $348.14. I come across, I can see I also have 1,070 on back order and probably waiting for a purchase order to come through. So, if I see that, typically what I'm going to do as a as an employee is come in here to my related records, track what's what's happening throughout the system here. So, I can actually see, okay, here's all of my transactions. What purchase orders do I have for this item? See if there's one out there. Nothing out there right now. So, I know I should probably be purchasing this purchasing this item.

24:32The nice thing here is I also have on here by location the ability to set up things like safety stock and reorder points. So, if I have a reorder point of 100, I have a uh expected inventory level of 500, NetSuite's going to suggest a purchase order of 400 as soon as I hit hunt 100. If I go down to 50, it's going to suggest a 450 purchase order. It's all suggested. It's not going to automatically trigger. I go in and I order items and it'll show me everything that I need to order.

25:11I can see this by bin number if I want. So, I can actually see in San Francisco bin SI1004 is where my three are sitting right this second. If this is a lot tracked item, I can actually see. So, this is actually my bin number. This is my serial number or lot number for this and all three of these are within a single lot. If I had five different lots, I'd actually be able to see all of those lot numbers in there as well. You can see this is a lot numbered item. So, if I come over here and load this, I can see a little bit more information about lots as well.

25:49Now, I'm going to come back here and talk a little bit about the manufacturing process in my bill of materials. So, you can see right now I have a single bill of materials, one revision for this item. This is important. My revisions, I can actually have multiple revisions active for an item at any given time. So, maybe I have four different versions of an item depending on parts that I have in stock. Maybe I have different outsourced manufacturers that might use slightly different inventory parts that I I can bring to them.

26:23There's a million different things or maybe I want a start and an end date. So, I'm planning on changing out a component. I'm in the process of ordering that new component with my my supplier. It's going to be here on June 30th. So, July 2nd our first production date. Maybe that's the first date after that I want to change that. I can actually do an effective start and end date in any uh, order that I generate for this assembly item after that date will use my current revision and it'll uh, sunset my old revision at that time.

27:01Uh, you can see all of my components and the quantities associated with each one of these components in here. Uh, so I can actually build out what's going into this. How What's my quantity? What's my yield percentage? So maybe if I have any loss on any of this, I can build that into here. You can see one of these items is actually sourced from a purchase order. So if I were to add a work order for this item, it's actually going to create that purchase order for that product and link it to my work order.

27:29So that when I receive it, the quantity is immediately associated with that work order and it won't get lost in the shuffle. Uh, it doesn't go into just general inventory and I have to worry about somebody grabbing it. Um, these revisions feed my work orders. So as I go back to that work order for my item, you'll see these are my three items. Come down on my work order. These are the same items. Here's how many are used in the build. Tell me what's available for each one of these, my average cost for each one, my last purchase price for each one of those.

28:08I can see all of my quantities nice and pretty for me and where they are and how they're going to fit. Um, within here I also have the ability to to build out things like routing steps. So you can see here's my different steps along my production cycle. Uh, I have a design rule check. I have an apply of different things, pick and place and then I cut this and finish it. Um, this could be you know, uh, work stations, work uh, uh, work centers. It can be moves from one facility to another.

28:45I can build all of that into my routing steps so that the system knows this is the step I'm on, this is the process I need to be. Within my three components, I can add things like I want to use this component at this step, the second component at maybe step three, and the final one on step four, and NetSuite will issue my component as I get there. That's where I track my my whip. Uh so I can actually see the cost um being worked on at the moment for each one of my components cuz maybe I don't need component three until step four, which may be 2 weeks in.

29:22And if I have another work order for this that uses that same product that's a more immediate need, uh NetSuite can route to the specific work order that needs that and hold off on the other one until uh maybe a purchase order gets received. I can plan my quality inspections, build that into my my pieces. You'll see this outsourcing tab. This is not an outsourcing work order, but if I'm outsourcing production of my product, um and maybe I'm just paying a tooling charge, I don't actually own any of the components, I just pay a tooling charge.

30:01NetSuite has a really nice uh NetSuite manufacturing module that allows me to set up that tooling charge, set up my vendor, set up my location for for where that inventory is going to be produced and where it's going to end. And then it automates that. So I just create a purchase order for my tooling charge to my vendor. It generates a work order, NetSuite generates a work order for my finished goods. Maybe that that tooling charge is the only component that I have on that, the only thing that I that I pay for.

30:30Maybe I I supply my my outsourced manufacturer with a couple of the components because it's cheaper for me to source them than it is to pay them to source them. Uh maybe that's just packaging or stickers or something like that. And I want to track that cost. Um, it generates a work order, then I build that work order, or I receive that work order, and it or that PO, and it closes off the full transaction flow. So, now I've produced, let's say 100 units of a finished good with only paying a tooling charge, uh, but NetSuite needs to generate all of that inventory for me.

31:05I don't have to create all of those disproportionate, uh, transactions. NetSuite automates that for me, so I can just kind of jump to the end. Now, within my my work order here, this is not an outsourcing one, so I'm building this in-house. I can issue my components here. I can report a completion of one of my steps. So, you'll see if I hit this enter completion button, uh, it'll bring me up to my four steps and say, "Okay, what what's my beginning step of this production end? What's my my starting operation?

31:38What's my planning operation?" So, I'm going to start at 10. I'm going to actually end and say I did all of these. You'll see it's setting all of my setup time here. So, I can say this is how much setup time I had. This is the run time I had within my machines. I can assign costs associated to all of that. Uh, so I'm actually building my average cost and my my landed costs are soft costs into the cost of my product rather than journal entrying or journaling all of that around and trying to track that on paper outside of the system.

32:13I'm just going to save this. And we've completed the work order. Uh, NetSuite will do my build and say, "Okay, all of this inventory, I've now created my finished goods. It's one One of these is what I'm building." Uh, you can see my revision here. Uh, if I had more multiple revisions, I could have selected from a drop-down which revision I wanted to use. This is a demo account, so the projected value of this is zero because I just threw some inventory in probably without cost.

32:53Um, once this is done, you can see I've now completed. I can jump right to things like what what's my GL impact of this, uh, right from the screen. So, you can see here's my my cost of goods sold for my finished goods. Uh, here's my actual, uh, looks like we're actually using two cogs accounts here for my my in and out. Uh, if I had an asset account assigned, I think they the back end of this is just a little wonky. It should have been an asset account. It should be increasing my asset value while decreasing my cost of goods sold, uh, and decreasing some for my asset values for my components at the same time.

33:34Uh, you can see I can see that from there. I can also see that from a little sub tab that's keeping that running for me. Uh, I've now increased my my inventory one for my finished goods. So, if I come back to my assembly item, and come down to my purchasing tab, I can see what my quantity on hand is. It should be increasing once I'm done with that. So, all of this real time, all of that is going to flow through and it makes it pretty easy to deal with.

34:15I'm going to come back here. Here's my, uh, my work order that I was working on. I'll drill back into this. And it's in process because I've started this process. Um, just kind of finish this off here. And up, that's why. I'm going to say I completed one of these. So, now you can see my projected value is up. Uh I don't if I have this as a serialized item or a lot tracked item, I'll have to generate a lot or a serial number.

34:58You can see I can auto generate that if I want or I can add in that number by hand if I want as well. Uh so, we're just going to call this 1 2 3 4. Oops. I can set an expiration date if I want. And we're going to put in one. Save this. And now I've generated one finished good.

35:44All right. So, you could say I've created that from this work order. If I come back to the work work order, should be all set here. All right. Um as you can see, everything's kind of linked together. I can move things through. I can track whatever I'm doing as I go. Uh NetSuite's going to be feeding everything where I need to to look at it. Um if I come down to my San Francisco, I can drill in wherever I need to. So, I can uh simplify what I'm looking at anywhere I'm look anywhere I'm in the system.

36:24Uh I don't need to really do a whole lot. Uh NetSuite is designed for companies to scale, and that's the thing that I like to drive with anybody I'm talking to about the system. Uh a lot of the thought process on an ERP system like NetSuite is, I can't go into that until I'm a $20 company. It's actually very far from the truth. NetSuite can be affordable. It can be implemented at an affordable price. And the benefit of doing it early is as my as I grow, my system grows with me.

37:05So often we see companies whose processes are built around limitations to software, and they just kind of deal with what they're doing. Uh getting into NetSuite early uh allows you to get into a world-class uh software that's run by Fortune 10 companies, Fortune 100 companies. Um but at a very small scale. So you can grow 100-fold, you don't need to change ERPs, and and reinvest and reinvest and reinvest. You just grow within your processes within the system. Uh it's it's very strong in that capacity, and it's worked very well for a lot of companies.

37:49So that, I'm going to stop sharing my screen. >> Awesome. Thank you, Scott. >> that back to you. >> Yes. Thank you, Scott. There's a There's a lot going on there. It's really cool to see all the the ins and outs of NetSuite, and I I know that it is is really beneficial for all of those out there in the MedTech community. >> Yeah. So, um I think I For our next part, we're going to talk a little bit about the strengths in NetSuite. So, NetSuite, as I was kind of showing you, visibility.

38:25Uh I I can see as a operator what my inventory levels are. I can see as a salesperson all of the times I've sold an item, what my pricing is, uh what my costs are. Um if I'm entering an order, I can actually see my inventory levels. I don't have to go digging and run a bunch of reports to see that. Um control. I can actually control who's who's accessing what information. So, uh if I put a uh permission cap for somebody to view a record, they are actually aren't able to edit it, or they can't create a new one.

39:04Uh maybe I can block information from showing for certain roles versus other roles. So, you have a lot of control over what people can and can um interact with within the system. Uh so, it really gives a lot of SOX compliance. Um agility, again, growth with you. Um I can integrate to other softwares. Uh NetSuite has very open APIs, so we work with a lot of 3PLs at Luxent to link uh your NetSuite to their 3PL software, whether that's their ERP or just a database that they they're running your inventory through.

39:42Uh collaboration, uh with other softwares, with uh internally, I can I can write notes to other employees. I can assign tasks to other employees and communicate within the system. NetSuite has an email engine built into it, so I can actually generate emails to customers and vendors and and partners and other people that I'm working with from NetSuite, send an attachment, send a transaction, and then if they respond to me because my username is my email, I get that email into my inbox, but I also can go into to NetSuite record and see my back and forth, uh all that my you know, in one place.

40:21And then productivity, and this is where I think NetSuite shines more than anything else, is it's not so much your return on investment is going to be you're going to do more sales immediately with NetSuite, or your your inventory controls are going to be perfect right away. They're going to be, it's going to be light-years better than what you're doing. But what it does more than anything is it stops you from having to hire as you grow quite as much. Maybe you don't have to hire uh the next three people that you're planning because you can do more with the people you have currently.

40:55Um So again, kind of where we're at, integration, we work uh integrations with e-commerce, customer portals, uh PLMs and QMS systems, uh 3PLs and WMSs as I uh just mentioned, and then CRMs. Uh At Luxent, we have a Salesforce uh platform or practice as well, so we work a lot with integration between Salesforce and NetSuite. Uh we have a a um configurator tool uh that that sits within Salesforce that overlaps with NetSuite as well, so it gives you the power of Salesforce with the the inventory and item control power of NetSuite.

41:37Um so that that works really well as well. Uh on your financial reporting, we're quicker month-end close, it's a checklist, and NetSuite will walk you through it. Uh we're seeing uh month-end closing going down to a couple of days versus multiple weeks. Uh custom financial segmentation, which I showed you. Uh we've worked with companies going into NetSuite be surely for the purpose of wanting to generate an IPO and prepare for that and get better clear uh financial reporting before they do that.

42:14And then on the kind of lab uh biosciences areas, uh NetSuite also does really good funding grant management and accounting. So, uh we see a lot of companies with that need as well. And then like I said, scalable. Um maybe that's uh adding functionality as you grow uh in the step model. Maybe that's adding new businesses and subsidiaries uh as you go. Uh we work with companies that have completely different types of businesses uh all within a single instance of NetSuite. Um I don't need to buy four different instances for four different companies to have them interact.

42:55I just create them as new subsidiaries and they're completely isolated from each other. Um AI readiness. Uh NetSuite is expanding its AI. Right now, we have MCP uh capabilities where I can connect chat GPT, Claude, any uh AI engine that you're running directly into your system and you can generate insights and dashboards and things like that um right from those. Uh NetSuite's also introducing uh its NetSuite next in the next few months, which will be an an actual AI bot that lives within NetSuite.

43:32So, you don't even have to leave NetSuite. You can ask it questions, have it run and do uh report generation, search generation for you. It runs on the side, tells you when it's done, you click on it, and you go right into it. Uh all right. We can go to the next one. So, I'm going to pass it to Katrina and she will walk you through a little bit of expectations on pricing. >> Great. Thanks a lot, Scott. Okay. So, I'm going to take a few minutes to quickly explain how NetSuite licensing works.

44:11First, you begin with a base platform, which is referred to as your product skew, and this provides you all of the core functionality of NetSuite and a baseline for where your pricing begins. Um from there, you'll need to account for the users who will be accessing the system. NetSuite offers several user license types, um each reflecting different levels of system access and are priced accordingly. Um the first and most common type is your general access license, which will allow you to have full access to any information within the system, um based on whatever uh permissions you've been assigned.

44:53There is also a view-only and approve license, and this one is designed for those users who don't uh transact in NetSuite, but do need visibility for to the information. A lot of times, this might be um executives and and other management that uh may you Excuse me. May benefit from that type of a license. And then, another option is a WMS-only user for somebody who's in your warehouse who only needs limited access for what they're doing there. And we would help you um determine which users might be the right ones and most cost-effective options for your specific organization.

45:33Um next would be any additional modules you might need, which weren't included in your base platform skew. So, this allows you, as we've talked about before, to scale and add on functionality as you need it. Maybe you don't need as much in the beginning, and you don't want to pay for it. So, then we can add it on later when the time is right. Um so, let's say maybe you want to include warehouse management. Maybe you started in phase one, or maybe that's the phase two thing that you can add on when you're ready.

46:00And that And whatever additional modules, fixed assets, or whatever it might be. Excuse me. And then lastly, we have the industry specific SKUs like manufacturing, wholesale distribution, or services, which are specifically designed for the industry um with the modules that are most commonly needed and as well as pre-configured setup like dashboards, reports, workflows, um and things of that nature. Um again, like for manufacturing or distribution focus. Um NetSuite doesn't have a specific SKU for MedTech, and this is where Luxent comes in.

46:40So, we would start with your SuiteSuccess uh manufacturing or distribution, and then we would add in Luxent's SuiteSuccess configuration for medical uh companies, which Scott was talking about earlier. And then um we can also add on any of the different solutions designed for MedTech based on, you know, every company's specific requirements. Uh some may need certain modules and not others, and we would again uh tailor that to whatever your requirements are. Um NetSuite is an annual licensing cost, and and then you will also have the one-time implementation.

47:19Um we typically see implementations around 1 and 1/2 times the annual licensing. It can go lower or higher just depending on your specific requirements. Um Luxent, as mentioned early on, uh is a solution partner, which means we will handle all the negotiating for licensing um with NetSuite on your behalf to ensure that you're getting the best discounts and terms and locking you in your contract for the future. And we would be happy to schedule time with you to talk through this in greater detail to find out exactly which modules would make most sense for you and get a better understanding of your requirements um and help put together any budgetary numbers that you might need as you're looking for a project to to move forward with a new ERP.

48:10Brooke, I'll pass it back to you. >> All right, thank you Katrina. And yes, like Katrina said, um if you would like to request some time to set up that budgetary pricing call at the end of the webinar today, we will have a survey that pops up so you can select that there or someone from our team can reach out to you. No problem. Okay, we are going to open it up for questions and answers. Um please drop your question in the Q&A panel if you are interested in learning a little bit more about something that maybe wasn't covered.

48:43Okay, let's see what we have here. Uh does NetSuite support multi-country? >> Yes, it does. Uh NetSuite actually has really good localization. Uh so uh bundles of whether that's uh different invoice formats, layouts, chart of accounts requirements uh based on the different countries that you may be in. So, it it helps a lot and we've worked with a lot of countries at NetSuite. >> Awesome. All right, one last question that has come through here.

49:19Can NetSuite be HIPAA-compliant? That's a big one. >> Yes, so NetSuite uh released a bundle I think a couple years ago now uh fully making it HIPAA-compliant. What that means is full traceability into records, who accessed it, what they looked at, what they edited, what they just viewed uh to to kind of satisfy that HIPAA requirement of full uh record lockup. >> Awesome. Okay, well, thank you for answering those questions there. I'm going to close this out here. So, to wrap things up here, I just wanted to share kind of what typical next steps look like and to see if NetSuite really does feel like a fit for for your MedTech company.

50:02Most companies start by attending an intro demo. So, congratulations, you've completed step one. From there, we usually schedule a short discovery call to kind of understand your business and get a little bit of a better understanding so we can provide you with some budgetary pricing like Katrina referred to. If it does make sense, we'll then tailor a follow-up demo to you and your team. That's really based off of what your business is is looking like today. And then at that point, Luxent will act as your advocate in helping to negotiate the best pricing and discounts and all of that fun stuff and negotiating licensing costs with NetSuite.

50:35So, we will act on your behalf there through that selection and purchasing process of NetSuite. And then from there, we will we'll implement NetSuite for you and get you started on your ERP journey. So, thank you everyone for attending today. We appreciate your time. Again, at the end of the call, a survey will pop up. Please fill out that survey to request that next steps meeting or any other pieces of information that you might need from us. Thank you everyone and have a great day.