Established in 2010, Koroyd is a fast-growing technology company developed from aerospace safety research, innovated for action sports, now also protecting the next generation.
Based in Monaco, Koroyd is a trusted technology partner to some of the world’s most recognized brands. They have received over 90 awards and distinctions and currently have 38 granted patents in 15 key territories.
Koroyd has experienced significant year-on-year growth. With growth and recognition comes changing demands, and Koroyd needed expert support to aid their evolution. Enter: Big Bang, as solution consultants for their ERP needs.
NetSuite ERP Implementation with Big Bang
“If we want to continue to grow and be able to meet our clients’ demands, we really needed to move to an ERP system quickly.”
– Laurent Vlietinck, Finance & Administration Manager, Koroyd
Knowing that they needed an ERP system, Koroyd’s team began researching suppliers. Other ERP systems they considered were either too rigid, not robust enough, or not global enough. Oracle NetSuite met the demands of the growing business, was flexible, and opened up even more possibilities. NetSuite recommended Big Bang as a suitable implementation partner with strengths in international organizations and customizations.
Prompts for Change (the Challenges and Solutions)
Challenge: Multiple processes scattered across several applications.
Koroyd’s team had to manage lots of processes done across several applications. For example, Koroyd uses Monday as a project management tool. However, it wasn’t aligned with the other applications they use, like Quickbooks or Google Sheets.
Solution: Alignment across company processes in one ERP system. So while Monday is still used for some internal project management processes, NetSuite has become an invaluable resource for data required by leaders.
Challenge: Tax and language requirements ill-supported with current applications.
Koroyd needed a system that could adapt to Monaco’s unique tax system and French and European regulations. Their existing accounting software, Quickbooks, wasn’t adapted for French, the working language of many of their employees. Additional differences between France and Monaco’s VAT return resulted in the team manually putting invoices in excel sheets because they couldn’t extract from Quickbooks.
Solution: NetSuite automated the process in the language of choice. VAT returns were automatically created instead of double-entry for every invoice.
Challenge: Increasing demand in orders and unable to follow stocks.
Company growth meant keeping up with customer demands, and Koroyd’s current systems couldn’t accommodate. They were concerned at the risk of losing information across the scattered processes. The handling of the multitude of items posed to be most difficult because they didn’t previously have a database of all their item specificities (i.e., length, density, angles). They had a full list of possibilities that needed to be expertly uploaded to a system that could handle them.
Solution: Big Bang created core reciprocity of financial, warehouse management, and core item and vendor management inside the ERP system, automating the entire sales order directly to purchase order of a particular material. There was also the addition of tailored features like the ability to request printouts of sales orders to send to clients.
“We can now quickly manage our sales and purchase orders compared to the old processes”
notes Laurent about the automation of the sales ordering process. This improvement is especially beneficial since they are a small team. They can now leverage their working hours more efficiently.
Challenge: Limitations in financial reporting, unable to meet a broad scope of budgeting and cost requirements.
The increase and variety in budgeting and cost demands across their different departments, projects, and product lines were overloading Koroyd’s piecemeal systems and their teams.
Solution: From Quickbooks and spreadsheets, Big Bang created core reciprocity of financial, warehouse management, core item, and vendor management inside the system with a NetSuite SuiteSuccess Financial First implementation. Solution consultants also customized NetSuite and changed the workflow to accommodate new manufacturing processes, including custom fields and automation.
“We are very satisfied with Big Bang’s responsive team. They were always available to meet as fast as possible, were flexible with timing, often put in overtime hours, and accommodated (varying) time zones. They were very dedicated to the project, and we could tell that they were giving it their all.”
Advice for Others Considering an ERP System
Having sometimes changed their mind during the process, Koroyd’s team suggests taking the time to put your processes on paper before implementation. Think thoroughly about what you want to implement once you start the configuration.