Health IQ
Summary
Health IQ is an insurance services startup that uses science and big data to offer special rates on insurance to health conscious individuals. Folio3 helped them centralize their business processes from disparate systems into the NetSuite ERP, providing them with better insight into their business, enabling faster, more informed decision making and streamlining their operations by providing real-time visibility into revenue, sales and inventory forecasting.
Customer
Health IQ is a California based insurance services startup that uses science and big data to offer special rates on insurance to health conscious individuals like runners, cyclists and bodybuilders.
Challenge
Health IQ’s back office was managed on multiple disparate applications and systems. The lack of integration between these systems meant that management had very limited insight into various aspects of the business and could not make timely decisions, which was severely impacting their bottom line. The amount of time and effort required to collect and co-relate data from different applications was also an added cost, which involved six full time staff. The company wanted to remedy the problem by centralizing all their business processes on the NetSuite ERP, and engaged Folio3 to help them make the transition.
Solution
Folio3 migrated Health IQ’s entire back office from multiple disparate applications (including Quickbooks) to the Oracle NetSuite ERP within the short span of 10 weeks. The Folio3 team also migrated all of Health IQ’s data (transactions and journal entries) from QuickBooks into NetSuite.
Result
Thanks to Folio3’s efforts, Health IQ was able to move its entire back office (and historical data) to the Oracle NetSuite ERP, within the short span of 10 weeks. The shift to NetSuite has massively improved their back office productivity, even though the company had reduced back office staff to three personnel. The real-time reporting capabilities provided by NetSuite, especially in terms of inventory availability, demand forecasting, receivables and revenues (via various dashboards and reports) has also helped management make more informed decisions; with the company reporting an 18% increase in profitability since going live with NetSuite.
