NetSuite for Manufacturers: 5 Ways to Improve Manufacturing Productivity through NetSuite
Introduction
You might have read many blogs about the importance of NetSuite for manufacturers, key features of NetSuite, ERP for manufacturers, and a lot more that would have left you wondering what’s all the hype about NetSuite?
This blog is going to address some of these questions.
Every manufacturing company wants to maximize its growth, streamline processes, increase profit margin, and improve operational efficiency.
Here’s a graphical overview of the business goals manufacturing companies want to achieve:
Source: Forbes
However, here’s the most important question: HOW? Are measures such as increasing the workforce, installing new units, expanding geographically, launching new products, and improving quality assurance enough for the growth of a company?
Most people might answer ‘Yes,’ and technically, they are not wrong.
But would the answer be the same if the company’s processes and operations have loopholes, such as:
We hope your answer is no!
So, how can companies open the knots of entangled operations, set processes on the right path, ride on high ROI with heavy capital investment, and reduce resource costs? NetSuite for manufacturers is a comprehensive answer to these complex questions.
Further Reading: Want to know how NetSuite can be your Savior? Find out How you can Drive Better Results and More Success with NetSuite.
What is NetSuite Advanced Manufacturing and How it Helps Manufacturers?
NetSuite is a flexible, cloud-based ERP (Enterprise Resource Planning) system with diverse functionalities for manufacturing businesses. It helps companies come out of their silos and adapt technological advancement for business diversification, growth and maximized ROI. Its manufacturing module touches manufacturing businesses’ various pain points with features, including CRM (Customer Relationship Management), HCM (Human Capital Management), financial management, eCommerce management, production planning, customer services, and cost management.
It’s a lot!
Just imagine how NetSuite for manufacturers can help companies’ revenue hit the roof if they start incorporating advanced technologies into their system – in the right way.
Further Reading: Don’t forget to select the right NetSuite implementation partner to avoid these 6 NetSuite Implementation Mistakes.
You can find a range of ERP solutions on the market. Still, NetSuite for manufacturers is becoming the go to manufacturing solution with its advanced features and tools to address the needs of various manufacturing businesses. With NetSuite, you can let the system do arduous work and focus on business scalability.
If you still feel confused about why NetSuite ERP should be your priority, let’s explore different NetSuite modules that can transform your manufacturing business for the better.
Further Reading: Ever thought about why is the correct configuration sequence important? Read this Simple Guide for your NetSuite Implementation.
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Request a DemoWhat are the Key Features of NetSuite for Manufacturing?
NetSuite delivers state-of-the-art solutions to keep your manufacturing business running effortlessly and growing seamlessly. Here are a few NetSuite features that can help you wade through various business challenges:
1. Supply Chain Management:
Supply Chain Management is the key tool that helps bridge the gap between vendors and the purchasing department by enabling smooth data flow across networks. NetSuite’s supply chain management system for manufacturers automates inventory data transfer to optimize the distribution resource planning process. This process paves the path for efficient resource distribution and planning, and automatic order generation suggestions.
Important Features:
- Transfer orders across diverse locations and regions
- Real-time access to global supply-chain data and inventory status
- Automatic alerts for reordering low inventory stocks
- Automatic creation of reordering forms
- Optimum forecasting of inventory stock levels
2. Accounting & Financial Management:
Effective finance management is the backbone of any business as it keeps the company going. NetSuite for Manufacturing offers only a source of truth across all entities, business lines, and modules; reducing the cost of accounting and financial management. Moreover, it also cuts your headache of indulging in the prolonged process of calculating sales taxes, discount terms, and financial charges by automating the processes.
Important Features:
- Optimize accounting, payment, and costing processes
- Automatic generation of various financial reports for more visibility
- Customizable dashboards with smooth navigation and easy access to functionalities
- Create unlimited general ledger accounts
Further Reading: Need more insight into Financial Management. Check out this blog to know the Essentials of a Comprehensive Financial Management System.
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Request a Demo3. Work Order Management:
Let’s admit order management lies at the core of the manufacturing business. Delayed and misplaced orders or issues in account receivables can choke the entire system and negatively impact customer service. Thanks to NetSuite for manufacturer order management tool, it has become a lot easier to automate and transit order shipping and account receivables. With synchronized global inventory and real-time visibility, order picking, packing, and shipping across the globe has become much easier and quicker.
Important Features:
- Real-time visibility of the entire order management process
- Supports and synchronizes real-time inventory
- Automates order shipping and accounts receivable
- Easier integration with UPS, FedEx, USPS, etc.
- Integrates order-to-cash process
4. NetSuite Quality Management:
Quality assurance is a pressing issue in today’s fast-paced business world with constantly changing customer dynamics. Even a minor fault in the product delivered can affect a company’s brand reputation. Through NetSuite’s quality management tool, companies can define a high-quality standard to ensure that every product complies with the set quality standards.
Important Features
- Key inspection plans
- Ability to optimize custom inspection plans and quality standards
- Real-time monitoring of quality assurance results
- Pass/fail criteria for a uniform QA (Quality Assurance) standard
5. Forecasting:
How would you feel if you could get a tentative estimate of your results? Great, right? NetSuite can do this for you! NetSuite ERP Forecasting tool empowers businesses to forecast potential revenue and profits as well as billing schedules at all stages of the sales cycle.
Important Features
- Offers optimal resource forecast
- Gives insight into forward-looking forecast
- Enables profit prediction at all phases of the revenue cycle
User Guide for NetSuite Pricing: All You Need to Know
All you need to know about NetSuite pricing! Explore our user guide for comprehensive insights.
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Why NetSuite for Manufacturers is Important?
Gone are the days when businesses had to rely on long, tedious manual operations processes. NetSuite Advanced Manufacturing module has appeared as a panacea for the manufacturing industry due to its advanced level features and functionalities. These modules enable companies to cope with the manufacturing businesses’ multi-layered operations and processes.
Further Reading: NetSuite is becoming one of the top ERP solutions. Check out What’s so Important about NetSuite than other ERPs (Enterprise Resource Planning).
Conclusion
NetSuite presents a complete software infrastructure to operate within a complex set of integrated operations that could become a hurdle in productivity and business growth. So, if you are looking to streamline your supply chain and manufacturing processes, require firm hold over compliance requirements, efficiently manage customer service domain, and tackle complex marketing, warehouse management, and distribution processes; NetSuite ERP for manufacturing is the way to go.
Hope this blog helped you understand why NetSuite for manufacturers has become an essential ERP solution and why your company should also invest in this advanced technology.
If improving productivity is your goal, NetSuite advanced manufacturing is just one call away! Contact us, and our experienced NetSuite consultants can help you shine!
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