07 Jun Why does a Manufacturing Business need NetSuite?
Why does a Manufacturing Business need NetSuite?
Manufacturing companies need to know their game well in terms of production-related data, they need to understand completely about the internal processes and employees as well as the external factors such as suppliers, vendors, distributors, partners, etc. According to the survey in 2019, 81% of manufacturers were ready to invest in new digital technologies to boost their productivity and smoothen the processes within the company.
To stay competitive, manufacturers need to be more efficient, optimize the resources properly, enhance client services, and ensure compliance across the organization. To make manufacture’s business easy and to help them grow, ERP is beneficial.
Manufacturing companies irrespective of size, industry, and locations are designing unique products with the highest quality at competitive prices and at a crucial time in the market to win new customers and retain the older ones. NetSuite provides the infrastructure to be able to succeed, grow and enable manufacturers to reach their goals.
NetSuite a cloud-based ERP and omnichannel software provide complete business solution for manufacturers. NetSuite helps in automating the complete product lifecycle management. Your entire manufacturing business is managed by one single integrated system.
NetSuite has an array of powerful functionalities to run your business smoothly. NetSuite streamlines your operations quickly to simplify the complicated workflows through the key features below, essential for manufacturing companies:
Total Inventory Control
As a manufacturer, your priority is to have a complete charge on your inventory. With complete visibility into your inventory, NetSuite benefits in:
- To purchase at the right times.
- Having optimal inventory at the warehouses.
- No excess stock, that reduces materials carrying cost
- Also, manufacturers do not run out of stock and make sure the deliveries are on time.
Production Planning Capabilities
NetSuite enables to efficiently plan materials purchase, optimize the inventory and manage human resources. It also helps in scheduling your work centers and machine arrangements to streamline manufacturing operations.
To drive optimum profitability, NetSuite has capabilities as below
- Capacity Planning: Ensures the availability of suitable resources to optimize manufacturing processes.
- Batch Scheduling: Automates the scheduling of every batch individually depending upon the capacities of the machine.
- Forecasting: You can calculate and predict the demands and sales. NetSuite allows you to review and edit the forecasts and accordingly you can move ahead with supply plans.
- Material Requirement Planning (MRP): NetSuite’s demand planning functionality helps to improve supply-demand balance to plan forthcoming purchases. It makes sure to avoid too much inventory that increases material carrying costs. The ability to keep an eye on safety stock levels to avoid stock-outs.
Bill of Materials (BoM)
It is the foundation of production planning. BoM consists of the list of materials, parts, and components and their quantity required to produce the product. It also includes assemblies and subassemblies necessary for a shippable final product. For accurate and efficient manufacturing, BoMs ensure that you know the pricing of all materials and components for the final product before production starts. The manufacturer knows whether it has all the materials required. It avoids both scarcity and abundance of materials. Taking advantage of NetSuite your company can develop BoMs that benefit:
- Single record of all materials required
- Ensures all parts and materials are in house in the right quantity
- Products are consistent after utilizing the same BoM throughout
- Assure accurate inventory, avoid product delays, save cost and time
- In case of product failure, BoMs help in identifying and backtracking the parts and components used during manufacturing.
Complete Order Fulfilment Cycle
NetSuite manages inventory, supply chain, productions, sales, order processing, customer support at one go with real-time visibility into all the data to make better strategic decisions. With automation, one can reduce redundant manual works, labor costs.
NetSuite comes with automation capabilities into billing, costing, production, vendor management, internal employee management to increase productivity across the organization. The automation ensures demand-supply balance thereby ensuring inventory at the right time, place, and in the right quantity.
NetSuite provides accurate costing by enabling extensive costing methods. It allows users to calculate direct, indirect costs during the entire manufacturing cycle.
NetSuite provides real-time inventory tracking throughout your supply chain with returns, exchanges, and warranties. You can track the inventory across all locations and automatically manage reorder points.
NetSuite automates all the business processes for the manufacturing organization. It also gives comprehensive visibility into the supply chain, production, operations, inventory, market demand in one single system. It systematizes the fulfillment process.
NetSuite makes sure you manage your inventory and resources, access reliable accurate information to take important decisions which will fuel growth.
RevGurus – NetSuite Alliance Partner! We have experienced and certified NetSuite ERP Consultants, authorized in ARM and Multi-Book too. We have a team with a strong technical background and good Integration experience. Our accounting and financial team includes qualified chartered accountants. We provide end-to-end solutions for businesses that want to leverage NetSuite. Having successfully delivered projects for various SMBs and Fortune500 Enterprises, we can help you to transform your manufacturing business processes with the powerful NetSuite cloud platform.
Are you thinking of investing in NetSuite for your Manufacturing enterprise? If you have any query, email us at [email protected]