5 Ways in which Netsuite facilitates “Whole-sale”
Posted On March Thursday 4, 2021
In Wholesale, you always need to ensure “’whole – sale”. But for anyone in this segment, it’s easier said than done. To meet the demands placed on you, your processes need to be automated almost completely. Here are 5 ways in which NetSuite can help you do exactly that.
Reduction in Inventory Costs
As a wholesaler, you must be finding it difficult to keep up with the high level of retail demand that you have to cater to. While this is obviously good for business, this requires a top-notch delivery cycle.
The nature of the market, and therefore the demand, is volatile and you have to deal with peak and off-peak seasons. In addition, the demand may fluctuate depending on consumer sentiment & other macro-economic factors. While the intention is to always preempt, not having connected, streamlined delivery models can lead to further angst.
NetSuite’s inventory management modules help you in reducing the total overhead cost by maintaining an accurate count of the inventory movement so you can plan better. Its automated tracking mechanism allows keeping an eye out for misplaced or lost-in-transit units thereby eliminating the need for safety stock.
Reduction in Backorders
A large number of back orders is both good news and bad news.
It’s good because there’s more demand. And, it’s bad because you may experience a supply shortfall. To add to that is the bane of a wholesaler’s existence – The Forrester Effect—the under reaction or the overreaction to changes in demand.
This is the kind of butterfly effect that you wouldn’t want to be caught up in! How does NetSuite help? The Forrester Effect can be remedied by better visibility of the exact quantity of backorders. NetSuite helps get around this by displaying the number of items available under the Items tab in the Accounting feature. NetSuite also allows selected users access to the Reporting feature under the Inventory Backorder Report, which provides the exact number of backorders.
Knowing the exact item count of the inventory and the number of backorders allows you, the wholesaler, to maintain just the right supply for your business.
Better Revenue Management
You also need a tool that gives you one view of the various revenue streams, so you can then identify the mix that works best for your organization. Advanced Revenue Management in NetSuite helps you do this effectively.
It helps with revenue recognition by providing you with a compact view of all your revenue streams. It’s easy reporting feature makes analysis easier and a 360-degree bird’s eye view of the entire picture helps you decide the revenue streams that you must continue to invest in and the ones you must divest from.
You do not need to worry about legal & compliance issues as Netsuite makes use of multiple accounting standards that are globally certified.This also means that you have one ERP solution catering to your operations across the globe. NetSuite greatly increases the speed of accounting by using the percentage of completion method which, is native to the solution,and the multi-book accounting engine.
Better Workforce Management
Finding and keeping the employees that you believe are a boon to your wholesale business is just as crucial as the non-human aspects.Suite People helps you keep track of employee data, promotions, compensation, attendance etc and also facilitates timely payroll processing,. More importantly, with the employee data, workflows and other productivity reports can be created with ease in SuitePeople. It also allows you and your HR team to track career progression for individual employees and chart out more accurate career trees for them.
Better Management of Global Locations
For a successful wholesale distribution company today, global expansion is inevitable.Moving to new locations comes with a bunch of unwanted issues, one of which is tax regulations. If you think you also need to keep setting up on-premise ERP solutions at each location, think again. You can use a single cloud-based ERP for all your locations worldwide, accessible to anyone anywhere. NetSuite OneWorld can give your company that much-needed multi-country, multi-currency, and a multi-brand identity.
In our experience with NetSuite clients, we have observed that one of the biggest issues that they face is getting their legacy systems to talk to the newer opensource and cloud enabled solutions which is a must have for digital enablement.
At Techcloudpro,we know exactly where the pain points are and we’ve become quite adept at making“SuiteSpots”out of these roadblocks. Along with the implementation of Netsuite, we’ll also throw in a customized connector free for a period of one year.
Want to know more? Let’s talk!
