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NetSuite Manufacturing

Why Manufacturers Are Switching to NetSuite

Manufacturers need software that meets all of their business priorities, not just for accounting.

Despite this apparent need, finding a business application that is both comprehensive and cost-effective can be remarkably difficult.

A basic accounting package is a natural starting point for many businesses looking to make their business operations simpler and more efficient. But in time, these companies develop an overreliance on static spreadsheets and limited accounting systems.

The relatively low cost of maintaining the solution masks costly inefficiencies in critical areas of the business. And all too often, manufacturing teams end up layering on additional pieces of software to try to mask deficiencies in areas such as warehouse or inventory management. This snowball of point solutions ultimately leads to a higher total cost of ownership compared to what manufacturers would face if they consolidated under one system.

NetSuite Manufacturing Customers

  • Increase Revenue Growth by 3%
  • Boost Inventory Turn by 2x
  • Reduce Time to Close Books
    by 9 Days
*Insights sourced from a collection of prospective customers surveyed by NetSuite about their anticipated financial benefits after implementing NetSuite.

As businesses accelerate their growth, the operational problems only intensify. And when challenges arise—and they always do—a collection of software tools that don’t communicate with each other simply doesn’t cut it. How can manufacturers on basic accounting packages handle supply chain disruption, multiple dispersed subsidiaries, or changing rules and regulations?

These businesses face difficult but necessary questions:

  • How do manufacturing companies take advantage of the latest technologies without increasing costs and complexity?
  • In a distributed organisation, do leaders have real-time data and reports to make informed decisions?
  • Who can manufacturers trust to provide a platform for growth that extends beyond the general ledger?

Switching to NetSuite allows companies to lower costs, simplify key business processes, boost productivity and be more competitive.

 

Accounting is just one element of a company’s operations, and while most accounting packages are successful at what it does, it will never be much more than a general ledger that doesn’t hold up under increasing business complexities. While it can handle invoices, bills and cash flow tracking, they fail to offer the industry-level granularity that manufacturers need to run efficiently. NetSuite, on the other hand, provides end-to-end visibility into receivables and payables. Businesses are able to automate the entire order-to-cash process and simplify both the procure-to-pay and record-to-report processes. NetSuite also provides real-time insights with pre-built, easily customised financial reports plus views into budgeting, expense allocations, and amortization.

NetSuite’s benefits don’t stop with the accounting function either. Companies can run manufacturing-critical operations like inventory management, order fulfillment, shop floor automation, and warehouse management on the same platform and in real-time. Execute crucial front-office activities as well, such as customer relationship management, support, and omnichannel commerce. And since everything is hosted on the same cloud platform, there is no fear of errors in reporting or lagging data. Information is always up to date.

Source: TechValidate Survey 2021
93% of surveyed organisations increased visibility and control over the business since making the switch to NetSuite.
80% of surveyed organisations switched to NetSuite because they needed better reporting and tracking.
66% of surveyed organisations had challenges with an inability to handle complex accounting needs before their company moved to NetSuite.

The SuiteSuccess Approach

SuiteSuccess is the culmination of a multi-year effort to combine NetSuite’s unified suite, more than 20 years of industry-leading practices, a new customer engagement model, and business optimisation methods into a unified, industry cloud solution.

SuiteSuccess is engineered to solve unique industry challenges that historically have limited a company’s ability to grow, scale, and adapt to change. NetSuite recognises that every manufacturing business is unique and that one size does not fit all. Unlike most standardised solutions, the NetSuite team works to identify unique business needs and offers customisations to address them. After all, every organisation has a different starting point, business model, and direction moving forward.

NetSuite has a staged implementation approach so that manufacturing businesses aren’t taking on more capability than they need. Companies establish the foundation with NetSuite’s core financials, inventory management, and discrete manufacturing tools. As they grow, those same companies can expand on their ERP functionality by layering on more robust capabilities. This stairway approach ensures that manufacturers of all sizes and stages are getting a cost-effective solution.

The NetSuite Stairway

Manufacturing

Regardless of where they are located on the implementation stairway, NetSuite gives manufacturers a full set of reports and KPIs to make decisions with. Keep track of basic metrics like inventory turnover and revenue growth but also keep tabs on industry-specific measures like fill rate, yield, schedule attainment, and throughput. The insights that individuals see when they log into NetSuite vary by position too. With role-based, customisable dashboards, a warehouse manager and a sales director can each ensure that they are receiving the reports that are most important to their job functions.
Stairway
Making the Switch

Featured Benefits

There are an increasing number of companies that have migrated to NetSuite and shown demonstrable benefits as a result.
  • Focus finance and operations on strategic work:

    NetSuite’s automation and artificial intelligence capabilities free up the finance and operations team’s time, allowing them to focus on revenue-generating strategic projects. This allows manufacturers to scale while keeping headcount constant.
  • Inventory visibility and production planning:

    Use NetSuite to forecast demand and anticipate when it’s time to order. Auto calculate reorder points and stocking levels based on historical precedence. In the face of supply chain uncertainty, it is crucial that manufacturing teams have a solution that can forecast how much inventory to purchase down to the SKU level.
  • Shorter financial close time and eliminate manual data entry:
    NetSuite reduces customers’ time to close by providing real-time reporting, quickly reconciling incoming cash, updating accounts payable, monitoring current inventory, and updating fixed assets. This allows manufacturing teams to then create monthly, quarterly, or annual financial statements both quicker and more accurately than in the past.
  • Lower audit costs:
    Ever-changing compliance standards, small accounting teams, and heavy spreadsheet use are time-consuming and subject to risk. This can lead to higher audit costs or longer and more involved audit processes. With NetSuite, businesses can adjust for legal compliance differences at the local level, regional, or even global level.
  • Platform for innovation:
    Easily launch new business models, subsidiaries and even expand internationally with a platform that evaluates all possible ways to scale and increase revenue. In addition, NetSuite supports multi-currency, multi-entity, and different regional accounting standards.
“Growth is outpacing the ability of simple accounting solutions to handle the complexity and scale of the business. In addition to looking for better control and visibility across our operations, the introduction of NetSuite will bring previously disparate and loosely integrated software into a single solution.”
Leigh Mills Total Access
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READY TO GROW?

If your growing enterprise is experiencing any growing pains, it may be time to consider NetSuite. Moving your company to NetSuite’s integrated suite of cloud-based applications is a sure way for your business to meet its full potential.
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