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2024 Manufacturing Trends and How ERP Can Drive Success

by Manufacturing - SolutionsNetSuite ERPNetSuite Manufacturing
  • Manufacturing - Solutions, NetSuite ERP, NetSuite Manufacturing

The manufacturing sector is undergoing a profound transformation driven by technology, global market dynamics, and evolving consumer expectations. As we navigate through these changes, manufacturers must adapt to remain competitive and efficient.  

This blog explores key trends shaping the industry and how OSSM, in partnership with NetSuite and blendAPPS, can help businesses thrive in this evolving landscape. 

An Overview of Manufacturing in 2024: Key Trends and Opportunities 

The manufacturing sector has seen remarkable changes in 2024, driven by technological advancements and shifting consumer demands. As businesses navigate these changes, understanding current trends is essential for maintaining competitiveness and achieving operational excellence.  

Digital Transformation 

The momentum of digital transformation in manufacturing continues to accelerate in 2024. Companies are increasingly adopting advanced technologies, including the Internet of Things (IoT), artificial intelligence (AI), and automation. These innovations enable real-time monitoring of production processes, enhancing productivity and simplifying operations. 

By embracing digital tools, manufacturers can respond swiftly to changes, make informed decisions, and optimise their workflows. As a leading partner in the implementation of NetSuite Manufacturing, OSSM helps businesses harness these digital technologies to improve their processes and drive growth. 

Sustainability and Green Manufacturing 

Sustainability remains a top priority for manufacturers in 2024. With growing awareness of environmental issues, businesses are focusing on reducing waste, optimising resource use, and implementing environmentally friendly practices. This shift not only meets consumer demand for sustainable products but also aligns with regulatory pressures and enhances brand reputation. 

NetSuite’s capabilities allow manufacturers to track and manage their sustainability initiatives effectively. From monitoring resource consumption to managing compliance with environmental regulations, NetSuite helps businesses integrate sustainability into their operations. OSSM’s expertise in deploying these solutions positions us as the ideal partner for manufacturers seeking to enhance their sustainability efforts in Ireland and the UK. 

Supply Chain Resilience 

The challenges of the past few years have highlighted the fragility of global supply chains. As a result, manufacturers in 2024 are prioritising supply chain resilience by diversifying suppliers and investing in technologies that enhance visibility and flexibility. A robust supply chain is essential for mitigating risks and ensuring smooth operations. 

With OSSM’s deep understanding of the local market and commitment to customer success, we are well-equipped to guide businesses through setting up automated systems to support the complexities of supply chains. 

Personalisation and Customisation 

In 2024, consumer preferences are increasingly shifting towards personalised products and experiences. Manufacturers are responding by adopting flexible production processes that enable customisation at scale. This trend demands agile manufacturing capabilities and efficient inventory management to meet individual customer needs. 

OSSM’s expertise in implementing NetSuite’s production planning and scheduling tools ensures that businesses can efficiently manage their production processes, offering personalised products while maintaining operational efficiency. 

Advanced Analytics and Data-Driven Decision Making 

Data has become the new currency in manufacturing, and in 2024, companies are leveraging advanced analytics to gain insights into production performance, customer preferences, and market trends. This data-driven approach allows businesses to optimise processes, reduce costs, and enhance overall efficiency. 

At OSSM, we understand the importance of data in driving success, and we work closely with our customers to ensure they maximise the potential of these insights. 

Addressing These Trends with NetSuite and blendAPPS for Businesses in the UK and Ireland 

NetSuite Manufacturing offers a comprehensive cloud-based solution that empowers manufacturers to tackle these trends effectively: 

• Enhanced Supply Chain Management: NetSuite provides real-time visibility into your supply chain, allowing for better collaboration with suppliers and distributors.  

• Sustainable Practices: With built-in tools for tracking resource consumption and waste, NetSuite helps manufacturers implement sustainable practices while maintaining compliance with environmental regulations. 

• Flexible Production Planning: NetSuite’s production planning and scheduling capabilities enable manufacturers to adapt quickly to changing market demands, ensuring that they can offer personalised products without sacrificing efficiency. 

• Advanced Analytics: The platform offers powerful reporting and analytics tools that provide insights into operational performance, helping manufacturers make data-driven decisions and identify areas for improvement. 

Through our partnership with blendAPPS, we enhance these capabilities further, particularly for process manufacturing. With tools designed specifically for this sector, businesses can optimise their operations: 

• Formula Designer: Allows manufacturers to derive cost-effective formulas and perform real-time analysis, ensuring quality and efficiency. 

• Quality Control: Enables seamless inspection of materials and generates certificates with one click, ensuring that quality standards are consistently met. 

• Batch Manufacturing: Provides detailed tracking of batch-level records, maximising production efficiency and reducing waste. 

Why OSSM is the Best Partner for Manufacturing in Ireland and the UK 

Choosing the right partner for your manufacturing needs is critical. Here’s why OSSM stands out as the best choice for businesses in Ireland and the UK: 

  1. Local Expertise

OSSM’s deep understanding of the manufacturing landscape in Ireland and the UK ensures that we can provide tailored solutions that meet regional requirements.  

  1. Personalised Support

We prioritise building strong relationships with our clients. Our dedicated support team is available to provide personalised assistance throughout the implementation process and beyond, ensuring a smooth transition and ongoing success. 

  1. Proven Solutions

With a track record of successfully implementing NetSuite solutions for manufacturers, OSSM has the experience and knowledge to deliver results. Our customers trust us to provide innovative solutions that drive efficiency and growth. 

  1. Commitment to Innovation

At OSSM, we are committed to staying ahead of industry trends. By partnering with NetSuite and blendAPPS, we ensure our customers have access to the latest tools and technologies that enhance their manufacturing operations. 

  1. Focus on Your Success

Our mission is to empower our customers to succeed in an increasingly competitive market. We work closely with you to understand your unique challenges and provide solutions that align with your business goals. 

Embrace the Future of Manufacturing with OSSM 

The manufacturing sector is at a pivotal moment, and businesses must adapt to thrive. With OSSM as your partner, you can leverage cutting-edge solutions from NetSuite and blendAPPS to transform your operations and position your business for success. 

Book a Demo or Contact Our Experts to discover how OSSM can help you navigate the challenges and seize the opportunities in the ever-evolving manufacturing landscape. 

About the Author

Picture of Rob Van Der Velden

Rob Van Der Velden

Rob Van Der Velden is a Consultant at OSSM, specialising in NetSuite implementation project management. He oversees the entire process from pre-sales to training, with expertise in Manufacturing, Project Management, Service Management, CRM, and Distribution & Warehouse Management. Rob excels in workshops, process definition, data migration, customisation, and change management, providing strategic guidance to optimise business processes.

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Exploring NetSuite ERP Features for Manufacturing Businesses

by NetSuite ERPNetSuite Manufacturing
  • NetSuite ERP, NetSuite Manufacturing

Operating and growing a business in any industry is complex, detailed, and constantly evolving. To succeed, you must stay ahead of the game and embrace the latest technology and innovation. Using cutting-edge tools and strategies is essential for maintaining a competitive edge, streamlining operations, and meeting evolving customer demands. However, there isn’t a one-size-fits-all solution. 

Many manufacturers currently use diverse and often disconnected software systems, leading to inefficiencies. NetSuite Manufacturing ERP addresses these challenges by providing a comprehensive, integrated cloud solution tailored to meet all manufacturing needs. OSSM is proud to offer NetSuite Advanced Manufacturing, a leading ERP solution for the manufacturing industry. 

In this blog, we delve into this solution and its advanced technologies, such as inventory management, production control, planning, and quality compliance, which can significantly impact your daily operations and growth opportunities. We also explore how features like real-time data and analytics, automated workflows, and robust reporting tools offer valuable insights, enhancing your ability to make crucial strategic decisions. 

Key ERP Features for the Manufacturing Industry 

  • Inventory and Supply Chain Management 

Visibility into inventory is crucial for manufacturing businesses, yet many still struggle with outdated systems that fail to deliver real-time insights or accurate data. An advanced ERP solution enhances this visibility, leading to improved inventory management. Modern ERP systems can track and highlight low inventory levels, prevent stockouts, and generate automated restocking alerts, thereby streamlining operations and boosting overall productivity. 

When it comes to supply chain management, we refer to the coordination and optimisation of the flow of goods from supplier to customer, aiming for efficiency and a reduction in time, costs, and waste throughout the production cycle. A robust ERP system must include the automatic generation of purchase orders to reduce manual effort and enhance efficiency. 

  • Demand Forecasting 

Staying ahead of the competition is crucial for leading your industry and driving growth. ERP systems that leverage data, sales forecasts, and trends support this goal by ensuring optimal inventory levels and timely production schedules. This helps manufacturers stay competitive and ensures that customers always have the stock they need. Demand forecasting also involves maintaining control over the shop floor. 

Quick access to information from production facilities, regardless of their location, is essential for effective forecasting, scheduling, and planning of both short-term and long-term production. NetSuite Advanced Manufacturing ERP offers functionality to capture shop floor data and access it remotely, supporting precise planning and scheduling of workloads. This capability is a key element in managing the growth of your manufacturing business. 

  • Sales and Customer Communication  

Having the ability to manage your entire sales processes on a unified platform, along with access to critical data, supports your team by ensuring a seamless flow from lead generation and conversion to customer acquisition and relationship management. This integration leads to higher retention rates, more returning customers, and improved customer satisfaction. An ERP system that allows you to create campaigns, manage sales opportunities, convert quotes to sales orders, and generate invoices offers a unique and advanced technological solution. 

  • Production Control and Management 

NetSuite Advanced Manufacturing ERP provides manufacturers with the ability to plan, schedule, and track all orders, offering full visibility, flexibility, and diversity. With NetSuite, you can optimise your production workflows, ensuring timely and efficient operations. This enhances overall productivity and helps maintain high levels of customer satisfaction by ensuring products are manufactured according to demand and delivered on schedule. It’s a distinctive benefit for your business. 

  • Quality Control 

An effective ERP system for the manufacturing industry features quality control and data collection capabilities that enable real-time tracking of production results and ensure compliance with quality standards. These quality control features help manufacturers detect and address issues early, maintaining high productivity and customer satisfaction. The system’s comprehensive reporting tools provide detailed insights into quality trends and performance metrics, supporting continuous improvement and adherence to industry standards. 

  • Order Management  

To meet your customers’ demands promptly and accurately, an efficient order management function within your ERP system is essential. Streamlining and automating your order processing will enhance inventory control, reduce delivery times, and boost overall productivity, leading to greater customer satisfaction. Advanced analytics and reporting capabilities allow you to make data-driven decisions, ensuring that your order management processes continuously evolve to meet market demands. 

  • Scheduling 

NetSuite Advanced Manufacturing ERP enables quick and efficient scheduling and planning of workloads, crucial for both short-term delivery and long-term strategic planning. The system’s real-time visibility into production processes and resource allocation ensures optimal efficiency and helps mitigate potential bottlenecks before they impact operations. 

Choose NetSuite ERP for Your Manufacturing Business  

An ERP system is crucial for a modern manufacturing business due to its centralisation of operations and inherent efficiency. Integrating core processes not only streamlines and simplifies workflows but also improves data accuracy and visibility, supporting real-time strategic decision-making and forecasting. Here at OSSM, we offer leading cloud-based ERP solutions that empower businesses to make strategic decisions based on real-time insights. 

NetSuite Advanced Manufacturing ERP is a unified business management suite that integrates all critical manufacturing functions, including production, inventory, and supply chain management, into a single platform. This comprehensive solution enhances operational efficiency, provides detailed visibility across all processes, and enables agile responses to market changes, ultimately driving growth and optimising performance. 

To learn more about NetSuite ERP for the manufacturing industry or to speak with one of our expert team members, please complete the online enquiry form, or call us at +353 (0)1 811 3811 (Dublin) or +44 (0)28 9002 3539 (Belfast). 

We’ll be exhibiting at this years ERP Head to Head event, where we’ll have a more detailed demonstration on Field Service Management, Manufacturing and Projects.

If you’d like to attend this demo or just come and chat to a member of our team, click below to register.

Don’t forget to use promo code OSSM20 for an early-bird discount.

About the Author

Picture of Rob Van Der Velden

Rob Van Der Velden

Rob Van Der Velden is a Consultant at OSSM, specialising in NetSuite implementation project management. He oversees the entire process from pre-sales to training, with expertise in Manufacturing, Project Management, Service Management, CRM, and Distribution & Warehouse Management. Rob excels in workshops, process definition, data migration, customisation, and change management, providing strategic guidance to optimise business processes.

Field Service Management System

Should Manufacturing Companies Invest In A Cloud-Based ERP?

by Manufacturing - SolutionsNetSuite Manufacturing
Field Service Management System
  • Manufacturing - Solutions, NetSuite Manufacturing

It isn’t uncommon for small and medium-sized manufacturing companies to use several different systems and applications to operate their business. Often, they will purchase new applications every time an issue occurs too, rather than simply upgrading their whole system, and these applications won’t all be integrated into one another. Over time, this results in their operating system becoming unnecessarily complicated and there’s a high chance that it will still lack the capabilities they need to improve day-to-day efficiency.

Understandably, manufacturing companies may be concerned about upgrading their software, whether this is due to the cost of doing so or the disruption that getting used to a new system can cause. However, it’s almost always worthwhile upgrading to a single, flexible, cloud-based Enterprise Resource Planning (ERP) system like NetSuite. An integrated ERP solution has several benefits and NetSuite can have a huge impact on your business processes.

Below we have looked into some of the biggest signs that you shouldn’t put off upgrading your outdated system to a modern cloud-based solution such as NetSuite.

Simple processes are very time-consuming

Using several different systems that aren’t compatible with one another can actually make simple processes much more complicated. Similarly, still using paper documents rather than digital solutions can result in straightforward tasks being needlessly time-consuming. If things like routine contract signatures can take days or even weeks, it’s a clear sign that your software needs updating. So many everyday processes can be made quicker and easier when you implement a new NetSuite ERP solution.

You don’t have access to real-time data

The majority of older-style systems will only provide data round-ups, whether this is on a weekly or monthly basis, and this often results in important decisions being made based on out-of-date data. One of the biggest NetSuite ERP benefits is that you have access to up-to-the-minute reporting and you can use real-time data to your advantage. Upgrading your business systems will enable you to make accurate business decisions and you can trust that the data you receive is current and accurate.

Paper documents are frequently misplaced

Paper-based documents like sales orders and invoicing are really common in the manufacturing industry, but this traditional way of working is now very dated. Not only do paper documents have a negative impact on the environment, but they get lost and damaged on a regular basis. Misplaced documents lead to a whole host of problems and if your employees spend more time looking for documents than carrying out important tasks, you need a new system.

As your manufacturing company grows, paper documents become more and more inconvenient too, especially when they’re kept at various locations. Cloud-based ERP software enables you to access documents wherever you are and you will have the information you need at your fingertips. NetSuite ERP also eliminates the need for document storage, so you can free up some much-needed floor space in your business premises.

Your stock levels are almost always wrong

If you’re frequently running out of stock in some locations or you have stock in places you didn’t know about, investing in new software is one of the best things you can do. Modern technology will give you complete visibility of the whole supply chain and you will always know how much stock you have in each and every location, making it easier to pre-empt stockouts. Real-time point-of-sales data will be incredibly useful too, helping to ensure you never sell stock you don’t have and preventing customer complaints.

Finance teams are snowed under with work

Standalone finance and accounting software is designed to assist with a very limited number of day-to-day tasks, and this can result in finance teams struggling to meet deadlines and deliver the data businesses need to make important decisions. When your finance team is overwhelmed, using a cloud-based ERP solution can transform the way they work. Not only can this software automate core accounting tasks and reduce the need for manual data entry, but it can reduce the number of applications finance teams use. NetSuite ERP is an all-encompassing solution that will streamline accounting processes.

Your technology is regularly breaking

The more complex your business systems and applications are, the higher the risk of breakdowns and if your technology isn’t reliable, it’s incredibly beneficial to upgrade to a cloud-based ERP. Simplifying your system infrastructure will automatically reduce the likelihood of system downtime and your essential software will be much more reliable. When compared to outdated solutions, modern technology doesn’t require as much maintenance either and you won’t have to worry about things like regular system updates.

Learning more about NetSuite ERP benefits

There is no denying that NetSuite ERP is beneficial for manufacturing companies and if you are currently using outdated software, upgrading to a cloud-based ERP solution will revolutionise what you do and how you do it.

If you’re still using outdated systems to run your manufacturing business, don’t ignore the signs. Moving to a cloud-based ERP system can not only transform and automate what you do and how, but it can help catapult your business to the next level.

We would love to learn more about your unique needs and answer any questions you may have. Get in touch with one of our ERP experts at: sales@ossmcloud.co.uk.

The Impact of Inventory Control on Cash Flow

How Tighter Inventory Control Can Improve Cash Flow

by Manufacturing - SolutionsNetSuite ERPNetSuite Financial ManagementNetSuite ManufacturingNetSuite Wholesale DistributionWholesale Distribution - Solutions
The Impact of Inventory Control on Cash Flow
  • Manufacturing - Solutions, NetSuite ERP, NetSuite Financial Management, NetSuite Manufacturing, NetSuite Wholesale Distribution, Wholesale Distribution - Solutions

A healthy cash flow is crucial for businesses, especially during challenging economic climates when many are concerned about their near-term future. In uncertain times, businesses often experience a reduction in revenue, while expenses and operating costs remain constant or even start to rise. Without adequate cash reserves, businesses may struggle to meet their financial obligations and finance teams need to go back to basics, carefully review their finances and properly manage their cash flow.

For any business that buys and sells products, inventory control plays a huge role in cash flow. It’s key to ensure that you have the necessary resources to sustain operations and meet demand, but this can result in money being tied up in inventory. If you’re looking to optimise your cash flow, minimising expenses related to buying, holding and selling items is key, and the importance of improving inventory management shouldn’t be underestimated.

Fortunately, having tighter inventory control can help to improve cash flow and if you’re concerned about the current economic climate, now is the time to focus on your inventory. Below we have explored how inventory management can help with cash flow and how NetSuite can support inventory-related savings.

The Impact of Inventory Control on Cash Flow

Inventory is a significant investment for companies and managing inventory levels can have a direct impact on cash flow.

One of the main ways that inventory control affects cash flow is through the cash tied up in inventory. When a business purchases inventory, it ties up cash that could otherwise be used for other purposes. Additionally, maintaining high levels of inventory can result in increased storage and holding costs, which further drain cash reserves. On the other hand, too little inventory can lead to lost sales and lost revenue. If a business is unable to meet customer demand due to low inventory levels, customers may take their business elsewhere.

Effective inventory control involves finding the right balance between having enough inventory to meet customer demand and minimising the amount of cash tied up in inventory. By finding the right balance, businesses can maximise their financial resources and better position themselves for long-term success.

Revolutionising Inventory Management with NetSuite ERP

Businesses can use technology to help manage inventory levels and optimise cash flow, like NetSuite. Inventory management software can provide businesses with the insight they need into their inventory levels and help to identify opportunities for cost savings. By using technology to manage inventory, businesses can make informed decisions about when to order inventory, how much to order and how to allocate resources more effectively.

NetSuite’s comprehensive Enterprise Resource Planning (ERP) solution provides businesses with financial management and inventory management in a single system. This enables you to see how your inventory is affecting your financials, and it makes it easier to understand the impact that these two key components have on day-to-day business operations as well as one another. 

Analysing Sales Data

A popular strategy for effective inventory control is to analyse sales data and identify products that are slow-moving or have a low-profit margin. This enables you to reduce the inventory levels of those items and concentrate on items that contribute most to your bottom line.

NetSuite will help you to strategically manage your inventory levels and minimise the amount of cash tied up in inventory without losing sales or sacrificing customer satisfaction. The user-friendly dashboards make it easy to access real-time data and the consolidated reporting enables you to analyse historical data. It will be easy to track things like sales trends and margins, so you know which SKUs are profit-makers and need to be pushed.

Forecasting Demand

To prevent you from ordering too much or too little inventory, it’s essential to have accurate forecasts. When you order the right amount of specific items, you can ensure that you’re able to meet demand but you’re not stuck with unsold stock, increasing your bottom line.

When you use NetSuite ERP software to your advantage, you will have access to the mission-critical data you need to make better decisions. You can create accurate reports about inventory levels and performance, and use these to support purchase decisions. It will be much easier to ensure you have the right amount of inventory at the right time and NetSuite forecasts can meet the complex needs of different businesses.

Monitoring Inventory Levels

Having ‘safety stock’ is important regardless of which sector you operate in. However, incorrect or outdated safety stock targets can result in holding too much stock. When money is tied up in safety stock, it can’t be used elsewhere and inventory levels could be draining cash reserves.

Integrating NetSuite software into business processes can help you to monitor inventory levels and ensure that safety stock is kept up-to-date. By taking into consideration things such as historical and seasonal demand as well as supply chain predictability, the accuracy of safety stock targets can be improved. NetSuite can also calculate reorder points, helping to ensure you’re always holding the right amount of inventory.

Improving Inventory Data

To improve inventory control, it’s essential to ensure the numbers in your system match on-hand quantities. Far too often inventory isn’t accounted for and businesses don’t have accurate data, which causes an abundance of problems later down the line.

NetSuite ERP can be used to increase the reliability and accuracy of inventory data, and it will be easier than ever before to update inventory records. You can perform cycle counts as well as full inventory counts with this smart business software, and counts can be adapted to your specific needs. When you account for inventory properly, you can avoid discrepancies and make decisions based on accurate inventory data.

Reducing Fulfilment Costs

When you operate across multiple locations, knowing the location of your inventory is crucial and it can help to support fulfilment decisions. By shipping from the best locations, you can reduce shipping costs and boost your profit margins.

Using a comprehensive ERP system like NetSuite can help to improve real-time visibility across locations. You can also save a considerable amount of time and effort by removing the need for manual order reviews, and the system will automatically assign orders to the best shipping locations. Making better fulfilment decisions won’t just reduce shipping costs, but it will also reduce shipping times which can have a knock-on effect on customer satisfaction.

Working With a NetSuite Business Partner in Ireland

Ultimately, improving inventory management is key to improving cash flow and it’s undoubtedly worthwhile focusing on inventory control if you want to free up cash for other purposes. If you’re interested in NetSuite business software and you’re wondering how it can benefit your operations, don’t hesitate to contact our team at OSSM. We collaborate with businesses across a range of industries and help them to overcome unique challenges.

As a trusted NetSuite Solution Provider in Ireland, you can rely on us to deliver flexible and long-lasting cloud solutions. Our team will happily assist you with your NetSuite project and help you to establish the best solutions to your needs. We can even provide you with a NetSuite product tour to help you determine whether it’s the right option for your business.

Why not explore our NetSuite Guide?

Download our guide: Where Warehouse Management and Finance Collide, where we have explored some common problems associated with basic warehouse management systems. 

On June 20th, we will host a webinar to help businesses maximise inventory ROI with NetSuite.

The following topics will be discussed:

• Key Challenges for Distributors
• The Critical Role of Inventory Planning
• Precision Forecasting
• Efficient and Green Warehouse Management
• The Impact on the Bottom Line

See link to register: https://ossmcloud.co.uk/ossm-webinar-from-chaos-to-control/

About the Author

Picture of Naren Sompalli

Naren Sompalli

Naren holds a Bachelor of Engineering degree from BNM Institute of Technology. As a NetSuite specialist, he is involved in implementation at OSSM, collaborating with a team of experienced consultants. Naren conducts workshops for solution implementation and delivery, providing technical support and expertise.

Meeting boardroom - agreement 2

Top 7 Proven Strategies for Successfully Scaling Your Business

by NetSuite ERPNetSuite Global Business ManagementNetSuite ManufacturingNetSuite Wholesale DistributionServices - Solutions
  • NetSuite ERP
  • NetSuite Solutions
  • NetSuite ERP Partners

Scaling your business is a transformative step towards achieving sustainable growth and enhanced profitability. When you strategically expand your business operations, you open your organisation up to a wide range of benefits including economies of scale, greater brand recognition and increased market share.

No matter the size or stage of your business, scaling encourages innovation, attracting top-tier talent and elevating your organisation into a formidable industry player. As you continue to expand, the potential for increased revenue becomes substantial too. Ultimately, embracing scalability both future-proofs your business and unlocks opportunities for diversification. In this blog post, we have explored seven top strategies for scaling your business and elevating it to the next level.

1. Going International

Expanding internationally is a logical progression for a business demonstrating product-market fit and success in its home market. Venturing into global markets, however, poses challenges. If international expansion is on the agenda, then it’s important for a business to ask key questions about currency conversion, transaction consolidation, shipping options and costs, taxation (like EU VAT), and compliance with local regulations such as GDPR.

Adopting NetSuite OneWorld is an effective strategy to streamline your operations across multiple countries and currencies. It can enable your organisation to evolve into a global player, facilitating the transition from local to global operations.

NetSuite OneWorld enables businesses to manage multiple subsidiaries, business units and legal entities from just one ERP solution. It supports 27 languages and 190 currencies, so it’s simple to work with customers and suppliers around the globe. With country-specific configurations, you can ensure compliance with local accounting, tax and regulatory requirements too.

2. Building Processes that Scale

Achieving rapid growth necessitates a shift in operational processes to accommodate increased sales, customers and staff. For example, when a distribution business experiences accelerated success, it can lead to a surge in daily orders and the need for a larger warehouse. When this occurs, the old way of doing things simply doesn’t work anymore.

Manually downloading orders and using spreadsheets to track inventory is no longer possible. As a result, there is a need for consolidation and automation. This is where NetSuite’s solution comes into play. With this cloud-based software, a rapidly growing retailer can stay on top of all financials, inventory, order management, e-commerce and advanced analytics in one solution.

Steps can be automated in the order-to-cash and procure-to-pay processes. And, connecting sales, inventory and financials can provide valuable insights into the relationship between these core business drivers. All in all, businesses that grow rapidly need to invest in tools that provide them with real-time, comprehensive data and automation.

3. Expanding Product & Service Offerings

Expanding product and service offerings is another proven growth strategy. When executed correctly, it effectively meets current customer needs and attracts new clientele. Possible diversification avenues include exploring adjacencies, adding capabilities to existing offerings or introducing related products/services.

A hybrid approach, integrating services with products (or vice versa), can enhance revenue streams and stabilise cash flows. Another noteworthy trend is the rise of “second engine” or “engine 2” growth, where investment in a second core business leverages assets from the initial core to drive expansion.

If your business is contemplating product expansion, it’s crucial to ask questions about the problem solved for customers and why it persists, the current market and the advantages offered, who your competitors are, your organisational readiness, and how you’re going to measure successful product or service expansion.

4. Acquiring & Integrating Businesses

The fourth strategy, acquiring and integrating businesses, can pose critical challenges and opportunities for fast-growing companies. While acquisitions offer avenues for growth, they also entail risks and complexities in blending products, cultures, systems and business models. Leaders facing such decisions must carefully consider factors like deal pricing and the level of integration between the acquiring and acquired entities.

Approaches to integration vary, with some businesses tightly blending operations and others maintaining a more independent structure. Key questions to ask include the acquired company’s values, the extent of operational and data integration, and areas for mutual learning.

5. Prioritising Education Around Technology

Technology can play a pivotal role in fostering business growth. But, to achieve this, it’s important for companies to emphasise the need for comprehensive employee training on their technological systems. Effectively upskilling or reskilling the workforce has a hugely positive impact on innovation, productivity and market competitiveness.

A Deloitte survey in 2022 highlighted that organisations fostering a strong learning culture were significantly more likely to innovate, be productive and lead in product/service launches. NetSuite can address this challenge with NetSuite Learning Cloud Support (LCS), which offers continuous education to enhance users’ proficiency in the NetSuite system.

6. Tapping Private Equity or Venture Capital Investment

Entering the world of private equity or venture capital investment is a significant shift for CFOs and their companies, with growth taking centre stage. Despite a recognised need to turn data into actionable insights, a report by Accordion reveals a gap in CFOs’ ability, with only 17% deemed excellent in this area.

However, 80% of investors acknowledge CFOs’ effectiveness in using value levers for robust growth. CFOs are urged to play a larger role in identifying growth opportunities, aligning with investor priorities, emphasising key performance indicators (KPIs) and providing reliable data.

Strategic and operational enhancements, supported by unified data systems like NetSuite OneWorld, are crucial for maximising private equity returns in 2024. The focus lies in balancing cost-cutting and fuelling future growth to navigate the evolving exit market landscape.

7. Divesting to Reinvest

Lastly, leadership teams can strategically divest non-core segments to drive long-term growth. This is a move synonymous with “rightsizing” and rather than being solely about reducing costs, it’s about refining focus, structure and product mix for future success.

Bain & Company’s study of 2,100 public companies reveals that those engaging in focused divestment outperformed inactive counterparts by 15% over a decade. Essential divestment questions surround your strategic goals, the financial benefits, market favourability, deal specifics and robust data management during due diligence.

Speak to a Trusted NetSuite ERP Partner Today

At OSSM, we are a leading NetSuite partner based in Ireland, offering a comprehensive suite of NetSuite software solutions, including industry-specific software and robust reporting tools. Alongside our expertise, these solutions aim to revolutionise business capabilities. We enhance informed decision-making through the world’s leading cloud ERP software.

Our groundbreaking solutions cover financial management, inventory management, manufacturing, order processing and field service management. This empowers businesses to oversee operations in real time within a unified cloud-based platform. We are committed to efficiently and cost-effectively implementing the globally adopted NetSuite ERP system, ensuring transformative benefits for businesses.

On March 20th, we hosted a webinar discussing ways in which you can scale your business with NetSuite.

The webinar delivered valuable insights for businesses looking for a new Finance/ERP system to accommodate their expansion plans or are currently using NetSuite and wish to collaborate with a local solution provider.

See the link to the webinar: https://youtu.be/wzo2EdAnFGg

Moving to the Cloud ERP

Best Practices For Manufacturers Embracing The Cloud

by Manufacturing - SolutionsNetSuite Manufacturing
Moving to the Cloud ERP
  • Manufacturing - Solutions, NetSuite Manufacturing

In the manufacturing industry, efficiency and adaptability are paramount. However, many small to medium-sized businesses struggle because they are using several different applications to manage their day-to-day operations. Inadequate and outdated software can have a huge impact on not just the productivity of manufacturing businesses, but also their decision-making capabilities and flexibility in unpredictable markets.

Instead of adding new applications to your already complicated system, it’s beneficial to invest in a comprehensive solution that covers the whole supply chain. This is particularly useful if your current applications are incompatible and you have limited visibility of vital business information. Manufacturing businesses of all sizes can transform how they do things by simply introducing NetSuite’s ERP solution. This cloud-based system can help you overcome common challenges experienced throughout the manufacturing industry.

Below we have explored why so many businesses are embracing cloud ERP systems and the benefits of swapping your tangled web of applications for one singular system. For anyone new to ERP solutions, we have also put together some advice for making the switch to NetSuite.

The Benefits of Embracing Cloud ERP Software

Moving away from your old way of working can be quite daunting and the thought of a complex ERP implementation can put you off wanting to replace your current applications. However, the NetSuite ERP benefits are impossible to ignore and this 100% cloud-based system can combine all of your separate systems into one efficient solution.

Access to Real-Time Data

Often, old systems will only provide end-of-month reports and accessing up-to-date data is virtually impossible. With cloud ERP, you can access real-time data from any location, which is particularly useful if your business has expanded and opened new locations or if some employees now work remotely. When you have real-time visibility, you can say goodbye to error-prone and out-of-date reports. You will have the information and insights you need to make important business decisions at your fingertips.

Improved Efficiency

Having to manually transfer data between platforms can be a waste of time and it’s infuriating for employees, suppliers and customers alike. ERP systems help streamline operations by integrating all business processes and removing the need for spreadsheets or paperwork. From accounting to order fulfilment, all of your data will be kept on a single platform. You can significantly speed up processes and reduce the risk of human error when you move to a comprehensive NetSuite ERP solution.

Cost-Effective

Although there are up-front costs associated with a new business management solution, cloud ERP software eliminates the need for expensive system maintenance. You won’t have to monitor lots of different applications or have team members trained in each system you use, resulting in significant cost savings. Not to mention, you can ensure that no sales opportunities are being missed due to inconsistencies across applications or hard-to-access data, improving the overall profitability of your business.

Collaboration and Flexibility

When teams are currently using several applications to complete one job or doing more work outside of your system than in it, a comprehensive ERP platform is revolutionary. By integrating various departments on one platform, cloud ERP platforms will make it easy for everyone to do their job. Collaboration and coordination among teams will be seamless, and employees can work from anywhere while still accessing the information they need. You will no longer need to worry about your ability to adapt quickly to changing conditions.

Scalability

With the right software solutions at the core of your business, you won’t have to spend as much time overcoming problems with your technology and finding ways to adapt processes to fit your applications. NetSuite ERP enables you to focus on business operations and you will have everything you need to stay ahead of the competition. As your business grows, your cloud ERP systems can easily scale up to accommodate more users, product lines or operational locations too. So, you can seize new opportunities whenever they arise.

Things to Remember When Moving to a Cloud-Based Platform

Moving to a cloud-based ERP solution is a significant step for any business. While it promises several benefits, there are some key factors to consider during your transition to NetSuite to ensure a smooth and successful implementation:

Understand Your Business Needs

Before choosing a cloud-based ERP solution for your manufacturing business, it’s important to take some time to understand your business’s unique requirements. Identify the problems with your existing applications and clarify what you want to achieve with the new ERP solution. This can help to ensure you’re selecting the right solution for your business at this moment in time.

Choose the Right Partner

Not all cloud ERP solutions are created equal. Make sure you’re searching for a NetSuite partner to assist you with your ERP implementation. Conduct thorough research when choosing a partner too, considering their reputation, customer service and customisation capabilities. Experience in delivering manufacturing projects should be a key determining factor. Discuss any concerns you may have about moving to a new system with the partner and ensure they have a solution to all of your needs.

Provide Training and Support

Transitioning to a new system can be challenging for staff. Ensure that your team is fully equipped with everything they need for a successful move to NetSuite. Provide training sessions to key team members so they know how to use the new system. You may want to consider starting with the basics when you have an ERP system and adding functionality as needed to improve the ease of transitioning too.

Learn More About NetSuite ERP

There is no denying that if your manufacturing business currently uses several different applications, it’s worth investigating the option to move to a comprehensive cloud-based platform. An ERP system can transform the way you work and the benefits of NetSuite can have a direct impact on business success. If you have any questions about NetSuite ERP or the process of implementing a new system into your business operations, our team at OSSM are happy to help.

As a leading NetSuite solution provider, we know how much of a difference ERP systems can make and we have collaborated with an array of companies over the years to help them reap the benefits of a comprehensive cloud-based solution. Our team is passionate about delivering flexible, long-lasting systems and you will be in very good hands when you contact us.

Warehouse,Management,Innovative,Software,In,Computer,For,Real,Time,Monitoring

Is Your Current Inventory Management System Holding You Back?

by Manufacturing - SolutionsNetSuite Manufacturing
  • Manufacturing - Solutions, NetSuite Manufacturing

Inventory management is a vital investment for manufacturing companies. By utilising advanced inventory management software, businesses can unlock their full potential. This allows them to focus their time and resources on business growth, rather than wasting precious assets on stock management and fixing avoidable errors. As inventory is typically the biggest expense for product companies, it is crucial to give it the attention it deserves.

Although basic inventory management software is better than pen and paper, as a business grows, limitations surrounding this basic software become evident. Companies that depend on manual processes for inbound logistics encounter problems that can result in wasted time, financial losses, and a negative impact on customer satisfaction.

Limitations surrounding out-dated inventory management systems

Limited inventory tracking

Any delay in updating inventory levels after an order is placed can lead to unfulfilled orders and negatively impact customer satisfaction. Studies show just one bad experience is enough to keep more than 60% of shoppers from buying from you in the future. Not only does this impact the business’s reputation, it also wastes their time and money spent in order to correct their mistake.

Without clear strategies for storing inventory, businesses run the risk of misplacing their stock. This can have a negative impact on important operations like production and customer orders, ultimately resulting in inaccurate inventory records.

This issue also links to multi-location inventory tracking. As manufacturing companies continue to grow, it is highly likely that they will expand to more than one location in order to store their stock. Without access to multi-location inventory tracking, the business will have no way of knowing what inventory is available in each location.

Lack of visibility

Accurate and up-to-date inventory records play a vital role in the success of any product-based business. However, it’s not just about knowing how much inventory you have. It’s equally important to have visibility into where your inventory is located, what is currently available, and when you can expect additional inventory.

Inaccurate/incomplete recording of data

If you’re still relying on manual systems to log information as items enter the warehouse, it’s important to understand that your inventory records may not be as accurate as you think. Human errors, outdated information, and incomplete data can all have a negative impact on the customer experience, as well as your productivity and efficiency.

In addition, manually entering newly received items into inventory as they enter the warehouse can cause delays in inventory updates and transactional records. This can occur as inbound staff have to take time to physically receive orders and then update the inventory. This is a time consuming process.

Updating product information, such as price, description, or sizing, will require manual redoing, which can increase the chances of errors. Although it may initially seem like a minor inconvenience, it can quickly escalate to an employee spending hours every week updating and verifying item records and listings – time that could be spent more efficiently.

Messy demand planning

It is essential for businesses to have the ability to analyse the past performance of all SKUs in relation to seasonal patterns, recent fluctuations in demand, and other valuable insights. This knowledge is crucial for effectively managing replenishment and optimising operations. Doing so helps aid customer satisfaction and profitability.

Top 4 reasons why you should choose NetSuite for Warehouse Management

Improved demand planning

NetSuite Demand Planning takes into account past sales, seasonal trends, current opportunities, and projected sales to determine the optimal timing, items, and quantities for placing orders. The system also sends notifications to users when inventory levels drop below predetermined reorder points. This helps reduce costs and improve profitability by minimizing excess inventory and associated expenses, while also preventing missed sales opportunities.

Improved recording of data

Simplifying and standardizing processes with NetSuite WMS can make a big difference in your business. It helps to increase efficiency, minimize errors and incomplete inventory records, and ultimately decrease overhead and warehousing costs. Plus, it ensures that all items are properly entered into inventory and readily available for production or order fulfilment.

The item master in NetSuite gives you one place to manage all product information. Changes to a products’ price, details, pictures or other attributes can automatically be synced to other systems so you’re not wasting time or introducing errors through duplicate data entry.

Improved inventory tracking

The inventory management solution provided by NetSuite keeps track of product movement across multiple facilities and channels in real time. Whether a customer makes a purchase in-store, through a third-party ecommerce marketplace, or an employee transfers stock between warehouses, all updates are instantly reflected in NetSuite. This comprehensive view of available items prevents overselling and ensures quick and accurate fulfilment of customer orders. Additionally, it helps reduce costs by utilising inventory available.

Optimisation of warehouse space

Warehouses and premises for storing stock can be a significant expense for manufacturing companies. As mentioned earlier, when a business grows, it may require multiple locations to accommodate its inventory. That’s why it’s crucial to make sure that the space being paid for is utilised efficiently. NetSuite WMS enable users to optimise warehouse space, ensuring that items are stored in the most appropriate manner. Additionally, it helps ensure that the warehouse has enough space to accommodate incoming shipments.

An optimised warehouse layout identifies fast-moving inventory and strategically places it near fulfilment areas, eliminating the need for pickers to tirelessly search the entire warehouse multiple times a day to retrieve popular items. NetSuite’s bin management functionality tells workers where to store each product, minimising the chances of misplaced or lost items.

Working with OSSM as a NetSuite provider

Ultimately, improving inventory management is a worthwhile investment if you want your business to reach its full potential. If you’re interested in NetSuite business software and want to learn how it can benefit your operations, feel free to reach out to our team at OSSM.

As a trusted NetSuite Solution Provider in Ireland, we’re committed to delivering flexible and long-lasting cloud solutions that meet your specific needs. Our dedicated team is here to support you with your NetSuite project and assist you in finding the best solutions. We can even offer you a NetSuite product tour to help you determine if it is the right fit for your business.

To learn more about NetSuite for Manufacturing why not come to this years ERP Head to Head where we will be giving a demo on this topic?

Or come by our stand and have a chat to a member of our team about your requirements.

To register, just click below and don’t forget to use promo code OSSM20 for an early booking discount.