NetSuite For Manufacturing – Why It’s A Good Fit!
A manufacturing company must be well versed in production-related data, internal processes, employees, and external factors such as suppliers, vendors, distributors, and partners.
To remain competitive, manufacturers must also be more efficient, optimize resources properly, improve client services, and assure compliance across the organization. NetSuite ERP solutions facilitate this and assist manufacturing businesses in growing. Using NetSuite, manufacturers can succeed, grow, and reach their objectives.
A manufacturing ERP system offers many benefits, including increased ROI, better order and supply chain management, inventory control, and various financial benefits. Let’s take a look at them.
The Many Benefits of NetSuite For Your Manufacturing Company
Manufacturing companies can benefit from a NetSuite ERP solutions in the following ways:
- Reduced costs for IT support and resources
- Reduces the time it takes to close financial transactions
- Enhances productivity and service support
- Ensures effective control of critical compliance activities
- Enhances agility, visibility, and flexibility
- Manages the supply chain, inventory control, and order management processes.
- Improves the focus on innovation rather than maintaining hardware and software
- Makes spreadsheets obsolete
Let’s take a closer look at how it does this.
Inventory management at its best
Having a complete inventory control is a top priority for manufacturers. Having full inventory visibility with NetSuite enables you to:
- Make the right purchases at the right time
- Maintain optimal warehouse inventory levels
- There is no excess stock, reducing materials carrying costs
- There are no stock shortages, and deliveries are always on time
The ability to plan production
With NetSuite, companies can plan materials purchases, manage inventory, and manage human resources efficiently. Additionally, it facilitates scheduling work centers and machine arrangements to improve manufacturing efficiency.
To maximize profitability, NetSuite can do the following:
- Optimizes manufacturing processes by ensuring the availability of suitable resources
- Automates the scheduling of every batch based on the machine’s capacity
- Demands and sales can be calculated and predicted using forecasting
- NetSuite’s Material Requirement Planning (MRP) helps to improve supply-demand balance and plan future purchases
Bill of Materials (BoM)
Production planning relies on the Bill of Materials. In the Bill of Materials, you will find a list of all the materials, parts, and components you’ll need to make the product and their quantities. Additionally, it includes assemblies and subassemblies that make up a shippable end product.
Creating a Bill of Materials before production starts ensures accurate and efficient manufacturing.
Manufacturers know whether they have all the materials they need. Material scarcity and abundance are avoided.
Using NetSuite, your company can develop BoMs that ensure:
- A single record of all required materials
- There is an adequate supply of all parts and materials in house
- A consistent product can be achieved after utilizing the same BOM from start to finish
- Reduce costs and time by ensuring accurate inventory and avoiding product delays
- During manufacturing, BoMs assist in identifying and tracking parts and components used in failures
Fulfilment of all orders
By managing inventory, supply chain, productions, sales, order processing, and customer support in one place, NetSuite allows you to make better strategic decisions in real-time. In addition, the use of automation reduces the amount of redundant manual labor and labor costs.
As part of NetSuite, you can automate billing, costing, production, vendor management, and internal employee management to increase productivity in the organization. In addition, demand-supply balance is maintained by automating the process, ensuring the correct quantity and quality of inventory at the right time.
Costing with accuracy
As NetSuite enables extensive costing methods, it provides accurate costing. During the entire manufacturing cycle, users can calculate direct and indirect costs.
Assurance of traceability
With NetSuite, you can track inventory in real-time across your supply chain and manage returns, exchanges, and warranties. In addition, inventory can be tracked across all locations, and reorder points can be executed automatically.
Manufacturing organizations use NetSuite to automate all their business processes. Furthermore, it gives a comprehensive view of the supply chain, production, operations, inventory, and market demand all in one place.
Using NetSuite, you can manage your inventory and resources and access accurate information to make informed decisions that will help you grow your business.
Manufacturing Companies Benefitting From NetSuite
Let’s look at a few examples of some of the many manufacturing companies benefitting from NetSuite solutions.
Launched initially as a single product for gift retailers, Corkcicle’s early success resulted from the thoughtful execution of a great idea and a little luck. Even as the company’s product count climbed past 20, it has maintained its brand and grown revenue and international presence.
With over 20 years of experience developing new products, Corkcicle is reaping the rewards of a well-developed process. A process that has been empowered and driven by NetSuite ERP solutions.
A hair dryer powered by the gemstone tourmaline was introduced by Kent Yu in 2004 and called the Featherweight. In response to the Featherweight, celebrity stylists turned to T3 Micro, an alternative to drugstore dryers.
Today, the company offers 40 products, including flat irons, dryers, curlers, and brushes. Their business has grown from strength to strength, and NetSuite has played a significant part in ensuring a smooth manufacturing process.
Mystery Ranch manufactures and sells packs and load carriage systems to a broad range of customers and channels. The company started in 2000 and manages international distribution networks in North America and Asia.
As their business model expanded, QuickBooks could no longer accommodate them. A direct-to-consumer strategy was also adopted, and an ecommerce solution was required to engage consumers. Again, NetSuite played a considerable role in facilitating their fantastic success.
In addition to supplying hotels, retailers, consumers and wholesale suppliers, Belgian Delights also provides authentic European-style chocolates sourced from Australian cocoa that is imported and sustainably grown.
This family-owned and -operated business has produced high-quality confections for three generations. In addition to combining traditional techniques with locally sourced ingredients, the business continues to experiment.
Their growth and highly functional manufacturing process heavily rely on the benefits of NetSuite solutions.
ZCom Solutions has been solving problems and building solutions within various industries, including manufacturing, for more than 20 years.
Our clients, many of whom are Fortune 500 members, benefit from our tailor-made software and technology solutions, which enable them to grow, thrive, and optimize their projects.
Find out more about how we use NetSuite to take manufacturers to the next level of productivity.