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NetSuite ERP for Manufacturing Companies

Posted On October Monday 18, 2021

Over the years, the manufacturing landscape has become increasingly competitive. Regardless of their size, manufacturing companies must deliver quality products at a faster rate and at the lowest possible cost to gain substantial market share and increase the number of new customers while keeping the old ones. This is a real challenge for any manufacturing company, as it must continually renew all the processes involved to achieve it (production, sales, and distribution) to be truly effective.

But what is the right innovation for manufacturing management? The answer is NetSuite ERP – an integrated and complete ERP (Enterprise Resources Planning) system that ensures greater effectiveness and automation of activities, processes, and equipment throughout the industry.

Learn about the importance and advantages of NetSuite ERP management software for more effective control of the production chain, identifying failures and possible improvements in a single place.

The importance of NetSuite ERP in manufacturing industries

NetSuite ERP is capable of integrating all sectors of the company, from accounting to production. It can identify failures in operations and assist managers in decision-making through real-time information. Investing in management software is more than that: it is an increase in revenue and a reduction in losses if implemented correctly.

Moreover, the NetSuite ERP have a modular design that ensures greater productivity in production activities, monitors the assembly chain identifying stops, and integrates all logistical processes with real-time data. In addition, the use of an ERP solution reduces expenses with regular preventive maintenance and waste of raw materials, favoring inventory management and control of merchandise losses.

NetSuite Add-on Modules for manufacturing industry

With a variety of modules and tools available to manufacturers, NetSuite has covered everything you need. To begin, here we present the most significant and impressive modules:

Production & Planning Module

Production goes hand in hand with planning, and to start manufacturing, it is necessary to know if there are any shortages of materials or any other issues. Thus, this module allows planning production orders, generating purchase recommendations for supplies and materials, as well as leveling inventories to transfer necessary products to other warehouses to optimize the use of available stock without affecting the commitment in production.

Financial Module

Monitoring your finances is absolutely necessary if you want to understand how your business is doing and if you are capable of achieving its goals. Accounts payable and receivable reports, cash flow, income statement, balance sheet, and more can be generated from NetSuite financial solution to give you a true picture of the company’s financial health.

This General Accounting module automates the generation of all journal entries, from provisioning to sale, so the financial statements are available in real-time to determine the actual production profits by day, week, or month.

Sales Management Module

Managing customer sales orders, accessing customer information, preparing quotes for orders, and sending them to the required department, etc – are vital in a manufacturing company. Here, managers need an efficient and fluid ERP module to perform all these tasks seamlessly and instantly. Thus, this module serves all of these purposes and helps the company coordinate between the different departments.

NetSuite Benefits in manufacturing companies

Next, let’s take a closer look at the benefits offered by NetSuite for the manufacturing companies

Automate and streamline business processes with greater adaptability

NetSuite ERP solution streamlines business processes and drives automation for manufacturing organizations. By optimizing processes, all data is available in a centralized location with complete visibility integrated with development, design, inventory, purchasing, production, finance, sales, delivery, and more. In addition, any person can monitor the status of production in real-time without depending on an individual or team.

Provides Agility

The speed ​​at work is a reflection of good manufacturing management. NetSuite ERP allows maximum alignment between the different parts of your company and also the entire Supply Chain. In practice, this means less noise in communication, which makes it easier for the entire flow to run smoothly. In addition, the team is aware of everything that is happening, including identifying bottlenecks, which can yield action plans to increase productivity.

Provides precision in inventory management

By integrating NetSuite ERP within a manufacturing company, it enables access to information related to the stock status of the materials it has, ranging from raw resources to finished products. It provides cost references in real-time, which favors the planning of each matter and the rotation of inventories, in which special attention is paid to batches and expiration dates.

Reduce costs

NetSuite ERP helps manufacturing organizations to reduce overall operating costs as time-consuming manual processes are replaced by automated processes with real-time business information. Additionally, by increasing worker productivity, the ERP solution minimizes labor costs and error rates with higher accuracy. The ability to accurately track inventory and efficiently integrate it with production planning eliminates excess inventory and warehousing costs.

Helps in strategic decision making

In this sense, the NetSuite ERP turns out to be a supportive tool for strategic decision-making. It provides in-depth visibility into every department and business process to help the company make informed, relevant, and faster business decisions. Key performance indicators (KPIs) such as overall sales, profit margin, etc helps the company to stay aligned with its objectives and make the necessary internal decisions as needed. Full visibility of internal processes and services also helps management to optimize their day-to-day operations easily.

Conclusion

The utilization of NetSuite ERP is indispensable for the manufacturing industry to build a business strategy that suits the new era. ERP centrally manages the core system of a company and visualizes the business data of the whole company in real-time, which enables the efficiency of business and quick decision-making in the management.