5 Ways NetSuite Helps your E-commerce Business

While “digital disruption” today seems to be a buzz phrase the first of its kindemerged in the 1960s and changed the way the world communicated—the precursor to the Internet was born. The first e-commerce transaction ever recorded was the sale of marijuana by students from Stanford to those in MIT over the ARPANET, an early implementation of the Internet.

But it would be 22 years before the first real e-commerce transactions would take place. Fast forward to the future. Nearly 22% of all apparel sales and 30% of all electronics sales happened online in 2018. That’s nearly as much as one-third of all sales for these very product categories in retail. So, becoming an ‘e-tailer’ is a necessity today, even for well established brick and mortar stores around the world. Just so you know, Walmart’s e-tailing business grew as much as a whopping 33% in the year 2019.

Needless to say, being a serious online player requires transitioning from legacy to solutions that enable your processes & people, digitally. Core processes & ERP still largely legacy or SAP / Oracle based make it difficult for cloud to be integrated into the mix.

This is perhaps one of the key reasons why e-commerce giantsprefer a cloud ERP like NetSuite to manage their retail experience. The fact that Netsuite or its predecessor NetLedger was always a SaaS solution makes it better in terms of cloud maturity as compared to its counterparts. Here are 5 ways to keep your topline and bottomline “suite”:

A single, integrated solution for an omnichannel retail existence

NetSuite is a single, integrated cloud solution that helps manage customer interactions across multiple channels and touchpoints. It’s a comprehensive ERP plus CRM that keeps track of not just organizational data but customer data as well, and since the ERP and CRM here are “very much on talking terms”, the data synchronization is very good. Add to this, the 360-degree view that is available in NetSuite provides senior executives in management an idea of the revenue mix and supports budgeting and forecasting. This allows for effective Xsell, upsell, predictive analytics based promotions and crafting an optimized revenue mix for your organization.

Inventory optimization for decreased operational costs

Inventory management is complex for e-commerce businesses, not just because of the multiplicity of product verticals but also geographical spread, delivery speed, low per unit margins& overall experiential competitiveness. With the trend moving towards micro-personalization, being proactive & predictive when it comes to consumption trends & user behavior is the mantra for being in the lead.

This directly translates into accurate forecasting & movement of inventory in line with market demands for your product/product category. NetSuite’s inventory management system allows you to reduce handling costs and optimize cash flow by better inventory forecasting based on actual figures of the inventory—item count, cycle count etc.This in turn allows for more of the “merry days” when you’ve been able to meet demand head-on and less of the “days of lull” when you are desperate to get rid of dead stock sitting on your shelf.

Easy consolidation ofsales revenues across channels & locations

For a lot of today’s customers only an online experience is not enough. This is quite typical for high-involvement products where “touch and feel” still dominates decision-making. Take the example of a mattress, for instance.A potential customer may be motivated to try out a mattress based on its pictures or product description but chances are that they would know whether if it fits their needs only once they’ve tried it! Most people would compare mattresses online and then head to the closest physical store to try it out. Now imagine if it’s out of stock at the store? You’ve just lost a customer perhaps forever.

In addition, if you are set on growth, you need to expand your geographical coverage – which comes with its set of complications, especially if you’re targeting the overseas market. With NetSuite OneWorld, you can keep track of all of your inventory, POS transactions, returns, movement, purchase histories and also account for taxation standards varying from country to country. Consolidated under one module, this is a data haven! Think about what you could achieve with this while your competitors are still struggling to manage complex data stacks from varying sources.

A Seamless ERP + CRM existence

User behavior is determined by lifestyle changes and the trend for Millennials and the Generation Z is to shop online for most of their personal and / or daily needs. However, with these segments instant gratification is the need of the hour and it could be the difference between loyalist and a troll! One-day shipping service offered by e-tailers further diminishes to a certain extent the main benefit of visiting a brick and mortar store—an immediate receipt of the goods. However, for this segment of customers, online research plays an important role in decision-making and they will not depend on just what’s on your website to make a purchase decision. There needs to be more information about your brand online, reviews, paid ads, email campaigns, promotions based on purchase history etc.

With NetSuite’s360-degree view, based on demographical and geographical data,you can completely map your consumer’s journey and push the right buttons!NetSuite’s advanced marketing module allows you create data backed campaigns which are more personalized in nature. Moreover, Netsuite is not just an ERP solution, it is supported by an equally strong CRM suite which takes care of any integration issues that you may normally face. On top of this, Techcloudpro’s proprietary “SuiteSpots” help with connecting your ERP+CRM suite with any open source e-commerce platform that you are using as a shopfront.

A weighty bottom-line with reduced TCO

On-premise solutions offer local ownership of hardware, software, and data. However, the cost of maintaining servers, the cost of licensing the software for the servers, and the cost of upgrades over the years as your business grows can be financially crippling for your business. Your problems are compounded by the fact that, typically the on-premise existence is based on legacy systems nd for it to be suitably integrated with cloud, you would first need to re-architecture bits and pieces of it into loosely coupled codes for DevOps enablement & digitization – longer process, far more costly.

Reports suggest that 60 – 70% of IT spends in multinationals and larger corporates go into legacy maintenance so that core business processes do not get affected. With, NetSuite which is a cloud ERP one can get around this faster, without any downtime, allowing you access from even a mobile phone anywhere and at any time. But most importantly, the total cost of ownership works out to be way less than an on-premise solution.

These are just some of the advantages, explained briefly. There’s a lot more! So, let’s talk!

5 Ways in which Netsuite facilitates “Whole-sale”

5 Ways in which Netsuite facilitates “Whole-sale”

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!

4 Reasons why NetSuite is healthy for your Healthcare Business

4 Reasons why NetSuite is healthy for your Healthcare Business

As a healthcare company, there is constant pressure to respond to customer requirements along with government and industry regulations in a space that is becoming increasingly competitive. In such a scenario, you must have the tools that increase your organizational efficiency.

Especially, if your core processes are still wrapped around legacy applications like Quickbooks or Tally. Your Accounting & Revenue Management processes make all the difference between good or bad business decisions. Hence, it is imperative that they provide maximum visibility on numbers, flexibility in terms of the reporting & data sharing. Here’s how Netsuite can help.

Better Inter-departmental data sharing and visibility

The various departments in your healthcare company are interested in data for different reasons and derive differing value from it. But for this to happen, there must be some degree of permissibility for data to flow between them.

A siloed business inhibits digitalization. And even if your organization is looking to work towards sharing information, insights, or stats across departments with core processes still largely based on legacy architecture, sharing is either partial or extremely process intensive.

While QuickBooks is light and cheaper, it is exceedingly difficult to share such information and there are probably several data sources maintaining the same data to the extent that each department would probably be maintaining its own data source.

In NetSuite, there is just one data source—the cloud. NetSuite is also lightweight in comparison to a desktop application and is still affordable for small and medium businesses. Netsuite OneWorld provides an end – to – end ERP + CRM solution which can be suitably customized to meet your data management requirements

Manage your financials better

To maintain robust business health you have to have a keen understanding of whether your revenue mix is optimized.
NetSuite Advanced Financials allows you to do budgeting and forecasting very easily. It completely automates your financial planning cycle, allowing you to set your budgets, monitor and report on variances, analyze your options, and re forecast accordingly. Add to this the very user-friendly interface, a 360-degree overview of your financials with a drag-and-drop functionality.
Being able to identify the different revenue streams and view their consolidated as well as individual performances is a key data visualization outcome, which Netsuite facilitates through automation. You now do not have to worry about spreadsheets or version control or consolidation of complex data ridden with manual errors. Instead you can focus on providing the right numbers, accounting for it with reports, and devote your time to strategy & business planning.

Manage multiple locations with ease

Though Quick Books is quite easy to set up and hence very attractive to begin with, managing multiple locations, especially in multiple countries, can be a rather complex task. This is because of different business requirements, multiple currencies, and even varying taxation standards.

NetSuite OneWorld Edition allows you to manage multiple subsidiaries in different locations of the world. It saves you and your accounting teams a lot of time in financial consolidation from anywhere, by storing and fetching data from multiple subsidiaries worldwide and by having taxation standards built in to NetSuite for each country.

A well-integrated CRM is already a part of NetSuite

If you have ever used Quick-books to run your healthcare services, you would have observed that it does not have a CRM built in. Though you can always buy a CRM separately and integrate it, albeit with some pain, with Quick-books, it is never quite the same as having a unified solution for both.

You need someone trained on ERP to handle the back end and someone with CRM training to work your front end. And let’s not even talk about the arduous task of maintain separate databases, one for the ERP and the other for the CRM. First, with only a single system to maintain both ERP and CRM, IT costs are highly reduced. Second, in a system where the ERP and CRM talk to one another, there is no need to keep two separate databases or ever worry about keeping the data synchronized at all times.

#Bonus: Netsuite is has always been a SaaS based solution so it is cloud-ready, already, as opposed to some of its legacy based competitors such as Microsoft Dynamics with its three pillars which have now been combined into one platform and are as such a lot more complex to implement.

Techcloudpro, an Oracle Netsuite Channel Partner specializes in customized solutions based on the netsuite platform. From 40 hours of free consultation & pre-sales discovery sessions to shorter implementation periods, after sales support and complementary products, your order to cash and purchase to payment worries cease to exist.

Grow and Scale your Small Business with Netsuite ERP from Techcloudpro

The accidental gardener in all of us

Most everyone who loves seeing things grow would have a flowerpot in the garden. Some of us plan for small things, because we are not yet prepared for the big game. We put ornamental flowers and bonsai plants in our pots instead of a simple mango seed which would one day grow up to be a full-fledged tree. Because some of us are happy with roses and lilies—some of us are still not ready to grow. Because some of us are not yet ready to leave our houses and venture into our gardens. But the constant gardener in you knows that one day this is inevitable—that those plants or even bigger trees might actually need a garden.

Problems to start with and get rid of

As a founder, when you start out small, you still don’t know what to plan, and if you do not know if you are planning it right. But we know, both you and us, that success stories are written of people who have gone the whole nine yards and even beyond. And we aspire to be like them. As a small business owner, we understand that you want one day to be with the big guns, and when your business grows, you will need something that scales just as well. Something that allows you to plan ahead and plan well. Netsuite lets you do just that and more for your company.

The Good and the bad news

And as a small business, do we have good news for you? Yes and no. But the takeaway is that all the good things outweigh the bad by a good margin. The good news is that shopping has become mobile and social and always on. Your customer’s shopping history spans several channels, and they are always online 24×7, waiting to make the next purchase. If you can get hold of the right customer at the right time by understanding the customer’s behavior, nothing like it. Let’s get the bad out of the way, before we return to the good—the competition. In today’s ever competitive ‘business-scape’, staying ahead of the competition can be difficult, with new business ideas and models ever evolving.

But mostly good news, with Netsuite

That was bad, now for more good news. Netsuite is here to help you. All the good things—ability to understanding the customer’s behavior, analyzing customer buying pattern across several channels, and updating inventory to suit the customer’s needs are all possible now very easily with Netsuite ERP+CRM. And the good things don’t stop there. Back to our problem of scaling, Netsuite ERP scales well with growing business by allowing them more freedom to grow with incrementally increasing pricing over time and a very accessible subscription model.

And still more to benefit with Netsuite for your small business

Be it a wholesale or a retailbusiness that you want to grow, Netsuite can be customized to your needs. And does a lack of hardware resources, a service disruption, or a lack of technical help as a small company affect you? It most certainly does, but with a cloud ERP such as Netsuite, not anymore. As a Netsuite partner, Techcloudpro assures your company, big or small, of 99.99% uptime, and that is something you can view online. We know what you are thinking. This is quite incredible. It doesn’t quite stop there, however. There are many other things you will encounter in your industry vertical we have already contemplated of for you. Get in touch with us to know more. Netsuite consultants at Techcloudpro are here to help you. Give us a ring to let you grow your business freely and not worry about your ERP scaling with you.

NetSuite 2019 Release 2 Puts More Capabilities Than Ever in Your Hands

The release of NetSuite 2019 has become the buzz as it is way ahead of other cloud ERP solutions giving more flexibility to work for developers with results assured in less time. What’s more it is going to cost you way less to develop. The integral part of NetSuite 2019, the SuiteCloud platform promise unlimited opportunities to be tapped.

The SuiteCloud Platform accentuates and expedites the NetSuite environment by providing innumerable ways to innovate and literally make competition go green with envy. It bring with the possibility of powerful customization that is scalable. The SuiteCloud platform invariable gives systems integrators, developers, solutions providers, analysts and ISVs more flexibility in development and integration.

The enterprise-grade cloud infrastructure built within SuiteCloud “stack” combined with the applications and development tools give more muscle and power to development with access and complete control over data synchronization. Perhaps, the most attractive feature of NetSuite is the cost factor. The ERP can provide results in much less span of time at a fraction of cost compared to other ERP platforms.

Customisation and extensibility are certainly two of the greatest attractions of NetSuite 2019 as it offers developers multiple options to scale up the development in absolute security. It also makes localization a whole lot simpler for ERP solutions working across geographical distances and time barriers.

SuiteCloud Platform Highlights

Here’s a lowdown of how the 2019 Release 2 SuiteCloud Platform supercharges the NetSuite environment:

· Enhance access to REST and SOAP services thus improving options for integration NetSuite data to external systems.

· Equally good for localization and internationalisation with a slew of features. This goes a long way in improving workflows.

· Has Improvements to SuiteScript and JavaScript ES6 which enables language support and aids in localization and internationalisation.

· Extensions to the SuiteCloud Development Framework (SDF) improves updated object support for address forms and custom transaction fields. It also goes well for simplified deployment of SuiteAnalytics workbooks and datasets to NetSuite accounts.

· Ensures a more robust SFTP client for more secure and reliable file transfers.

· A whole new range of possibilities open up or JavaScript developers working with SDF to manage account, import objects and list files with the improved Node.JS command line interface (CLI).

· Access to more objects and better manageability of objects and script scaffolding with an updated WebStorm IDE.

· NetSuite 2019 provides the ease of Sign-on once and seamlessly change roles with OpenID Connect SSO authentication. Also, simplified access with NetSuite’s 3-stage token-based authentication makes everything more convenient.

· Features like the network health dashboard and outbound email logging add significantly to improve account transparency.

In short, SuiteCloud Platform enhancements available in the NetSuite 2019 release certainly allows customers to meet unique requirements of their organizations. They now get to enjoy feature like SuiteTalk for extensible cloud integration, SuiteFlow for workflow process customization and SuiteAnalytics for business intelligence. And this is not all.

Learn More About NetSuite 2019 Release 2

Check out the release notes for a comprehensive view of benefits that NetSuite’s latest release can offer to a spectrum of organizations. Much information can also be accessed through the blogs explaining the utilization in different organizations.

And don’t forget to ask for a hands-on primer, be sure to access your included preview account as soon as it’s available. Get to know the new features that will work wonders for you using your own data and get a real experience of NetSuite 2019 Release 2.