NetSuite is often considered one of the first cloud software companies. It develops Cloud software to create a system; that businesses can use to increase efficiency, save on costs, manage inventory, etc. These applications provided by NetSuite allow businesses to manage functions and aspects of sales and production. This is done through an online platform, where the software keeps various information, projects, records, payments, plans, resources, and services, in check.
Why NetSuite for Manufacturing?
It is essential for manufacturing companies to ensure that the production process, and the lifecycle of the product itself, are cost-effective and profit-bearing. Keeping records of financial data regarding sales, stocks, prices, payments, and factors that affect production, such as consumers, employees, suppliers, partners, and resources, is all an essential part of the production process. This ensures a smooth-running cycle, which needs to be managed effectively in order for it to show promising results for the business. Managing all these factors is time-consuming and costly, which is where NetSuite intervenes. NetSuite’s cloud software provides manufacturers with a cost-effective and time-saving alternative. The software provides manufacturers with a digital platform that manages all of these functions and factors in an efficient manner at a subscription cost. The setup, upgrades, and related maintenance are provided by the company. NetSuite’s software provides many other advantages for manufacturers that will be further elaborated on below.
Marketing Management
Manufacturing businesses spend high costs on marketing and advertising their products. Publicity and product launches, as well as promotional campaigns and shows, are costly, time-consuming, and take an abundant number of resources. NetSuite allows manufacturers to save on all three factors by managing the whole process. Online campaigns through email, the creation, and execution, along with all the factors associated with the process, are all managed by NetSuite.
Cost Control
NetSuite meets manufacturers’ financial and accounting needs through its financial management software. Many organisations across the globe use its software to manage their finances in a cost-effective and time-saving way. This is due to the fact it manages expenses, revenue, purchases, and all other financial data, in a strong and efficient manner. It inputs data in real-time, allowing businesses to access their financial data at that very moment. This saves time and removes the cost of error. It also provides the manufacturing business with a single source of all its financial data, which it can access at any given time, allowing more flexibility and efficient work.
Customer Relationship Management
The CRM that NetSuite provides manufacturers is an efficient system which produces the lifecycle of the customer and focuses on building strong relationships with customers. This is achieved through the data that the system produces in regards to the customer or possible customer. Information such as sale orders, renewals, support, etc. The management of orders, sales performance, and partners are all services that NetSuite’s CRM is capable of.
Sales Channels
Manufacturers need channels through which they sell their products. NetSuite provides access to any channel through its commerce system. This allows businesses to progress in terms of both sales and growth due to having more channels to sell through. This commerce system makes it easier for products to be published, as it is responsible for both appropriate pricing and promotions, making the process increasingly efficient
Customer Support
The customer service management that NetSuite provides allows manufacturers to have a full picture of their customers; it enables them to give improved satisfaction to their consumers, adjust or lower costs regarding services, and be able to gain new customers. It also provides various forms of data regarding the customer, such as fulfilment, sales, etc. This data is also accessible and available in real time, which means increased efficiency, better support and services for customers, increased sales management, and improved performance.
Organisational Management
NetSuite’s order management system ensures that the cycle of purchase and obtainment of the product by the customer is quick and smooth. It seeks to obtain the fulfilment and satisfaction of the customer in an efficient and profitable way. The location is irrelevant to this system, thus, allowing manufacturers to cater to their customer’s needs, especially regarding the fulfilment of their orders. This time-saving approach allows for a quick and positive shopping experience for customers.
Stock Management
The Cloud software provided by NetSuite makes the location of the production/where the product is being made/where the product is coming from irrelevant. The system allows businesses to supervise and be present in real-time, thus keeping track of the production and supply. This global access increases a company’s reach, allowing it to reach consumers from across the globe. Supervision over the supply chain, which includes vendors, suppliers, and other groups involved with the product, its supply and production, can be kept in check through this system.
Worldwide Reach
NetSuite gives global accessibility to its clients, which means; client businesses are able to produce their products and manage their supply chain from any part of the globe. The online cloud software allows for operations to be easily accessible to the business and its supervisors. A global reach for the product means that customers from all around the world are able to order and purchase it. Competing with competitors in the global market also allows the business to expand outside of local restrictions and be able to compete on the same grounds. Development and productivity also increase as a result of the target audience expanding; due to global expansion and accessibility. All of these operations are made more efficient due to the production and supply being visible to supervisors. Businesses are also able to compete in the multinational market due to NetSuite’s Cloud software making it possible for them to compete and produce on a wider scale.
Flexibility
NetSuite’s cloud software allows businesses to manage all types of operations, as explained above. These operations can be adjusted according to the business’s needs and nature. This software is especially useful for large manufacturing businesses, which usually deal with a range of operations. The cloud software reduces the time and cost required for these operations; by providing businesses with an efficient online solution that offers a range of applications and solutions. It provides flexibility for manufacturing businesses to produce the most profitable outcome.
As the automation market expands, the demand for products and software, such as the cloud ERP provided by NetSuite, is essential for businesses to develop. In a global market with competitors from all around the world, NetSuite software is a key to managing, operating and competing.
Worldwide RPA Software Revenue (Millions of U.S. Dollars)
| 2019 | 2020 | 2021 | |
| Revenue ($M) | 1,411.1 | 1,579.5 | 1,888.1 |
| Growth (%) | 62.93 | 11.94 | 19.53 |
According to the table above, provided by NetSuite, the Robot Process Automation market has significantly grown in the past few years and is continuing to grow. And revenue has seen a major increase in the past three years. The demand for technologies in the field of business operations has increased. This is due to increased profitability, global reach, low costs, time management, and efficiency. With technology and automation cutting labour costs and making operations in all fields more productive and profitable, NetSuite and its solutions and applications are essential for manufacturing businesses to reach their full potential.
