Optimizing Your Supply Chain with NetSuite’s Advanced Supply Planning Features
Industries like manufacturing, retail, wholesale, and fast-moving consumer goods (FMCG) rely on an efficient supply chain; any interference to this can result in significant losses for the company as well as unhappy consumers and suppliers.Businesses may benefit from long-term results, happy customers, and increased revenues with a smooth and effective supply chain.
Oracle NetSuite has developed a strong and scalable module specifically for managing and optimizing supply chains because they recognize the value and significance of supply chain management.
To get the most out of NetSuite, as with any business system, a thorough understanding of its capabilities and tools is necessary. These NetSuite supply chain management best practices will help you get the most out of your investment and lower costs while boosting efficiency and enabling other advantages, regardless of whether you’re thinking about implementing this platform or already have it.
NetSuite Supply Planning: What Is It?
Businesses may better manage supply and demand by combining cost controls, lead times, and service levels with NetSuite supply chain planning.With the help of demand planning, inventory management, a powerful scheduling engine, and statistical analysis, NetSuite supply chain planning helps companies make well-informed decisions that minimize surplus inventory and guarantee product availability.
NetSuite Supply Planning Capabilities
The supply planning capabilities of NetSuite help organizations in achieving demand plan criteria. To meet financial and service objectives, supply and demand must be balanced.Based on time frames and expected demand, supply plans develop a schedule for manufacturing or purchasing goods and include work orders and recommended purchases. This guarantees both product availability and consumer satisfaction.
Verify Product Availability
Precise scheduling of supply and demand guarantees that goods are delivered on time, reducing stock-outs, missed sales, and dissatisfied consumers.Enhance Inventory Levels
Supply planning takes into account all of the inventory that is on hand, across all locations. This enables companies to use their stock as efficiently as possible and maintain minimal overall inventory levels, which lowers overhead and carrying costs.Planning and Scheduling for Production
Keep manufacturing operations operating smoothly by ensuring that all materials are readily accessible and in the correct locations, and additionally ensuring that machinery and labor are properly scheduled.NetSuite’s Advance Supply Planning Module and Its Key Features
NetSuite Procurement
NetSuite Procurement enhances your company’s purchasing processes. To better effectively manage cash flow, standardize the rates and vendors for frequently purchased items across the entire organization, automate the requisitioning and purchasing procedures, and align purchase orders, invoices and receipts.NetSuite Warehouse Management System
Utilizing the NetSuite Warehouse Management System (WMS), you can handle almost every aspect of warehouse operations—from receiving to picking to returns—more effectively. It can all be done from a mobile portable device and includes features like barcode scanning to track, shelf-life tracking and recommend put away locations, dynamic warehouse activity dashboards and reporting, and warehouse staff management.NetSuite Work in Process (WIP)
You can easily understand every aspect of manufacturing with the help of NetSuite Work in Process (WIP) and Routings. It can help you better understand what resources you require, which are being over- or unused, how long the procedure will take, and the value of materials utilized during the process.NetSuite Demand Planning
NetSuite Demand Planning anticipates sales based on both manually entered data and automatic data. Your sales projections can be more than just guesswork, and you can more effectively control your entire supply chain to ensure that you have the right amount of product on hand by analyzing previous data and factoring for other factors like seasonal variations.NetSuite Quality Management
Data for your product testing is guided and organized by NetSuite Quality Management. Determine the parameters, scheduling, and procedure for each product inspection and testing you do. A user-friendly interactive application that is accessible through any mobile device or browser can be used to evaluate outcomes in real-time.NetSuite Assemblies and Work Orders
Multi-component product assembly is powered by NetSuite Work Orders and Assemblies. Generate multifaceted orders of work to share with production what you would like made, when you need it, and all of the component’s parts required for creating it. Additionally, this module links inventory to the manufacturing process, giving you a more accurate, up-to-date picture of the state of your inventory.NetSuite Ship Central
Warehouse employees can utilize a mobile or kiosk device to pack and ship products with the help of NetSuite Ship Central.NetSuite Advanced Manufacturing
With the help of NetSuite Advanced Manufacturing, firms can link different systems and manage the entire supply chain process more effectively, resulting in lower operating costs and higher revenue. It gives you a better understanding of capacity and resource utilization by connecting real-time data with financial reports, inventories, and outstanding orders.The supply chain management module in NetSuite assists businesses in controlling their manufacturing, production, and commodities flow.
The supply chain module’s top advantages:
- Real-time data allows you to make quick judgements because you’re always viewing the most recent figures.
- Reduce production delays as much as possible because NetSuite will notify you precisely when things must arrive to maintain production schedules.
- Increased profitability since NetSuite uses demand planning to help you optimize your processes.
- AI and predictive analytics have reduced risk.
Benefits Of Using NetSuite for a Supply Chain Management
Businesses can gain a number of Benefits by integrating critical supply chain functions including manufacturing, sourcing, demand planning, and order management with NetSuite ERP. These are a few of the most typical ones:Growth in Profit:
Reduce the expenses related to organizing and carrying out supply chain operations.Enhanced Cash Flow:
Recognize when supplies and labor are required to fulfil orders, efficiently schedule manufacturing, and reduce excess inventory.Cut Down on Risks:
Use scenario planning to understand how to respond effectively and predictive analytics to anticipate potential threats.Improved Retention of Customers:
ERP systems enable improved planning, faster production schedules, and more precise delivery date estimations by integrating supply chain data and procedures. Profits like these enable companies to make sure they can consistently deliver on their commitments to clients. This consistent performance increases client trust and retention.Increased Efficiency:
ERP solutions increase the efficient functioning of supply chain management in a number of ways. They enable companies to automate and optimize supply chain processes. They improve supply chain visibility, enabling stakeholders to decide quickly how to reduce shipping, manufacturing, and procurement costs.Automation of Workflow:
Cloud-based ERP systems streamline data transfers between and between departments, speeding up supply chain operations and requiring a significant decrease in manual labor. Such as in the event that essential raw material inventories drop below preset thresholds, the system can automatically notify purchasing groups.Adaptable Supply Chain Options:
A contemporary supply chain must be flexible. Businesses need to be able to react fast to changes in customer demand, shipping routes, and supplier capacity. Businesses can detect and manage any hazards before they have an impact on operations with the use of predictive scenario planning and analytics resources.Few Blockages in the Way:
Every stage in the supply chain depends on the ones that came before it. Inadequate planning, for instance, makes it difficult to obtain resources when needed, which results in low inventories and production bottlenecks. ERP systems assist companies in seeing any bottlenecks, alerting the relevant departments, and allocating the resources required to keep up production levels and fulfil customers’ orders on schedule.Lower Operating and Overhead Expenses:
Businesses can optimize inventory by purchasing sufficient quantities to meet demand without overstocking when they have greater insight into supply and demand. Cost reductions and a significant increase in warehouse space may arise from this. Automated procedures can save administrative expenses and mistakes that can have expensive impact across the supply chain, such as ordering incorrect quantities of raw materials.Reduced IT Problems:
Using an ERP system for supply chain management helps simplify both IT and supply chain processes. Companies no longer have to struggle with data integration from disparate software systems or learn how to operate apps from many providers. There is no requirement for data conversion between apps because ERP modules all share the identical data in real time.Implementing Supply Chain Management and NetSuite ERP Integration
The success of a business depends on supply chain management’s integration with other business operations, therefore it’s crucial to choose an NetSuite ERP solution that meets your needs in terms of capability, scalability, and implementation complexity. For many businesses, cloud-based ERP solutions are more effective option than on-premises systems because they eliminate the need for hardware and software that must be purchased, installed, and maintained locally. Staff members may access the system from any location with an Internet connection, and leading cloud solutions are also very scalable.Consideration should be given to both your current demands and the expansion of your company in the future when adopting or replacing an ERP system. As an example, a system that supports different languages, currencies, and tax regimes is advantageous to businesses who source or sell worldwide, or have plans to do so in the future. Businesses that require more specialized supply chain solutions may think about integrating them with popular NetSuite ERP systems. Additionally, consider whether you’ll require future-specific cloud ERP features like robots integration and AI-powered predictive analytics.
