Unlocking Business Potential with Advanced Inventory Management Software

Is Your Current Inventory Management System Holding You Back?

Holding Business Back

Inventory management is a vital investment for manufacturing companies. By utilising advanced inventory management software, businesses can unlock their full potential. This allows them to focus their time and resources on business growth, rather than wasting precious assets on stock management and fixing avoidable errors. As inventory is typically the biggest expense for product companies, it is crucial to give it the attention it deserves.

Although basic inventory management software is better than pen and paper, as a business grows, limitations surrounding this basic software become evident. Companies that depend on manual processes for inbound logistics encounter problems that can result in wasted time, financial losses, and a negative impact on customer satisfaction.

Limitations surrounding out-dated inventory management systems

 

Inventory TrackingLimited inventory tracking

Any delay in updating inventory levels after an order is placed can lead to unfulfilled orders and negatively impact customer satisfaction. Studies show just one bad experience is enough to keep more than 60% of shoppers from buying from you in the future. Not only does this impact the business’s reputation, it also wastes their time and money spent in order to correct their mistake.

Without clear strategies for storing inventory, businesses run the risk of misplacing their stock. This can have a negative impact on important operations like production and customer orders, ultimately resulting in inaccurate inventory records.

This issue also links to multi-location inventory tracking. As manufacturing companies continue to grow, it is highly likely that they will expand to more than one location in order to store their stock. Without access to multi-location inventory tracking, the business will have no way of knowing what inventory is available in each location.

Lack of visibilityfinancial_data_appearing_500_clr_13314

Accurate and up-to-date inventory records play a vital role in the success of any product-based business. However, it’s not just about knowing how much inventory you have. It’s equally important to have visibility into where your inventory is located, what is currently available, and when you can expect additional inventory.

 

Improving Inventory DataInaccurate/incomplete recording of data

If you’re still relying on manual systems to log information as items enter the warehouse, it’s important to understand that your inventory records may not be as accurate as you think. Human errors, outdated information, and incomplete data can all have a negative impact on the customer experience, as well as your productivity and efficiency.

In addition, manually entering newly received items into inventory as they enter the warehouse can cause delays in inventory updates and transactional records. This can occur as inbound staff have to take time to physically receive orders and then update the inventory. This is a time consuming process. 

Updating product information, such as price, description, or sizing, will require manual redoing, which can increase the chances of errors. Although it may initially seem like a minor inconvenience, it can quickly escalate to an employee spending hours every week updating and verifying item records and listings – time that could be spent more efficiently.

Messy demand planning messy demand planning

It is essential for businesses to have the ability to analyse the past performance of all SKUs in relation to seasonal patterns, recent fluctuations in demand, and other valuable insights. This knowledge is crucial for effectively managing replenishment and optimising operations. Doing so helps aid customer satisfaction and profitability. 

 

Top 4 reasons why you should choose NetSuite for Warehouse Management:

 

DemandImproved demand planning 

NetSuite Demand Planning takes into account past sales, seasonal trends, current opportunities, and projected sales to determine the optimal timing, items, and quantities for placing orders. The system also sends notifications to users when inventory levels drop below predetermined reorder points. This helps reduce costs and improve profitability by minimizing excess inventory and associated expenses, while also preventing missed sales opportunities.

 

Improved recording of data KPI and Data Recording

Simplifying and standardizing processes with NetSuite WMS can make a big difference in your business. It helps to increase efficiency, minimize errors and incomplete inventory records, and ultimately decrease overhead and warehousing costs. Plus, it ensures that all items are properly entered into inventory and readily available for production or order fulfilment.

The item master in NetSuite gives you one place to manage all product information. Changes to a products’ price, details, pictures or other attributes can automatically be synced to other systems so you’re not wasting time or introducing errors through duplicate data entry.

 

Stock TrackingImproved inventory tracking

The inventory management solution provided by NetSuite keeps track of product movement across multiple facilities and channels in real time. Whether a customer makes a purchase in-store, through a third-party ecommerce marketplace, or an employee transfers stock between warehouses, all updates are instantly reflected in NetSuite. This comprehensive view of available items prevents overselling and ensures quick and accurate fulfilment of customer orders. Additionally, it helps reduce costs by utilising inventory available.

 

Optimisation of warehouse spaceWarehouse Space

Warehouses and premises for storing stock can be a significant expense for manufacturing companies. As mentioned earlier, when a business grows, it may require multiple locations to accommodate its inventory. That’s why it’s crucial to make sure that the space being paid for is utilised efficiently. NetSuite WMS enable users to optimise warehouse space, ensuring that items are stored in the most appropriate manner. Additionally, it helps ensure that the warehouse has enough space to accommodate incoming shipments.

An optimised warehouse layout identifies fast-moving inventory and strategically places it near fulfilment areas, eliminating the need for pickers to tirelessly search the entire warehouse multiple times a day to retrieve popular items. NetSuite’s bin management functionality tells workers where to store each product, minimising the chances of misplaced or lost items.

Working with OSSM as a NetSuite provider

Ultimately, improving inventory management is a worthwhile investment if you want your business to reach its full potential. If you’re interested in NetSuite business software and want to learn how it can benefit your operations, feel free to reach out to our team at OSSM. 

As a trusted NetSuite Solution Provider in Ireland, we’re committed to delivering flexible and long-lasting cloud solutions that meet your specific needs. Our dedicated team is here to support you with your NetSuite project and assist you in finding the best solutions. We can even offer you a NetSuite product tour to help you determine if it is the right fit for your business.

 

To learn more about NetSuite for Manufacturing why not come to this years ERP Head to Head where we will be giving a demo on this topic? 

Or come by our stand and have a chat to a member of our team about your requirements. 

To register, just click below and don’t forget to use promo code OSSM20 for an early booking discount. 

ERP Head to Head 2023

 

Sustainability And Green Initiatives

Sustainability And Green Initiatives: A Field Service Perspective

There’s increasing pressure on organisations across all industries to reduce their carbon footprint. As experts share more information about the environmental ramifications of corporate actions, there is a call for businesses to prioritise sustainability and be proactive in their approach to offset their carbon emissions.

One industry in particular that’s being called upon to improve its green initiatives is the field service industry. Organisations that install, repair and maintain infrastructure, equipment or technology across a range of sites can have a huge impact on the environment. Some simple changes to the way field service teams work can make all the difference to their environmental footprint. Below we have explored this in more detail, highlighting how influential field service management systems can be when organisations are going green.

Sustainable EnergyThe Importance of Going Green

More so than ever before, sustainability is considered non-negotiable in the business world. With climate change becoming an urgent crisis, there’s a growing need for field service providers to align their operations with eco-friendly practices. This doesn’t just mean reducing emissions or waste, it includes implementing a more comprehensive, sustainable approach. This approach should consider everything from energy usage to resource management.

When it comes to green initiatives, the stakes are high. Organisations that fall short could face financial repercussions and reputational damage. On the other hand, businesses that prioritise sustainability not only gain a competitive advantage but also contribute to global environmental protection efforts. With pressure coming from consumers, investors, competitors and regulators, there is no time like the present to make some changes to your field service operations.

Ways for Field Service Teams to Reduce Their Carbon FootprintCarbon Footprint

There are several ways field service organisations can minimise their carbon footprint effectively. One immediate change is transitioning to electric vehicles, which significantly reduce greenhouse gas emissions when compared to traditional fleets. Electric vehicles are not just a sustainable choice but also a cost-effective one in the long run, given the lower operational costs associated with electric charging.

Alongside this, using high-performing equipment can make a big difference. Not to mention, keeping equipment in the best possible condition. Efficient equipment can reduce energy usage, leading to both lower costs and a smaller carbon footprint. By integrating these easy yet impactful changes into your business operations, you can take meaningful strides toward sustainability. However, there are bigger and more effective ways to go green.

Implementing field service software solutions and enhancing transparency throughout your  organizations is essential for achieving sustainability goals. Integrating specialised field service management tools into operations can result in a more holistic approach to going green. In addition to enabling your field service technicians to perform tasks more efficiently, modern software can safeguard the environment and result in more environmentally conscious processes.  

Field Service Management Software is Leading the Way

Traditionally, field service management relied heavily on manual operations and paper-based systems, making it less efficient and more resource-intensive. However, software like Next Service for NetSuite has revolutionised this industry. Field service management systems offer ways to make processes not just more efficient but also more environmentally friendly. A total solution that manages your entire business can spearhead your green initiatives.

PaperlessPaperless Operations

 

Going paperless is one effective way field service organisations can become more sustainable. Next Service eliminates the need for paper-based documentation, significantly reducing waste. Technicians can access forms and checklists through a digital platform, and they will have all of the information they need at their fingertips. Next Service can be used on mobile devices, ensuring that each service call is as efficient and environmentally friendly as possible.

 

Efficient Route PlanningRoute Planning

 

Fuel consumption is a significant concern for field service providers, both from a cost and an environmental perspective. Scheduling and dispatching individuals or crews is made easier with NetSuite. This software can help you optimise routes, ensuring fuel efficiency is considered when travelling between customer locations. This doesn’t just reduce fuel consumption but also minimises wear and tear on vehicles, further reducing your carbon footprint.

 

First Time FixFiles

 

There’s nothing more counterproductive, and unsustainable, than multiple trips to resolve the same issue. When technicians have the information they need to successfully resolve problems during their first visit, it prevents the need for return trips. Field service management software will keep complete and accurate records of every customer, equipping technicians with the knowledge they need to complete the job in one go. This efficiency is good for the environment, reducing the emissions associated with return visits.

 

Tool and Machinery MaintenanceTools

 

In addition to keeping customer asset records, field service management organisations should keep track of their own tools and machinery to optimise longevity. Receiving automatic notifications for preventative maintenance enables equipment to be kept in optimum condition. High-performing, well-maintained equipment contributes to reduced emissions and with fewer replacements required, expenditure can also be reduced.

 

Field Service showing 2 engineers in hard hats at a laptopGoing Green and Investing in Field Service Management Solutions

With growing environmental concerns, field service providers should be embracing green initiatives. Specialised software like Next Service for NetSuite can be a powerful tool for organisations looking to improve their sustainability while also enhancing productivity and efficiency. The benefits of field service management solutions are impossible to ignore and the right solution enables businesses to align with eco-friendly practices without compromising on service quality. The future is green and NetSuite solutions are paving the way for a more sustainable, efficient and responsible field service industry.

If you’re interested in upgrading your field service management tools, our experts at OSSM can assist you. We can integrate NetSuite into your organisation, helping you to benefit from its best-in-class functionality. Our experienced team understands the unique challenges field service providers face and we can collaborate with you to create long-lasting cloud solutions.

We genuinely care about the outcome of each of the projects we work on and we will happily discuss your field service management needs in more detail today.

 

We’ll be exhibiting at this years ERP Head to Head event, where we’ll have a more detailed demonstration on Field Service Management for NetSuite. 

If you’d like to attend this demo or just come and chat to a member of our team, click below to register.

Don’t forget to use promo code OSSM20 for an early-bird discount. 

ERP Head to Head 2023

 

Moving to the Cloud ERP

Best Practices For Manufacturers Embracing The Cloud

In the manufacturing industry, efficiency and adaptability are paramount. However, many small to medium-sized businesses struggle because they are using several different applications to manage their day-to-day operations. Inadequate and outdated software can have a huge impact on not just the productivity of manufacturing businesses, but also their decision-making capabilities and flexibility in unpredictable markets.

Instead of adding new applications to your already complicated system, it’s beneficial to invest in a comprehensive solution that covers the whole supply chain. This is particularly useful if your current applications are incompatible and you have limited visibility of vital business information. Manufacturing businesses of all sizes can transform how they do things by simply introducing NetSuite’s ERP solution. This cloud-based system can help you overcome common challenges experienced throughout the manufacturing industry.

Below we have explored why so many businesses are embracing cloud ERP systems and the benefits of swapping your tangled web of applications for one singular system. For anyone new to ERP solutions, we have also put together some advice for making the switch to NetSuite.

 

The Benefits of Embracing Cloud ERP Software

Moving away from your old way of working can be quite daunting and the thought of a complex ERP implementation can put you off wanting to replace your current applications. However, the NetSuite ERP benefits are impossible to ignore and this 100% cloud-based system can combine all of your separate systems into one efficient solution.

 

  • Access to Real-Time DataData Access

Often, old systems will only provide end-of-month reports and accessing up-to-date data is virtually impossible. With cloud ERP, you can access real-time data from any location, which is particularly useful if your business has expanded and opened new locations or if some employees now work remotely. When you have real-time visibility, you can say goodbye to error-prone and out-of-date reports. You will have the information and insights you need to make important business decisions at your fingertips.

 

  • Improved Efficiency

EfficiencyHaving to manually transfer data between platforms can be a waste of time and it’s infuriating for employees, suppliers and customers alike. ERP systems help streamline operations by integrating all business processes and removing the need for spreadsheets or paperwork. From accounting to order fulfilment, all of your data will be kept on a single platform. You can significantly speed up processes and reduce the risk of human error when you move to a comprehensive NetSuite ERP solution.

 

  • Cost-EffectiveLower Costs

Although there are up-front costs associated with a new business management solution, cloud ERP software eliminates the need for expensive system maintenance. You won’t have to monitor lots of different applications or have team members trained in each system you use, resulting in significant cost savings. Not to mention, you can ensure that no sales opportunities are being missed due to inconsistencies across applications or hard-to-access data, improving the overall profitability of your business.

 

  • Collaboration and Flexibility

CollaborationWhen teams are currently using several applications to complete one job or doing more work outside of your system than in it, a comprehensive ERP platform is revolutionary. By integrating various departments on one platform, cloud ERP platforms will make it easy for everyone to do their job. Collaboration and coordination among teams will be seamless, and employees can work from anywhere while still accessing the information they need. You will no longer need to worry about your ability to adapt quickly to changing conditions.

 

  • ScalabilityScalable

With the right software solutions at the core of your business, you won’t have to spend as much time overcoming problems with your technology and finding ways to adapt processes to fit your applications. NetSuite ERP enables you to focus on business operations and you will have everything you need to stay ahead of the competition. As your business grows, your cloud ERP systems can easily scale up to accommodate more users, product lines or operational locations too. So, you can seize new opportunities whenever they arise.

 

Things to Remember When Moving to a Cloud-Based Platform

Moving to a cloud-based ERP solution is a significant step for any business. While it promises several benefits, there are some key factors to consider during your transition to NetSuite to ensure a smooth and successful implementation;

 

  • Understand Your Business Needs

Understand RequirementsBefore choosing a cloud-based ERP solution for your manufacturing business, it’s important to take some time to understand your business’s unique requirements. Identify the problems with your existing applications and clarify what you want to achieve with the new ERP solution. This can help to ensure you’re selecting the right solution for your business at this moment in time.

 

 

  • Choose the Right PartnerBusiness Partner

Not all cloud ERP solutions are created equal. Make sure you’re searching for a NetSuite partner to assist you with your ERP implementation. Conduct thorough research when choosing a partner too, considering their reputation, customer service and customisation capabilities. Experience in delivering manufacturing projects should be a key determining factor. Discuss any concerns you may have about moving to a new system with the partner and ensure they have a solution to all of your needs.

 

  • Provide Training and Support

TrainingTransitioning to a new system can be challenging for staff. Ensure that your team is fully equipped with everything they need for a successful move to NetSuite. Provide training sessions to key team members so they know how to use the new system. You may want to consider starting with the basics when you have an ERP system and adding functionality as needed to improve the ease of transitioning too.

 

 

  • Learn More About NetSuite ERPLearn about NetSuite

There is no denying that if your manufacturing business currently uses several different applications, it’s worth investigating the option to move to a comprehensive cloud-based platform. An ERP system can transform the way you work and the benefits of NetSuite can have a direct impact on business success. If you have any questions about NetSuite ERP or the process of implementing a new system into your business operations, our team at OSSM are happy to help.

 

As a leading NetSuite solution provider, we know how much of a difference ERP systems can make and we have collaborated with an array of companies over the years to help them reap the benefits of a comprehensive cloud-based solution. Our team is passionate about delivering flexible, long-lasting systems and you will be in very good hands when you contact us.

 

Download our NetSuite Guide below to find out more about the signs that indicate your current applications are letting your business down and when you should consider upgrading to a cloud ERP system.

Manufacturing for NetSuite

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Key Additions To Any CFO's Checklist

Key Additions To Any CFO’s Checklist

The role of a Chief Financial Officer (CFO) is dynamic and demanding. This position is at the heart of an organisation’s financial operations and it has changed a lot over the years. A CFO’s day-to-day activities encompass a vast range of responsibilities, from monitoring key metrics to strategic financial planning. However, there is always more that can be done to drive a business forward. After all, the CFO plays a pivotal role in shaping the financial health and overall success of the organisation.

 For CFOs looking for ways to not only improve their organisation’s financials but stay abreast with other aspects of the business and cement themselves as strategic stakeholders, we have created a list of key additions to a CFO’s checklist. While there might not be enough hours in every workday for these tasks, finding time to incorporate them into your workload can help to improve your professional performance as well as the performance of the business.

Team MeetingsHost Frequent Meetings With Team Members

There is no denying that communication is essential in business and as they’re in a leadership role, a CFO should keep in touch with their team. To improve communication throughout your department, it’s beneficial to host meetings with your team on a more regular basis. Not only do these meetings provide you with an opportunity to support your team with any concerns they may have, but it enables you to offer coaching to aid ongoing development.

In addition to hosting meetings within your department, you should find time to stay up-to-date with other aspects of the business too. Improving communication between departments can help others to understand how they impact the overall financial performance of the business. By openly discussing with different departments how their decisions can affect cash flow for the whole business, you can ensure everyone is on the same page. Improving communication can have a positive impact on financials moving forward.

Automate More Processes and Daily TasksAutomate Tasks 

All CFOs should be using technology to their advantage on a day-to-day basis. Automating time-consuming and error-prone tasks is a great way not just to improve productivity, but boost the organisation’s bottom line. During financially challenging times, automating business processes can help to reduce the need for hiring more employees too. You may be surprised by just how many different tasks you can automate with the right technology.

It’s not just the finance department that should be automating tasks either. Introducing more efficient ways of working throughout the organisation can have a huge impact on budgets. So, new software and systems should be seen as an investment. Using technology throughout the whole supply chain can assist with everything from inventory management to faster decision-making, boosting overall business performance.

 

Social MediaBe Proactive on Social Media

In this digital day and age, it’s more important than ever for CFOs to maintain their personal brand. Using platforms like LinkedIn, CFOs can stay up-to-date with the latest financial news and get involved in conversations with other industry professionals.

Regularly updating your LinkedIn profile with qualifications and awards is always beneficial, and you should be proactive in connecting with other financial professionals in your industry. In addition to commenting on other professionals’ posts on LinkedIn, consider writing your own posts. This is a great way to engage with other CFOs and boost your profile. Think of social media platforms like LinkedIn as a modern alternative to networking events.

 

Keep in Touch With Other DepartmentsDepartments

As mentioned above, a CFO needs to communicate with other departments and educate them on the impact their decisions have on the business as a whole. However, as head of the finance department, you should also take some time to learn more about the struggles faced by different departments and the inefficiencies they’re experiencing.

Encouraging the whole finance team to engage in conversations with people from other departments can provide you with invaluable insights into what’s going on in the rest of the organisation. Simple ‘water-cooler chats’ during coffee breaks or lunches can help you to learn more about the challenges, priorities and goals of different departments. As a CFO, this puts you in a better position to collaborate with others and make decisions that benefit the business.

Analytics and DataProvide Analytics Beyond the Finance Department

Tracking a range of Key Performance Indicators (KPIs) across the business can help you to understand how the organisation is performing in real time. Not only should you be tracking financial KPIs, but there is an array of operational KPIs that can help to improve business processes and support data-driven decision-making.

Helping other departments understand the data and analytics that are available to the finance team, and use these to improve their operations can have a positive impact on the business. Providing departments with KPI graphs, for example, can simplify information and help to improve their understanding of current performance from a financial perspective. When you provide different departments with straightforward analysis of KPIs, you can ensure that everyone is working together toward the same goal of improving the bottom line.

Download our guide to the top 20 KPI’s your business needs: 

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business growthInvest in New Technologies

Should you find that your technology is no longer working efficiently for your business, investing in new systems can transform your day-to-day operations. When trying to automate more processes, you may find that you don’t currently have the capabilities to streamline everyday tasks and this can highlight the need for new technologies. With such a huge array of options on the market now, there is a software solution that can improve every aspect of your business.

Making the right technology investments at the right time can transform the way different departments operate and in turn, the organisation’s financial situation. Implementing powerful and intelligent software like NetSuite has proven time and time again to change the way organisations do business. NetSuite solutions can improve efficiency by simplifying and streamlining complex processes across various departments. Not to mention, these flexible, cloud-based solutions offer unparalleled transparency. By bringing a new level of intelligence to your organisation, NetSuite can boost your bottom line.

 

ConsultancyConsulting a NetSuite Partner in Ireland

As a modern-day CFO, adding the above tasks to your checklist can help you to ensure you remain a strategic advisor that’s benefiting the whole business. Remember, finance directly impacts every department and CFOs can improve an organisation’s long-term profitability and prospects. If you’re interested in finding out more about how you can use technology to support both financial management and business management as a whole, contact our team at OSSM.

We are leading NetSuite consulting partners. Our expert team understands that all businesses have different problems and our consulting services can help you to determine the best systems for your specific needs. The creative and flexible NetSuite solutions we provide can help to improve your business both now and long into the future. We genuinely care about the outcomes of our projects, and we are passionate about helping our clients implement changes within their organisation.

Click below to download this guide to the top 20 best KPI’s for your business:

 

 Make or Break Metrics

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The Impact of Inventory Control on Cash Flow

How Tighter Inventory Control Can Improve Cash Flow

A healthy cash flow is crucial for businesses, especially during challenging economic climates when many are concerned about their near-term future. In uncertain times, businesses often experience a reduction in revenue, while expenses and operating costs remain constant or even start to rise. Without adequate cash reserves, businesses may struggle to meet their financial obligations and finance teams need to go back to basics, carefully review their finances and properly manage their cash flow.

For any business that buys and sells products, inventory control plays a huge role in cash flow. It’s key to ensure that you have the necessary resources to sustain operations and meet demand, but this can result in money being tied up in inventory. If you’re looking to optimise your cash flow, minimising expenses related to buying, holding and selling items is key, and the importance of improving inventory management shouldn’t be underestimated.

Fortunately, having tighter inventory control can help to improve cash flow and if you’re concerned about the current economic climate, now is the time to focus on your inventory. Below we have explored how inventory management can help with cash flow and how NetSuite can support inventory-related savings.

 

The Impact of Inventory Control on Cash Flow

Cash Flow AnalysisInventory is a significant investment for companies and managing inventory levels can have a direct impact on cash flow.

One of the main ways that inventory control affects cash flow is through the cash tied up in inventory. When a business purchases inventory, it ties up cash that could otherwise be used for other purposes. Additionally, maintaining high levels of inventory can result in increased storage and holding costs, which further drain cash reserves. On the other hand, too little inventory can lead to lost sales and lost revenue. If a business is unable to meet customer demand due to low inventory levels, customers may take their business elsewhere.

Effective inventory control involves finding the right balance between having enough inventory to meet customer demand and minimising the amount of cash tied up in inventory. By finding the right balance, businesses can maximise their financial resources and better position themselves for long-term success.

 

Revolutionising Inventory Management with NetSuite ERPInventory Mgt Software

Businesses can use technology to help manage inventory levels and optimise cash flow, like NetSuite. Inventory management software can provide businesses with the insight they need into their inventory levels and help to identify opportunities for cost savings. By using technology to manage inventory, businesses can make informed decisions about when to order inventory, how much to order and how to allocate resources more effectively.

NetSuite’s comprehensive Enterprise Resource Planning (ERP) solution provides businesses with financial management and inventory management in a single system. This enables you to see how your inventory is affecting your financials, and it makes it easier to understand the impact that these two key components have on day-to-day business operations as well as one another. Using NetSuite cloud ERP can revolutionise inventory control by;

 

  • Analysing Sales Data

Analysing DataA popular strategy for effective inventory control is to analyse sales data and identify products that are slow-moving or have a low-profit margin. This enables you to reduce the inventory levels of those items and concentrate on items that contribute most to your bottom line.

NetSuite will help you to strategically manage your inventory levels and minimise the amount of cash tied up in inventory without losing sales or sacrificing customer satisfaction. The user-friendly dashboards make it easy to access real-time data and the consolidated reporting enables you to analyse historical data. It will be easy to track things like sales trends and margins, so you know which SKUs are profit-makers and need to be pushed.

 

  • Forecasting DemandForecasting Demand

To prevent you from ordering too much or too little inventory, it’s essential to have accurate forecasts. When you order the right amount of specific items, you can ensure that you’re able to meet demand but you’re not stuck with unsold stock, increasing your bottom line.

When you use NetSuite ERP software to your advantage, you will have access to the mission-critical data you need to make better decisions. You can create accurate reports about inventory levels and performance, and use these to support purchase decisions. It will be much easier to ensure you have the right amount of inventory at the right time and NetSuite forecasts can meet the complex needs of different businesses.

 

  • Monitoring Inventory Levels

Monitor Stock LevelsHaving ‘safety stock’ is important regardless of which sector you operate in. However, incorrect or outdated safety stock targets can result in holding too much stock. When money is tied up in safety stock, it can’t be used elsewhere and inventory levels could be draining cash reserves.

Integrating NetSuite software into business processes can help you to monitor inventory levels and ensure that safety stock is kept up-to-date. By taking into consideration things such as historical and seasonal demand as well as supply chain predictability, the accuracy of safety stock targets can be improved. NetSuite can also calculate reorder points, helping to ensure you’re always holding the right amount of inventory.

 

  • Improving Inventory DataImproving Inventory Data

 To improve inventory control, it’s essential to ensure the numbers in your system match on-hand quantities. Far too often inventory isn’t accounted for and businesses don’t have accurate data, which causes an abundance of problems later down the line.

 

NetSuite ERP can be used to increase the reliability and accuracy of inventory data, and it will be easier than ever before to update inventory records. You can perform cycle counts as well as full inventory counts with this smart business software, and counts can be adapted to your specific needs. When you account for inventory properly, you can avoid discrepancies and make decisions based on accurate inventory data.

 

  • Reducing Fulfilment Costs

Multiple LocationsWhen you operate across multiple locations, knowing the location of your inventory is crucial and it can help to support fulfilment decisions. By shipping from the best locations, you can reduce shipping costs and boost your profit margins.

Using a comprehensive ERP system like NetSuite can help to improve real-time visibility across locations. You can also save a considerable amount of time and effort by removing the need for manual order reviews, and the system will automatically assign orders to the best shipping locations. Making better fulfilment decisions won’t just reduce shipping costs, but it will also reduce shipping times which can have a knock-on effect on customer satisfaction.

 

Working With a NetSuite Business Partner in Ireland

Ultimately, improving inventory management is key to improving cash flow and it’s undoubtedly worthwhile focusing on inventory control if you want to free up cash for other purposes. If you’re interested in NetSuite business software and you’re wondering how it can benefit your operations, don’t hesitate to contact our team at OSSM. We collaborate with businesses across a range of industries and help them to overcome unique challenges.

As a trusted NetSuite Solution Provider in Ireland, you can rely on us to deliver flexible and long-lasting cloud solutions. Our team will happily assist you with your NetSuite project and help you to establish the best solutions to your needs. We can even provide you with a NetSuite product tour to help you determine whether it’s the right option for your business.

 

Why not explore our NetSuite Guide?

Improve Cash Flow to gain valuable knowledge and practical guidance on optimising your inventory management practices.

 Inventory Control Guide_Image

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Tracking Key Performance Indicators (KPIs) for Business Success

The Importance of Tracking KPI’s

We run our business based on a core set of KPI’s relevant to our business and our industry. The value of being able to spot deviations at a glance and be able to tweak as we go means that there are no big shocks, just some small bumps that need smoothing out every now and then. Staying on track is so much easier to achieve when there is a track to follow in the first place.

Before we get deeper into this topic, let’s first of all take a look at what KPIs actually are. KPIs, or Key Performance Indicators, are performance measurements that allow businesses to track the progress of their goals and objectives. These indicators are hugely beneficial as they are used to assess the effectiveness of strategies, operations and performance.

 

Understanding and tracking KPIs is key to not just meeting objectives, but business growth as a whole and the more you can learn about the success of your current operations, the better a position you will be in to drive your business forward. Making data-driven decisions without KPI data can be time-consuming and complex.

Below we have shared our thoughts on KPIs and have listed some widely used KPIs that are worth tracking, regardless of what industry you operate in.

 

KPI Predictive AnalyticsWhy should businesses track KPIs?

KPIs are more than just numbers, they’re an invaluable insight into how well your business is performing and they can provide you with an accurate snapshot into various aspects of your operations. By tracking KPIs, you can better understand your strengths and weaknesses, measure progress and make any necessary adjustments to stay competitive. Having a core set of KPIs to identify areas for improvement can help you to make better changes to day-to-day operations and ensure your business stays on track.

As well as analysing your own performance, KPIs are a great way to compare your business against your competitors and industry standards, helping you to make better and more informed strategic decisions to help you stay one step ahead.

 

What can KPIs be used for?Mobile KPI

There are many different types of KPIs and they can all be useful for different reasons. Most commonly, KPIs are used to monitor the following:

  • Performance: Financial & Operational
  • Satisfaction: Customer & Employee

 

Every business has a different way of operating, so the KPIs you should track will be dependent on your overall business goals as well as the goals of different departments, teams and employees KPIs can also change over time, usually as your business objectives change and they can help you to determine whether you’re achieving your current goals.

We would suggest that it’s good practice to track both high-level KPIs that focus on overall performance and lower-level KPIs that focus on individual departments. Similarly, you should also track both leading and lagging KPIs, so you’re reflecting on past results as well as predicting future results.

 

KPI NotebookHow do you track KPIs?

Spreadsheets are great for so many things but tracking KPIs is not one of them. They can be time-consuming and prone to errors. It’s much easier to use tried-and-tested ERP software, especially as your business grows and you have more complex KPIs to track. Solutions such as NetSuite can provide you with all of the key data you need to calculate and track KPIs. KPI dashboards can be easily set up to present you with the information you require in real-time.

The integrated reporting and analytics capabilities within systems such as NetSuite make it easy to track KPIs and reporting will be more streamlined. You can even set up regular reports that provide you with the up-to-date data you need, so it couldn’t be easier to measure success.

 

Which KPIs should businesses be tracking?Online Business Analytics

 While KPIs will be business or industry specific, here are a few KPIs that are relevant to most businesses.

It’s recommended that businesses track financial KPIs, such as; ‘operating profit margin’ which shows the percentage of profit you make from operations and ‘budget Vs actual’ which compares your actual spend against budgeted amounts. Some operation KPIs are also incredibly useful, such as; ‘sell-through rate’ which compares the inventory sold to the amount of inventory ordered from a manufacturer and ‘perfect order rate’ which measures how many orders are shipped without issues like damage, inaccuracies or delays.

 

KPI with cog wheels-1Using NetSuite solutions to track KPIs

If you’re interested in finding out more about how NetSuite solutions can make it easier for you to track important KPIs, get in touch with our team at OSSM today. We have many years of experience helping our customers implement NetSuite software into their business operations and we provide solutions that completely transform what they do and how they do it. NetSuite’s SuiteSuccess software includes a bundle of pre-built industry-specific KPI’s built on best practices that can help set you off on the right track, quickly.

 

As an experienced NetSuite Partner in Ireland, we match our team and their expert skill sets to our customers’ needs and we provide tailored advice to help them overcome challenges. We’ve a huge amount of experience in the Manufacturing, Services, Distribution and Field Service sectors and we can provide you with a flexible and scalable NetSuite solution that helps you to track crucial KPIs and remain competitive in today’s fast-paced world.

 

To get a full list of the 20 most widely used KPIs that every growing business should track, download the NetSuite business guide below.

 

Make or Break Metrics - Click to Download

Prevent Injuries With a Field Service Management System

Improving Safety And Compliance With Field Service Management Software

CENTRALISING FIELD SERVICE MANAGEMENT SYSTEMS IS KEY 

Field service organisations ranging from HVAC to Medical and from Environmental to Facilities Management, provide specialised services to customers onsite, from installation and maintenance to repair and troubleshooting. There are many moving parts when it comes to managing, organising, scheduling, communicating and record keeping. While technicians go about carrying out their day-to-day jobs, it’s critical that jobs are carried out in full compliance. There’s no room for error as the consequences could be catastrophic.

Due to the nature of field service operations, it can be a struggle to keep all the balls in the air from operations and systems to finance, inventory, customer experience through to compliance. Managing all of these elements using docket books, sticky notes, whiteboards and spreadsheets is tricky at best, not to mention extremely risky, particularly when it comes to safety and compliance. It’s surprising to observe the extent at which ad-hoc systems and processes are being used by companies operating in this environment. Centralising data and automating processes to ensure that best practice is not only observed but is followed by every single employee or contractor is a must-have in today’s highly regulated environment. Purpose-built field service software can not only improve efficiency but also save organisations money across several business critical areas.

Completely unified solutions like Next Service for NetSuite are incredibly popular, their ability to cut costs and increase revenue means they have an impressive ROI for organisations of all sizes. In addition to improving things such as inventory management and customer experience, field service management software can even help to improve workplace safety and compliance. This is easy to overlook and it’s not often associated with field service systems, but staying fully compliant and reducing injuries can save organisations a considerable amount of money.

Below we have explored how you can not just enhance operational efficiencies with field service management solutions, but save money by remaining consistently compliant and safe.

Worker Health & SafetyPrevent Injuries With a Field Service Management System

Field technicians are often tasked with going into unknown environments to address unpredictable problems, and this can be a health and safety nightmare. There is a high level of risk associated with working in the field and it can be difficult to fully prepare for all eventualities. Two very common workplace safety challenges field service organisations face are; having to anticipate hazards at job sites and trying to prevent accidents with limited control.

There are several ways Next Service can help organisations better prepare their field staff to keep them safe whilst working. This powerful mobile field service solution provides field teams with all of the job information they need at their fingertips, removing some of the risks associated with the unknown. With several ways of collecting data, including using custom forms and questionnaires, field technicians won’t be going into work environments blind.

When data is captured and accumulated for health and safety purposes, field staff will have a better understanding of the environment they’re entering into and how they can work safely on the job site. They will know what they need to prepare for and bring with them to keep themselves safe, significantly reducing the likelihood of accidents and injuries. Field service management solutions can even be used to create checklists of safety measures that field technicians must follow, ensuring nothing important is being overlooked.

Eliminating the unknown with Next Service can reduce costs associated with workplace accidents and injuries. Keeping your team safe, wherever they may be working, can save your organisation a considerable amount of money in the long run. Not to mention, impressive safety records can help you to attract top talent and improve the customer experience, both of which can have a positive impact on your bottom line.

Prevent Violations With a Field Service Management SystemIndustrial Engineer Hard Hat 

Staying compliant has never been easier when you implement Next Service into your operations. One of the biggest benefits of field service management software is that it eliminates paper-and spreadsheet-based processes. Using digital checklists and forms makes it easier for field technicians to prove that they have followed all rules and regulations as they carry out their jobs. Having a clear audit trail can help your organisation to avoid compliance violations.

Although there are costs associated with keeping your organisation compliant, the costs associated with compliance infractions are much higher. Not only could your organisation be issued with fines if you’re not fully compliant, but the reputational damage caused by compliance problems can be significant. By supporting compliance, field service management solutions will pay for themselves over time and, in turn, help to increase profitability.

 

Engineer LaptopFinding the Best Field Service Management Software

Having a unified field service management solution ensures that data flows from the technician on a job all the way back to the finance department bringing many operational benefits, not least  improving safety and compliance. This paired with the other cost-saving benefits of Next Service can enable you to take your organisation to the next level. The return on investment of a field service management system makes the up-front cost of implementing it worthwhile.

If you’re interested in field service management software and you’d like to find out more about how it can impact your operations, don’t hesitate to contact us at OSSM. As a leading NetSuite Solution Provider and Next Service Channel Partner, we have the skills and expertise to help guide you towards the best solution for your business. The right software can bring a new level of intelligence to what you do with field service metrics at your fingertips. We can help to streamline your workflows and digitize your field service business with Next Service, software built on, and for, NetSuite.