As a CFO of a hospitality company, you know how important it is to have efficient inventory management and streamlined manual processes in order to ensure smooth operations. NetSuite Hospitality Edition is an enterprise resource planning (ERP) system designed specifically for hospitality groups. It offers a complete business management platform to streamline operations, maintain control of costs and maximise profitability.
NetSuite’s comprehensive offering is designed to address the operational needs of hospitality companies across the globe. With its cloud-based design, it quickly integrates with existing systems and automates the manual processes that take up time and resources. It also provides a single source of truth for reporting and analytics, helping hospitality companies better understand their business and make data-driven decisions.
What is NetSuite for Hospitality?
NetSuite for Hospitality is a unified solution that replaces or integrates with multiple point solutions across the complete restaurant software ecosystem. With this software, hospitality groups can automate their purchasing processes, manage CRM, manage accounting as well as asset management and business intelligence in a single platform.
What makes NetSuite for Hospitality different from traditional hospitality software? Here are some of the key features:
- Comprehensive restaurant operations management
- Human resource management
- Point of sale integrations with leading hospitality solutions
- Advanced supply chain management
- Robust reporting tools
- Advanced inventory management
- Business intelligence & dashboards
Benefits of Implementing a Hospitality ERP
NetSuite’s hospitality-specific ERP provides an all-in-one solution for hospitality businesses, making it the perfect choice for companies looking to improve their operational and financial management.
NetSuite’s hospitality ERP also helps simplify asset management across a hospitality group’s entire restaurant asset lifecycle, from guest service dashboard and customer loyalty programmes to unified point of sale integration and unified supply chain. The system also provides robust reporting tools to enable restaurant owners and managers to easily run consolidated sales reporting, as well as business intelligence and franchise management capabilities. By implementing an end-to-end solution like NetSuite in hospitality businesses, customers can expect improved customer experience with a seamless transition from one task to the next.
Why NetSuite Is a Good Fit for the Hospitality Industry
NetSuite is a powerful solution designed to fit the needs of hospitality groups and streamline reporting. NetSuite can provide a complete restaurant reporting management solution, including a guest service dashboard, asset management dashboard, customer experience dashboard and restaurant operations dashboard, replacing spreadsheets and other reporting tools.
On top of removing the need for reporting solutions, NetSuite for hospitality also provides:
- The ability to run consolidated sales reporting from multiple channels and venues
- Streamlined purchasing processes
- Restaurant franchise management
- Accurate supply chain visibility and inventory control
- Point of sale integration with any hardware or software system
Streamline Accounting and Financial Management
NetSuite offers hospitality companies a comprehensive range of accounting and financial management solutions. With this technology, you can have visibility into the end-to-end performance of each restaurant within your hospitality group and make sure they are running optimally. You can also create a single, consolidated view of all your restaurants and their financial health.
Here’s an overview of some of the features that make NetSuite an invaluable asset for hospitality businesses:
- Streamlined Purchasing Processes: NetSuite provides integrated tools for purchasing, vendor management and inventory tracking with full visibility into purchase order status—allowing you to easily manage supplier contracts and purchasing processes.
- Franchise Management: With franchise operations, you need to be able to allocate costs quickly and track expenses across multiple restaurants. NetSuite helps you streamline franchise management by allowing you to gain insight into the performance of multiple franchised operations from a single system.
- Robust Reporting Tools: With powerful business intelligence capabilities, NetSuite allows for real-time analysis, trending and forecasting – giving you valuable insights into how your restaurants are performing at any given moment.
- Point of Sale Integration: Streamline data entry even with a unified solution that integrates seamlessly with your POS systems to ensure accuracy while eliminating labour-intensive manual processes.
Automate Restaurant and Hotel Inventory Management
Managing inventory is one of the most mission-critical components of efficient hospitality operations. With NetSuite, you can automate the entire process, from ordering to inventory tracking to sales reporting. NetSuite manages inventory across multiple locations and offers an advanced view of your entire stock portfolio. This helps make it easy to adjust supply and demand as needed, making sure you have the right amount of inventory throughout the year.
Optimise Procurement Processes
NetSuite also includes tools for managing purchasing processes so you can make smarter decisions about what products and supplies you need, when you need them, and how much is needed. In addition, it allows you to run consolidated sales reporting with custom dashboards that make it easy to manage different restaurant groups from a single system. This eliminates the need for multiple point solutions, saving time and money.
Enhance Customer Service With Intelligent Dashboards & Reports
NetSuite simplifies the experience for hospitality companies, allowing them to easily configure customer loyalty programmes, customer service dashboards, and other custom applications specific to their needs. What’s more, NetSuite’s mobile-friendly and intuitive design allows users to access customer data, sales, and inventory information directly from their fingertips. This means that restauranters can quickly and easily access key insights and make informed decisions on the go, leading to improved customer service and customer experiences.
Managed Your Venues and Subsidiaries in a Single Consolidated ERP
For those hospitality groups with multiple venues, subsidiaries and franchises under their umbrella, NetSuite provides a complete restaurant ERP to manage them all in one place. The unified solution rolls up all financials of the parent company and its associated subsidiaries into a single database, making it easier to run consolidated sales reporting and monitor buying processes across your entire business.
Integrate Your Solution to Other Hospitality Software Solutions
Hospitality companies need an efficient way to integrate their restaurant software solutions with their existing tools and analytics. NetSuite does just that, offering a modern technology platform that allows hospitality groups to connect all of their hardware and software systems to create a unified business management platform.
Why Hospitality Groups are Choosing NetSuite
Hospitality companies are choosing NetSuite because of its efficiency and affordability. NetSuite is designed to be highly customisable and scalable, allowing businesses to adjust the software as their needs grow. It also offers an array of tailored features for hospitality companies, such as integrations to point-of-sale systems, reservation management software and customer loyalty program tools.
Benefits of NetSuite for Hospitality
NetSuite’s cloud-based business management software can be beneficial for hospitality companies in a number of ways. Some of the top benefits of NetSuite for hospitality companies include:
Improved efficiency
NetSuite can help streamline and automate various business processes, such as financial management, inventory management, and order fulfilment, allowing hospitality companies to operate more efficiently and effectively.
Better customer experience
NetSuite’s customer relationship management (CRM) features can help hospitality companies provide a better customer experience by allowing them to easily manage customer interactions and track customer preferences and preferences.
Enhanced visibility and control
NetSuite provides real-time visibility into key business metrics and allows hospitality companies to quickly and easily access and analyse data, providing them with greater control over their operations.
Improved financial management
NetSuite’s financial management features can help hospitality companies improve their financial reporting and analysis, allowing them to make more informed business decisions and better manage their financial performance.
Increased scalability
Because NetSuite is a cloud-based solution, it can easily scale with the needs of a growing hospitality company, providing them with the flexibility and resources they need to expand and succeed.
Enhanced collaboration and communication
NetSuite’s collaboration and communication tools can help hospitality companies improve the sharing of information within their teams, allowing them to work more effectively and efficiently.
Case studies of successful implementations of NetSuite in the hospitality industry
Nelson Meers Group: Raising a glass to efficient processes and accurate reporting
Nelson Meers Group is a large hotel group based in Sydney with a portfolio of some of Sydney’s largest hotels. Prior to implementing NetSuite, the company managed the finance function with separate MYOB files for different venues making consolidation of month-end reports a long, time-consuming process.
Solotel: Bringing multiple venues under NetSuite to gain a single, consolidated view for management
Solotel is a third-generation hospitality business with over 30 unique venues across Sydney. Migration of their legacy accounting system over to NetSuite’s OneWorld allowed Solotel to view individual venues and the consolidated group at the same time, allowing a clearer picture of the company’s financial situation at any time.
Conclusion
In today’s hospitality industry climate, inefficient inventory management and manual processes no longer cut it. With NetSuite, hospitality groups can be sure that their business is backed by a secure, reliable, and modern system. NetSuite’s cloud-based ERP helps hospitality companies quickly and easily manage and streamline their operations, while providing the flexibility and scalability they need to meet the specific needs of their business.
In addition, the advanced reporting capabilities offer visibility into your operations to help you improve profitability and performance. By providing a single source of truth across all locations and departments, you can spend less time on manual processes and more time focused on what matters most – delivering exceptional customer experiences.
NetSuite is the complete hospitality solution, helping companies eliminate operational complexity, reduce costs, unlock financial insights, and scale up their operation with ease. With a suite of integrated applications, NetSuite unlocks the power of a completely connected hospitality business, so you can handle the business of hospitality with ease.
Interested in Learning More About NetSuite for Hospitality?
If you’re interested in learning more about how NetSuite can help your hospitality business, contact the experts at DWR for a free consultation and demo. Our team of experienced consultants are ready to provide you with the insight and guidance you need to make an informed decision about whether or not NetSuite is right for your business.
