NetSuite is a powerful cloud-based business management software that can streamline the operations of wholesale distribution businesses. With features for inventory management, financial management, customer relationship management, and supply chain management, NetSuite is a one-stop shop for businesses looking to improve efficiency and increase profitability.
In this article, we’ll explore five ways NetSuite can streamline your wholesale business.
Streamlining Inventory Management
One of the most important aspects of any wholesale business is inventory management. NetSuite’s inventory management features allow businesses to track stock levels, set reorder points, and generate reports on inventory levels, usage, and turnover. This can improve efficiency and accuracy in tracking stock levels and ensure that businesses never run out of popular items.
However, NetSuite’s inventory management features go beyond simply tracking and setting reorder points. It also allows businesses to securely manage their inventory across multiple warehouses, as well as monitor stock costs and prices in different currencies. This global view of operations is one of the many reasons why more wholesale distribution businesses choose NetSuite.
Automating Financial Processes
Financial management is another crucial aspect of any business, not just wholesalers, and NetSuite’s financial management features can help automate many of these processes. With NetSuite, businesses can easily track expenses, generate invoices, and manage accounts payable and receivable. Automating these processes can save time and reduce errors, allowing businesses to focus on growing their operations.
Having a robust financial management system is critical for distributors. With NetSuite’s financial management features, businesses can easily generate accurate and up-to-date financial management reports, helping them keep on top of their business’s financial performance.
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Enhancing Customer Relationship Management
NetSuite’s CRM features allow businesses to manage customer interactions and sales in one central location. This can improve communication and lead to increased sales. The CRM module also helps distributors keep track of open quotes and opportunities with potential customers, as well as new leads that are awaiting contact.
NetSuite also offers 360-degree reporting on customer performance. This reporting shows users how customers have interacted with different departments, historical sales and payment information, as well as things like most purchased products or average monthly revenue. This functionality helps distributors to understand their customer’s behaviours better and gives them the opportunity to capitalise on new opportunities.
Optimising Supply Chain Management
NetSuite’s supply chain management features can help businesses improve the tracking and coordination of orders and deliveries. With NetSuite, businesses streamline purchase order creation and issuing, plan for deliveries, and easily manage supplier relationships.
Visibility is key when it comes to managing your supply chain effectively. NetSuite’s supply chain management module offers businesses a way to monitor the progress of orders and shipments in real time, helping them better manage their operations.
To Wrap Up
NetSuite is a powerful business management software that can streamline the operations of wholesale businesses. With features for inventory management, financial management, customer relationship management, and supply chain management, NetSuite can help businesses improve efficiency and increase profitability. If you’re interested in learning more about how NetSuite can help your business contact us to arrange a complimentary demonstration of the world’s leading ERP for wholesale distribution companies.