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9 Ways CRM Boosts Customer Acquisition & Retention Strategies

Allan O'Donnell
May 19th, 2022

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Global search and social media advertising rose by an average of 45% in the 2021 financial year, as reported by Mi3. Cost increases aren’t limited to digital advertising either. As inflation creeps up, so do wage expectations. And with ongoing supply chain issues and climbing fuel costs, event budgets are also rising. With factors across the board contributing to higher cost of customer acquisition (COCA), you want to be sure that leads are turning into paying customers.

It’s also critical to ensure your customer retention stays high to keep your customer lifetime value (CLV) healthy. So how can you increase lead conversion while also boosting? It all comes down to experience. Customer experience, that is.

When you get the customer experience right from the outset, you stand to boost acquisition and retention. By focusing on the experience, you can also increase CLV. For example, Emplifi shows that 61% of buyers would pay at least 5% more if they knew they would receive an outstanding customer experience.

To nail the customer experience throughout the buyer lifecycle, from lead to customer advocacy, you need the right platform and processes. With CRM software, you can:

  • Target the right leads with the most relevant messaging.
  • Have value-driven conversations.
  • Better understand which potential and existing customers need focus.
  • Drive alignment between your sales, marketing, and customer service teams.
  • More effectively turn acquisition into long-term customer retention.

Before diving into 9 ways a CRM system will boost your customer acquisition and retention strategies, here’s a quick overview of what CRM means.

What is CRM Software?

CRM stands for Customer Relationship Management, but it could also be described as an experience management system. Three essential aspects of customer experience management include information, integration, and organisation.

A CRM system helps you log, track and consolidate all lead, prospect, and customer information. That data is made available to all stakeholders, who can then use the information to support and improve the buyer journey.

By integrating all data into one system, sales reps can leverage buying signals from multiple channels and explore cross-sell and upsell opportunities. In addition, feedback from sales and customer service managed in your CRM can deliver greater insights into the end-to-end customer experience, helping refine marketing campaigns and drive higher retention.

CRM software also keeps your teams highly organised with tasks, reminders, calendar entries, and more. With integrated information forming a 360-degree view of leads, prospects, and customers, CRM ensures that relevant, targeted customer interactions are organised and happening at the optimal times.

So how can CRM software improve customer acquisition and retention?

1 – Understanding your perfect customers

Before you even acquire a new lead, you need to have the correct targeting in place. Not every contact has a need for your products or services; and for those who do, it may not be the right time or the right fit. When your targeting is aligned with your ideal customers, however, you’ll dramatically increase the chance of doing business with them.

With a CRM system to log, track and consolidate customer data, you can gain valuable insights that help you target potential new customers much more effectively. For example, what do your existing customers look like? Why did they purchase from your company? And can they be sorted into categories that will help you target them in groups, such as age, geography, and interests? These types of data help you understand your perfect customers and how to segment your communications to potential new customers.

2 – Relevancy and value

As Gartner reports, an astounding 43% of B2B customers say they prefer not to interact with a sales rep at all. Almost half of your revenue generation pool wants to navigate the buyer journey alone. But what if you could ensure sales reps are always reaching out to leads, prospects, and customers with highly-targeted information based on individual needs, preferences, and stage of the buyer journey? What if every rep called customers about a recent webinar your customer attended or promotion for products they’ve shown great interest in, rather than trying to push an unrelated sale? The approach can change the conversation – and the outcome.

A single source of truth can empower sales reps with more informed, targeted conversations. By leveraging the integrated customer data that CRM collects and organises, you stand to see more customers answer your sales calls and messages – because they know the conversation will be relevant and valuable to them.

“Every time I place a call to a potential customer, I’m thinking about how I can add value to them. With the insights and organisation of data in NetSuite CRM, I know what’s most important. And that lets me connect with people on a whole new level.”

Michael Hart, Business Development Executive at DWR.

3 – Proactively answering sales questions

Sales teams have a lot of conversations and inherently collect a lot of information about potential and existing customers. If that data only stays in the salesperson’s brain, however, you lose the ability for everyone to better anticipate what customers need.

Your CRM software will help log, categorise, and view customer pain points, common queries, and recurring questions when set up correctly. You can then ready your sales teams with answers through analysis of that data – before the next lead or prospect has even asked the question. What better way to build confidence in your company right from the initial sales pitch?

As part of your CRM setup, also define how your teams will use it. The technology partner you work with to implement your CRM solution can customise the system to your current or desired processes. Give your sales team the tools to easily log, track and review the data you’re collecting on all your potential and new customers.

4 – Tailoring your communications

It’s not just sales teams that stand to understand customers at a deeper level using CRM. With a system that includes marketing automation and analysis, you can measure the most effective campaigns. You can also tailor communications to what’s important to each customer category by further segmenting your audiences.

Whether you’re marketing to leads about new product offerings or to customers who may be interested in upsells or cross-sells, keeping your communications targeted is sure to see much higher engagement.

A CRM solution like NetSuite is fully-integrated as part of its ERP platform. This includes consolidated information and functionality across sales, marketing, finance, inventory, customer service, and more.

5 – Process automation to sell more with less effort

https://dwr.com.au/wp-content/uploads/2022/03/DWR-NetSuite-ERP-Financial-Management-Software-Cash-managementYour processes are just as important as the platform in making your CRM solution a success. By automating lead management (including lead scoring) functions, you’ll build consistency, save time, and develop more significant insights.

It’s vital to focus efforts on the leads most likely to result in new business. Think about how you score and assign leads right now. CRM software streamlines these processes and, depending on the setup by your technology partner, can score every new lead based on predefined criteria and assign them directly to sales reps based on round-robin, sales territories, and more.

Sales rep follow-up time on new leads is also critical. A Harvard Business Review study, for instance, found that companies contacting potential customers within an hour of receiving a query were 7x more likely to qualify the lead. With your CRM system automatically routing new leads to sales reps and notifying them immediately, they can take fast action and increase their chances of closing the sale.

Nurturing those leads can also be automated with marketing campaigns, tailored to each buyer journey stage. Even sales follow-up activity can be automated post-campaign or manually scheduled to initiate highly-relevant discussions based on your marketing offers and content.

CRM software can enable effective lead scoring to make sense of lead data and prioritise sales activity. In addition, automation of targeted campaigns with sales follow-up triggers ensures your potential new customers have great experiences, right from the start, with relevant, personalised communications across all marketing and sales touchpoints.

6 – Progressing your pipeline

When your sales team is prospecting their leads database, they need adequate background and detail about those leads to have conversations that connect.

Pay close attention to how your sales reps are accessing lead information (and how much time it takes them). Do you have a system for centralising lead data across marketing and sales teams?

A CRM system empowers sales reps with a complete view of lead and prospect information. Teams store all prospect data in one place so it can be quickly accessed and leveraged when needed.

With the system and processes in place to effectively organise prospect data, reps can spend more time generating pipeline. Using a CRM, you’ll also be able to make better predictions about your pipeline activity. For example, with standard classifications for the likelihood of deal success, a CRM can give you weighted sales predictions based on more accurate pipeline data. These automatic calculations make predicting sales outcomes faster, easier, and far more accurate.

7 – Staying on track while sealing the cracks

https://dwr.com.au/wp-content/uploads/2022/03/DWR-NetSuite-ERP-Financial-Management-Software-Cash-managementYour teams need to be highly organised to ensure valuable communications are happening at the correct times. CRM software helps your sales, marketing, and customer service people stay on track with tasks, reminders, calendar entries, and more. Additionally, sales process automation takes the hard work out of organising follow-up tasks and progress reporting. With shared calendar views and dashboards with automatically updated KPIs and reminders, sales spend less time chasing information and more time selling.

Even more critically, everyone has a live view of leads, prospects, and customers to understand which contacts are at which stage of the buyer lifecycle – and the most recent actions that have been taken. A CRM system like NetSuite provides full tracking on every interaction and automates follow-up tasks and reminders to ensure nothing ever falls through the cracks.

“Providing an excellent customer experience is paramount for our business. So having a central source of information I can trust, across all customer touchpoints, is truly invaluable. At any time, I know how we’re performing and what the team needs to focus on. I can see it all in real-time on my NetSuite CRM dashboard view.”

Tiernan O’Connor, Director of Customer Engagement at DWR.

8 – Turning acquisition into long-term retention

It’s critical to understand your new customers – what their buyer journey was like and what could be improved in future. As part of the customer acquisition and onboarding process, consider customer surveys, introductions to account managers, or regular customer service check-ins to ensure your new customers have the best experience possible.

Automation of new customer communications can save you significant time while ensuring your customers are sent the information they need about your company. Whether this is a simple “how to contact us” email, links to knowledge base articles, or suggestions of complementary products and services, staying in contact with new customers can help turn them into long-term advocates.

9 – Continuously improving the customer experience

A Qualtrics survey of 1,292 executives from Australia, Canada, France, Germany, Japan, Singapore, U.K., and U.S., found that a staggering 89% of companies leading with customer experience performed financially better than their competitors. That’s why it’s vital to keep improving the experience.

It may sound like a lot to get a handle on. After all, experience applies to every touchpoint your customer has with your company. However, with one system tracking all interactions from lead to customer advocate, you can make sense of your important customer data and understand what’s working (or not working) at each stage of the buyer journey.

CRM software can help you analyse and understand your customers’ experiences. Then, you can use that data to inform decisions on how to adjust products, services, and processes around engaging with customers.

To consistently grow revenue, you need to continuously improve the customer experience. Ensure you have the platform and the processes to do exactly that.

Taking the next step

With many external factors contributing to higher cost of customer acquisition (COCA), it’s more important than ever to target the right leads with the right conversations to increase conversion. It’s also essential that customer retention stays high for a healthy customer lifetime value (CLV) and higher profitability. 

To boost customer acquisition retention, focus on providing an outstanding customer experience at every touchpoint. A CRM system is the platform to support your efforts, keep you on track, and bring greater understanding of your customers. When implemented by experts, optimised processes and automation will also help you realise ROI faster and do more with less effort.

To take the next step and understand if a CRM system is right for your business, organise your quick Q&A session with a CRM expert.

Why CRM Software Is Vital to Your Revenue Generation Strategy

CRM

Get your in-depth CRM business guide with detail about:

✔️ The 7 signs your business needs a CRM now.
✔️ Managing leads, pipeline, and forecasting more effectively.
✔️ How sales teams can improve the customer experience and boost revenue.

And a lot more to uncover. Download your in-depth CRM guide now.

 

 

See our brief video overview of NetSuite CRM functionality

This quick NetSuite CRM video overview details how to empower your sales team to sell more.

The pace of change has accelerated exponentially in recent years. The pandemic heavily impacted how we live and work, forcing businesses to adapt rapidly. Many companies that focused on updating their technology not only survived but thrived.

The 2022-2023 federal budget highlights the need for continued technology investment with additional tax deductions on offer. $1.6bn in tax revenue will be put towards supporting tech investment. In addition, SMEs with an aggregated annual turnover of less than $50 million will be eligible for the Small Business Technology Investment Boost and Small Business Skills and Training Boost schemes.

Federal-Budget-Tax-Deduction-Bonus-for-Cloud-Technology-Investment-01In his budget speech, Treasurer Josh Frydenberg said he hoped these schemes would encourage small businesses “that are embracing the digital revolution” and reward them for investment in new technologies.

“Every hundred dollars these small businesses spend on digital technologies like cloud computing, e-invoicing, cybersecurity, and web design will see them get a $120 tax deduction,” Frydenberg said.

 

The Small Business Technology Investment Boost

Small businesses with under $50 million turnover will have access to an additional 20% bonus deduction for the cost of business technology expenses and depreciating assets. According to the ATO, “portable payment devices, cyber security systems or subscriptions to cloud based services” will all be covered.

The bonus deduction will apply to purchases made from 7:30 pm AEDT 29 March 2022 until 30 June 2023, up to a limit of $100,000 in expenditure per year. These deductions include expenses for cloud ERP systems.

 

Small Business Skills and Training Boost

Small businesses can also access a 20% bonus deduction for eligible external training courses to upskill employees and help businesses “become more productive and competitive”, according to Frydenberg.

For every $100 spent on external training courses for employees, the business can claim a $120 tax deduction. There is no spending limit for deductions on training courses at the 120% bonus rate. Still, rules will apply, such as the course being run by an external education provider registered in Australia. Internal or on-the-job training initiatives are not eligible.

This bonus scheme will apply to eligible skills and training expenditure incurred in the period commencing from 7:30 pm AEDT 29 March 2022 until 30 June 2024.

See the full details of the Small Business Technology Investment Boost and Small Business Skills and Training Boost at ato.gov.au

 

A cloud technology platform for business growth

NetSuite is one cloud ERP solution that is designed as a platform for business growth.

Blog-Why-ERP-is-the-foundation-what-is-an-ERPMany companies add single-use systems to their infrastructure over time, such as an accounting system, a separate inventory system, a separate CRM, and so on. However, running several disconnected systems in parallel introduces a range of issues – particularly as a business grows.

Data needs to be exported from one system, re-imported into another, consolidated, checked, and re-checked to get an accurate picture of finances and operations across the company. Many companies rely on complex spreadsheets for reporting, though this also means relying on static, often-outdated data. As a result, systems and processes start slowing you down when they should be helping you grow faster.

NetSuite is a core technology platform that brings together all core business functions. Inventory, CRM, sales and marketing, project management, HR, and more are managed within a single system. Key advantages of using a single ERP system include:

  • You gain an accurate, real-time view of business performance.
  • Manual, repetitive work like re-entering and re-checking static data is eliminated.
  • With a reduced manual workload, your team can focus on strategic initiatives
  • Live dashboards with KPIs and report snapshots help you make faster, more informed decisions.
  • Secure, cloud-based access enables decision-makers to react quickly to changes, wherever they are.

Learn more about why ERP is the foundation of business growth or get a live demo of cloud technology with an expert now.

 

How DWR can help maximise your technology investment

Implementation

https://dwr.com.au/wp-content/uploads/2022/03/DWR-NetSuite-ERP-Financial-Management-Software-Cash-managementThe implementation of an ERP is just as important as selecting the right technology platform. When set up by a team of cloud technology experts, company-wide, streamlined processes are put in place. This approach puts everyone on the same page, increases digital process efficiency, and creates a holistic solution that enables rapid scalability.

To maximise the ROI of your ERP investment, DWR takes a personalised approach. The team listens, understands, and takes a considered approach to solve current problems and set up best practices for long-term business transformation. Crucial areas which DWR focus on to deliver implementation value include:

  • Time-saving automation that increases your company’s bandwidth
  • Streamlined processes for high-performance operations
  • Live, consolidated reporting that empowers decision-makers

 

Training

Whether you’re considering a new ERP implementation or running an existing NetSuite instance, user training is essential to maximise your long-term ROI. DWR can tailor training options to your specific needs, which may involve: 

  • New starter training to work effectively with NetSuite, faster
  • System admin training to stay up-to-date with NetSuite processes, form customisations, reporting, workflows, and more.
  • Optimising your existing setup and configuration
  • Automation of business processes
  • Industry-specific system configuration

DWR’s lasting relationships with customers are driven by a passion for consistently adding value to new and existing implementations. So book a live demo of NetSuite or get in touch with an expert now.

Small Business Digital Transformation Strategies

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Australian small businesses are under immense pressure in the current environment.

Find out 3 digital transformation growth strategies that small businesses should prioritise right now to gain a competitive advantage.

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NetSuite Technology

NetSuite vs MYOB Advanced – Which ERP System for Growth?

Allan O'Donnell
March 11th, 2022

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Supply chain disruptions and various unexpected challenges have severely affected the modern business landscape. In 2022, it’s critical for businesses to re-focus on strategic growth initiatives – and the technology to supporting faster growth.

According to Gartner, IT spending is projected to total USD $4.5 trillion in 2022, an increase of 5.1% from 2021. More specifically, enterprise software is estimated at 14.4%, 11.0%, and 11.9% growth respectively for 2021, 2022, and 2023. It’s clear that enterprise resource planning (ERP) software is now a key strategic focus for companies moving from critical IT spend to long-term growth initiatives.

Not all ERP systems are created equally, however. Your choice of ERP can significantly change the outcomes and ROI derived from ERP software investment. And that, in turn, has a profound impact on profitability.

Many growing businesses looking for the right ERP solution will often compare two well-known players: NetSuite vs MYOB Advanced. Read on for an in-depth look at the differences between these two ERP systems to understand which will support your business most effectively.

What is an ERP system?

The adage, “The whole is greater than the sum of its parts”, isn’t exactly as Aristotle first penned it. However, the original expression has changed over time and has become applicable to more than just metaphysics. For example, when applied to modern business management software, it describes ERP software perfectly.

Companies using multiple systems often end up with disjointed processes. For example, sales use one system and follow one process, finance follows another, customer service another, and so on. This process complexity becomes a roadblock when your company begins to scale its operations.

ERP (Enterprise Resource Planning) is a single software application that manages all core functions of a company and its operations. When used effectively, it also helps companies operate more efficiently, profitably, and become much more than the sum of its parts.

An ERP system acts as the central source of truth. The application becomes the single back-end platform bringing together all core business functions. Inventory, CRM, sales and marketing, project management, HR, and more are managed within one ERP system.

What is NetSuite?

NetSuite is a cloud ERP system that enables companies to manage all core business functions within a single, cloud-based platform. The company was founded in 1998 by Evan Goldberg, with the backing of Oracle’s executive chairman Larry Ellison. Mr Goldberg is currently the Executive Vice President of Oracle NetSuite.

NetSuite is widely considered to be the first cloud computing software company and a pioneer of SaaS technology. The company’s 14,000+ employees support over 28,000 customers worldwide. NetSuite cloud software replaces basic accounting software that can limit business growth, streamlines operations, and delivers real-time visibility to make decisions more strategic and companies more efficient and profitable.

What is MYOB Advanced?

MYOB Advanced is a version of the Acumatica ERP system, modified for the Australian market. Acumatica was founded in 2008 by John Howell, Serguei Beloussov and Mike Chtchelkonogov. A small team of employees from Parallels were developing a billing solution platform and believed the technology was well suited to the ERP market. Mike Chtchelkonogov started the conversation to create a split company from Parallels, creating Acumatica to focus solely on ERP software.

The initial billing solution is now the Financial Management module of Acumatica, and the company currently has 350+ employees. According to some reports, Acumatica has between 6000 and 8000 customers, though it does not publish its customer numbers. Acumatica was acquired in 2019 by private equity fund EQT Partners. The company, which started in Moscow, Russia, has seen a relocation to rented headquarters in Northern Virginia, and then most recently to Bellevue, Washington.

NetSuite and MYOB Advanced features comparison

Feature Comparison MYOB Advanced NetSuite
Core Financials Yes Yes
Project Accounting Yes Yes
Inventory Management Yes Yes
Warehouse Management Yes Yes
CRM Yes Yes
eCommerce No Yes
Multi-currency, multi-language Yes Yes
Subsidiary Management Yes Yes
PSA No Yes
Support Company and partner Company and partner
Development Based on the Acumatica platform NetSuite-driven development
Upgrades Frequent minor upgrades with major upgrades once or twice per year Two defined major upgrades per year, each announced months in advance
Hosting Australian AWS servers Global NetSuite owned data centres with 2 x Australian data centres
Security
  • Distributed denial of service safeguards
  • End-to-end HTTPS encryption
  • Two-factor authentication
  • Continuous, dedicated security monitoring
  • Strong 256-bit encryption
  • Role-level access and idle disconnect
  •  Location-based IP address restrictions
  • Application-only access
  • Strong password rules
  • Two-factor authentication
Customisation API connectivity to integrate MYOB Advanced with other  applications. MYOB Marketplace also includes 70+ apps that integrate directly with MYOB Advanced. Limitless open API connectivity to integrate NetSuite with other applications. The NetSuite SuiteApp marketplace also includes 600+ apps that integrate directly with NetSuite.

Platform upgrades and enhancements

MYOB Advanced updates and enhancements

Based on Acumatica, MYOB Advanced states that it has frequent minor upgrades, delivered throughout the year according to an MYOB schedule. These upgrades generally do not result in system downtime, though may require downtime during a weekly maintenance window to implement. Major upgrades are stated to happen once or twice a year as advised by MYOB and are highly likely to result in downtime. Clients are also advised to confirm that any customisations, extensions, and add-ons operate as expected post-upgrade. Learn more about MYOB’s update process here.

The latest MYOB Advanced release 2022 R1 is set to include updates to the mobile user interface, Gl transaction validation, and reporting support for customers with entities in multiple countries. Read more about these updates here.

NetSuite updates and enhancements

NetSuite manages and controls the update and release process. The company publishes an in-depth guide for its 2 x scheduled major release updates per year. In addition, NetSuite’s technical experts thoroughly test all new and updated functionality. NetSuite also advises customers to test customisations and extensions for added certainty.

NetSuite’s 2022.1 release included major additions to cash flow visibility and management, project management, and warehouse operations efficiencies. Find out more about these Cash 360, Project 360 and warehouse updates here.

ERP vendor sustainability

When deciding on which ERP vendor is right for your needs, you should also consider long term vendor sustainability. Your chosen ERP will contain business-critical data across all core operations. Therefore, you want confidence that your data and the system housing it will be around for the life of your operations. Large, well-established software companies can bring added security and peace of mind to the management of your business data.

NetSuite began its operations in 1998 (the same year Google was founded) as a cloud ERP company. And it’s still going strong as the world’s leading cloud ERP vendor today.

“Oracle and NetSuite cloud applications are complementary, and will coexist in the marketplace forever,” said Mark Hurd, Chief Executive Officer, Oracle. “We intend to invest heavily in both products-engineering and distribution.”

“NetSuite will benefit from Oracle’s global scale and reach to accelerate the availability of our cloud solutions in more industries and more countries,” said Zach Nelson, Chief Executive Officer, NetSuite. “We are excited to join Oracle and accelerate our pace of innovation.”

And that’s precisely what has happened since Oracle’s acquisition of NetSuite. The company serves over 28,000 customers in more than 200 countries and is continually investing in keeping NetSuite ERP the first choice across the globe for growing companies.

Historically focussed on accounting and tax products for SMEs, MYOB launched its ERP solution, MYOB Advanced, in early 2015. As a modified version of the Acumatica ERP system, MYOB Advanced relies on continued development by the Acumatica team of 350+ employees.

Given that Acumatica came into the cloud ERP space a decade after NetSuite (2008 vs NetSuite’s 1998 foundations) and country-specific development of MYOB Advanced beginning in 2015, there’s a good deal of catching up to do. Whether the company can experience the same global expansion and longevity as NetSuite remains to be seen.

Weighing up suitability

ERP software is directly in the spotlight as companies move from business-critical IT investment to long-term growth initiatives in 2022. So now is the perfect time to put ERP vendors under the microscope and weigh up suitability for your specific business needs.

The implementation of an ERP is just as important as the software itself. When set up by a team of cloud technology experts, company-wide best-practice processes are put in place. This approach puts everyone on the same page, increases digital process efficiency, and creates a holistic solution that enables rapid scalability. Automation of repetitive tasks can then be built into finance, supply chain, sales and marketing, inventory, and more. Real-time visibility across all business operations also leads to faster, more accurate decision-making.

If you’re interested in a NetSuite ERP solution, get in touch with the experienced team at DWR to learn how an award-winning NetSuite partner can support your growth story this year.

DWR is an experienced cloud technology provider who brings the right ERP technology, process framework, and business experts together. Our team has executed 250+ projects with a reputation for delivering on time and budget. Our lasting relationships with customers are driven by our passion for consistently adding value to ERP implementations – new and existing.

Talk to a NetSuite ERP expert today. And take the next step to leap ahead.

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NetSuite ERP 2022.1 Release – Top 3 Business Growth Features

Allan O'Donnell
February 9th, 2022

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In 2022, rapid adaptation is critical to achieving lasting success. The world isn’t the same place it was a few years ago, and it’s continuing to evolve quickly. Fortunately for businesses, technology like NetSuite ERP can help them stay a step ahead of market changes – and their competition.

The 1990s were big for the tech industry. Linux, which runs internet servers and is the underlying platform of Android, was launched in 1991. Netflix was founded in 1997 and has since revolutionised how we consume entertainment content. And 1998 saw two cloud giants open their doors – Google and NetSuite.

As a company that’s been growing since the 90s, NetSuite has been through a significant evolution. This year, it continues its journey by helping its customers grow and adapt to ever-changing business needs. As an Australian NetSuite partner, the team of cloud experts at DWR are excited to see major updates in the upcoming 2022.1 release. Our team’s top priority is helping customers amplify success – now and in the long term. This update will further help us meet that priority and deliver even more value to every customer from their NetSuite ERP investment.

We’ll take a look at the top 3 highlights that will support business growth in a rapidly changing market. The release is packed with features to help your company better understand cash flow and financial forecasting. Project management and visibility also see substantial improvements. And, there’s a strong focus on boosting the efficiency of warehouse operations.

NetSuite cash flow and financial forecasting features

Cash flow has come into even greater focus since the pandemic hit. And while the immediate response of many CEOs and CFOs was to focus on financial survival, 2022 sees many moving from cash preservation to cash maximisation mindsets.

In uncertain times, additional cash flow can prevent a company’s financial resources from drying up. As Gary Wiessinger, SVP of product management at Oracle NetSuite, illustrates, “Insufficient cash flow is the main reason new businesses fail in the first five years, but despite it being such a critical area, many businesses struggle with cash management due to poor visibility and an inability to accurately forecast.”

Now, executives have more opportunities to manage and maximise cash effectively. NetSuite has recognised this and brings Cash 360 to the table. It’s an automated solution embedded within NetSuite that shows finance teams their cash balance, AP and AR in one real-time NetSuite dashboard. That single dashboard makes cash flow visibility crystal-clear, displaying current cash flow trends and a rolling six-month cash flow forecast that will enable more informed and agile decision-making.

“NetSuite Cash 360 turns a complex process into a simple one by giving customers everything they need to effectively manage cash flow to help ensure they have the cash reserves to maintain day-to-day operations, pay employees and suppliers, fund sales and marketing efforts, service debt, acquire capital equipment, and make other long-term investments.” Explains Wiessinger.

With Cash 360, accounting and FP&A (financial planning and analysis) teams can also add events including loan, asset purchase and receivables factoring, which are then added into the cash projection.

NetSuite also adds a new tool – Cash Flow Forecasting – which leverages multiple data points, including funding sources, planned expenditures, sales forecasts, and billing schedules to increase forecast accuracy. In addition, historical averages can be applied to current AR and AP transaction data to estimate collection and disbursement amounts.

Cash Flow Forecasting is a fully-configurable solution that allows companies to incorporate one-time cash inflows and outflows, like financing or capital investments, into the forecasting process. This improved flexibility creates a better projection of cash needs and greater clarity over the company’s liquidity position.

With greater clarity of cash flow and more accurate forecasting, NetSuite Cash 360 gives companies the financial confidence to focus on business growth initiatives.

Project management improvements to deliver projects on time and budget

For service companies that manage projects, visibility is key to keeping everything on track, billed, and managed correctly. Gary Wiessinger, SVP of product management at Oracle NetSuite, explains, “One of the biggest challenges facing services businesses is lack of visibility into project status, budget, and forecast, which hinders project managers’ ability to easily gauge project health and act if needed.”

NetSuite’s new Project 360 dashboard consolidates all project elements in a unified workspace. The dashboard delivers a real-time view of actuals vs budget, resource utilisation, and other crucial project KPIs. Exception alerts and focus pages for detailed KPI data further help project managers evaluate and make proactive adjustments to keep projects running efficiently. Consistent delivery of projects on time and budget is now more achievable than ever, especially when running multiple projects concurrently.

Wiessinger elaborates, “At NetSuite, we pride ourselves in delivering what we call ‘Suiteness’ for our customers, which is our unique ability to unify insights and actions across their entire business. Project 360 is a perfect example of this by providing customers with a unified view across projects, customers, employees, and financials, enabling project managers to be more proactive and take steps to keep projects on time and on budget.”

Additionally, Project 360 brings new, customisable invoice templates with line-item formatting to meet the specific needs of clients and projects. Granular backing sheets also include consultant time postings, subcontractor costs, and more. These customer-focused enhancements deliver greater project detail on invoices, leading to quicker approvals – and ultimately, faster payment.

Project 360 will help project managers to optimise projects through advanced project functions, including:

  • Project Budget Analysis – Project Managers can see if there’s sufficient remaining budget for project completion through spend and allocation analysis. Project Forecast Estimate at Completion (EAC) also calculates if project delivery will happen within the original budget.
  • Project Profitability – Analysis of whether profitability is being met on projects, taking recognised revenue and total costs to date into account.
  • Project Resourcing – New visualisations of project resources in a “social view” with names and images of the project team, and visualisation of the Gantt chart and time spent by resources against project assignment totals.
  • Project Billing – Project managers can easily correct and re-submit invoices to clients with a real-time view of currently billable and yet to be billed items.
  • Project Health and Status – Faster access to specific project health and status information, including billing and revenue, budgets, resourcing and planning, and financials.

Project 360 will help service companies build a robust reputation for delivering projects on time and budget, and in turn, grow their customer base more rapidly.

More efficient warehouse operations with new mobile enhancements

For wholesale distributors and inventory-carrying businesses, stock management across multiple locations with many SKUs can be a manually-intensive, often chaotic process. Relying on static spreadsheets can result in increased errors, splintered data, and a massive amount of manual work that slows down stock turn.

NetSuite’s Warehouse Management System (WMS) optimises operations through advanced automation and warehouse features, including mobile RF barcode scanning, putaway and picking strategies, cycle count plans, and more.

Zone pick and merge functionality is an exciting addition to NetSuite WMS in the 2022.1 release. As part of single or multi-order picking processes, pickers can be assigned to optimised zones, then merged for staging. The zone pick and merge function can increase flexibility for varying numbers of pickers, reduce picker movement and cut down redundant work.

Productivity is boosted with new capabilities to find and print time labels from any screen with NetSuite WMS and quickly see order and wave picking statuses. Paperless wave filtering and single actions to release multiple waves also speed up processing significantly.

Finally, NetSuite Pack Station improvements allow unit weights to be changed quickly between pounds or kilograms, boosting accuracy and efficiency. Packing operators can now also check packing instructions before starting packing. Additionally, bulk pack and unpack allows “Ship As Is” items and individually-shipped items to be selected for bulk packing.

With NetSuite WMS and NetSuite Pack Station improvements, companies can significantly boost the efficiency of warehouse operations, increase stock turn, and grow faster.

Have you made the leap?

Rapid adaptation is how many companies will achieve lasting success in 2022 and beyond. As an Australian NetSuite partner, the DWR team is looking forward to the 2022.1 release that will help customers grow their businesses faster and amplify long-term success.

It’s impossible to predict how the year ahead will look. However, the highlights mentioned in this feature update will help companies better understand cash flow and financial forecasting, gain better visibility and management of projects, and boost the efficiency of warehouse operations.

If you’re yet to invest in a NetSuite solution, get in touch to learn how an award-winning NetSuite partner can help build your growth story this year.

DWR is an experienced cloud technology provider who brings the right ERP technology, process framework, and business experts together. Our team has executed 250+ projects with a reputation for delivering on time and budget. Our lasting relationships with customers are driven by our passion for consistently adding value to ERP implementations – new and existing.

Talk to a NetSuite ERP expert today. And take the next step to leap ahead.

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Latest News NetSuite Technology

NetSuite: First Cloud ERP to Integrate Fintech with SuiteBanking

Allan O'Donnell
October 25th, 2021

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Oracle NetSuite has just announced SuiteBanking – the first unified suite that embeds fintech into a cloud ERP system. SuiteBanking helps customers improve forecasting and make more strategic cash decisions by automating key financial processes and providing full visibility into cash flow.

SuiteBanking brings together automated accounts payable (AP) and accounts receivable (AR) processes, making it fast and easy to pay bills, send invoices, and get paid – all from within the one core ERP platform, NetSuite.

NetSuite-SuiteBanking-Announcement-Evan-Goldberg“Growing organisations cannot afford to have teams of people entering data, dealing with banks, monitoring transactions from multiple systems, and manually processing vendor payments. The time saved from automating these processes could be spent on strategic projects that help drive further growth for the organisation,” said Evan Goldberg, EVP, Oracle NetSuite. “SuiteBanking is the first step in bringing the worlds of ERP and fintech together. It will help our customers automate all of these processes in one single suite and increase visibility and control so they can maintain healthy cash flow as they grow.”

The key to realising significant time savings for finance teams is in removing the need to collect and normalise data from other departments and applications. Teams can now save dozens of hours every month and do more with fewer resources. The enhanced automation of SuiteBanking delivers better expense control, effectiveness of accounting processes, and more detailed insights, all from the one system. Cash flow is accelerated through enhanced AP and AR processes.

Leading international bank, HSBC, is the first SuiteBanking alliance partner to jump onboard with this exciting fintech innovation. Integration with banking partners will give NetSuite customers convenient access to a wide variety of financial services, including a global digital wallet and virtual payment card.

“At the core of it is AP and AR automation, accelerating productivity through efficiency, less entering of data, less dealing directly with the with the bank, less manual matching of transaction.”

With SuiteBanking, NetSuite customers are able to improve the following cash flow processes:

  • Accounts Payable: Helps customers accelerate accounts payable processes with automated invoice scanning and general ledger code assignment, three-way invoice matching, and automated outbound payments. Customers can see multiple payment options and select the preferred method for each vendor. For example, they can choose either the fastest or the least expensive option.
  • Accounts Receivable: Helps customers increase on-time payments, reduce days sales outstanding, and improve the efficiency of billing staff. The new Payment Link feature makes it easier for customers to receive payment by including a “pay now” option on electronic invoices. Multiple payment methods are supported, including credit/debit card, ACH transfer, or a third-party payment provider like PayPal. In addition, customers can automate the creation and scheduling of invoices and increase collections by sending payment reminders automatically.

Goldberg also revealed, “There’s a full portal called MyAccount, which lets them manage all of their invoices and other information that resides in NetSuite, 24×7, on the web.”

  • Bank Reconciliation: Helps customers eliminate manual, error-prone, and time-consuming tasks and accurately match transactions with their organization’s bank account. Customers gain improved cash flow visibility through real-time insight into the status of inbound and outbound payments. In addition, customers are able to increase the accuracy of accounting data by matching and reconciling cleared transactions more often and are able to gain a better understanding of their current cash position so they know how much cash is available in their accounts at all times.
  • Spend Management: Helps customers control corporate spend through better visibility and reporting capabilities. It enables customers to create approval workflows to fit their organization’s structure and customise expense policy rules to flag expenses that need a manager’s review. In addition, budget validation capabilities help managers avoid overspending by automatically comparing open purchase requests to available budget and alerting to potential budget overages prior to approval. Budget versus actuals reporting also helps managers control spending by comparing actual expenses against budgets in real time.
  • Expense Management: Helps customers control costs, enforce internal policies and procedures, and improve the timeliness and accuracy of employee expense reports. Customers can pay vendors that accept credit cards directly out of NetSuite via their SuiteBanking virtual payment card, which extends payment terms and relieves cash flow. Customers can also better manage business expenses by using the virtual card to cover employee expenses or corporate credit card charges. Expenses are captured and submitted electronically and automatically flow into NetSuite, eliminating double entry and accounting errors. In addition, customers receive cash back rewards on all transactions when using the virtual card to make payments.
  • International Payments: Provides customers with a global digital wallet to make and accept payments from a single account, utilizing HSBC’s global footprint and presence in more than 60 countries, instead of using country-specific payment providers that result in separate AP processes. This makes it easy for customers to make and receive international payments and removes the complexities of opening and managing multiple foreign bank accounts.
  • Access to Working Capital: Helps improve cash flow by giving customers a convenient way to convert unpaid invoices into cash. NetSuite enables quick, convenient access to additional working capital with accounts receivable financing.

Learn more about amplifying your success with innovative ERP technology, implemented by an award-winning NetSuite partner.

Take the next step to leap ahead.

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Latest News NetSuite

Australian Ethical Enables Fast Growth with NetSuite ERP System

Allan O'Donnell
October 13th, 2021

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Since 1986, Australian Ethical (AE) has grown its customers’ finances while positively impacting people, animals, and the planet. The company does this by investing responsibly in ethical companies that are contributing to a more sustainable future. This approach also generates long-term value for its customers. The success of this ASX listed company (ASX: AEF) is built on the principle that money can be used to create a better future for us all.

AE has 80+ staff and manages over $6 billion for 70,000+ clients (managed fund investors and funded superannuation members). The company has experienced rapid growth.

AE recognised the critical role of business systems to amplify success and support growth goals. As a result, the company launched an internal project, “FIT 4 GROWTH”, to review its current systems capability and identify the technology framework needed to support faster growth. The company focused on cloud-based, mobile-native solutions that would also provide longevity in a fast-moving technology environment.

Australian-Ethical-NetSuite-ERP-System-DWR-NetSuite-Partner-01To understand how a NetSuite ERP system could support the company’s goals and drive tangible outcomes, AE invited DWR Consulting, an award-winning NetSuite ERP partner, to engage in an RFP (request for proposal) process.

DWR demonstrated the robust financial and operational consolidation capabilities of NetSuite. “The business growth of Australian Ethical is already impressive”, says Nigel Wooden, Managing Director of DWR. “The efficient multi-entity management of NetSuite will now help the company streamline and consolidate its operations. In addition, strong on-platform planning and budgeting capabilities and better financial insights will support accelerated growth moving forward.”

NetSuite is a cloud ERP platform that delivers real-time financial insights with live, role-based dashboards views. NetSuite’s innovative cloud-based financial solution, customisable report snapshots, KPIs, alerts, and reminders are all available from a single dashboard.

Australian-Ethical-NetSuite-ERP-System-DWR-NetSuite-Partner-01NetSuite also connects seamlessly via an open API to any external system. This connectivity will allow AE to consolidate external data into the core NetSuite platform to provide additional flexibility and future-proofing. Regardless of other built-for-purpose systems that are brought into AE’s technology infrastructure, the company can continue to build its single source of truth for all critical business data.

AE is now preparing for the implementation of a NetSuite Financials First Premium edition with NetSuite Planning and Budgeting Cloud Services (PBCS). The company is anticipating even faster growth, now supported by a future-focused cloud ERP implementation.

DWR looks forward to supporting AE’s business goals and enabling tangible outcomes for this high-growth company well into the future.


The right technology partner is just as important as the right ERP system. An experienced partner will tailor the solution to your business needs and focus on the outcomes, not just deliver the software.

DWR provides the tools and experience to amplify success; by bringing the right ERP technology, process framework, and team of business experts together. Talk to a technology expert about your business goals and challenges today.

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Latest News NetSuite

Oracle NetSuite Named a Leader in Gartner Magic Quadrant

Allan O'Donnell
July 30th, 2021

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Choosing a core business platform can be a daunting task. You need to consider which systems will support your business now, and as it scales in the future.

A critical component of system selection is future-proofing. You don’t want to re-implement a platform to suit evolving needs down the track. SMEs and growing businesses, therefore, need a central system that allows them to start with the right foundation, scale, and continually refine operations.

The Gartner Magic Quadrant gives a strong indication of industry-leading solutions bringing the vision and execution that growing companies need.

Blog-Why-ERP-is-the-foundation-problem-solvingOracle NetSuite has once again been named a Leader in 2021 Gartner Magic Quadrant for Cloud Core Financial Management Suites for Midsize, Large and Global Enterprises, marking the fourth year in a row NetSuite has received the honour.

NetSuite delivers the core system and ecosystem for continued growth. NetSuite brings a SuiteSuccess Starter edition that’s made for rapid implementation, infinite scalability, and over 570 integrated applications in its SuiteApp.com marketplace.

NetSuite is one of only four vendors in the Leaders Quadrant and is recognized for its Completeness of vision and ability to execute.

The Stamford, Conn.-based research firm has cited an increase in inquiries, noting, “Inquiry levels for 2021 are up, showing that this market is resilient, as many organizations seek to move to more modern solutions from their legacy and outdated on-premises, license-based solutions.

“Organizations see the allure of new tools, but some are still not ready for a typical six- to 24-month project (sometimes longer) due to restrictions around funding, working remotely and overall unpreparedness. As a result, many projects that selected solutions targeting legacy system replacement in 2020 and 2021 have been postponed, but will be ramping up shortly in the remainder of 2021 and in 2022.”

In fact, NetSuite now counts more than 24,000 customers in more than 215 countries and territories and territories and more than 570 complementary applications on its SuiteApp.com marketplace.

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NetSuite Technology

Why ERP is the Foundation of Business Growth

Allan O'Donnell
July 14th, 2021

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How strong are your business’ foundations?

In building construction, the foundation does the hard work. It must be strong enough to support the whole structure. And, it needs to withstand external forces such as the building’s load and internal forces such as stresses placed on the structure.

Every business has external and internal forces acting against it.

Throughout COVID-19 many companies felt the load of restrictions and economic uncertainty adding stress to the business structure. However, those with solid foundations stood a much better chance against tumultuous conditions.

A company is built on its business management software, its processes, and its people. An ERP system links all of these aspects together to create a strong foundation for your business growth.

What is an ERP system?

Blog-Why-ERP-is-the-foundation-what-is-an-ERPERP software (Enterprise Resource Planning) isn’t exactly a memorable acronym. The outcomes it creates, however, aren’t easily forgotten. ERP is essentially business management software that helps companies become more scalable, mobile, and profitable. It gives you clarity across all business operations that leads to faster, more accurate decision-making.

How does ERP work?

ERP provides one back-end platform that brings together all core business functions. Inventory, CRM, sales and marketing, project management, HR, and more are managed within one business application. Cloud ERP options can also connect seamlessly via API to any external system, while still building the one source of truth for all critical business data. See our 90-second explainer video about ERP systems for more information.

The original problem solver

Companies running multiple, disconnected systems will recognise some of these common problems:

  • Complex and disjointed processes begin to inhibit business growth
  • Time is spent on manual, repetitive low-value tasks
  • Financial decisions being made reactively on data that may be days or weeks old
  • Difficulty anticipating demand and adjusting to fluctuations
  • Poor visibility of the customer experience – and potential issues

How ERP solves business problems

Blog-Why-ERP-is-the-foundation-problem-solvingWhen implemented correctly, an ERP system isn’t another piece of software. Instead, it’s a foundation for your business that creates a solid framework of flexible processes. ERP becomes the lens through which you can clearly see your business operations, what’s working and what needs improvement.

The use of multiple systems often leads to disjointed processes. For example, sales follow one process, finance follows another, and so on. This process complexity becomes a significant roadblock when a company begins to scale its operations. Because an ERP system acts as the central source of truth, the implementation of company-wide best-practice processes happens during setup. With everyone on the same page, efficiency increases, and your company becomes quickly scalable.

If you’re in the growth phase, you may also notice the amount of time spent on low-value, manual tasks. ERP reduces this by automating repetitive tasks throughout supply chain, finance, sales and marketing, and more. Read more about how a NetSuite ERP system can automate tasks across the business.

ERP also gives you valuable, future-focused insights. Knowledge is power, as they say, and these insights are what create strong business growth. Just a few of these to touch on include:

Financial insights

The faster you can identify any adverse trends or unexpected changes, the sooner you can switch gears to minimise the impact. An ERP system brings together data from across the business into one system. Financial data from all operations can be related and reported on to power more informed decision-making.

CFOs and finance staff gain live visibility on any number of financial reports, consolidated onto role-based dashboards. These reports can be adjusted to any timeframe and filtered to any criteria as needed. For example, how is profitability for NSW vs VIC? How about the costs associated with a department this month vs last month? It’s all available at the click of a button. Reports can even be scheduled to arrive in an email inbox each morning to speed up your everyday workflow.

Stock and inventory insights

Blog-Why-ERP-is-the-foundation-stock-and-inventoryControl over warehouse operations is imperative for any growing business, and this is another area where ERP shines. With one system to understand sales demand, backorder and supply time, warehousing across multiple locations, and more, ERP brings control and visibility to make operations much more efficient. Purchasing, receipting, warehousing and sales demand all speak the same language with all information updated in real-time.

Live stock and warehouse performance information help you make fast decisions and stop potential stock-outs from happening. Stock differences between order and supply are also immediately visible, reducing the risk of impacting customer orders down the line.

The increased stock visibility lets you minimise the impact of unexpected changes. For example, when order demand fluctuates or supply delays happen, real-time reporting and tailored alerts help you react quickly. Automation also keeps you one step ahead with the ability to set min and max stock levels to manage supply better.

These features work together to improve warehouse operations, boost profitability and provide a better customer experience with faster supply times and fewer out-of-stock items.

Customer experience insights

Customers have more than one touchpoint with your company. It’s therefore vital to understand the customer experience across all touchpoints and the feedback various departments may be given. ERP includes robust CRM (Customer Relationship Management) functionality that provides 360-degree tracking and reporting on customer activity and experiences.

Does your marketing team know when customers receive consistently excellent customer service and when to approach them for case studies? Does your sales team know the last NPS scoring or when a missing order might flag an opportunity to show some extra care? All departments gain much better insight into the customer experience with a centralised system – at all touchpoints. So your organisation knows, as a whole, what the customer experience looks like and how to continuously improve it.

Start building the right foundations now

Blog-Why-ERP-is-the-foundation-start-buildingEveryone should be equipped to amplify their success; this starts with strong foundations to support continuous business growth. If you’re re-evaluating the strength of your current business systems, it’s the right time to consider ERP software.

It’s easy to feel overwhelmed when researching new business systems. There are a lot of options out there and even a lot of ERP systems. NetSuite is one option that’s used by over 26,000 customers worldwide and has 2 x local data centres in Australia. NetSuite is also an ERP solution with heavy ongoing investment by Oracle, which means continued improvements and development.

Regardless of the ERP platform you choose, the implementation process is critical to maximising value from your investment. There’s no such thing as a “one size fits all” business model, so an ERP system should fit your individual business needs. The right technology partner for an ERP implementation will take the time to understand your current systems and processes and create a tailored implementation plan that’s right for your company.

Take the next step to leap ahead

DWR delivers the tools to amplify success; by bringing the right ERP technology, process framework, and team of business experts together.

Take the next step now and have a chat with an ERP expert about your individual business needs.

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NetSuite

Create a better eCommerce customer experience with NetSuite

Tiernan OConnor
February 16th, 2021

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NetSuite is a highly-advanced, cloud-based Enterprise Resource Planning (ERP) tool that allows businesses to manage all of their key business processes in one centralised, integrated system. The system can be customised to the unique business requirements whether they are in eCommerce, retail, hospitality, manufacturing or wholesale distribution and can help facilitate long-term growth by bringing all the business processes under one platform.

Specifically, NetSuite can be integrated with an eCommerce platform for easier control of inventory, financial accounts, eCommerce store hosting, and CRM (customer relationship management) programs.

Listed below are some benefits of integrating NetSuite with your eCommerce platform:

Create fully customisable and professional-looking storefronts

In addition to providing an all-in-one eCommerce solution, NetSuite allows businesses to create customisable and professional-looking storefronts. NetSuite can connect with leading eCommerce storefronts such as Shopify, Magento, and Woocommerce and exchange sale and inventory data in real-time.  This creates greater efficiencies for sales reporting, inventory management and provides accurate, up-to-date financial data.

Build customer trust with accurate product and sales data

Accurate and real-time availability of product information is essential when building trust.  Customer expectations are changing, and the decision-making process has evolved as customers increasingly search product availability online, before visiting a store to purchase.  Research by Deloitte Consulting found that 84% of purchases were researched online at some point.  eCommerce businesses that have integrated stock availability in-store with their online storefronts are achieving strong sales growth by providing a better customer experience.

If customers see a product in-stock online and then visit a store to find the product is out of stock, customers lose trust and are likely to switch to another supplier.  By consolidating inventory data with your eCommerce platform, customers will always have accurate data relating to stock levels feel confident when shopping in the future.

Create an authentic Omnichannel experience

Another notable feature of NetSuite is that it helps you integrate all sales channels to build an omnichannel experience for customers.   The shopping experience used to begin and end by going into a store. Customers expect a seamless shopping experience as they browse and engage with an eCommerce retailer across multiple channels.

Customers also want flexible fulfilment options such as express delivery, in-store collect, or to be able to ship to a different location. Omnichannel provide that capability by centralising business information and presenting an integrated view to the customer.

Built-in PCI DSS compliant payments that secure customer card data

Protection from credit card fraud is a must for any eCommerce platform.  NetSuite connected websites come with secure payment gateway features that are Level 1, PCI DSS compliant with Payment the Card Industry Data Security Standards (PCI DSS). PCI DSS compliance is mandatory for any business collected customer payment data and is critical in preventing a data breach.

Streamlined order fulfilment

To streamline order fulfilment,  NetSuite also offers a workflow for order process automation. Such a streamlined order fulfilment process is tailored to fit the need of the company. This results in faster order fulfilment and delivery.

Similarly, NetSuite allows you to divide order fulfilment into different selection, packing and shipping phases. The UPS, FedEx and USPS simplified integration enable you to receive real-time rates, print shipping labels, get custom records and send tracking numbers—all from NetSuite.

Make customer experience your priority

It’s clear that NetSuite has vast benefits and can enhance the customer experience. By consolidating and centralising businesses processes under one system, businesses can present a consistent and accurate customer experience across all sales channels. As NetSuite’s highest growth partner in 2019, DWR has helped many companies gain greater visibility and deliver better customer experience through NetSuite implementations. If you would like to know how we can help, contact us today.

 

 

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NetSuite

NetSuite win announcement: Better Music – Online and Retail Music Store

Tiernan OConnor
February 9th, 2021

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The DWR team is pleased to announce a new contract has been won with Australia’s largest independent musical instrument retail store, Better Music Pty Ltd. This partnership will enable the company to utilise NetSuite’s cloud platform to build out the omnichannel business and modernise the technology stack for growth.

First opened over 40 years ago, Better Music is Australian owned and operated in Canberra, ACT. They provide the largest range of quality musical instruments, lowest prices and high levels of customer service to musicians of all skill levels across Australia.

In 2013 they opened their brand-new bricks and mortar store – the largest purpose-built musical instrument store in Australia.

Greg Soulsby, Managing Director explains, “The move to utilising NetSuite as our core ERP will allow us to take advantage of everything the cloud has to offer. Working with DRW, Vend and Magento using integrations will allow us to have a best in breed solution across retail, warehouse, finance and online”.

Tiernan O’Connor, Sales Director of DWR comments, “We are thrilled to be chosen as the implementation and integration partner for this project.  The 3 key platforms being rolled out will allow the team to get on with growing the business and we look forward to being part of the businesses success.”