For large food service businesses, an efficient supply chain is critical. With NetSuite for the Food Service Industry, companies can improve their supply chain processes and manage product distribution effectively. In this article, we will explore some of the most impactful features of NetSuite that can help food service businesses reduce costs, increase efficiency and ensure a consistent supply of ingredients and consumables to their restaurant locations.
Why do Food Service Businesses Need a Comprehensive ERP Solution?
For food service companies, managing the supply chain can be complicated. It involves dealing with multiple vendors, making sure ingredients are always in stock and ensuring timely delivery to restaurant locations. With NetSuite for the food service Industry, businesses have access to a host of features that make supply chain management simpler.
Also, because NetSuite allows for the creation of multiple entities/subsidiaries, food service head offices can get real-time visibility into inventory levels at each location, allowing for better forecasting and replenishment of supplies. This helps to ensure consistent stock levels across all restaurant locations.
NetSuite also provides tools such as advanced reporting, budgeting and analytics capabilities that help food service businesses make informed decisions on supply chain operations and monitor performance against set goals. Additionally, NetSuite’s cloud-based architecture ensures rapid scalability, meaning foods ervice businesses can quickly open new locations and scale their operations without the need for expensive upgrades.
Key Modules and Features of NetSuite for Food Service Companies
NetSuite is a modular system, meaning customers are able to select which modules they would like to use, and even upgrade modules in the future as business needs change. At its core, NetSuite is an accounting and ERP solution, however many advanced modules are available to expand the solution into an industry-aligned platform. Some of these modules include:
Advanced Inventory Management
NetSuite lets you automate inventory management and create a rule-based system for replenishing stock. One of the simplest ways to ensure supplies and ingredients are always available is to set up min/max points for your core inventory items. As inventory is allocated and consumed, NetSuite can either automatically send purchase orders with required delivery details or create a list of suggested purchase orders for manual review.
Purchase Order Management
NetSuite allows you to quickly create and process purchase orders. Additionally, the online vendor portal allows vendors to quickly view their open PO’s and submit invoices directly into the system, eliminating manual data entry and speeding up payment processing time.
For food service businesses who are managing warehouses, NetSuite also includes features such as pick/pack/ship capabilities, track-and-trace for shipments, and the ability to create delivery manifests. For perishable goods, NetSuite can track expiry dates of specific products and ensure warehouse staff are allocating items to orders with the shortest shelf-life. This helps to reduce waste and maintain freshness.
Accounting and Finance
As previously mentioned, NetSuite, at its core, is a robust cloud-based accounting solution, designed to cater for high-volume transactions. When implementing NetSuite, food service companies should pay special attention to customising forms to support fast data entry and automated data pre-population. This can save accounting teams countless hours, leading to a more efficient and productive accounting function overall.
Manufacturing Work Orders and Planning
For food service businesses that also manufacture some of their own ingredients or products, NetSuite can be extended to include Work Orders and WIP and Routing functionality, allowing NetSuite to replace legacy MRPs that may also be in use. The advantage of managing manufacturing processes on the platform is that other key business data, such as inventory levels and raw material availability can be combined with the powerful scheduling functionality to ensure your manufacturing operations run smoothly.
Top Benefits of NetSuite for Food Service Companies
NetSuite is an incredibly powerful platform that can provide a range of benefits to food service businesses. Some benefits to consider include:
Improve Efficiency and Reduce Costs
NetSuite streamlines business processes, eliminating manual data entry and time-consuming tasks. This allows your team to focus on more important tasks such as customer service and growth initiatives. Additionally, automating processes helps reduce costs associated with paper-based systems and manual data entry.
NetSuite’s cloud-based architecture provides great scalability, allowing you to quickly open new locations or expand operations without needing expensive upgrades. Each location can also be configured separately to meet the specific needs of a location, while still providing a unified view of operations.
NetSuite’s real-time analytics and reporting capabilities provide you with a holistic view of your entire business operation. This allows you to quickly spot areas for improvement, analyse trends and make informed decisions fast.
Centralised Data Visibility
NetSuite provides centralised visibility into key operational metrics of each department including warehouse management, accounting and finance, sales and marketing, logistics, manufacturing and service. With NetSuite, food service businesses can consolidate all legacy systems into a single platform, leading to greater data visibility and usability.
Integrates with Other Hospitality Management Software Packages
NetSuite is built on a modern, cloud-based technology platform, meaning that it can be integrated with a range of other hospitality management software packages, such as Point of Sale systems, kitchen management systems, booking and reservation systems and loyalty programme software. This allows you to take advantage of the features provided by each platform, with the added benefit of centralising information for better analysis.
”NetSuite allows for the creation of multiple entities/subsidiaries, food service head offices can get real-time visibility into inventory levels at each location, allowing for better forecasting and replenishment of supplies.Tiernan O'ConnorSales Director - DWR