5 reasons why manufacturing firms benefit from embracing the digital age of business management

The old adage “if you always do what you’ve always done, you’ll always get what you’ve always got” is an important lesson when it comes to achieving business expansion. Pair this with the monotony and frustration of doing things over and over again – and expecting to see different results – and it’s easy to see how companies can get caught in a growthless rut. However, with the world being turned upside down due to the pandemic, doing what you’ve always done is likely to result in you getting a lot less; customers want more in return for their loyalty and advocacy so it’s time to step up.

With the global economic bounce-back underway, manufacturing firms can take this time to revisit the customer experience – making it the stalwart of a futureproof business plan – and focus on future growth. Along with the many hurdles this economy brings to any global supply chain, coupled with the challenge of ensuring operational excellence within a distanced workforce, we explore the solution of cloud business management software in a little more detail. Here’s five reasons why a move to software like Oracle NetSuite can help manufacturers bolster productivity, navigate fast-changing landscapes, and prepare for future unknowns.

Discover what’s happening in your business, in real time

With data consolidated to one location, Oracle NetSuite delivers enhanced views and up-to-the-minute reporting for manufacturers – with more time freed up for the analysis of the information (as opposed to searching for it). The data acquired will also be less error-prone than before, providing a more accurate picture when it comes to decision making. From less rekeying of SKUs across multiple locations to reduced stock errors that impact the customer experience, quicker report running that’s scalable to your needs also means you won’t hit performance bottlenecks when crunching all your company data at once. This makes it possible to get a comprehensive view of all your business units in one single financial system, so that moving data – and the errors associated with it – becomes a thing of the past. This empowers your management teams with real-time insight into how your business is performing, which can mean the difference between barely surviving and thriving!

Have the right information where it’s needed, when you need it

As businesses continue to evolve through digital transformation, so do the expectations of eagle-eyed customers. Whether it’s the capacity to view real-time stock levels, confirm delivery schedules at the same time orders are placed, or the ability to call customer service minutes after their purchase (to add an extra line item); these are the things that Oracle NetSuite enables in your business, giving you the competitive edge. No longer will you have to put a customer on hold while their information is retrieved from another department, or promise to call them back while you find the notes from another colleague. While the customer may never complain about these issues specifically, they degrade the customer experience, leaving them more liable to turn to a vendor that wastes less of their time. You’ll also be in less situations where you disappoint a customer as you’ll have real-time stock information, with the ability to pre-empt any stock outages. Improved visibility for planners and buyers also ensures execution of the right safety stock levels, or set-up of the right inventory management systems such as Kanban for your manufacturing cells.

Automate manual processes and remove the need to reconcile data

As your business continues to grow – with new members joining your teams front, left and centre – you can no longer afford to operate on disparate systems. Instead, a single, fully automated platform ensures the workforce is always kept close to the action. Gone are days of cumbersome old spreadsheets that Bill from shipping created to check you were invoicing correctly at the end of the quarter! By embracing a suite of cloud-based ERP software, financial consolidation can align with other parts of the business – transforming those weekly and monthly reports into daily and hourly dashboards. It’s not just the essentials that benefit though; all the paraphernalia related to business life can be streamlined and integrated, enabling efficiency savings for employees. This could include the wait for expense claim approvals, the ability to reconcile routine contract signatures, and the budgeting process now relying on facts rather than guesswork.

Banish standalone financial systems to keep accounting closer to home

Greater transaction volumes at high speed are key to any business success, yet standalone financial systems – while having served their purpose in the past – now threaten to hinder this progress. With the ability to automate a limiting set of core accounting functions, these systems often buckle under the pressure – whether it’s customers, vendors or inventory items inevitably mounting up as businesses grow. Cloud software like Oracle NetSuite can eradicate the need for seeking short-term ‘quick fixes’ (that are often ineffective at even plugging these gaps). Providing enhanced SKU management and other complex processes such as recurring billing and invoicing from one centralised location, the implementation of cloud ERP software means less room for error. Integrated support for everyday functions – from making changes across matrix SKUs to adding new tax rates – also banishes the need for third-party applications designed to help finance staff navigate change within a business.

Make business results your focus with the right technology

All too often, the time and money spent on reviewing processes (and adopting temporary solutions that fail to deliver) can divert attention away from the end goal: your business results. With every new layer of software absorbed by your business, the infrastructure becomes less flexible and harder to change – in response to the ever-changing landscape! As an all-encompassing solution that enables manufacturers to keep pace with evolving technology and the needs of customers, Oracle NetSuite is flexible, agile and always current. Eliminating the overhead of underlying technology maintenance, cloud ERP software equips manufacturing firms with the tools to remain laser-focused. By streamlining processes via an integrated ‘mothership’, businesses can not only focus on results, but take time to consider how they might do things differently. With technology that is both hardworking and reliable, companies are better placed to seize the right opportunities as and when they come along as competitors within their field, whatever the future may bring.

Keen to learn more about Oracle NetSuite and how it could benefit your business? Whatever your requirements, our expert team is here to help implement the right solution for you. To discuss your needs further, call us on 0330 133 5000 or head to our call back form.