4 Things Wholesale Distributors Should Know About NetSuite

NetSuite is here to ease the common struggles wholesale distributors face

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In the current distribution landscape, wholesalers face all kinds of uphill battles. From resolving warehouse issues and unifying operations to eliminating silos in communication and other areas of potential human error, there are a lot of moving pieces to keep track of. Drop the ball in one area, and a problem that was just a small snag can quickly impact the rest of the wholesale distribution operation.

Some wholesalers move hundreds, if not thousands, of units per month. And successfully keeping track of all that activity - while simultaneously keeping partner and customer relations, financials and ecommerce processes humming along smoothly - is a challenge, to say the least.

In this type of environment, wholesalers could use a little help. Thankfully, NetSuite - which includes a comprehensive suite of tools to enable users to streamline their management functions from a single platform - is here to ease the common struggles wholesale distributors face.

Here are a few things you and your decision-making team need to know as you assess NetSuite for your business:

1. What NetSuite is and what it includes

You’ve probably heard of NetSuite before. Oracle has been a leading name in the enterprise resource planning industry for years. What’s more, our own research shows that NetSuite leads the pack in terms of cloud ERP solutions.

But what exactly does NetSuite offer?

While it’s typically billed as an enterprise resource planning software, NetSuite is so much more than that. For wholesale distributors specifically, NetSuite provides powerful features, including:

  • Financial management, including oversight for invoices, sales revenue and other critical areas.
  • Order and transaction management for online and offline channels. No transaction slips through the cracks here.
  • Warehouse management, including for overhead, cycle times, inventory, delivery schedules and so much more.
  • Omnichannel commerce capabilities, enabling wholesalers to see the span of their operations across all physical and digital channels.

And this is just the beginning. NetSuite is a user-friendly and scalable solution, so it can evolve right alongside your operations.

2. What kind of results NetSuite can provide

Now that we have a basic understanding of the features and capabilities of NetSuite, it’s important to translate these into tangible, business results. Don’t worry, we’ve done the heavy lifting for you here:

  • Financial management: Users report up to 5% improvement in gross margin performance, as well as as much as 55% reduced time to close financial books. These benefits, in turn, contribute to a 30-50% boost in the productivity of your accounting staff. That’s good for you, and good for your employees. And when accountants aren’t spending time hunting down financials just to close the books, they can focus their efforts on other, higher-value work.
  • Inventory management: This is a critical pain point, but it certainly doesn’t have to be. NetSuite can help reduce inventory costs by up to 30%, and cut planning cycle time by the same amount. But here’s where everything crystallizes: NetSuite users have also noted a 75-85% improvement in fulfillment rates and back orders.
  • Customer management: Users have also seen as much as 90% (yep, you read that right) improvement in delivery efficiency.

NetSuite spans the full spectrum of your business stakeholders: For managers and supervisors, the platform can boost their visibility and actionable insight by as much as 80%. And IT team members note a 75% reduction in support resource costs, as well as a 50-75% savings in business continuity and disaster recovery costs.

Basically, all these numbers mean that you can save a considerable amount of time and money with NetSuite on your side. And these are resources you can reallocate - remember how we touched on providing more time for accountants to devote to value-add work? That kind of benefit carries across your entire organisation, through your warehouse operations, your sales team, IT and beyond.

3. How it will impact your business

Numbers and stats are powerful, sure. But there are a few more things you should know about how a comprehensive enterprise resource planning platform like NetSuite can impact your management process, supply chain and the rest of your business.

NetSuite brings all of these key, yet formerly siloed functions together, including financials, marketing, inventory and customer relationship management. Having all of these functions accessible in a single platform boosts visibility and enables your staff to have the most detailed insight into the other areas of the business. After all, impacts like these often result in a domino effect - and in the case of NetSuite, this is a good thing.

Consider it this way: Improved inventory management can pave the way for more efficient fulfillment rates. Better fulfillment means quicker and more streamlined delivery, keeping your vendors more satisfied (and even impressed!) with your service capabilities.

And through NetSuite’s CRM module, you can track how every partner is doing. NetSuite can record each and every interaction with your partners and customers, from marketing through sales and service, and allow you to search and view all of this activity. This provides one of the most powerful and valuable resources you could ask for: a complete and comprehensive view of your customers.

4. How to select the right NetSuite partner

Now, here comes the tricky part - it’s absolutely critical to pick a NetSuite partner that can support you, your business and, by extension, all of your vendors.

Look for a partner that will support you every step of the way, from deployment and integration, through scalable expansion.

Here at Fusion5, we do more than sell and implement NetSuite. We help our clients establish and maintain a complete, comprehensive, future-proofed environment.

Reach out to us today through the panel below, or check out the Navigating Change worksheet we made for companies considering whether they need an ERP or not and how it could change their business.