In a world where everything's connected faster than you can say "Wi-Fi," upgrading your IT setup isn't just a nice-to-have - it's your ticket to staying in the game. Electronics companies aiming to cash in on global opportunities need to get their ducks in a row - product development, supply chains, manufacturing, and distribution all need to sing in harmony, or they might just hit a sour note in today's cutthroat markets.
Electronics manufacturers are in a global tug-of-war for market share. To keep their hats in the ring, they must dive headfirst into the tech ecosystem, hunting for the expertise to give their IT footprint a much-needed makeover. They need a tech environment as nimble as a cat on a hot tin roof to seize new business models. These days, electronics manufacturers are chasing new revenue streams, distribution networks, and ways to get their gadgets into eager hands, all while needing technology that can keep up with their ambitious pace.
How Do Mismanaged Business Processes Impact the Success of Electronics Manufacturers?
Leading electronics manufacturers have shared with that clunky back-office processes and outdated technology can lead to a few headaches that might affect long-term success, such as:
- High operational costs and inefficiencies – Spending too much time and money on manually handling business processes instead of focusing on what customers really need.
- Manual information exchange – Different software applications (like accounting, inventory management, warehouse management, and ecommerce) that don’t chat with each other in real-time.
- Lack of visibility into key business metrics – Struggling to report on profitability by customer or products because of juggling multiple systems and spreadsheets.
With these challenges, electronics manufacturers end up wasting precious time and resources. In today’s high-stakes business world, companies should be putting more energy into customer service and business strategy, rather than getting bogged down by manual processes. At the heart of these long-term success issues, there’s a common theme: electronics manufacturers relying on spreadsheets, outdated on-premise systems, multiple solutions, or even a mix of all three.
With NetSuite’s unified platform, electronics companies can stop wasting time and resources managing multiple data silos while gaining real-time visibility for insights into their business.
Successful electronics manufacturers know that upgrading their back-office technology is key to seizing new opportunities and streamlining operations for new product development, supplier management, lean manufacturing, and data-driven business decisions. Having this efficiency can be the difference between thriving and just getting by in today’s fast-paced business environment.
Comprehensive Financial Management: NetSuite Financials offer a complete view of receivables and payables. Businesses can automate the entire order-to-cash process and streamline the procure-to-pay and record-to-report processes. As a cloud-powered platform, NetSuite also provides real-time views of key, pre-built, easily customised financial reports, plus insights into budgeting, expense allocations, and amortisation. This, along with flexible revenue analysis—by customer, service, or product line—empowers businesses to make informed decisions. Finally, NetSuite offers tracking for the complete fixed asset lifecycle and reporting from acquisition to depreciation to retirement of those assets.
Inventory Management: NetSuite gives you smart control over your inventory, making sure you always have just the right amount of stock to meet your orders without overstocking. With NetSuite Inventory Management, you can:
- Steer clear of "stock-outs" to keep things running smoothly.
- Easily adjust reorder points and preferred stock levels based on lead times, past sales, or seasonal demand.
- Get real-time alerts when stock levels dip below your set thresholds.
Demand Planning: NetSuite’s demand planning tool is your go-to for predicting inventory needs based on past demand or sales forecasts. It’s a user-friendly tool that strikes the perfect balance between powerful features and simplicity, helping you manage your inventory like a pro.
Procurement: NetSuite Procurement lets you automate and simplify much of the purchasing process. You can manage vendor relationships effectively, streamline source-to-pay processes, and ensure everything is accurate and compliant.
Supply Chain Management (SCM): NetSuite has put a lot into its supply chain management, including:
- Product data management for handling changes that impact the supply chain.
- A supply chain control tower that gives you a central view of inventory across all your locations, helping you make smart decisions and communicate well with customers and suppliers.
- Inbound shipment management to consolidate multiple purchase orders into one container, making tracking and updates a breeze.
WIP and Routing: With NetSuite’s WIP and Routings, you can map out your manufacturing process, including the resources, time, and costs involved. This helps you see which resources are over or underused and gives you a full picture of process costs before they’re finalised.
Multiple Entity Management and Consolidation: NetSuite OneWorld helps electronics manufacturers with multiple locations streamline operations and get real-time insights at every level. With OneWorld, you can set up standard business processes and roll them out across your divisions with just a click. With support for over 190 currencies, 27 languages, and deployments in 203 countries, NetSuite OneWorld makes it easy to meet local needs and stay up-to-date with accounting standards and regulations.
Customer Relationship Management (CRM): As you grow and gain customers, NetSuite CRM ensures a smooth flow of information throughout the customer journey—from lead to opportunity, sales order, fulfillment, renewal, upsell, cross-sell, and support. It offers a real-time, 360-degree view of your customers, and with mobile tools, your team can access and update important data on the go.
Ecommerce: As the industry shifts towards direct-to-consumer sales and B2B portals, SuiteCommerce helps you create a unique, personalised, and engaging mobile and web experience.
Plus, the SuiteCloud development platform lets you create custom mobile apps for your unique business needs, and partner solutions extend mobile functionality no matter what platform you use.
A Roadmap to Success
With NetSuite, electronics manufacturers aren't just getting a software package—they're scoring a lifelong business buddy who's all about their success. Armed with industry-leading practices from over 20 years of collective implementation wisdom, NetSuite is ready to deliver value faster than you can say "plug and play." Plus, at Project Salsa we offer a consultative approach—from sales to implementation to support—ensuring your customer journey is smoother than a freshly polished circuit board.
We totally get the hurdles electronics manufacturers face in today’s market. As the pace of change revs up, NetSuite is here to keep you cruising on the highway to success.
