Friday, June 09, 2017

Benefits of Inventory Item Costing

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Friday, June 02, 2017

Five Key Trends for the Modern Distributor

Hear from industry experts and NetSuite customers on the key trends facing modern distributors and how to turn them into opportunities.

To the untrained eye, distribution may appear to be a fairly straightforward industry—in reality, however, it is evolving more rapidly than ever before. From increased competition and changing business models to a barrage of new, innovative technologies, the way distributors do business is starkly different than it was even five years ago. In an age with such pronounced structural change and competitive pressures, to risk not changing is to risk failing.

There are five key trends distributors need to pay attention to as they adapt and innovate to the changing industry:

The modern consumer is always online – commerce is key for continued success.
Competition is everywhere and they are more innovative and tech-savvy than ever before.
Business models are rapidly changing as distributors explore new ways of going to market.
Investing in technology is critical for the success of every type of business, not just the Amazons of the world.
Enabling employee productivity—particularly among millennials—is critical for achieving long-term goals.

To access the rest of the ebook, download now.

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Friday, May 19, 2017

2017 Best Practices to Automate Your Warehouse

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Thursday, May 11, 2017

NXTurn Unveils Major Global ERP Enhancements with NetSuite

New Functionality Spans Global Financials, Revenue Recognition, Billing, SRP, SCM and GRC to Empower Companies Ready for Next

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Friday, May 05, 2017

Why Online Reviews Are So Important

A positive reputation is one of the most powerful marketing assets a business has to convince new customers to contact them. The social proof contained within reviews and star ratings helps consumers short cut their research and make decisions faster and with greater confidence than ever before. 
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Thursday, April 27, 2017

NetSuite announces SuitePeople: Core HR Solution

The SuitePeople experience ensures that your most valuable asset, your people, are effective, engaged and motivated.

NetSuite SuitePeople securely weaves people data throughout the Suite, giving businesses complete control over their Core HR processes. SuitePeople empowers Managers and HR professionals to streamline employee information, new hires, employee onboarding, payroll, promotions and compensation changes, all from a single Suite. While also enabling employees by providing them with the ability to request time-off, access employee directories and organization charts, monitor upcoming vacation schedules, monitor new hires, and publicly recognize peers for good work.
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Friday, April 21, 2017

NetSuite Certification Program: What do you need to know?

 


 

NetSuite started its Certification Program from 2013 with different beta exams. Since then, many more certifications have been added to the program.
 
Current Certifications
  1. SuiteFoundation: This certification serves as the perquisite of other certifications, and identifies individuals who have the necessary NetSuite knowledge to advance to next level certifications.
  2. Administrator: This certification identities individuals who have the necessary NetSuite knowledge to perform the day-to-day tasks of managing the application to meet the company's needs.
  3. ERP Consultant: This certification identities individuals who have the necessary NetSuite knowledge to lead NetSuite implementation for companies based on business requirements.
  4. SuiteCloud Developer: This certification identities individuals who have the necessary NetSuite knowledge and skills to design, customize and develop reliable performance solutions to extend and/or interact with NetSuite standard functionalities.
  5. SuiteCommerce Developer: This certification does not have any prerequisite. It identities individuals who have the necessary NetSuite knowledge and skills to design, customize and develop reliable performance solutions to extend and/or interact with NetSuite commerce applications.
  6. Financial User (Newest): This certification does not have any prerequisite. It identities individuals who have the necessary knowledge to understand core NetSuite accounting and finance functionality.

 

 

What your certified status can bring you:

  1. Accessing to LinkedIn Private Group(s) for specific certifications, so you can exchange thoughts and build networking.
  2. Usage of Certified Logo on your business card, web sites, email signature, LinkedIn profile for yourself and your company.
  3. Getting a percentage discount on scheduled NetSuite Training courses
  4. Being invited to New Release feature webinar sessions, and some other NetSuite targeted events.
  5. Getting advanced-access to new courses by attending NetSuite beta Training for free.
  6. Most importantly, being recognized a NetSuite guru with proven knowledge.

New Release Quiz

Certified individuals are required to take the New Release Quiz every year to maintain the certified status. This open book exam tests individuals on features noted on the Release Notes of the same year, and it usually start around October and you have about a month to take the exam. The exam is open book so most people will pass on the first try. Certified individuals take years of experiences, hard work and exams to pass the exam(s), so trust their proven knowledge to help your business through NetSuite.
 
With the right and knowledgeable professionals on board, your NetSuite project cost/time will be lessen, users can be trained with best practices, current messy business processes can be improved and help your business growth by folds. 
 
If you have any questions, please do not hesitate to ask any of NXTurn certified consultant.
 
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Monday, April 17, 2017

Manufacturing and Distribution in the Cloud: There's No Time Like the Present

 

 


There’s no time like the present, as manufacturers and wholesale distributors are in the midst of a digital revolution. With so many technologies changing the way things are done in the manufacturing world, the next few years figure to bring a significant "digital transformation" trend to the industry. 

IDC predicts that by the end of 2017, half of all manufacturers will be leveraging the cloud, mobility and advanced analytics to facilitate innovation on their shop floors. What's more, IDC expects that by the following year, 75 percent of manufacturers will have transformed their operations with digitally connected processes that improve responsiveness and productivity. Wherever you look in the manufacturing and wholesale distribution markets, companies are looking to transform for different reasons.
  • Food and beverage distributors are largely looking to get ahead of increasingly onerous regulatory and compliance requirements.
  • Consumer and industrial electronics manufacturers are focused on streamlining their supply chains to facilitate new product introductions.
  • And industrial supply firms are looking to bring new levels of efficiency to their business-to-business commerce channels.

Transformation a Matter of When, not If

With that backdrop, any manufacturer or wholesale distributor that isn't thinking about how to digitally transform its commerce model, or how to align its business strategy with the technologies that enable that transformation, is in danger of falling behind.
 
As a NetSuite partner, have had proven success with a combination of two strategies: Our "stairway to heaven" process, which helps our customers zero in on their best path to the cloud, and our SuiteSuccess program, which is designed to take companies from zero to cloud in 100 days or less. 
 

Finding Your Way to the Cloud

The stairway to heaven process will help manufacturers and wholesale distributors tackle a number of important questions, such as where their demand is coming from, how they can best facilitate that demand for the long term, and how they want to tie all the related data together. The answers to such questions can help a company choose the best cloud-based tools and deployment strategy to match its needs. 
 
NetSuite combines an agile approach, leading best practices, and a focus on risk mitigation to deliver a secure and disruptive solution that gives customers the competitive bang they're looking for. We also understand that migrating to the cloud is a big change, which is why we work with customers to gradually change behavior, and not just foist a new application onto old habits. We help companies best organize the sequence of the implementation to ensure the solution is up and running as quickly and effectively as possible.
 
We understand that speed is of the essence, but that our customers don't want to sacrifice effectiveness, which is why we take a preconfigured, holistic approach that enables us to deliver the quick time to value companies are looking for. 
 
Taking the time to make the right choices pre-deployment can make the difference between success and stagnancy. Most manufacturers choose to move to the cloud to simplify and gain the ability to focus more closely on their core business activities. When planned and deployed correctly, the cloud also gives CIOs the ability to affect change, maximize efficiency, and improve the customer experience. It creates instant value in the form of business readiness and ability to innovate. 
 
More importantly, with the majority of manufacturers expected to identify this opportunity to transition from stagnant, antiquated business models and embrace innovation, effective adoption of the cloud is a digital recipe for keeping pace with forward-thinking rivals and differentiating from the laggards. 
 
To learn more about how NetSuite helps manufacturers stay ahead of the curve, please contact our development team at NXTurn or visit our website at http://www.nxturn.com
 
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Thursday, April 06, 2017

REDUCE COSTS AND INCREASE EFFICIENCY BY USING PHANTOM ASSEMBLIES

 


Manufacturing has evolved and gone are the days when it was common practice to produce items in bulk, only to be stored in inventory until they were needed. Today’s environment of rapidly changing and variable products recognizes that excess inventory means reduced liquid capital and obsolete materials.   
 
NetSuite helps manufacturers reduce costs and increase efficiency by simplifying job scheduling and planning by using phantom assemblies to consolidate and reduce the number of jobs required. 
 

What is a Phantom?

A "phantom" bill of material can be thought of as a made to order subassembly and is defined with its own set of components. A phantom is a part that is typically not built and placed in inventory, but is given a part number and a bill of material to define the components that are assembled together in the overall process. Phantom assemblies can be useful for multi-level products that are made to order and for making items with customized options. 
 

Bill of Materials (BOM) Inventory

A phantom conveniently groups together material needed to produce a subassembly. Phantoms are used to simplify the Bill of Materials (BOM) management or to represent a configuration option for a particular manufactured product. For example, a specific type of rudder used on a boat can be marked as a phantom as part of a build to order specification. The Phantom BOM option enables you to define the item source for the subassembly on a line-by-line basis. This means you can specify the subassembly to be phantom in one BOM but have it as a regular stock item in another. 
 

Improved Functionality

Phantoms are very helpful and now provide real functionality for NetSuite users. Before, all sub-assemblies were treated as a phantom and manufacturers had to build all sub-assemblies under one level assembly. The Phantom Bill of Material feature enables users to control which assemblies will be pulled from stock and which will be completed as a part of the work order for the stockable assembly. Users can also define individual sub-assemblies as Phantom, while others under the same top assembly may not be. 
 

Improved Efficiency

Changes are automatically re-flowed to all related Bill of Materials, which saves time and effort for material or manufacturing engineers. Phantoms are a must for companies interested in lowering work in process levels, optimizing cash-flow, reducing product costs and and increasing efficiency. 
 
Download our whitepaper to learn more about how NetSuite helps manufacturers stay ahead of the curve.
 
Download Whitepaper
 
 
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Friday, March 03, 2017

IS YOUR ERP HOLDING YOUR BUSINESS BACK?

 

Learn about technology’s critical role for businesses to remain competitive in the constantly changing world of manufacturing


What does it take to remain competitive in the constantly changing world of manufacturing? There may not be a single answer, but one thing is certain: without the right tools and systems in place, it’s nearly impossible for companies to keep pace. For this reason, leading innovators in manufacturing are turning to NetSuite’s cloud platform as the solution of choice to run their entire manufacturing business. They looked forward and asked the question:

What can we do to invest in our business’s future?

 

Download this ebook to learn more about the trends facing modern manufacturers and the technologies available to equip businesses for long term success.

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Discover how NetSuite addresses the needs of modern manufacturers head on including…

  • Manufacturing-specific capabilities. With more than 30 years of experience in ERP, NetSuite has developed industry-specific functionality to address these exact manufacturing-specific needs.

  • Sturdy, reliable platform. NetSuite has consistently focused on enhancing the performance of the platform, for startups and large enterprises alike.

  • Global functionality. NetSuite provides a global solution that moves at the speed of business and provides small and large companies alike with the functionality needed for success.

  • Focus on customer experience. Customers expect consistent experiences regardless of how they engage—whether via the web, call center, mobile device or otherwise—and NetSuite’s SuiteCommerce platform provides just that.

Download Now


“In my 12 years in the finance world, NetSuite is the most end-to-end solution I’ve seen.” 

– Tim Ward, CIO, CraftMark Bakery

 
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Friday, February 17, 2017

Easily Manage the Creation and Maintenance of Purchase Orders throughout your Supply Chain

 

 

NetSuite Advanced Procurement helps companies improve the procurement process by exerting tighter control over spending, simplifying requests for goods and services, and rendering real-time visibility end-to-end.

Key Benefits

  • Reduce work and errors associated with multiple buyer/vendor phone conversations and emails for every purchase.
  • Enforce compliance by requiring purchases to be made only through contracted vendors.
  • Minimize transaction costs by consolidating multiple requisitions into fewer purchase orders.
  • Take advantage of negotiating quantity-based terms and discounts for bulk purchases.

Creating and managing vendors, purchase orders, receipts and all other relevant transactions is one of the simplest, yet comprehensive aspects of our system. Before establishing a purchase contract, NetSuite allows purchasing buyers to email Request for Quotes (RFQs) to vendors and suppliers to get quoted prices on particular items detailing: open bid period, expected order and receive dates, tiered pricing and volume discount. It also notes the postposed incoterms, vendor instructions and payment terms.

With NetSuite, RFQs are sent directly to vendors via emails, allowing targeted vendors to respond with their bid prices via NetSuite vendor center. This allows your vendors extended capabilities to get involved independently without the buyer to enter bid prices from different vendors.

Buyers are able to customize the buying options with quoted rates, volume and/or overall order discount. Once vendors respond to the RFQs, our Advanced Procurement module enables your purchasing department to itemize and analyze extra details before a purchase contract is signed to the awarded vendors. 

When the RFQs are awarded to the vendors, you also have the capability to automate the purchasing process in NetSuite. Once purchase contracts are signed and prices are confirmed, subsequent procurement processes are straightforward. 

If you would like to learn more about this feature, please do not hesitate to contact our team at NXTurn. Our certified consultants can work with you to customize a NetSuite implementation that meets your individual business requirements.

The Advanced Revenue Management feature is available in new accounts that have purchased the module. Those accounts using Revenue Recognition (older version) should contact a NXTurn Consultant to discuss converting to the new version or for other revenue management related needs. 

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Friday, February 10, 2017

Improving Your Bottom Line with NetSuite's Advanced Revenue Management

 

Advanced Revenue Management redefines older terms and adds new functionality to support a variety of use cases and business models 

  • Revenue Commitments are now referred to as Revenue Arrangements
  • Revenue Commitment Lines are now referred to as Revenue Elements
  • Revenue Templates are now referred to as Revenue Rules
  • Revenue Schedules are now referred to as Revenue Plans

New functionalities have been added

  • Item Categories – Grouping of items with similar fair value attributes
  • Fair Value Price List – Factors used in ascertaining prices for an item or item category
  • Fair Value Formula – Allows for formulas to be used in calculating fair values
  • Revenue Allocation Groups – Combines GROUPSUM* with Fair Value Formula
  • Fair Value Dimensions – Additional criteria for fair values related to items or item categories.

FASB Accounting Standard

NetSuite’s development of Advanced Revenue Management was spurred by a new FASB accounting standard. ASC 606 was developed to streamline controls in revenue management across all industry types (transaction exclusions are covered in publication ASC 606-10). Previously, ASC 605/SAB 104 allowed for process protocols to be industry specific.

ASC 606

In ASC 606 there are a series of questions a business must ask in order to determine the appropriate course of action for a revenue arrangement related to a contract or obligation.

Under ASC 606 a company recognizes revenue to reflect the transfer of goods or services to it’s customers for an amount in direct correlation to the obligation of the expectations for the same goods or services. 

These are the steps that follow this protocol:

  1. Identify the contract(s) with a customer
  2. Identify the performance obligations on the contract
  3. Determine the transaction price
  4. Allocate the transaction price to the performance of the contract
  5. Recognize revenue when (or as) the company satisfies the performance obligation

What does this mean and what does it do?

Well, namely, it removes ambiguity in revenue requirements and provides a systematic approach for handling a multitude of revenue issues. It also simplifies the number of requirements that companies must follow in preparing financial statements/disclosures. 

NetSuite’s Advanced Revenue Management solutions meets the requirements set forth in the ASC 606 protocol. The solution was developed not only to meet the new protocol but to also provide a highly configurable and layered approach to how revenue contracts are managed with a focus on ease of use for accounting professionals. It provides multi-element arrangement functionality and allows revenue recognition based on specific/flexible criteria.

Improvements have also been made to revenue-based reports.

One key report is the Deferred Revenue Waterfall Report, which is used to reconcile deferred revenue account balances and display forecasted revenue. It’s incredibly useful. Additionally NetSuite has created tools within the module to assist in deferred revenue FX reclassifications and other reclassifications that were previously handled using manual processes or scripted enhancements.

*GROUPSUM is a function used to accommodate percentage-based fair value calculations. GROUP(n) refers to the revenue allocation group and the expression(expr) is another field or formula. GROUPSUM(n, expr)   These tools coupled with a multitude of other features and settings allow for nearly unlimited flexibility, ensuring the correct revenue is recognized across a variety of tested uses cases. Use case example. Your company sells hardware and software but you also provide support against the hardware/software being sold. You may determine that the fair value of the support item is 10% of the sales price of the hardware and software being sold. Both your hardware and software items are part of the same revenue allocation group. Using new functionality available in Advanced Revenue Management you are able to do a few things not previously available; tie items to revenue allocation groups, establish fair value, create a fair value formula and also allocate the GROUPSUM function to the formula. Example infers that Calculated Fair Value is same as sales amounts for Hardware and Software. Revenue Plans are created for items in the following manner: Hardware (upon Fulfillment), Software (upon Fulfillment) and Support (Billing) 

Item Rev Allocation Group (RAG) Sales Amount Calculated Fair Value Amount Revenue Amount
Hardware XX 3000 3000 2093.02
Software XX 1000 1000 232.55
Support   300 400 1974.43

 

How is the Calculated Fair Value Amount RAG Allocation Group XX = 4000 

Our use case determines the Support is 10% of the RAG total = 400 

How is the Revenue Amount Determined for each item?

Total of all item Sales Amounts = 4300

Percent of item allocation (example Hardware) = 3000/4300 = .69767442

Revenue Amount (example Hardware) = .69767442*3000=2093.02 

How is the Revenue Amount determined for Support?

Total Sales – Revenue amounts from Item Group XX = 1974.43 

This complex example demonstrates Advanced Revenue Managements understanding of the nature in which revenue amounts are allocated to each element in a revenue arrangement. 

 

The Advanced Revenue Management feature is available in new accounts that have purchased the module. Those accounts using Revenue Recognition (older version) should contact a NXTurn Consultant to discuss converting to the new version or for other revenue management related needs. 

 

 

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