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.
 
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Friday, March 31, 2017

Can You Bill For This? Bringing Agility to Billing with SuiteBilling


Sell anything. Configure, bill and recognize with agility and accuracy. Are you ready for SuiteBilling? 

 
At NXTurn, innovation is at the core of what we do and how we build. As a NetSuite Solution Partner, billing is not a side-show or a siloed offering. We believe that billing belongs at the nucleus of your business. 
 
NetSuite’s unified billing framework underpins the entire suite. No matter what NetSuite offering you’re considering for your business—whether it’s ERP, Commerce, PSA or CRM—they share the same, powerful, activity-based billing framework. 
 
Download our whitepaper to learn why billing is a strategic business function in today's marketplace and how NetSuite offers a next-generation billing solution to propel your business.
 
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Friday, March 24, 2017

Why Modern Financial Services Companies are Switching from QuickBooks to Cloud Financials


The pace of change continues to accelerate at an unprecedented rate for financial services companies

In the face of fierce competition, regulatory reform and evolving customer needs, financial services firms are under increased pressure to stay ahead of the curve, adapt to the rapidly changing business landscape and improve visibility and compliance while controlling costs. In order to innovate, financial services firms need a robust business application that can meet their needs affordably. Don’t let underdeveloped infrastructure hinder your business. 
 
Download this white paper  to learn how NetSuite can take your company beyond the limitations of QuickBooks and give you access to:
  • Real-Time Visibility and Mobility
  • Streamlined Reporting and ComplianceFaster
  • More Strategic Business Decisions 
Download Whitepaper 
 
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Friday, March 17, 2017

AGILE ERP IMPLEMENTATIONS FOR DISTRIBUTION SUCCESS


Learn how Lindemann Chimney and Wittek Golf took the SuiteSuccess approach to ERP implementation and got their distribution businesses up and running in less than 100 days.

The pace of change in distribution businesses has accelerated. Companies still relying on aging, on-premise ERP systems will struggle to keep up with their competition. Many companies have delayed their ERP upgrades for years out of fear of business process disruptions and/or lack of IT recourses to support such a lengthy and complicated process.
 
Now is The Time for Agile ERP You need a proven solution that can be deployed quickly, predictably and affordably, to set you up for growth and success. ChainLink Research dives deep into how an agile, blueprint-driven approach to ERP implementations can bring tremendous benefits.
 
Download this white paper to learn how businesses:
  • Achieve quick time-to-value by leveraging a rapid, agile ERP implementation approach.
  • Automate transactions, reduce rekeying of data between systems allowing staff to focus on more strategic business initiatives.
  • Empower employees and vendors with real-time visibility into key business metrics.
  • Leverage NetSuite’s pre-built configurations, detailed workflows and dashboards to stay ahead of the competition.
Build a foundation for success in under 100 days and achieve immediate value upon go-live.
 
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Thursday, March 16, 2017

What is Changing in the Supply Chain?


From the Internet of Things and predictive analytics to big data, new technologies are touching every part of the business – particularly the supply chain.

Here’s what thought leaders at the Modern Supply Chain Experience conference in San Jose, Calif., had to say about the challenges facing today’s supply chain leaders and their predictions for the future:

  • By 2020, over 50 percent of manufacturing supply chain models will benefit from investment in new technologies and 50 percent of manufacturers will be using cognitive computing and artificial intelligence as well as advanced analytics for planning and long term forecasting.
  • Ecommerce will be imperative for business expansion and will help to drive growth in the supply chain. Roughly 90 percent of product businesses will be using B2B and B2C ecommerce in the next 10 years, and 50 percent of manufacturing supply chains will reach the end consumers directly for increased profitability.
  • Businesses will need to prioritize improving business processes and streamlining the supply chain to most effectively reduce costs and improve efficiencies, drive growth, and improve the customer experience for long-term business success.
  • The supply chain is the lifeblood of the business, and those that choose to innovate and invest their time into it will have the opportunity to not only succeed, but rather thrive in our increasingly connected business world.
  • The cost advantages of a cloud solution - from decreased investment in software development to lower maintenance costs - are only part of the equation driving businesses to the cloud.
  • Businesses leveraging innovative process changes, tech transformations and cloud applications – or some combination of these – will be the ones to get ahead. The businesses to innovate and capitalize on new technologies will thrive, while those who do not will become obsolete. 

Change is inevitable, especially in an age when technology is constantly advancing and businesses are innovating and iterating day after day. With this in mind, as hard as investing in your supply chain may seem, can your business really afford to stay the same?

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Friday, March 10, 2017

Learn about the Five Most Important Trends for Wholesale Distributors in 2017

 

What does it take to remain competitive in the constantly changing world of distribution?


From increased competition and changing business models to a barrage of new, innovative technologies, the way distributors do business is starkly and fundamentally 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.
 
Turning your attention to growing existing customer revenue and improving employee productivity may be the key. Over 63 percent of businesses ranked revenue growth as their highest priority and have p lans for building revenue and cutting costs. 
 
Download our report to learn more about the trends facing modern distributors and the strategies that leaders in the space are using to tackle these trends. In the meantime, here are the most important trends impacting Wholesale Distribution:

  1. Your Target Market is Online, and You Should be Too

    The modern consumer across all parts of the supply chain turns to the internet as the ultimate source of knowledge for purchase decisions - thus, a strong online presence is crucial for continued business success, whether in the world of B2B or B2C commerce. Ecommerce continues to be a key topic and distributors need to be ahead of it if they want to remain relevant and fresh in the face of major industry changes.

  2. Competition is Everywhere and They are Leaner, Meaner and More Tech-savvy Than Ever

    In today’s distribution landscape, it is only getting harder to differentiate. With the ever growing number of competitors, how do distributors position themselves as unique and stay a step ahead? What trends are affecting our industry? Assessing and reassessing these questions on a regular basis is absolutely essential for continued success in the constantly evolving world of distribution.

  3. Business Models are Rapidly Changing

    Distributors are exploring new ways of going to market. Between the internet’s pervasiveness among modern consumers and the constant flood of technological advances in the business world, companies have to fundamentally change the way they operate in order to hold up against their competitors.

  4. Investing in Tech is not Just for the Amazons of the World

    In order to remain competitive, distributors need to continue upgrading their work environments and stay on the cutting edge of technology. Gone are the days of paper pushing and manual processes – tablets, scanners, and cloud systems are changing the game and making the modern distributor warehouse sleeker, cleaner, and more efficient.

  5. Employee Productivity is Critical for Success

    Tech upgrades - although very important - are useless without the employees to act on the efficiencies they bring. Employee productivity for the modern distributor is key to success long term; much of that productivity can be facilitated with new technologies. Warehouse automation, CRM, ecommerce, pricing and analytics are just some of the updates modern distributors implement to streamline their processes while increasing employee productivity to improve the output of their operations.


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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.

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“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 24, 2017

QUICKEN HASTENS TOWARD NEW FUTURE WITH NETSUITE

Quicken Hastens Toward New Future with NetSuite

On the flip side of the record pace of mergers and acquisitions over the last couple of years is the rapid growth in companies divesting of product lines. Seeking to drive greater focus on core products, meet financing needs, and keep pace with market changes, companies are pursing divestitures at a record pace– with more than half of those surveyed in Deloitte’s M & A Trends Report, 2016 Edition reporting that they expected their companies to divest business lines over the next 12 months. That’s up from 39 percent last year.

For the company being divested, breaking up with its parent can often break it. The stressful dance of retaining talent, making difficult staffing decisions and managing messaging is also accompanied with the need to build an entire new IT infrastructure from the ground up. Many companies bow at the overwhelming task of standing up new systems when they’ve relied on those of their previous parent for decades. Making fast decisions on an appropriate technology foundation will not only support the new business, but empower it to evolve at the pace necessary to compete in the future, can separate the winners from the losers.

It was in this spot that Quicken Inc. found itself in March of 2016, when Intuit announced it would divest of the 30-year-old, flagship personal finance software to sharpen its focus on small business.

But instead of meeting the situation with fear, Quicken viewed it as an opportunity filled with potential. CEO Eric Dunn told ComputerWorld that he was not only certain the product would endure, but that in a couple of years from now, users would say, “this is the best Quicken ever.”

A big part of solidifying that future was building the new company on a foundation that was agile and scalable enough to move at the pace his industry demanded. Quicken had only six months to move off the on-premise legacy software that had supported its finance and accounting processes for decades, and onto something that would help it grow and evolve its product to support its users’ needs for decades more.

Seamless transition, on-time and on-budget

Quicken’s new controller – Gary Hornbeek -- had 25 years of experience with financials and ERP systems, leveraging eight different ones during his career that ran the gamut from QuickBooks Online to SAP. There was little doubt in his mind as to what would be the best fit for the new leaner, more agile Quicken – Oracle NetSuite.

“It’s not too complex, it’s not too simple. It’s flexible and powerful, but still easy to use,” Hornbeek said. “It’s just right.”

The company was sold on NetSuite’s fast implementation timeline, robust functionality and integration, ease of use and scalability. With NetSuite OneWorld, it could seamlessly support a lean accounting and finance operation of 10 running two offices in the United States and Bangalore.

On October 1 – on time and under budget – Quicken seamlessly transitioned to NetSuite OneWorld.

That balance of “not too simple, not too complex,” was immediately apparent to users. Accounting could complete complex tasks, such as consolidating financials from multiple entities and locations, and recognizing revenue from online and physical product streams, yet could accomplish transactions with a few clicks in a single screen, something that was previously impossible because of the lack of integration in its former systems. Simple integrations with third-party applications already in use – like Bill.com -- expedited adoption.

“We’ve been very happy,” Hornbeek said. “It saves us time, and because of the power of the system, we’re able to operate with a much smaller team than we might otherwise be able to.”

Future-proof platform

Hornbeek plans to leverage NetSuite dashboards and reporting to lend the CEO rich access into metrics defining the health of the company in real-time – positioning NetSuite as his first stop in the morning, even before he checks his email, and his go-to for insight-driven business decisions.

In turn, Quicken’s plans to re-architect its own product to run in the cloud are bolstered by Oracle NetSuite’s agile cloud platform. Quicken can easily turn on functionality to accommodate complex requirements for revenue recognition as it moves to subscription-based licensing.

“As our business evolves, we’re capable of handling the changes,” Hornbeek said.

Learn more about NetSuite for Software companies.

Reposted from NetSuite: Kimberly Odom, Director of WW Customer Marketing, NetSuite

 
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Thursday, February 23, 2017

ARE QUICKBOOKS AND MANUAL PROCESSES HOLDING BACK YOUR GROWTH?


Are quickbooks and manual processes holding back your growth?

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Upgrade to Cloud Financials to Fuel Growth 

Your company is growing fast, and so is business complexity. You know that continued reliance on QuickBooks and spreadsheets means inefficient manual processes, high operational costs and risk of error that limit your potential and hold back your growth. Is it time to upgrade?

Download this ebook to learn how cloud financials can: 

Eliminate manual data transfers across applications to speed processes.
Enable informed decision-making with real-time financial and operational reporting.
Improve productivity and operational efficiency with a single integrated cloud solution.
Support global expansion across multiple locations and subsidiaries.

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“We wanted to invest in streamlining operations and growing our business...By replacing QuickBooks and other peripheral systems with NetSuite’s cloud ERP applications, we increased our transaction volume 5x without adding staff, and reduced our monthly close cycle from twenty days to five days.” 

—Glassdoor

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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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Friday, February 03, 2017

Leading Advertising Agencies Embrace NetSuite's SuiteCommerce Solutions

 

Maintain your creative culture, streamline agency workflows and gain insight to client and project-based accounting. 

  • Improve billing and invoicing accuracy to free cash flow while targeting profitable clients using a rich collection of historical data. 
  • Easily manage traffic using the NetSuite resource management tools to identify available resources and particular skills—and effectively staff your project at the right margin. 
  • Collaborate with virtual teams, easily identify and fill staffing shortfalls, allow staff to access assets and artifacts through collaborative electronic job jackets. 
  • Gain real-time insight to make data-driven decisions on performance through role-based dashboards and KPIs. 

NXTurn features for Advertising Agencies:

  • Pitch And Forecasting
  • Project Management And ProductionResourcing
  • Media And Procurement
  • Execution And Delivery
  • Billing And Revenue
  • Financial And Analytics
  • Global Management 

Download our white paper for a look at why forward-thinking ad agencies upgrade from QuickBooks. Discover the telltale signs of how QuickBooks is failing your business and restricting your growth and learn more about the agencies using NetSuite to optimize their performance and scale business into new markets. 

Download White Paper

 

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