Utilizing Netsuite to Handle Your Companies Order to Cash Process

What is An Order To Cash Process?

Any business has its own method of generating sales. For an eCommerce company, this entails selling goods on their own website or by a third-party distributor, collecting payment from customers, and ensuring that the products are shipped to them. This is an eCommerce company's order-to-cash cycle in layman's terms.

For manufacturers, this period can vary somewhat, with the invoicing phase occurring after order fulfillment. Companies spend a lot of time planning their order-to-cash loop because it is such a complicated operation. This also leads to the use of various business management systems, which only serve to stymie the process.

An order-to-cash loop usually includes the following components:

1.  Reconciling & Reporting

2.  Order Fulfillment 

3.  Invoicing & Billing

4.  Product Shipping 

5.  Order Entry

6. Collection of Payment 

When it comes to banking, not everybody follows the above-mentioned process exactly. Every order-to-cash loop is different, and NetSuite's incredible capability makes it possible to simplify them for better performance.

Why There Is Need For A Better Order-To-Cash Cycle

Businesses will predict revenue, monitor orders, and improve inventory control with a well-planned order-to-cash period. Any form of error, on the other hand, may have a significant impact on the cycle's performance, as well as disrupt the entire forecasting data and cause the fulfillment process to be delayed.

Since the order to cash period involves the work of several employees, it is popular for companies to use specific programs that adhere solely to a single agency, whether internal or external. As a result, businesses quickly find themselves with higher IT costs, lost records, and missed orders.

So what is the solution? 

Enhance and try to unite the order-to-cash time with NetSuite, a single market management framework that can easily handle all business departments!

Below are some of the more common questions posed by companies seeking to shorten their order-to-cash time:

1.The Complications of Order Management Process 

The order management process is typically complicated, ranging from product sale to order approval to processing and delivery. This means complications in this can result in one jeopardizing customer loyalty.

What all of this means is that after a transaction is made, the sales staff must personally email the order to the distribution team. The usage of various enterprise control applications excessively expands the manual workload. As a result, it is advised to use an ERP such as NetSuite, which can conveniently link all divisions for smooth operations. NetSuite will do it all, whether it's WMS, CRM, or HCM.

2. Data that could be Unreliable

The use of various business management systems would have an effect on a company's reliability when required knowledge is dispersed all over the place. When anyone manually changes details in their CRM, such as customer name, address, phone number, and so on, they must also ensure that the transition is replicated across all systems in place.

What is the problem? If the new email is not changed, the package may be sent to the old address in the system by another agency. Another incentive to implement is a single cloud-based enterprise management framework.

Now it’s time you automate your Manual processes:

• Data entry is a time-consuming operation; involving long excel rows often riddled with errors! Since the procedure will take 5-10 days, a payment process that involves manual printing and dispatch of the invoice can become a source of frustration for the order-to-cash period

• By automating these operations, you will free up the days for other tasks

NetSuite allows you to instantly email invoices after an order is completed, as well as submit updates at each stage of the order process as well!

A Unified Database, Netsuite ERP

NetSuite is currently ranked as the number one cloud-based enterprise management system due to its; solid process automation and integration features, which minimize manual labor.

Since NetSuite is based on a single database, it runs smoothly. For example, in NetSuite, a sales representative will review stock inventory before producing a work order, and the same work order can be delivered to the Distribution team in a matter of seconds. If, on the other hand, you would use a particular method, NetSuite will conveniently integrate it so that all knowledge is sharable at all times.

For more information, contact us!

5 Benefits of IT Outsourcing

In recent years, infrastructure outsourcing has become a common practice among many companies that prefer to leave operational work to outsourced professionals and specialists.

It is clear that running a business requires a lot of dedication, effort, attention, and also money. This is partly why outsourcing services are sometimes the best business decision when seeking to reduce labor costs and investments in infrastructure.

In this blog, we will focus on IT outsourcing. Let's discuss some of its benefits.

1. Access to Cutting Edge Technology

IT service providers have the equipment to perform the required tasks efficiently. In addition, it is their responsibility to update the infrastructure and adopt modern technologies to stay in the competitive market.

2. Lower Costs

The IT company hired has its own qualified professionals to work with. So they are in charge of managing the expenses related to its personnel, such as improvement courses, salaries, and others. Freeing your company from those costs.

Also, when it comes to infrastructure to work with, the IT company has its own software licenses and pays for them. As well as the costs of repair and maintenance of the equipment are the responsibility of the outsourced company.

3. Convenience Services

Outsourcing an IT company allows you to determine when you are going to invest more in technological services and when not.

This is of great advantage to respond appropriately to the growing needs of your business. For example; when you need to increase computing power, speed up connectivity or increase storage.

On the other hand, if what you need is to decrease the hiring of services for a specific period of time, then you can spend less money.

4. Acquisition of Senior IT Team

By outsourcing IT services you have access to work with professionals and experts trained in the IT area. The advantage of this is that you did not go through the recruiting and hiring process to obtain those workers. Moreover, you will not have to deal with issues such as salaries, paid vacations, or bonuses, either.

5. Guarantee Continued Service

The development of technologies has brought with it that many companies began to automate their processes and, in many cases, they are complicated implementations that require time and the dedication of experts to be carried out efficiently. Consequently, it could be advantageous to outsource an IT service that analyzes your business and provides you with recommendations for automating the process. This consists of a continuous service that solves any incident or problem that arises, providing timely solutions and changes.

At ISU Corp we provide outstanding, cost-effective software development solutions and our main focus are on our clients.

Feel free to contact us to talk about your project.

Ensuring Quality in the Industry of Medical Devices

Any business that is involved in production understands the difficulties in ensuring a high level of quality, especially when mass producing a product. Even well-established corporations such as Tesla have experienced inconsistencies in their manufacturing of their various models of electric cars. While a manufacturing error looks bad on a business, there is one industry in which a manufacturing error could be deadly. This industry is the medical devices industry. Medical devices range from personal protective equipment to ventilators, a machine responsible for keeping a patient alive. 

The definition of quality as stated by the International Organization for Standardization (ISO) is “the degree to which a set of inherent characteristics fulfills requirements where a requirement is a need or expectation.” 

For medical devices, quality assurance is held in the highest regard throughout every stage of the manufacturing process. The vast majority of these medical devices have a designated group whose sole purpose is to ensure that the equipment meets or surpasses the required regulations as outlined by the specific manufacturer. Given the importance of a medical device, the manufacturers and quality inspection team are held to the highest level of accountability to ensure that no faults in the machinery slip through the cracks of production. 

The practice of automated production of medical devices is governed by GAMP5 (Good Automated Manufacturing Processes) which falls under the title of the International Society for Pharmaceutical Engineering. 

Additionally to the numerous regulations and procedures that a manufacturer is required to follow, bookkeeping is an essential aspect of ensuring accountability. Device History Records (DHR) manage the complete records of manufacturing, design, and testing of medical devices. It is a policy that the DHR is to be signed at each stage of manufacturing and this, in turn, provides a complete overview of the effectiveness of the product before being sold and operated. 

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