19 Dec, 2022

How Restaurant and Hospitality Industries Benefits from NetSuite

The restaurant and hospitality industries are growing rapidly in the current environment. The biggest challenge for high-calibre restaurants is differentiating themselves from rival eateries in order to win over customers. As this is difficult to withstand, restaurants require a medium that offers functionality, scalability, and adaptability to ease their future endeavours.  

It is significant for restaurants in every category to stay updated with the rising trends for planning, mobile payment, ordering through apps, and customer-facing services for the whole process to prevail. Above all, the statistics show that mobile ordering and digital supply sales are expected to climb by 22% and surpass $220 billion by 2025 (considering 40% of the total restaurant sales).  

NetSuite, which replaces outdated and fragmented software applications, enables businesses to operate more effectively and economically by utilising a single, integrated source to link critical data across the entire business in real-time.    

Let’s look at how restaurant and hospitality industries can benefit from this incredible ERP (Enterprise Resource Planning) platform.

Terminating Manual Processes: The single consolidated software suite of applications helps with finance, inventory, customer relationship management, human capital management, and point of scale.  

Encourage and Accelerate Your Business: With NetSuite, the leading cloud-based ERP software, you can improve your customer experience and upgrade your analytics with advanced models for order and delivery to predict and boost business objectives for advancement.

Advanced Real-time Visibility: Leverage the real-time capability of NetSuite, the complete view of your whole business with KPIs (Key Performance Indicators), role-specific dashboards, and custom reporting. Using NetSuite, users with various roles can access the data from any place at any moment to make informed business decisions.

Now, let’s know more deeply about the NetSuite capabilities that aid businesses in achieving more progress.  

Stronger Financial Module 

Restaurants and eateries are no longer required to rely on manual accounting and basic, independent accounting platforms for managing their finances. NetSuite provides strong and effective financial features such as financial segmentation, a customized calendar, multi-concept/location consolidation and more, which gives control to the administration while giving them access to novel business and financial insights.

Enhance Growth with Enterprise Management  

NetSuite offers a single, integrated, all-inclusive cloud-based platform for handling every facet of a business and involving continuous expansion. Using NetSuite ERP, food chains are now able to start new stores rapidly under the franchise model, monitor accounts, sales, and other important data.

Inventory Management in Real Time  

With NetSuite, you will be able to trace and control all materials in the inventory and gain instantaneous visibility for robust and ROI-specific inventory management. Indeed, this tracing can be completed depending on the recipe kinds, ingredient purchases, complementing multiple units of measure, transfers and dashboard Key Performance Indicators. 

Return on Investment (ROI)-Centric Procurement 

Depending on the immediate status of the inventory, and business intelligence to forecast demand and distribution, restaurants can now activate an ROI-centric purchasing process, which  leads to less wastage and increased productivity, which could stimulate higher income and better profits.   

With the help of NetSuite, the shareholders of the hospitality industry can maximize par levels and reorder points to assure that they own enough raw materials at any time.

Fixed Asset Management 

It has never been so simple and straightforward to track and manage assets, whether they are depreciating or not. One can now handle the whole restaurant asset lifecycle using the fully-featured cloud-based ERP, NetSuite. In addition to tracing equipment, guarantees, and service plans, you can avoid the complete manual procedures to maximize assets.

Configurable Dashboards 

You can customize your NetSuite dashboard to suit your unique position or your routine tasks, whether you're a chief financial officer, controller, or administrator.

Managing Multiple Locations Smoothly 

Being a true cloud-based software for managing businesses, it facilitates business processes by enabling multiple currencies, languages and taxation protocols. If your business is located in different countries and continents, NetSuite can assist you in managing processes and boosting them for a better ROI(Return on Investment). The administrators can gain a rapid outlook on the financial status of these locations, automate the tax reporting process and ideally administer employees at every location without any trouble.

Excite Your customers 

The guest service dashboard delivered by NetSuite offers back-to-back customer and guest relationship management. Using this capability,  the restaurant industry benefits from better understanding their customers, providing them with the services they require, and improving their total customer experience.      

There is more to know about the magnificent features of NetSuite ERP, which can be utilized by the restaurant and hospitality industries to streamline their operations. Get in touch with Jobin & Jismi to learn more.