Fast-moving consumer goods (FMCG) is one of the sectors where it is possible to grow large in a matter of time. But without innovation and the right tools at disposal, most of these companies would find it difficult to survive.
Therefore, the need for an Enterprise Resource Planning(ERP) Software to manage its various businesses is imperative to maintain the status quo and fight the growing competition.
Why Is ERP Mandatory for FMCG?
FMCG companies operate on strict margins and cannot afford to lose any sales opportunities. ERP software can act as a core platform and improve the odds of success with the help of real-time data.
1. Automated Business Process
Automating the business processes is integral in today’s world. Automation simplifies processes like procurement, finance, sales, delivery, and more which allows businesses to eliminate various gaps in the business process.
Top automation benefits are:
• Ground-level workers with minimum technical knowledge are prone to make errors. For example, an inexperienced technician might replace a certain inventory causing discrepancies in the system. This will directly impact inventory management and cause delays. By incorporating ERP human errors can be reduced drastically.
• Transparent communication is key for business movement. Through automation businesses can store all their data in a centralized location and make it accessible to functional departments easily.
Customization is considered a core feature of any good ERP. Oracle NetSuite offers highly customizable modules that fit your business perfectly. The software is capable of managing various processes like FIFO (First in First Out) & LIFO (Last In First Out), logistical needs, and promotions.
3. Real-time Data
Having a cloud-based ERP software will provide businesses with real-time data. This is important because businesses are utilizing real-time data to track their business processes and make data-driven decisions. Imagine a scenario where your competitor is able to provide the customer with real-time status of the order while you are struggling with a legacy system that can’t deliver the same. Therefore it is imperative for an agile business to have real-time data of their business processes.
4. Intelligent Dashboards
You can personalize dashboards according to your business process. C- level executives and other senior management staff can have a clear understanding of the entire business processes by taking a quick look at the KPI’s ( Key Performance Indicators) . Dashboards can be customized according to roles, meaning access to information will be tailored to the job need thus securing confidential information.
Benefits of ERP
Adapting an ERP system into your business not only automates your business functions but also enhances the productivity of your business.
Following are the most common advantages of an ERP software.
Advanced Inventory Management
Maintaining stock levels is a key function in the FMCG industry. By implementing an ERP system, your business will have more control over inventory management and will ensure inventory availability. This can be done by setting up alerts in the inventory system, if the stock level drops to a certain level.
In the FMCG industry, customer satisfaction is the ultimate goal of companies. ERP systems can help remove operational bottlenecks and improve product delivery to the customer. The system ensures this by streamlining all the processes involved which results in accurate production. This ensures timely delivery and a comprehensive view of the whole process.
Improved Customer Experience
“Customer is King” in the FMCG market space. Personalized marketing techniques are growing rapidly in almost every industry and it is all the more relevant in FMCG. ERPs are capable of storing all key data and turning them into actionable data by analyzing customer buying patterns. This in-turn will drastically improve the customer experience and thereby impact the company ROI positively.
A centralized platform to store and analyze data is a necessity in a sizable industry like FMCG. There are multiple hierarchies and different subdivisions - meaning there is a lot of data from various processes and departments. An ERP system like Oracle NetSuite can act as a single source of information and improve accessibility across the organization.
This will lead to superior planning capabilities and improved ground control within the business process.
NetSuite ERP for FMCG
Oracle NetSuite is a cloud ERP system with real-time visibility into all facets of the FMCG business like manufacturing, distribution, customer service, and more. With NetSuite, it is also possible to monitor various operations like financial reporting, warehouse management, and other in-store services.
• Gain key insights into the financial aspects of your FMCG business.
• 360-degree view of your entire business and customers 24/7.
• Role-based dashboards tailored to your business processes.
• Cross-channel order management capabilities.
• Ability to segment target customers for your business based on customer data.
• Highly Customizable ERP system.
• Budget-friendly than existing on-premise retail systems.
1. Cross-Channel Functionality in NetSuite
NetSuite allows various cross-channel processes to improve the customer experience. With this functionality, it is possible for customers to buy a product online and pick it up from the store or buy a product online and return it to the store from anywhere. NetSuite provides an easy way to integrate all the channels and close the existing gaps to improve customer experience.
2. Personalize Customer Service
NetSuite provides an in-depth understanding of each customer to improve the overall shopping experience. The system also reveals the purchase history and past records of every customer, by understanding customer demographics it is possible to tailor discounts and other promotions based on the customer.
3. World-class eCommerce Experience
NetSuite lets you build a dynamic website from scratch using its easy-to-use tools. It lets you connect your Ecommerce store with your ongoing business system through a single platform. This enables the store to show real-time inventory data on your Ecommerce-store.
NetSuite also delivers a personalized shopping experience for your online customers with any device. Customers can engage using personal computers, Mobile phones, and tablets in our SuiteCommerce platform.
4. Marketing Campaigns
Finding potential customers is now easy with NetSuite’s advanced marketing capabilities. Improve your customer retention through targeted email campaigns and manage all your marketing activities under one roof.
Analyze your revenue streams and understand the effectiveness of your campaigns by measuring ROI in real-time. Applying your promotions and discounts is now easy with NetSuite as it offers various discounting options and customer-specific discounts.
5. Drive ROI through Metrics
FMCG businesses can utilize metrics for their business to make real-time decisions. NetSuite offers customizable dashboards and Analytics for inventory, sales, and marketing ROI. Metrics are revealed through KPI (Key Performance Indicators), trend graphs, or graphical reports.
If you are searching for the best tool to fuel your business get in touch with Jobin & Jismi. Our NetSuite experts are fully committed to delivering outclass business solutions for our clients.