3 Oct, 2022

NetSuite Benefits in Food & Beverage Companies  

Food and beverages are one of the world’s oldest industries and most dynamic ones. With the beginning of the digital world, this industry has taken a big step towards a new change and a new way of doing things that requires a lot of skill. 

This manufacturing is turbulent, hard to work in, and focused on customers' wants and needs. Presently, data is the most important thing in the food and beverage industry, and using trends and information in the right way can actually transform the game.  

Restaurants, bars, hotels, and sweet shops all need to be in the right place at the right time with the right deals for the right people.  

Both a solid ERP that understands the food and beverage industry and a dynamic, flexible CRM that remembers each customer are now needed in this industry.  

NetSuite Cloud ERP for Food and Beverage is essential to the success of your business. Instant access to dining services, groceries, and online ordering capabilities has practically become the new norm for shopping thanks to technology.   

For instance, in the middle of March, Amazon raised their delivery sales through Whole Foods by more than 400%. Can your food and beverage business keep up with the latest buying trends and increased competition?  

According to ROI Revolution, online food and beverage sales will bring in $26.7 billion in revenue in 2020, more than double what they generated in 2019 before the epidemic started. More than three times as many groceries will be purchased online in 2022 than there were in 2019 before the outbreak. More than one in five supermarket sales by 2026 will be made online.  

In order to support expansion with a real-time, unified view of the business, food and beverage firms need a platform that offers flexibility, scalability, and enhanced capabilities. 

1. Improved transparency is the first trend that will help to foster long-term growth and meet demand.

2. Embrace technology to improve visibility, intelligence, and commercial advantage. 

3. The third trend is to concentrate on omnichannel distribution and add B2C commerce to keep up with the modern consumer.  

4. Use cloud ERP technology to increase agility, scalability, and visibility.

More than 31,000 clients worldwide are revolutionizing their organizations with NetSuite's advanced omnichannel cloud management software. 

The Best Option for Rapidly Expanding Food and Beverage Companies

The smallest businesses get by in the beginning with manual procedures and point solutions like QuickBooks for accounting or Excel spreadsheets for monitoring recipes and inventories. For the bigger and quickly growing food and beverage industries, cloud technology offers adaptability for expansion and the flexibility to solve a variety of business situations, manufacturing issues, traceability needs, B2B and B2C channel strategies, and sophisticated supplier networks.  

According to a leading global market company analyst firm, Forrester Research, "the public cloud market will climb to $191B in 2020-about 20% higher than our prediction from 2011." To be current and successful in the shifting food and beverage competitive landscape, all contemporary food and beverage firms should take a cloud-based solution into consideration. 

A route to profitable, steady growth 

Inventory management, the pick-pack-ship process, and customer care are all coordinated efforts on a single system thanks to the seamless integration of NetSuite’s commerce platform with its cloud ERP platform.  

Coda Coffee is one NetSuite client that has embraced the NetSuite platform for expansion. Coda Coffee, a Denver-based coffee roaster, transitioned from QuickBooks to NetSuite in 2008 when it had only six employees, and it has since expanded to over 45. A brick-and-mortar store, 2,000 square foot roasting facility, and a distribution hub in Phoenix are all part of the company’s current operations. Additionally, it distributes under a white label and wholesale. 

Leading producers of food and drink that support successful growth on NetSuite’s cloud ERP solution include Coda Coffee, CraftMark Bakery, and International Spices. Every successful food and beverage firm began with a dream and a positive attitude as its most valuable assets. 

By preventing a company from succumbing to burdensome and expensive technology, cloud computing solutions make sure that a company never has to compromise on those fundamental ideals. From the early stages of spreading awareness and creating a reputation among the general public to becoming well-known, cloud technologies can assist in paving the way for sustainable, lucrative growth and limitless scalability.  

Features of NetSuite Food and Beverages 

Manage Orders:

Accept orders with assurance, making sure the right goods, cost, and place are provided to meet quality service. It is feasible to lower the costs associated with holding a large amount of inventory, speed up the order-to-cash process, and facilitate omnichannel operations through integrating marketing, finances, order processing, costing, and order tracking.   

Supply Chain Management:

Increase efficiency, understand bottom line expenses, gain visibility into your supply chain, keep inventory across your entire company, and streamline operations.  

Sales Automation:

NetSuite offers a 360-degree omnichannel picture of customer and inventory information in order to fulfill orders, increase efficiency, generate revenue, and engage with customers to give a fantastic shopping experience.  

CRM, advertising, and branding:  

To keep customers returning for even more, get a real-time view of customer interaction, achievement, and rewards across all business channels.

Strategy and Time Management: 

Operate your company well to ensure optimum profit and satisfaction with your clients. Resources are automatically balanced, stock is managed, suppliers are monitored, orders are displayed, and the best service and cost are offered.  

Quality Assurance

Carry the best goods while incurring the fewest costs. To guarantee the highest possible product quality on the market, it is simple to set up inspection programs, monitor outcomes, and assess vendors.  

The ingredients used to make food and beverages taste nice to consumers can be just as intricate as the food and beverage industry itself. There are a lot of moving parts to managing how food and equipment are bought and where they come from, as well as the complicated financial systems needed to get products to people and businesses.  

NetSuite helps with this. As the number one cloud ERP on the market, you can use one unified solution to bring all of your business's parts together. This will help you simplify operations and find better ways to make money.  

Why NetSuite for Food & Beverage ERP?

NetSuite is the leading solution for order and inventory management, ecommerce, financials, and CRM in the food and beverage industry. Everything you need to operate a profitable food business is included in the ERP software from NetSuite.  

Distributors and producers of food and beverages may strengthen their bottom lines by streamlining operations and enhancing supply chains thanks to NetSuite. 

The characteristics of NetSuite for Food & Beverage are as follows:  

• Designed for food and beverages  

• Simplified sales cycle  

• Tracking and traceability of lots  

• Accounting and Finance  

• Order Control  

• Scheduling & Organizing  

• Warehouse Management System  

• Shop Floor Management 

• Quality Control  

ERP Solutions for Food and Beverage Businesses 

Manufacturing of food and beverages with NetSuite:

• Take control of your food and beverage manufacturing company's difficulties. 

• Managing the Modern Supply Chain: Planning, Control, and Visibility .

• See every touchpoint and channel

• Control orders from call centers, the web, marketplaces, and B2B channels.

There are four reasons why food and beverage companies now more than ever require NetSuite:  

1. Demand Forecasting 

Because NetSuite is aware of the needs of the food and beverage industry, it has integrated features and functionalities that are tailored to this sector.  

NetSuite’s customized dashboards can properly forecast demand and notify management of what is currently needed based on past data from customer orders and current trends.  

This gives the cooks greater authority and flexibility to satisfy their customers. And more business results from this.  

2. Advanced Supply Chain

In order to ensure on-time deliveries, you need a reliable system to follow the supply chain and trace your next order, which could arrive from anywhere today.  

Restaurants and eateries can get customized dashboards and reports from NetSuite to ensure that their supply chains are always efficient and timely. The parties concerned in charge of the delivery can keep tabs on the situation in real time and let the clients know when they should expect their packages, among other things.  

Additionally, the system will help you track and monitor your vendors with real-time inventory management so that you know when your next batch of raw materials is needed.  

When NetSuite is used to enable the food industry, it becomes frictionless.  

3. More efficient sales cycle

Contact centers, websites, app-based markets, and in-house orders are all part of the omnichannel sales process that NetSuite makes available to restaurant and hotel enterprises. This implies that you are in command of the orders regardless of their location or quantity.  

Orders are entered into the system in real-time, allowing you to follow every step of the process as it happens.  

4. Manufacturing Supported on Business Intelligence

Production is the most crucial element in the food industry; if food cannot be prepared at the appropriate time, nothing else matters. Production for your restaurant and hotel becomes easy with NetSuite’s Business Intelligence, and you are prepared to produce as much as required.  

You may manage employee shifts, shorten changeover times, organize inventory (demand and supply ratio) properly, and do much more. Your effectiveness rate significantly increases, making success inescapable.  

6 Ways to Enhance the Ability of NetSuite for Food and Beverage Industries 

1. Financial Consolidation

Using NetSuite to unify their financial systems will make them simpler to administer, more automated, and more visible to restaurants, suppliers, growers, and anyone else involved in the supply chain. Because the supply of products and services in this industry has so many facets, inefficiencies caused by separate systems are common, and NetSuite may help eliminate them.  

2. Cost-cutting through the use of smart data

NetSuite enables food and beverage companies to collect and analyze mountains of data in order to find better ways to serve customers and increase revenues. Every transaction provides useful data, which can be examined and used to fine-tune marketing and lower the cost of goods sold using NetSuite (COGS).  

For example, an alcohol beverage manufacturer can utilize NetSuite to display the costs of procuring the basic spirit, such as grain-based vodka, flavoring ingredients, bottles, and shipping prices for each. The most economical vendor and shipping provider modifications can be found by looking at this data in NetSuite.  

3. More Efficient Strategies for Handling Seasonal Peaks

Seasonal peaks are often accompanied by increased demand, and it is easy to go overboard on everything from sourcing to marketing in order to foster and match that need. Using historical data in NetSuite, you may examine the consequences of previous peak seasons to design your approach for prospective peak periods.  

NetSuite allows the food and beverage business to plan ahead in this way. Therefore, adjustments can be made in a methodical and deliberate manner.  

4. Avoiding Inaccurate Deliveries

The likelihood of improper deliveries can be minimized when companies utilize NetSuite to handle fulfillment and delivery. Because NetSuite can unify inventory, orders, and warehouse logistics data, specifics concerning the supply of materials to a chain restaurant’s satellite sites, for example, are all in one place, including: 

• Where each item is sourced and where it will end up 

• How and when it is delivered to shippers

5. Improving Asset Integration and Management 

Professionals in the food and beverage business can handle equipment, tools, vehicles, refrigerated facilities, and more with NetSuite, in addition to inventory. Each asset has purchase and maintenance expenses. Industry experts can use NetSuite to view these costs through a single window, analyze the data, and find cost-cutting opportunities without compromising the quality of the final product or service.  

6. Raising the Standard of Food

There are numerous methods for enhancing the quality of food and beverages because of distribution network patterns, the supplier market, and seasonal conditions that are continually shifting in the food and beverage business. 

Companies can do this using NetSuite without unnecessarily raising costs. For example, a food manufacturer might have been using an artificial component source for years. The figures have been successful so far, but the business is thinking about changing the ingredients to satisfy the demands of the healthy food industry.  

Utilize NetSuite for the Betterment of Food and Beverage Industry 

With the help of NetSuite, decision-makers can easily analyze the overall cost of obtaining these ingredients and make changes that enable them to source the same ingredient from an organic supplier who is geographically closer or who has access to a less expensive shipping solution, bringing the costs of organic ingredients on par with or even below those of inorganic ones. 

With a unified platform for accounting, sales and stock control, demand planning, e-commerce, and more, they can concentrate on expanding the business.  

Without the hassles and complexities of disjointed, expensive internal IT systems, NetSuite lets food and beverage firms link vendors, production, consumers, and inventories.  

The history of NetSuite’s collaboration with businesses in the food and beverage sector is extensive. NetSuite has merged this business experience into a food and beverage solution. It addresses specific difficulties faced by the sector. Contact Jobin & Jismi, the NetSuite Solution Provider, for any queries regarding NetSuite.