Renewable energy companies from all over the world are competing for market share. The companies update their IT footprint to remain in the race. Renewable energy companies make advantage of new global opportunities through integrating their product growth, supply chains, production processes, and distribution networks. Businesses today are seeking new revenue sources, distribution, and methods of bringing their goods into the hands of their customers, and they need technology that can keep up with them.
Why Does the Renewable Energy Company Need ERP?
Renewable energy companies are experiencing rapid change on multiple fronts. Consumer demands, regulatory requirements, and capital expenditure requirements are driving energy companies to upgrade existing facilities, invest in alternative or renewable energy sources and explore new revenue streams in order to expand their businesses.
The renewable energy industry benefits from Enterprise Resource Planning (ERP) software in easy management of resources and inventory. In addition, ERP assists you in management of assets, connecting them to spatial data, predicting outages, meeting increased demands and dealing with environmental issues.
What Makes Netsuite the Best ERP?
NetSuite assists businesses in making data-driven decisions and maintaining complete control of their operations. Renewable energy companies are dependent on spreadsheets, outdated on-premise systems and various solutions. NetSuite's renewable cloud platform avoids spending time and money, maintains numerous data silos and starts leveraging real-time visibility of insights into the company’s operations.
Benefits of Netsuite ERP in Renewable Energy Company
• Management of a company with a 360-degree view of all operations, including financials and ERP, Customer Relationship Management (CRM), e-commerce, and service engagements, in real-time.
• Improve supply chain processes by automating real-time inventory and order management, and developing demand forecasts to avoid excess stock and stock-out risks.
• Integrate marketing, CRM, warehousing and order fulfillment to streamline the lead-to-order-to-cash lifecycle.
• Improve quality management and productivity with NetSuite Work Orders and Assemblies' workflow-driven processes.
• Check that the inventory accounts are correctly set up for financial reporting and foreign use.
• Implement e-signatures with vendors and automate the production of Purchase Orders.
• Ensure correct Customer Invoicing and Receipt, streamline Sales Order production and the automation of Item Fulfillments.
• Coordinate the efficient implementation of Fixed Asset Modules for fixed assets used in industrial production processes.
• Monitor all aspects of production and supply chain management, make useful dashboards and charts.
Major Features of NetSuite for Renewable Energy Company
1. Comprehensive Financial Management
NetSuite Financials assist end-to-end view into receivables and payables. NetSuite enables real-time views of key, pre-built, easily customized financial reports and insights into budgeting, expense allocations and amortization. The complete fixed asset lifecycle and reporting from acquisition to depreciation to retirement of the assets is allowed through NetSuite.
2. Inventory Management
NetSuite offers intelligent inventory replenishment power, ensuring that enough stock is on hand to fill expected orders and minimizes excess stock.
• Maintain consistency by avoiding stock-outs.
• Dynamically manage item reorder points and preferred stock levels based on average lead times, historical or seasonal sales demand, and days supply to stock.
• Real-time alerts when stock levels fall below preset levels and reduce waiting time.
3. Demand Planning
NetSuite's native demand forecasting module allows users to forecast required inventory based on historical demand or sales forecasts. This can balance the powerful versatility and user-friendliness to help you better manage your inventory.
Manufacturers can automate and streamline the purchasing process with NetSuite Procurement. The companies can efficiently manage vendor relationships, streamline and increase the accuracy of source-to-pay processes through implementation of approvals, automating and linking key transactions and establishing matching workflows to meet regulatory guidelines.
5. Supply Chain Management (SCM)
NetSuite has made significant investments in supply chain management, including:
• Product data management, which enables engineering change order (ECO) capabilities to handle supply chain changes.
• The supply chain control tower serves as a central point of visibility for inventory for all industries around the world, assisting schedulers, planners, and buyers in making the best choices, communicating efficiently with consumers and suppliers, and holding the appropriate amount of inventory.
• Inbound shipment management allows a company ordering large amounts of goods from different suppliers to combine multiple purchase orders into a single container, making monitoring and status notifications easier in the future.
6. WIP and Routing
Using NetSuite's WIP and Routings capabilities helps businesses to identify a manufacturing process routing, resources necessary to complete it, estimated time and cost. Routings serve as the foundation for the infinite capacity scheduling engine, which can assist in determining which resources are being used inefficiently.
7. Multiple Entity Management and Consolidation
NetSuite OneWorld enables renewable energy companies with various locations and subsidiaries to streamline operations and gain real-time visibility at the local, regional, and corporate levels through a single framework.
8. Customer Relationship Management (CRM)
NetSuite CRM ensures that information flows smoothly across the consumer lifecycle, from lead to opportunity, sales order, delivery, renewal, upsell, cross-sell, and support.
NetSuite SuiteCommerce enables companies to build a personalized, and convincing mobile and web interface as markets shift toward direct-to-consumer sales and business-to-business portals.
10. Human Capital Management (HCM)
Managers and HR professionals use NetSuite SuitePeople to handle employee records, new hires, onboarding, payroll, and promotions all from one place.
With the implementation of NetSuite, renewable energy businesses get a long-term business partner who is more dedicated to their success than a software bundle.