softypeconsulting - Tumblr blog

softypeconsulting · 4 years ago

Text

Managing your Supply Chain under the New Normal

The pandemic disrupted the global supply chain. China was the world’s manufacturing hub prior to the outbreak of CoVID-19. The virus outbreak and its subsequent spread has severely impacted the global supply chain exposing its many vulnerabilities and has had a massive economic impact.

All businesses realized that a change in the supply chain processes during the new normal is the need of the hour. This blog discusses some of the steps businesses can take to better manage their supply chain in the new normal.

1. Supply Chain Diversification

Post-pandemic, global industries and companies realized that putting all their eggs in one basket was risky. It is important to look for alternatives to minimize operational risks. It is also important to ensure that quality and costs are not compromised when diversifying the supply chain.

Also, all necessary materials should be available at a reasonable price to match previously set benchmarks. Supply chain diversification is the key to success in the future. Companies need to identify players in the global market who can fulfill their requirements and help them offset the risk that arose due to uncertainties in the supply chain during the past couple of years.

2. Virtual Supply chains

The pandemic has acted as a catalyst for companies to adopt technology at a faster rate. Companies need tools to foresee challenges and mitigate risks. This is possible only if they have access to data that can provide actionable insights.

Many ERPs and CRMs are technically proficient in providing these insights to stakeholders, helping them make data-driven decisions from anywhere and at any time. Also, the use of artificial intelligence and machine language helps them forecast better and manage stocks efficiently. New age ERPs can track goods at each stage of the supply chain and also automate various mundane tasks.

It’s imperative that businesses reinvent their operations and processes by taking advantage of various technological advancements like cloud technology, IoT, robotics, predictive analytics, etc.

3. Enhance Customer Experience

Customers also moved to digital mediums since physical mediums were either no longer safe or were just not available. Businesses had to follow their customers and make their presence felt online. This meant creating new processes to meet customer demands.

Businesses had to provide a better customer experience using multiple touchpoints. At the same time, the customer purchase process had to be seamless and hassle-free. Now these changes are here to stay. Businesses will have to make sure they meet these benchmarks and, if possible, create new ones to lure customers.

4. Distributed Workforce

The pandemic made businesses realize that they now have to manage a distributed workforce. To do this, they have to equip their employees with tools that will help them communicate better and boost their productivity in a scenario where employees are spread across different geographies.

This is true even for workers on the shop floor and other parts of the supply chain network. They need to provide them with tools and design processes that will help them work efficiently and effectively.

Many companies are also bringing in more contractual and part-time employees. It provides them with the flexibility to add to the existing workforce whenever required, at short notice to achieve targets on time.

5. Contingency-based Inventory Plan

During the pandemic, most goods were in short supply or went out of stock due to high demand and hoarding fearing future uncertainties. Although these were extraordinary circumstances, businesses realized that they would have to closely look at their inventory management strategies. They need to have a contingency plan in place to avoid similar situations in the future.

It is imperative for companies to effectively manage their inventory to prevent acute shortage of supplies. They will have to balance their inventory management plans so that there is no shortage of goods and also ensure that stock doesn’t just remain unused in their warehouses.

The pandemic has to be considered by businesses as an opportunity to analyze their supply chain and work on solutions that will avoid such resource crunch in the future.

If you are looking for a solution to manage your supply chain and considering digital transformation, get in touch with experts at Softype.

Softype will help you find ways to optimize your supply chain management processes by providing real-time visibility to inventory management, streamlining business processes, and eliminating unnecessary time-consuming actions.

_________________________________

Softype is a global provider of cloud business automation solutions and an experienced enterprise consulting provider to medium and large enterprises. We have more than 15 years of successful experience with ERP system implementations, business process consulting, and integration. We have offices in the US, Philippines, India and Kenya.

We have been a Solution Partner for Oracle NetSuite, the original and leader cloud ERP, since 2004. We have successfully assisted more than 400 clients across 25 countries and four continents over the past 17 years. Besides NetSuite, our company has expertise in workflow automation and integration for the WD, Retail, Education and Light Manufacturing industries. We are partners of StoreHub Cloud POS and Workato for integration and automation for different enterprises.

We do not just build things/spaces or create software. Our focus is practical solutioning coupled with expert service delivery of software projects to maximize our clients’ investments in business automation solutions that they undertake. We partner with them to deliver the promise of success.

For further information, reach out to us at [email protected] or call us at +1 650 488 4412 (Global), +63 917 173 6625 (Philippines), +91 2240871095 (India), and +254 720 940 174 (Africa).

Originally Published here - https://softype.com/managing-your-supply-chain-under-the-new-normal/

#Business Automation #Netsuite Partner #Softype Consulting Services #NetSuite Cloud ERP Implimentation

0 notes

softypeconsulting · 4 years ago

Text

Manila Hearing Aid chooses Softype to help streamline its business processes

We are excited to announce that Manila Hearing signed up Softype Inc. to assist the company in its drive to improve financial visibility and business automation across the business scattered in a wide geography around the Philippines. We will be using Oracle NetSuite ERP to link 16 clinics which are the part of the group.

For more details click the press release link - https://softype.com/press-release-manila-hearing-aid-chooses-softype-to-help-streamline-its-business-processes/

#ManilaHearingAid #softypeinc #OracleNetSuite #collaboration #businessautomation #financialvisibility #Manila #Phillipines #erpsolutions #healthcare #NetSuite #netsuiteerp #newclientspecials #erpimplementation

#press release #Softype #Manila Hearing Aid

0 notes

softypeconsulting · 4 years ago

Text

Softype tips for streamlining the purchasing or procurement process

Procurement and purchasing are business-critical processes. A business can significantly enhance its bottom line by optimizing these processes. While many companies use the two terms interchangeably, purchasing is actually a subset of the entire procurement process.

Procurement is a process that involves several of the following activities:

identifying the need for materials

sourcing materials

managing vendors

negotiating contracts

purchasing materials

receiving the items purchased

assessing product quality of purchased items

paying vendors

maintaining records of the materials ordered

Traditionally, a lot of these processes were done manually. Many companies still depend on email and spreadsheets or related documents to carry out these tasks. As a result, they face numerous challenges like:

Inaccurate data due to manual errors

Data silos across different departments within an organization

Large amounts of time and resources spent on monitoring and tracking these processes

Slower payments to suppliers than desirable

Communication challenges between internal teams and suppliers a commonplace problem

Loss of data to inform good supply chain decision-making

These challenges can be overcome with the help of a good integrated business system or ERP. A robust ERP helps streamline and automate the procurement and purchasing processes to minimize double-keying or inaccurate activity tagging that diminishes data accuracy and decision-making. Here are five major areas where the procurement process can be streamlined through the use of a cloud ERP that can bring significant impact to a business.

1. Purchase Requisition

The purpose of a purchase requisition is to identify goods and services required by a company. This can be used to identify purchasing of new items or re-ordering of previously used items that are infrequently bought.

For this, employees write down specifications/requirements in a document or a spreadsheet. Then starts the process of email exchanges, phone calls, maintaining multiple versions of these documents. For the person who uses a modern-day cloud ERP, automated workflows can define such processes which can be customized to account for budgets, locations, item types or projects. These workflows help businesses streamline the multi-step purchase requisition process that may involve multiple departments in a company and make it effortless and faster.

2. Approval process

Most companies use paper-based processes and emails for approval. In fact, in many cases, companies still depend on paper-based processes to store approval records even if they use emails or other electronic means for those approvals. Imagine the effort that goes into ensuring compliance with this way of working.

In addition, if there are different departments involved and if approvals are required from all of them, this can result in a long and delayed process creating a paper trail that can be confusing and complex. If a user needs to go through a previous order, the paper trail that needs to be checked takes time and decreases employee productivity.

All of these can be replaced with workflow-based digital formats where initiators and approvers are visible at all stages in the process. This makes things simpler and quicker, as stakeholders can digitally sign and approve while maintaining visibility on all actions taken or approved of prior to the approval request getting to them. In case of specific requirements, custom forms can be created to maintain simplicity and clarity in exposing the requirements of the purchase needing to be approved. These forms make it easier for stakeholders to review and approve with the minimum required information at their fingertips. The result at the end is speedier approvals and more streamlined procurement action.

3. Vendor management and selection

Companies frequently have multiple vendors based on the goods and services they purchase. In addition to this, they also meet with new vendors who are pitching their products or services to the company from time to time.

At times, companies might also need to float requests for quotations (RFQ) to multiple vendors, analyze vendor responses, select the right vendor, negotiate terms and conditions, create purchase contracts, track delivery schedules, make payments, and monitor vendor performance. Doing all of this manually is cumbersome.

A good ERP can help with the vendor selection and management process by providing a platform for managing the vendor accreditation process in a single place, linking products and services to one or more vendors. This can help streamline the request for quote or the canvassing process for products not purchased frequently. This can also track the vendor performance stats of each vendor based on their on-time delivery history, their fill rate history, or their billing history. A clear, easy to interpret Vendor Scorecard should be part of every good business solution.

4. Purchase order generation

Once the vendor is selected, a purchase order gets generated. It contains vendor details, items to be purchased and their quantities, the agreed-upon pricing, and requested delivery schedule. These purchase orders should ideally be made from approved purchase requisitions or canvass decisions with minimal new keystroking. The previously filled in data should already be available in the system by the time a purchasing agent gets to this process if there is a full-blown requisition process in place ahead of the purchase order generation process.

For companies that do not use requisitions, it is also possible to start with the creation of a purchase order also and build in an approval workflow for those purchases. Prerequisites to this are an up-to-date vendor record complete with vendor name, address, terms, and contact. The items or services to be ordered should already be ready and available in the ERP item master to ensure that the product description is complete with all relevant specifications and a purchase price of course.

The purchase order should contain an expected date of delivery so that the supplier knows this upfront. Because this purchase order is in digital format, it may be sent out by email with a requested acknowledgement from the supplier. If these parameters and procedures are followed, the company will have a better handle on their purchases, expected delivery dates, vendor acknowledgement of the requested delivery date, and purchase costs. Vendor scoring will also be easier to maintain, making it easier to maintain good vendors and use less of those who are less reliable.

5. Billing Management

After order receipt and ensuring that the delivery meets all quality parameters, bills need to be posted and approved and vendor payments eventually need to be made based on pre-agreed terms. If bills are maintained in physical form, they can be misplaced, damaged and so on. Best way is to get physical paper bills in as rapidly as possible after they are received from the vendor.

A good ERP system will allow all transactional documents to be linked to the original document in the system, in this case the purchase order. This will eliminate the need to track which purchase orders have been received against and which ones have been billed. Be sure to check whether your system can accommodate this very time-saving feature which is usually called three-way matching.

If you give your vendor access to a vendor center login, they can even deliver the vendor bill electronically to you, eliminating yet another step. Automation can help companies save a lot of time and energy and streamline the procure to pay processes. If you want to enhance purchasing and procurement processes within your business or discuss how this might be streamlined, reach out to us at Softype.

_________________________________

For further information, reach out to us at [email protected] or call us at +1 650 488 4412 (Global), +63 917 173 6625 (Philippines), +91 2240871095 (India), and +254 720 940 174 (Africa).

Originally Published at - Softype Inc’s blog

#Procurement and purchasing #ERP #sales management #vendor management software #financial accounting software #Cloud ERP #Netsuite Partner #netsuite implementation services

0 notes

softypeconsulting · 4 years ago

Text

Bridging your heterogeneous applications for Fintech

Fintech companies use technology to streamline financial services by automating certain processes. Multiple technological applications help achieve this. For this to be successful, these different applications should be able to share data with each other. Let us understand this with the help of an example.

Consider that a business uses a payment gateway to collect online payments from customers. They also use accounting software and a third-party app for POS, enabling customers to pay offline. The accounting software should get data from both these applications to get the consolidated business income. These payment entries could be manual, or automated. For automating this process, the fintech company would require an application like Workato, which acts like a bridge between these heterogeneous applications and enables data transfer among them.

Benefits of using automation for bridging heterogenous applications

Using automation allows employees and decision-makers to access critical data in real-time. It also helps key stakeholders to make better decisions quickly.

It frees up an employee’s time as some of the routine processes are automated. They can now focus more on strategic and business-critical tasks.

As processes are automated, it significantly reduces errors due to manual entry. It also results in enhanced data accuracy.

The financial services industry is heavily regulated. Companies have to adhere to compliances and strict guidelines laid down by authorities. All information they present should be accurate and as per rules and regulations. If they use multiple applications, the chances of errors increase, especially if they have several manual processes. An app integration platform reduces this risk through process automation. It ensures that they adhere to compliances and the various terms and conditions required for the same.

It may also help them to track payments better, thus avoiding any penalties due to late payments. Customers will be able to take advantage of early bird rebates, if available, thus increasing customer satisfaction.

An automated system reminds users about vendor payments, thus resulting in timely payments. It will help businesses create goodwill among vendors and strengthen the business relationship with them.

Automation also allows scalability. Imagine making thousands of manual entries. Once a task is automated, it is executed several times with the same efficiency and effectiveness.

It can also help businesses with a lean finance team, thus resulting in lesser monies spent on salary software.

It becomes critical for a business to select an appropriate app integration platform to reap maximum benefits through automation. Here are some features that an app integration platform should have.

App Integration Platform features

The platform should be able to connect to a vast range of apps. It should especially have the ability to create a bridge between the apps that you use for your business.

It should have a native library of pre-built integrations for popular applications. This ensures that users can use automated workflows for popular industry-based applications.

It should also be easy to use for non-technical users. It will empower employees who are not tech-savvy to create their automation with minimum or no IT (team) intervention. This will boost productivity and efficiency.

Also, the platform should have lots of resources in the form of blogs, product demo videos, FAQs etc. This will help users take advantage of the multiple features available within the platform. This will also help users with faster platform adoption.

The application platform should preferably have the support of a community of developers, both internal as well as external. A loyal, knowledgeable, and thriving developer community base; contributes immensely in shaping the future path of the product. It provides valuable insights that will help with product enhancement.

The market potential for these types of app integration platforms is enormous. As more and more technologies become a part of the fintech ecosystem, there is a greater need for these platforms. They will help enable the variety of applications to talk to each other.

If you are a part of fintech services industry and want a platform that can act as a bridge between the different heterogeneous applications you use, connect with us at Softype.

_________________________________

For further information, reach out to us at [email protected] or call us at +1 650 488 4412 (Global), +63 917 173 6625 (Philippines), +91 2240871095 (India), and +254 720 940 174 (Africa).

Originally Published at - Softype Inc’s official blog

#Heterogeneous Applications #Financial Services #Technological Applications #NetSuite Cloud ERP Implimentation #Accounting Software #Efficiency and Effectiveness #Business Automation #Fintech Services Industry #Workato

0 notes

softypeconsulting · 4 years ago

Text

What makes the right technology consulting service partner for your Business?

Are you thinking of hiring the services of a consulting partner for your company? Are you looking at business growth? Are you aiming to solve certain intrinsic issues but are unsure whether you should do so internally or hire a consultancy firm?

Finding the right consulting partner is a daunting task. Many organizations that have gone through this exercise have failed. This caused them a lot of wasted money, resources and personal time. We have put together on this blog what are the essential parameters you should consider while choosing a technology consulting firm for your business.

Typically, companies consider hiring the services of external consultants to achieve specific goals or overcome challenges they are facing, as elaborated below.

1. Improve performance

A business consists of various departments. For it to be successful, it requires all the departments to perform efficiently. An under-performing department may result in hampering overall business growth.

Internal teams are busy with their daily routines. Employees of a company are expected to focus their time and efforts to meet tight deadlines. Therefore, they are not able to detach themselves from the situation and find the root cause of the problem. In such scenarios, an external point of view can help them identify the cause(s) for under-performance and solutions to fix it.

2. Need extra hands on the deck

As a company, you require some skillsets and expertise only for a limited amount of time. It doesn’t make sense to recruit personnel for a temporary period as it will be expensive and time-consuming. In such cases, hiring the services of a consulting partner company, makes great sense.

In addition to having more hands on the deck, you get access to experts in the field who are well-equipped to assist your business in the desired aspects. In addition to having knowledge of the latest industry trends and practices, these experts also have the right personnel with adequate skillsets to address the issue at hand.

3. Ease of pressure on the internal team

Internal team members already have multiple responsibilities to fulfill. Any new projects or changes in the existing ones means that they will have to take some time out of their daily operations and shift focus on them.

The added responsibility may either have a negative impact on the employee’s productivity or may cause a delay in the new initiative the business has undertaken. Either of these is not desirable. An external consultant or a team of consultants can do the heavy lifting in such scenarios.

They can execute tasks successfully with limited assistance from internal team members. This ensures that the business objectives are achieved successfully and without any negative impact on the existing framework.

4. External unbiased point of view

For a business to survive, sometimes tough decisions need to be taken. This requires an unbiased point of view, the ability to keep aside emotions. Members of the organization in question are in the situation and may not be able to view/analyze it objectively.

When you hire a business consulting partner, you bring in an external/objective point of view. Consultants are better equipped to analyze a situation and provide solutions based on data and facts, keeping emotions aside. It is easier for an external consultant to understand when systems/practices are outdated and take required actions to change it. Employees in the company are used to doing things a certain way and may be resistant to change.

Now that we have seen why choosing an external consultant might be more effective, it is important to note that choosing the right consulting partner is vital. Here are some pointers that you can keep handy while evaluating different consulting partners for your business.

1. An expert in the domain

As a business, you may want to hire services of external consultants to fulfil a specific objective. The objective could be to achieve digital transformation within your company, streamline operations or any other similar project.

Once these objectives are clear, a business should look for a consulting firm with the right skill sets and expertise to achieve these objectives successfully. They should be well-versed with the latest industry trends and benchmarks associated with the task at hand.

2. Industry know-how

The consulting services firm should also have a great understanding of the industry you operate in and your business model. Each industry has its specific challenges. The consulting company you choose should understand these challenges and efforts required to overcome them.

They should also be abreast with latest advancements within the industry and present an updated futuristic plan of action. It will ensure that the solution proposed takes care of the current and future business scenarios.

3. Proven track record

You must assess the track record of the company you are considering to do this. It is important to have multiple companies to choose from and not just 1 or 2 options.

Always run a reference check regarding the projects they have completed, their expertise, their performance, the skillsets and resources available within their company, specific services they offer, their core competencies, etc.

All these factors should be verified and validated before on-boarding.

4. Cultural fit

A business should opt for a consulting company with similar sensibilities and work culture as theirs. If, as a business, you have an elaborate and time-consuming decision-making process, then hire a company that understands and respects the process.

Instead, if you opt for a company that wants a quicker decision-making process, they may not be the best fit. It may result in conflicts between the various teams working on the project and hamper its progress. They may also get frustrated over a period of time as things may not move as quickly as they expect. Hence, having a partner with a similar work culture is essential to the success of the overall project.

5. A partner that can scale as per your needs

As a business, you should consider a consulting company that can quickly scale up or down depending on your requirements. Let us consider a real-life scenario. A business has hired an IT consulting services company to help them with their digital transformation initiative. However, due to the pandemic, they will have to do this at a faster rate. It may also need some additional skillsets which were not required earlier.

The IT consulting services company should have the expertise to fast track this process and the capability to fulfil new requirements that have surfaced. If they do not have adequate resources currently, they should have the ability to acquire them quickly.

6. Customer centric approach

The consultants you hire should have a customer-centric approach. They should always have the best interests of their customers as a priority. They should not push products or suggest services with the intention to increase the ticket size of the deal.

Experts should also not be afraid to tell clients if they are moving in the wrong direction and discuss the best way to move forward if things are not going as per the plan.

7. Focus on the fine print

Ensure that all the necessary timelines, milestones, terms and conditions, delivery schedules, payment schedules, etc., are mentioned clearly in the contract. Both parties should discuss all points that require deliberation before signing on the dotted line to prevent future disputes. All commitments and charges should be mentioned clearly, to avoid any discrepancies later.

Are you looking for the right Technology Consulting Services Partner for your business? Connect with our experts at Softype and evaluate if we are the right choice for you.

_________________________________

For further information, reach out to us at [email protected] or call us at +1 650 488 4412 (Global), +63 917 173 6625 (Philippines), +91 2240871095 (India), and +254 720 940 174 (Africa).

Originally Published at Softype Inc

#cloud business automation #enterprise consulting provider #Business Automation #ERP #Netsuite Partner #Softype Consulting Services

0 notes

softypeconsulting · 4 years ago

Photo

Oracle NetSuite Workflows help businesses automate their processes associated with different transactions. Workflow is built into the product thereby eliminating the need for scripting.To know more about Workflows and its benefit to your business,Call NOW +1.650.488.4412Or Request for a Discovery Call here, https://softype.com/request-demo/

#digitaltransformation #automationsolutions #netsuite implementation services #oracle netsuite #Business Automation #enterprise resource planning #business consulting services #Softype Consulting Services

0 notes

softypeconsulting · 4 years ago

Text

The Future of Retail

Retail companies are a customer-focused business. They need to constantly think of ways to not only satisfy but also enhance the customer experience. Covid-19 has impacted the retail industry immensely and it has resulted in permanent changes. The retail industry is rushing to adapt and keep pace with these changes and implement solutions quickly.

According to experts, “Automation will reshape retail business models and the broader value chain, creating organizations with fewer layers and a better trained and trusted workforce, empowered by real-time data and analytics. The winners in this sector will be those who understand these implications and act quickly to address them.”[1]

Let us look at some of the major changes the retail industry has had to adapt to in this post-pandemic scenario.

Customers have moved online

Social distancing, lockdowns, and limited physical contact have forced customers to move online. Covid-19 has substantially contributed to the online shopping trend that had already begun to gain momentum pre-Covid. With large numbers of customers now using the internet, convenience has been the guiding mantra to win online customers as retail moves online.

Retailers have to ensure that they are present where the customer is. They have to work towards providing a great buying experience for their customers. They have to make it convenient for customers to buy from them at each touch point.

Retailers should aim to provide an amazing customer experience. Once we open-up post-pandemic, these new changes will remain prominent. They will act as new benchmarks for customer expectations and consumer experiences. Those retailers who are able to ace this challenge and provide a good, convenient, and hassle-free buying experience to their customers, will be the go-to retailer for them.

Omni-channel presence is the future

As mentioned earlier, online shopping has become mainstream. Most retailers who initially were present only in brick-and-mortar stores have moved online either through strategic alliances or by investing in their own digital pursuits, understanding that they have to approach their customers through different channels.

As a retailer, focus has to be on providing a delightful customer experience on all these different channels. Retailers have to analyze multiple omnichannel touch points and ensure that there are no bottlenecks or obstacles that will prevent their customers from coming back to them.

Investing in an ERP that has got a tight integration and communication between multiple channels of commerce such as e-commerce websites, e-commerce mobile applications, a dynamic POS System, a chat application/chat bot, customer care, social media & many more channels can result in better sales & bottom lines.[2]

The important part is to replicate the experience a customer would have had, in the offline world. This is possible by having effective systems in place that can handle returns, refunds, changes in orders placed and everything else that was possible when shopping was done from a physical store. Omnichannel retailing, allows all of this. In addition, customers can gain a unified experience across online and offline platforms.

Physical stores are now moving towards showcasing displays for various products rather than being commerce centers. There will be some products that will require personal consultation or guidance. A customer is now able to check the product online, try it at the local store, place the order online and get the product delivered at home by the local store. These facilities will continue even post-pandemic. [2]

E-Commerce is the need of the hour

E-Commerce was progressing at a good pace before the pandemic too. The pandemic has fast-tracked the transition of consumers, as well as companies, online.

Companies not having any digital presence have to go online or run the risk of perishing. They have to invest in last-mile delivery options. They have to ensure that they adopt systems like contactless payments, contactless delivery, and so on.

More importantly, more people started buying online because of restrictions in movement and as a business; companies have to be present where their customer is. Customers will buy online, and if you are not there in front of them, they will buy from your competitor. Hence, e-Commerce as a channel is now as critical for a retailer to stay in business just as oxygen is for a human being to survive.

Safer in-store experiences are a must

Retailers will have to invest in and provide a safer shopping experience for those shoppers who visit their stores. They will have to invest in ensuring better hygiene standards in-store. People are now more conscious (in some cases even obsessed) about health and hygiene due to the pandemic.

Retailers will have to ensure that they gain the trust of in-store shoppers by making sure that they provide them with a safe and hygienic environment. This is not just keeping a store clean; this is communicating properly with customers that the brand cares about their health and safety at all times.

Diversifying the supply chain is the key to mitigating risks

When Covid-19 hit the world, many retailers and their supply chain were under tremendous strain. Businesses that were overly dependent on one or two suppliers, distributors, manufacturers, etc., were severely crippled.

As retailers did not get their product on time, they faced huge losses, and sadly some of them couldn’t sustain the financial burden and had no option but to shut down.

Many businesses now understand that over dependence on a single supplier resource can be detrimental to business growth. Businesses should consider diversifying to ensure that similar unforeseen circumstances do not impact their business severely. Diversifying will also help them mitigate risks and reduce loss of business due to stock outs, with resulting impact to the bottom line.

Digital transformation is a necessity and not an option

Retailers have to invest in technology. They have to accept that digital transformation is a necessary for their business to survive in this post-pandemic market.

Services like contactless payments, contactless delivery, payment gateways, book online pick-up at store options, online product brochures, online consultations, online advertisements, etc., are multiple avenues where retailers will have to make investments. Whether you are a small mom and pop store or a big-box retailer, you will have to invest in digital transformation to stay relevant and competitive.

To remain competitive in this global market with sustainable margins, retail business owners need to adopt new tools. Technology to ensure that the entire business is on a single platform with scalability is the best choice for the business owner.

With retail ERP, demand forecasting is possible. It helps companies track past trends and see forecasting reports that help identify future demands easily. It also gives companies accurate figures, so data is highly reliable and can be used effectively to make key decisions. [3]

The success of a retail company, as mentioned earlier, is directly proportionate to customer satisfaction. Retailers must therefore constantly think of ways to keep customers happy and coming back for more.

ERP for Retail can help

Manage the supply chain merchandise with multiple levels of product categories.

Manage Trade and Non-Trade Payables.

Provide comprehensive analytics on inventory, cash flow and margins.

Have a robust presence across all the channels of retail.

Keep track on consumers, their preferences, their buying patterns, their influencers through data analytics.

Quantify the quality aspects of the brand.

Integrate seamlessly with POS systems that allow companies to report stock and summary transactions daily.[3]

Besides POS, ERPs can be easily integrated with different pieces of software. The amalgamation of disparate pieces of software facilitates the movement of data quickly, easily, and accurately from one end of the retail process to the other. This enables managers and users make better decisions (based on data and facts and not guesswork). [3]

One of the best aspects of an ERP is its reporting system. This is what allows management to gain control over all departments. It typically ranges from product planning, development, manufacturing, sales and marketing of a product in a single application. You can always know your profit and loss, and your company balance sheet will be at your fingertips. [3]

If you are a retailer, and seek guidance to help your business overcome these challenges posed by the Covid19 -outbreak, do connect with us at Softype.

References:

https://www.mckinsey.com/industries/retail/our-insights/automation-in-retail-an-executive-overview-for-getting-ready#

https://www.exceloid.com/industries/erp-for-general-retail/

https://erpsolutions.oodles.io/blog/retail-erp-software/

_________________________________

For further information, reach out to us at [email protected] or call us at +1 650 488 4412 (Global), +63 917 173 6625 (Philippines), +91 2240871095 (India), and +254 720 940 174 (Africa).

Originally Published at - Softype

#Cloud ERP #Business Automation #oracle netsuite #Softype Inc #digital transformation #POS #ERP for Retail #Netsuite for Retail

0 notes

softypeconsulting · 4 years ago

Text

Business Automation Platform– On-Cloud or OnPremise?

A business automation platform is an essential system for businesses as it helps companies streamline processes and store business-critical data in one place. The advent of newer technologies resulted in the introduction of on-cloud business automation solutions.

Initially, majority of the business automation solutions were on-premise. However, on-cloud solutions have gained acceptance over the past few years. If you are wondering whether a switch to an on-cloud solution is advised, here are a few key parameters to consider.

1. Upfront costs

An on-premise solution requires a business to make huge investments upfront. The costs include investments to purchase and manage software, the related hardware, servers, and facilities necessary to run it. Then, a consulting firm with the expertise to deliver the solution will have to be found. Additionally, the company will need an IT team to specially build, manage, monitor, maintain and check security of the on-premise solution.

It will require a significant IT budget spend and more IT resources to ensure that the system is available and accessible at all times. There will be additional costs involved to back up data to servers.

For an on-cloud solution, these costs are significantly lower because companies only need subscribe to the service in order to access the software through the web after the software is implemented. The software provider hired to set up the system is only responsible for making sure that the software runs properly. All the rest of what is required is the responsibility of the software principal.

The software principal is the party responsible for the maintenance, security, back-ups, servers, and other infrastructure for the software besides providing the roadmap for the software and maintaining teams to further enhance the solution. Clients need not plan for or invest in any of these activities.

2. Utilisation of IT resources

For the on-premise solution, the company’s IT team needs to perform a number of tasks and activities, on a daily/regular basis, to keep the solution up and running efficiently. In case of changes in IT personnel involved, the company has to invest time and energy to train the new hire on all of these systems and processes.

The IT team spends a large partof their days on maintenance activities only. It leaves very little time for them to innovate on current processes that will help business. Additionally, most IT organizations do not have the skill set to update and improve the on-premise solutions as their business evolves.

With an on-cloud solution,a consulting company will be responsible to ensure that the solution is set up and works efficiently. The IT team will simply have to monitor it. This will free up a lot of their time and they can focus on development/enhancement related-tasks, or move to other areas of work that will benefit the company.

3. Easy accessibility and availability

The on-cloud solution needs only a web-enabled device to access data. You can access it from your desktop, tablet, or mobile device. Users have access to real-time data that can help them stay abreast of the latest situation at all times.

In current times, where companies have a distributed workforce, such flexibility is helpful to provide a smooth flow of communication across the organization. It makes it easy for team members to collaborate. It also ensures that essential data is available 24*7 to system users.

Quality cloud ERPs must have high availability (typically more than 99%). Users should look and make sure that the ERP that they invest in has high uptime as well as some method to check availability, performance and security.

4. Security

Providers of on-cloud solutions live and die on matters of security as providers of platform infrastructure to large numbers of customers with needs large and small. They must maintain the experts whose responsibility is to see that the operational systems stay secure. Cloud infrastructure companies focus not only on their software but on the facilities where they operate. They must ensure that access to those facilities is highly restricted, and that software is well monitored for potential hacks, intrusions and the like.

On the other hand, on-premise software is the responsibility of the IT departments in companies or the outsourced providers of services to companies to maintain and secure. Since these companies are by and large not in the business of providing software or hardware management and infrastructure control, the risks involved in self-maintenance are very high and grow with each passing year unless they are able to be strictly monitored and the IT organizations are on top of the ever-evolving threats to system infrastructure that companies run their business on.

5. Scalability

The most significant advantage that an on-cloud solution offers is that it is equipped to manage small, mid-sized or large businesses. It is the ideal system for growing institutions that must continuously scaling to greater heights.With a cloud solution, there is no need to invest in additional hardware infrastructure when the company grows or the number of users or transactions increase. The software principal takes care of that as part of the cloud subscription.

Scalability is also enhanced when software principals can upgrade their software regularly for their subscriber base. This means that software is constantly improved not only in its feature set but is also better able to handle changes in operating systems, changes in the way users would like interact with their software, and changes in scale and number of operations or transactions that the system must undergo regularly.

6. Upgrades to latest versions

Any upgrades or any changes to be made to the current on-premise system are very time-consuming and cumbersome. The IT team has to invest a lot of time and money in researching how to modify the existing set-up and ensure that it meets all user requirements. Sometimes, patches and bug fixes can no longer be applied to the software as originally delivered. In this case, companies must purchase the latest upgraded software and frequently reimplement partially or fully.

An on-cloud solution has a plan and a path and a dedicated team or teams who work on product development. The main KPI of this team is product enhancements based on the needs of the subscriber users. These teams do this on a daily basis. Once they are ready to add new features, they push out updates to their clients. All this is done seamlessly, without any breaks, time lags and without hampering the performance of the existing system because that is the nature of the cloud.

There is no question about what is better – on-premise or on the cloud. Many companies had invested in on-premise applications in the past but more and more are moving to the cloud because of the ease of use, the ability to adapt the software to evolving business requirements, because of the need for more robust systems capable of scaling as a company grows, and because companies want experts to handle their security needs at all times. Call an expert before you decide to invest in a system and ask help to evaluate the pros and cons of the systems that your company needs.

_________________________________

For further information, reach out to us at [email protected] or call us at +1 650 488 4412 (Global), +63 917 173 6625 (Philippines), +91 2240871095 (India), and +254 720 940 174 (Africa).

Read blog here - Softype.com

#Business Automation #enterprise resource planning #Softype Consulting Services #oracle netsuite #benefits of crm #Cloud ERP

0 notes

softypeconsulting · 4 years ago

Text

Want to boost employee productivity?

Reach us at - [email protected] can also call us on the following numbers:

+1 650 4884412 (Global), +91 2240871095 (India), +63 917 173 6625 (Philippines), +254720 940 174 (Kenya)

#netsuite erp #Cloud ERP #educational erp #Softype Inc #Business Automation #Softype Consulting Services

0 notes

softypeconsulting · 4 years ago

Photo

A single coherent system, encompassing ERP, CRM, e-Commerce, Financials, inventory management, supply chain management, and more!

Reach us at - [email protected]

You can also call us on the following numbers:

+1 650 4884412 (Global), +91 2240871095 (India), +63 917 173 6625 (Philippines), +254720 940 174 (Kenya)

#Softype Inc #Softype Consulting Services #Financial Accounting #financial accounting software #educational erp #Business Automation #ERP #Cloud ERP

0 notes

softypeconsulting · 4 years ago

Video

tumblr

Softype offers full-featured solutions for small, medium and large business enterprises.

Reach us at - [email protected] can also call us on the following numbers:

+1 650 4884412 (Global), +91 2240871095 (India), +63 917 173 6625 (Philippines), +254720 940 174 (Kenya)

#softypeinc #solutions #educationerp #retailsolutions #enterprisesolutions #netsuite implementation services #Netsuite Partner

0 notes

softypeconsulting · 4 years ago

Text

10 Points to Consider when Selecting a Business Automation Platform

Digital transformation is the need of the hour for businesses to thrive in today’s highly competitive market scenario. Companies are constantly working on improving their efficiency and productivity. A business automation platform helps companies achieve this.

What is a business automation platform?

A business automation platform is a business-wide solution, adopted by companies to streamline their business processes. Such a platform enables companies to react quickly to market demands thus helping them deliver a good customer experience.

A business automation platform can be very advantageous to a company. Let us look at the top 10 points a business should consider when selectinga business automation platform.

1. Automation helps improve productivity

A business automation platform, as the name suggests, helps companies automate various routine activities. It frees up employee time spent on performing mundane tasks. Employees can then utilise the available time to focus on other, more essential tasks.

Automation allows employees to increase efficiency, focus on innovation and contribute towards the overall growth of the company.

2. Centralized System increases ability to identify and respond to problems

A business needs to get information from all its departments to function effectively. A business automation platform can make this process easier and more efficient. It is implemented company-wide and ensures integration across all the business functions.

A centralised system provides stakeholders with a complete view of what is happening within their company. It helps them identify any challenges/concerns quickly. Stakeholders can therefore address these concerns on a priority basis and make swift decisions to rectify them.

3. Real-time data provides a key to real-time insights and analytics

Most companies today are currently using or are planning to shift to cloud-based business automation platforms. The most important advantage of these cloud-based applications is ability to capture, track, monitor, and provide access to data in real-time.

In a digitally-driven business scenario, data is the key. A cloud-based ERP that is used as a business automation platform provides decision-makers access to company-wide data with just a couple of clicks. These platforms allow users to create/generate reports for data analysis. It provides them with real-time insights and helps them stay on top of things.

Having said that, business automation platforms are highly secure. A user can access the system only if she/he has appropriate access rights as authorized by the company. Users can be assured that their data is safe and cannot be accessed by anyone who is not authorized to do so.

4. Business systems with anytime-anywhere access are essential

Acritical aspect of cloud-based software is its ability to provide employees data access through a browser usingthe internet. As everything is hosted on a cloud, users can work from anywhere. This is essential in current times as more and more businesses have a distributed workforce operating from multiple locations.

Solutions built for the cloud provide almost 100% uptime and round-the-clock support services which enable users to work at any time from wherever they are. It makes sure that the work is not affected even if the employees are spread across different geographies and are operating in different time zones.

5. Better accuracy and less scope for human error

Many companies use spreadsheets for capturing and maintaining data. Since multiple people enter data on these sheets, there might be confusion about the latest version. Manual data entry increases the chances of human error. A zero missed in financial data or an order placed late might have a negative impact on the bottom line of the company. Tracking these mistakes in multiple spreadsheets wastes time and resources.

Business automation helps minimize delays caused due to human error, eliminates need of multiple encoding steps, and removes worker fatigue associated with spreadsheet workflows.

For example, let us consider a retail business that has already implemented enterprise/automation software. A business automation solution takes care of multiple aspects of inventory management, vendor management, supply chain, financials, etc. It helps the company understand market trends, forecast demand and manage supply accordingly. With everyone logging into a single system, it becomes easier to review data and view updated information in real time.

6. Reduce overhead going forward

For a cloud solution, the service provider is in charge of maintaining and securing the system implemented. They have dedicated teams of experts who manage the solution 24*7. If companies had to have an inhouse team for this kind of work, they would have to recruit staff with specific skillsets, give them the necessary resources and support, and manage server back-ups and other infrastructure costs. This can be very expensive for individual businesses.Moreover, in case of a technology change, all these systems would have to be replaced/updated to ensure optimal functioning with the resulting investments required for infrastructure upgrades.In time, certain employee skills will also become obsolete. It is easier for any company to use cloud software and outsource toimplement business automation through a specialized service provider (whose core function is to help companies with automation), thus reducing added costs and efforts. Once implemented, a good implementation partner will see to it that the customer is trained and develops expertise to do more and more on their own.

7. Support multi-location operations

Today’s best automation platforms help businesses manage data, information and communications for multi-location set-ups with ease.Integrated cloud solutions enable each location to manage their processes and data while providing visibility of these to the head office.

Relevant stakeholders can have a complete overview of each of these locations in real-time. Changes in compliance and regulations per location can be handled in a smooth, hassle-free manner. This feature can help companies manage their finances, keeping in mind the foreign currencies, exchange rates, corresponding location-based taxes, and other location-specific regulations.

8. Personalization

Each business or industry has certain specifications which are unique and native to it. It should be possible to personalize the business application software, as per a company’s needs and challenges. This flexibility is critical as it will have an overall impact on the usability of the solution.

Even if the software used by itself does not provide all the functionalities required by the company, it should have integration capabilities with other software that can provide these features or functionalities. Today’s software must have easy-to-understand and easy-to-use functionalities.

Ease of use, on the integration front, is key when evaluating a new business automation platform because almost every company will need more than one solution to run their business. Make sure that what you are considering has well-defined APIs and multiple integration methods, native to the application.These features can be used with other systems to minimize costly and difficult-to-find professional services that are in short supply.

9. Scalability

Another critical reason to choose a business automation platform is that it can scale as businesses grow. Scaling the solution as the business evolves should be hassle-free and quick. Today’s solutions are comparatively less costly to scale according to company requirements as compared to legacy systems (older on-premise or supplier-cloud driven computing software and/or hardware that is still in use). Make sure that the solution you invest in, is able to move from shared to dedicated infrastructure in case the business grows a lot.

10. Complete customer profiling is a must for today’s sellers

A lot of Software as a Service (SAAS) solutions come with an integrated CRM, i.e.,a rich customer relationship management functionality. Not only do all companies need to store customer data in a single system, they also need to be able to slice and dice this data to know everything about each customer.

A CRM oriented solution allows companies to understand purchase trends, create multiple promotional campaigns customer by customer,and produce personalized offers. It can assist sales and customer service personnel to serve customers better. They can access historical data in just a couple of clicks. It can also help them resolve any customer queries or grievances efficiently. Make sure that the automation solution platform you choose has good CRM for your type of business.

Implementing a business automation platform is an important decision for a company. If you are considering going for a business automation platform or wish to switch from the current one, you can speak to the experts at Softype.

_________________________________

For further information, reach out to us at [email protected] or call us at +1 650 488 4412 (Global), +63 917 173 6625 (Philippines), +91 2240871095 (India), and +254 720 940 174 (Africa).

Originally Published on Softype

#netsuitepartner #NetSuite Partner #Cloud ERP #oracle netsuite #Softype Inc #netsuite implementation services #Business Automation #Netsuite ERP Consulting

0 notes

softypeconsulting · 4 years ago

Text

7 reasons NetSuite is World’s # 1 Cloud Financial Accounting Software

Gartner recently awarded NetSuite as the Leader for Cloud Core Financial Management for midsize, large and global enterprises for the year 2021. NetSuite has received this prestigious award for the 4th year in a row now. It is the only software in its category, that is a fit for all businesses irrespective of its size. Here are 7 reasons that make NetSuite the best cloud accounting software.

1. One-stop-shop for everything accounting solution

NetSuite provides a single unified system that takes care of multiple aspects of accounting. It provides all the following accounting features:

a. General Ledger

Off the Shelf general ledger as per specific business requirements.

This eliminates manual journal entry, allowing users to add personalized impact lines to transactions. It considerably reduces the time and effort required for account reconciliation, period close, and audit processes.

It follows the accounting principles of double-entry.

Real time accounting entries are available for all inventory transactions.

Multi-book accounting helps reduce data errors due to manual adjustments.

b. Accounts Receivable

Users can automate and streamline processes related to invoice delivery, credit terms and management of collections.

Automated tax processing and billing are available.

Features like generating recurring invoices, can manage subscriptions and help users keep track of their accounts receivable.

It helps understand the current DSO (the number of days, between the average time a sale is generated to the time it is paid for). Key indicators like credit limits and overdue balances ensure better collections and strategies for reducing DSO.

c. Accounts Payable

The system can automate exception processing when there is a mismatch for purchase orders or receipts.

Data/documents are better organized thereby preventing errors like making multiple payments or loss of bills.

It helps develop highly accurate financial statements due to improved reconciliation and streamlined accrual processes.

d. Tax Compliance and management

The ability to configure the tax module to meet compliance regulations global as well as local tax.

Support for every global currency and exchange rates

Once configured, the system automatically applies the correct rate for every transaction at all times.

e. Fixed Assets Management

Reporting capabilities for all fixed assets that help with efficient tracking of depreciating and non-depreciating assets

Users can integrate their assets management with accounting. This helps reduce human error due to data spread across multiple spreadsheets/systems.

Direct posting of depreciation and asset retirements is possible.

f. Cash Management

A 360-degree view of cash flow.

Based on their access rights, users have real-time access to global transactions across different locations.

It helps forecast cash requirements

The system can automatically make accounting entries, post transactions.

It is possible to manage multiple currencies.

g. Payment Management

24*7*365 access to all your payment-related information.

Multiple options for accepting payments through online transactions are available.

Processing payments for a multi-location and multi-currency set-up is possible.

SuitePayments, a seamlessly integrated component of NetSuite is available as an API for payment gateway integration.

The system can verify information related to credit/debit cards, authenticate transactions through passwords, encrypt secure information and more!

2. Real-time data access and reporting capabilities

We all know that data is the new oil. It is critical for business stakeholders to have access to all the essential information especially, financial data, in real-time. It provides them with the ability to analysis the current situation quickly and make any changes if required. The ability to make quick, data-driven financial decisions can have an impact on the overall business.

Oracle NetSuite provides access to real-time data even in the case of a multi-location set-up. It enables decision-makers to gain actionable insights into the entire business. Creating and sharing reports on Oracle NetSuite is very easy. It does not require any technical expertise. It is possible to mail critical reports to key decision makers in the company on a daily basis. For e.g., A CFO can access Accounts Receivables or Bank balances at the end of each business day without logging into NetSuite.

3. Strong Integration capabilities

NetSuite provides the SuiteApps Marketplace. It is a marketplace that gives users access to hundreds of third-party solutions that easily integrate with NetSuite.

A business can develop, configure, and integrate solutions specific to their requirements through these integrations. It enables companies to create custom solutions that can resolve challenges specific to their business or industry.

4. Data Access any time any where

Oracle NetSuite is the leading cloud-based accounting software. It means that, a user can access data stored on the cloud from anywhere. They only need internet connectivity and a browser.

Cloud-based solutions offer access to data 24*7*365 for all users. In the current situation, this is an advantage as most of the companies have a distributed workforce spread across different locations. With Oracle NetSuite, it is possible to securely access data from anywhere – the NetSuite cloud platform is highly secure and there is absolutely no risk of data theft/misuse.

5. Not just an accounting software

Oracle NetSuite is much more than a cloud-based financial accounting software. It is a cloud-based ERP platform that helps companies streamline multiple aspects of their business. It can integrate accounting processes with other business functions like:

Inventory tracking and management

Order management

Multi-location management

Warehouse management

CRM

Procurement

Fixed Assets

Allocation of Financial overheads to profit centers

6. Easy to Scale

One of the biggest challenges a business faces is to have solutions that scale and can keep pace with their rapid growth. Oracle NetSuite can easily be scaled depending on your requirements.

Also, as a business, the investment required to scale it, is lesser as compared to an on-premise legacy system. It is possible to manage it efficiently and effectively with minimum IT overhead costs and a lean IT team.

NetSuite has a team of world-class experts to take care of security and maintenance of the solution, resulting in almost 100% uptime.

7. Automate, Automate, Automate!

One of the essential aspects of NetSuite is its ability to help users automate multiple processes. Automation helps users save time and also helps in reducing human errors that may arise due to manual data entry.

A misplaced zero or a wrong entry can give the accounting team nightmares and significantly increase their workload. Having said that, NetSuite prevents such mishaps and ensures better data accuracy that can help stakeholders make better, data-driven decisions.

NetSuite can automate tax processing and billing, accounting entries post-transactions, exception processing, generation of recurring invoices, and many such critical tasks. Automation also helps employees free up some of their time from routine tasks and focus on other activities of more strategic importance.

To sum it up, 26000+ businesses across 160+ countries are using the NetSuite to transform their businesses digitally. It doesn’t’ matter whether you are a small, medium, large-scale or rapidly growing enterprise. NetSuite will help you with your financial management.

If you want to know more about NetSuite and how it can be more beneficial for your business, you can speak to the experts at Softype.

_________________________________

For further information, reach out to us at [email protected] or call us at +1 650 488 4412 (Global), +63 917 173 6625 (Philippines), +91 2240871095 (India), and +254 720 940 174 (Africa).

Originally Published at - Softype

#Financial Accounting #ERP #Softype Consulting Services #Workato #Storehub #netsuite implementation services #Netsuite ERP Consulting #oracle netsuite #Financial Accounting Software #Cloud ERP

0 notes