In today’s highly competitive marketing landscape, Consumer Packaged Goods (CPG) companies face range of challenges like controlling raw materials cost, reducing operational costs, increasing quality, introducing new products, and improving efficiency. Furthermore, managing inventory accuracy alongside driving supply chain performance are some other challenges that prevent this industry from getting competitive. Moreover, CGP industry also needs solid supply chain planning, forecasting and demand planning capabilities in order to stay competitive.
Some of the biggest challenges that Consumer Packaged Goods (CPG) companies face include
Legacy Systems – The legacy systems of the Consumer Packaged Goods (CPG) companies hold them back from getting competitive. Most legacy systems are designed not to communicate with each other. Furthermore, there is no way to configure financial and operational functions within a legacy ERP, nor can these tasks be handled effectively using spreadsheets or QuickBooks, both of which are still in use at many CPG companies.
Limited IT Capabilities – As far as the IT capabilities of CPG companies are concerned, they are very limited. Furthermore, most of the CPG companies work with small IT staffs that find it really difficult to upgrade their current technology infrastructures.
Lack of integration capabilities – Most of the systems used by CPG companies lack capabilities and don’t integrate with one another. Most have fairly complex business requirements in place, and tend to augment their ERPs with spreadsheets and other manual approaches. Legacy systems don’t provide the modern capabilities that they necessary for global operation.
Analysis paralysis – CPG firms tend to get stuck in a vicious cycle of trying to align their technology needs with their budgets. With data available at disparate systems, CPG firms find it difficult to leverage trends and buying behavior to plan out future strategy.
NetSuite for Consumer Packaged Goods (CPG) companies – Helping your business to grow
As comprehensive, cloud-based, true SaaS business management solution for CPG companies, NetSuite cloud Erp automates front- and back-office processes. NetSuite offers smart combination of financial management operations and built-in business intelligence, enabling CPG companies to make data-driven and well-informed decisions. Available as Software-as-a-Service (SaaS), NetSuite doesn’t require complex set ups, hardware and other software. Furthermore, you don’t require specific IT maintenance team for upgrading software. This will eventually result in reducing IT cost. By leveraging best-in-class production management features, NetSuite offers full visibility into production workflows.
Unified Cloud Solution – NetSuite for Consumer Packaged Goods firms comes with comprehensive capabilities across financials, revenue management, fixed assets, order management, billing, inventory, and supply chain management. This ensures complete real-time visibility into the financial performance of the business from a consolidated level down to the individual transactions. From reporting and analytics, to insight and decision-making, you gain comprehensive picture of your business on-demand and in real-time with NetSuite.
Optimize Supply Chain – With comprehensive supply chain management capabilities, NetSuite offers real-time view of your current and future inventory position across our entire global supply chain. Moreover, you can actively monitor inventory, demand and supply across entire global supply chain while also identifying future imbalances in demand and supply.
Real-time Business Insights – NetSuite for Consumer Packaged Goods companies delivers real-time financial analysis and modeling across every dimension of your business for detailed insights into corporate performance and improved business decision making. You can further tailor dashboards and KPI’s as per your unique business needs.
Supply Management – With demand planning capabilities, you can efficiently balance the demand and supply. After analyzing demand trends, once supply planning process kicks in, you can start generating orders while also looking at consumption, time fence and reschedule in/out parameters.
The bottom line
Thus, you can easily boost the profitability of your CPG company with NetSuite. If you still have some confusion, you should contact us. As leading NetSuite Solution Provider, we can help you in implementation, integration, maintenance & support services.