Be more Competitive with Business Process, Product Knowledge and Accounting in NetSuite

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As a product, NetSuite is one of the few integrated business management information systems solutions that can enhance your business processes – from leveraging your superior product knowledge to robust accounting. By accounting for a major portion of the way companies conduct business, we see that NetSuite excels at tracking marketing and sales initiatives including the fulfillment side of the process.
There are three business areas that NetSuite can help your business make more money:
1.  Business Practices
2.  Product Knowledge
3.  Operational Accounting
Business Practices
Business practices are the skills, know how, and procedures that comprise your business operations. In a fundamental way, customers trade their money for the practice your business produces which may show up as either a good and/or a service.   A superior business process produces better goods and services and this will lead to more profit.
NetSuite excels in that it can track and coordinate business processes. For example, if a marketing initiative is going well (or not), you can see this in NetSuite’s analytics area, and this will allow you to design new action for further spend, or new initiatives. ¬†NetSuite‚Äôs integrated ERP and CRM function gives you a window into your business practices, allowing you to decide, minute-by-minute, where you are succeeding, and where you need improvement.
Product Knowledge
When talking about product knowledge, we are suggesting that your superior understanding of your good or service makes a marginal difference to your customers.  The marginal difference is that you win the sale.  Your knowledge will be seductive to prospective customers and will lead to more sales versus your competitors.  For example, we have a client that sells air-cleaners via eCommerce.  Their understanding of allergies, pollutants, smoking, and health conditions help them listen better to customers and suggest the best product from their inventory.  This leads to more sales.
NetSuite’s capacity to organize information about your products and services through its robust item master can help you demonstrate your superior knowledge. ¬†For example, our client can track the typical ailments in a custom field in the item master which makes it easy to search and organize. ¬†The eCommerce website can then key on this information to present the best product to the customer. ¬†This triggers the customer to trust my client and be willing to purchase their goods.
Operational Accounting
Operational accounting is different from financial accounting when it comes to being more competitive and making more money. ¬†Whereas financial accounting tracks the “GAAP” results of employing assets through fulfillment, operational accounting is much more forward and real-time looking. ¬†For example, counting the number of leads in the CRM system relative to the number of phone calls made today is an operational accounting practice. ¬†This has very little to do with finance. ¬†It has everything to do with assessing if action is powerful for opening and closing new sales. ¬†Hence, operational accounting is an extremely useful practice for gauging the effectiveness of our actions.
NetSuite perform very good financial accounting functions, while it offers superior capacity to track and measure operational functions.  Since everything from marketing to order entry to collecting cash is integrated within NetSuite, all business action is tracked and can be measured in real-time.  Email alerts can be generated that trigger people into powerful action depending on key events that can be defined based on your imagination.  Information dashboards can bring important measures into the foreground keeping management on track.
In summary, NetSuite is the premier tool that allows you to be more competitive.  You become more profitable because you can seduce customers to buy your goods and services with your superior product knowledge, you can offer your business process by delivering on your promise in an effective and efficient fashion, and you can account for all the action in your business to help you continuously learn and improve.As a product, NetSuite is one of the few integrated business management information systems solutions that can enhance your business processes Рfrom leveraging your superior product knowledge to robust accounting. By accounting for a major portion of the way companies conduct business, we see that NetSuite excels at tracking marketing and sales initiatives including the fulfillment side of the process.

There are three business areas that NetSuite can help your business make more money:

  1. Business Practices
  2. Product Knowledge
  3. Operational Accounting

Business Practices

Business practices are the skills, know how, and procedures that comprise your business operations. In a fundamental way, customers trade their money for the practice your business produces which may show up as either a good and/or a service.   A superior business process produces better goods and services and this will lead to more profit.

NetSuite excels in that it can track and coordinate business processes. For example, if a marketing initiative is going well (or not), you can see this in NetSuite’s analytics area, and this will allow you to design new action for further spend, or new initiatives. NetSuite‚Äôs integrated ERP and CRM function gives you a window into your business practices, allowing you to decide, minute-by-minute, where you are succeeding, and where you need improvement.

Product Knowledge

When talking about product knowledge, we are suggesting that your superior understanding of your good or service makes a marginal difference to your customers.  The marginal difference is that you win the sale.  Your knowledge will be seductive to prospective customers and will lead to more sales versus your competitors.  For example, we have a client that sells air-cleaners via eCommerce.  Their understanding of allergies, pollutants, smoking, and health conditions help them listen better to customers and suggest the best product from their inventory.  This leads to more sales.

NetSuite’s capacity to organize information about your products and services through its robust item master can help you demonstrate your superior knowledge. ¬†For example, our client can track the typical ailments in a custom field in the item master which makes it easy to search and organize. ¬†The eCommerce website can then key on this information to present the best product to the customer. ¬†This triggers the customer to trust my client and be willing to purchase their goods.

Operational Accounting

Operational accounting is different from financial accounting when it comes to being more competitive and making more money. Whereas financial accounting tracks the “GAAP” results of employing assets through fulfillment, operational accounting is much more forward and real-time looking. ¬†For example, counting the number of leads in the CRM system relative to the number of phone calls made today is an operational accounting practice. ¬†This has very little to do with finance. ¬†It has everything to do with assessing if action is powerful for opening and closing new sales. ¬†Hence, operational accounting is an extremely useful practice for gauging the effectiveness of our actions.

NetSuite performs very good financial accounting functions, while it offers superior capacity to track and measure operational functions.  Since everything from marketing to order entry to collecting cash is integrated within NetSuite, all business action is tracked and can be measured in real-time.  Email alerts can be generated that trigger people into powerful action depending on key events that can be defined based on your imagination.  Information dashboards can bring important measures into the foreground keeping management on track.

In summary, NetSuite is the premier tool that allows you to be more competitive.  You become more profitable because you can seduce customers to buy your goods and services with your superior product knowledge, you can offer your business process by delivering on your promise in an effective and efficient fashion, and you can account for all the action in your business to help you continuously learn and improve.

Copyright © Marty Zigman 2011

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Marty Zigman

Holding all three official certifications, Marty is Southern California's NetSuite expert and leads a team of senior professionals at Prolecto Resources, Inc. He is a former Deloitte & Touche CPA and has held CTO roles. For over 25 years, Marty has produced leadership in ERP, CRM and eCommerce business systems. Contact Marty to setup a conversation.

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