Building factories of the future with Machine Learning in manufacturing

As emerging technologies seep through business models of companies across industries, more prominent ones like Artificial Intelligence and Machine Learning are penetrating deeper than ever before. In today’s day and age, a company’s digital capabilities are shaping their core competencies. As the need for adaptable and flexible businesses grow, so does the requirement for predictive and prescriptive technologies that help leaders identify gaps and make better business decisions. By combining the powers of machine learning and ERP, leaders can now have mobile access to insights that can help them meet rapidly evolving business demands. From streamlining operations to enabling data-driven decisions, it has become clear that Machine Learning in manufacturing has the potential to truly revolutionize how the everyday world works.

A BCG analysis found that AI implementation can reduce producer’s conversion costs up to 20% and up to 70% reduction of cost reduction resulting in higher workforce productivity. Manufacturing companies especially can optimize technologies like machine learning by combining it with their ERP system. Here’s how-

Machine Learning In Manufacturing

Machine learning in manufacturing

Supply Chain– Demand forecasting is one of the key issues where Machine Learning can help revolutionize manufacturing. By better anticipating changes in demand, companies can alter their production program and reduce wastage. By learning from data related to products, purchasing behaviors, machine learning in manufacturing firms supports forecasting of customer demand. Consolidation of data from warehouses and your ERP system, machine learning algorithms can predict demand patterns and give out customer insights.

Production – Coping with production complexities and increasing liabilities of manufacturing processes is one of the key functions facilitated by machine learning. It enables machines in the factory to become self-optimized systems that keep readjusting their parameters based on data and analyzing algorithms.

According to BCG, which recently conducted a study to understand the impact of AI and ML on companies. Some steel producers are using AI to enable furnaces to autonomously optimize their settings. For many of them Artificial Intelligence can analyze iron intake composition and provide lowest temperature recommendations for stable process conditions, thereby reducing overall energy consumption.

Quality and maintenance – Machine Learning in manufacturing can drastically help reduce equipment breakdown and increase asset utilization with the help of predictive analytics offered by ML. As machines analyze and learn from data, business leaders can avoid breakdowns and replace worn machinery on the basis of prescriptive analytics.

Process based industries especially can optimize this to the fullest. Implementing machine-learning models that estimate the remaining time before equipment failures. The models consider more than 1,000 variables related to process parameters, material input and output and weather conditions.

Logistics- Machine Learning manufacturing factories will enable efficient supply of material and autonomous movement within the factory.
Machine learning algorithms can use logistical data like turn rates of parts, inventory levels, outflow and inflow of material —enabling warehouses to self-optimize their operations. For instance, an algorithm could recommend moving low-demand parts to more remote locations and moving high-demand parts to nearby areas for faster access.

Over the years Bista has been helping businesses reshape their digital processes. One of the key practices that we take pride in is our Machine Learning developers. They can seamlessly integrate your ERP system with intelligent technologies like Artificial Intelligence and Machine Learning in your manufacturing. Get your free machine learning POC done today! Contact us for more details.

How To Overcome Odoo Performance Issues & Odoo Implementation Challenges

Implementing Enterprise Resource Planning Software like Odoo is a big change for any organisation or leader. At some point, it can also be daunting for a business because it involves multiple considerations and checklists. To list a few, the prominent ones include- the listing of proper requirements in a new Odoo ERP system,  providing functional training to the users, restructuring key business processes, migrating the data from the old system to new and many others and identifying the right costs for ERP implementation. If the implementation partner fails in properly defining any of the above, it can bring in drastic consequences to the business. When ERP systems like Odoo reflect performance issues, it can paralyze the entire organization, which is why it very important to choose the right implementation partner. We at Bista always ensure that the below mentioned common Odoo performance issues are always fixed.

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There is a rising number of Odoo ERP implementation mistakes that many partners make, we on the other hand use our expertise and experience to make sure that none of these issues ever become a roadblock in your Odoo experience.

Odoo Performance Issues

 

Odoo performance issues

Absence of strategic management planning – When an organization decides to implement an ERP framework, the first step is having a clear strategic roadmap and a goal that needs to be met. Having a clear goal implies characterizing the money related advantages, essential business forms, and due dates in advance. One of the most common Odoo performance issues that organizations are faced with is not recognizing all the requirements from the ERP implementation and not identifying all the people who will be dealing with the issues. A strategic plan needs a logical succession of tasks, such as a calendar to fix bugs found in test cycles.

Over-customization– Many organizations comprehend that customizing their current ERP framework includes time, risk and cost to the project. Customization’s can be the main risk area in Odoo ERP implementation. Despite this, it is observed that companies are not able to eliminate the customization’s in their Odoo ERP implementation, which in turn causes Odoo performance issues.
Absence of experienced project managers – One of the common mistakes that organizations make while getting resources on open source ERP project is hiring of an experienced project manager. Over the years, it has been made clear that activities that require in-depth software expertise, usually require their very own committed, experienced project managers. Not any ERP expert can have solutions to your Odoo performance issues. A person who takes on the task as a part-time adjunct to their primary role will suffice for seamlessly conducting Odoo implementation. The project manager should be a functioning head pushing for expertise, transparency, responsibility, and conclusiveness.
Absence of framework testing. – One of the biggest reasons why clients have to face odoo performance issues is because they do not take regular tests seriously. At the point when plans get tight, many organizations decrease the number and profundity of test cycles. This is primarily because many clients do not realize the reason for testing an Odoo ERP implementation. Testing helps in checking whether the framework meets your business needs and creates the yield you need. Reducing the testing may not leave defects undiscovered, however it risks that the Odoo ERP framework will miss important functions or not be acknowledged by end clients causing higher Odoo performance issues.
Absence of training key resources – Another reason why many Odoo implementation do not reap the results they are expected to, is when clients are rushed into using the product without sufficient training. One of the key skills that your Odoo implementation partner needs to have is to train users. In fact, leaving training towards the end of the project makes it difficult for the clients to comprehend the framework and have a positive first impression at the rollout, so doing it at the right time is as important as doing it in the right way.

With over a decade of experience in Odoo ERP, we know how drastic the results of an implementation error can be. That is why we proceed with utmost caution and care while customizing your ERP solutions. Reach us, to know more about how we can help you change your business processes for the better.

How Meat Processing ERP Solution Can Transform Your Meat Processing Business

The movement toward high-quality, fresh and sustainable produced food products is not only paving the way for aware customers, but also increasing the pressure on food processing companies, especially meat companies. As this increases, leaders of meat processing businesses now need to ensure and guarantee quality assurance. It also means that meat processors need extended visibility into the sourcing of each product and the ability to predict spoilage. Meat processing ERP solutions like NetSuite are uniquely designed to address the complex challenges facing meat producers and processors with a single solution for all key business operations.

As the leading cloud business system supporting CRM, supply chain, manufacturing resource planning, order fulfillment and financials. Here’s what NetSuite has to offer as the go-to meat processing ERP solution.

Benefits of Meat Processing ERP

 

Meat Processing ERP

Manage Quality and Trace-ability

Meat processing companies face major hurdles when it comes to quality maintenance and trace-ability. Meat processing ERP solution empowers producers to trace production from ingredient up till the finished product. More so, NetSuite also allows you to automate processes like meat inspection and product compliance testing for a holistic view of quality while maintaining operational efficiency.

Plan Production and Supply

Food and meat manufacturers are under immense cost pressures to produce and procure the right products at the right time. By providing real-time visibility of inventory and sales. NetSuite meat processing ERP enables accurate production and purchase plans by giving real-time information. Features like these combined with NetSuite’s ability to manage complex supply chains—including co-packers and 3PLs—build a robust a comprehensive production and meat processing supply chain management tool.

Plan Demand

In an industry where supply perishability is part of the equation, accurate demand planning is crucial to meet customer expectations & drive operational efficiency. NetSuite’s demand planning feature factors in a wide variety of information in the demand planning process. Including historical sales, new opportunities and quotes, sales orders, seasonality and trends—to create the most comprehensive, accurate report of demand.

Schedule Production

Meat processors not only manage limited and costly resources when scheduling production, also consider a variety of product attributes and requirements that largely impact production efficiency, material yield and meat safety. Food allergens, organic sourcing, kosher requirements, and GMO/Non-GMO attributes are all critical considerations when scheduling production lines. NetSuite meat production ERP’s finite scheduling enables scheduled production and reduce changeover times with production costs.

Monitor Financial Health

In an increasingly competitive marketplace, leaders of meat processing companies need a holistic and timely view of business performance. Meat processing ERP solutions like NetSuite provide real-time visibility of financial performance through dashboards, preconfigured reports, key performance indicators and a powerful end-user reporting tool catered specifically to the food and beverage industry like cost of goods sold (COGS) tracking, vendor performance, and managing promotions and rebates with deduction management.

With the help of NetSuite, meat processing businesses can easily automate processes, plan demand & supply, & drive efficiencies. Freeing their time up to focus on business decision making and enhancing products offerings.

Bista Solutions is an ERP consulting company with more than a decade of industry expertise in NetSuite & Odoo implementation across industries. One of our expertise lies in implementing meat processing ERP solutions and tailoring them to suit the needs of companies.

Contact us to learn more about how we can help. You can also forward your inquiry to sales@bistasolutions.com.

All you need to know about NetSuite Modules

NetSuite is one of the best Cloud-based ERP which helps the businesses by providing the solution to manage all business processes at one place. With NetSuite you can manage all business processes including manufacturing, operations, finance, accounting, sales, customer management, marketing, procurement, order management, demand planning, advanced reporting etc. NetSuite has in-built modules which are scalable. NetSuite modules can be customized as per the requirement of any business. Every business can use certein number of Netsuite Modules depending on requirement, required NetSuite modules then can be customized &  implemented directly.

NetSuite have many in-built modules, few of them are explained below with demo screen & functionality:

NetSuite Modules

NetSuite AccountingNetSuite Accounting

NetSuite accounting has various account types created inbuilt using which we can define the accounts. There are few check boxes which defines some standard features for accounting. Read more…

NetSuite CRMNetSuite CRM

NetSuite’s Customer Relationship Management (CRM) software is the only cloud solution that delivers a 360-degree real-time view of your existing or potential customers. Read more…

Netsuite Inventory ManagementNetSuite Inventory & Supply Chain Management

Manage your global supply chain with NetSuite supply chain management. Netsuite modules manages your inventory and supply chain in one place with its vast flexible & scalable features. Read more…

Netsite Inventory ManagementNetSuite Manufacturing

With NetSuite Manufacturing is one of the best NetSuite module which covers, Tracks and monitors all the details from raw material to finished goods. Read more… 

NetSuite ReportingNetSuite Reporting

With NetSuite Reporting, your finance and accounting team can get automated and highly accurate financial statements. Read More . . . 

Bista Solutions is the NetSuite Partner with more than 250 ERP implementation across many verticals. Our approach is consulting based where we consult our clients from the start to delivery of the project. To know more book a free demo here.

Automate Your Finance & Accounting With Netsuite Accounting

NetSuite has the world’s best accounting system as well as the ERP system. NetSuite accounting has an efficiency to cover your all business accounting requirements. NetSuite accounting consists of Financial Accounting, Financial Reporting & Analytics, order & billing management, Budgeting, Inventory management, & Transaction management, etc. Netsuite Accounting app keeps full track record money which comes in, goes out and is retained within the system. NetSuite accounting takes your business beyond the traditional accounting software. NetSuite accounting solution is being used by thousands of organizations to ease their accounting process & save time with the least risk.

NetSuite Accounting Explained

Below we have explained the basic workflow of Netsuite accounting with screenshot and explaining the process;
Accounts:
Netsuite Accounting has various account types created inbuilt using which we can define the accounts. There are few checkboxes which defines some standard features for accounting.

netsuite accounting app

Fig 1: New account

To make an account the Group or the summary account we need to check the Summary check box. Furthermore, we can restrict the account using class, location and define the Cash flow rate type and General rate type.

Entering a new Currency 

We can enter the name of the new currency for a specific locale which are present in Netsuite as the lists of country and an ISO code can be set as a short form for the currency. We can also Override the currency format by checking the Override Currency format checkbox, this will help us to define whether the currency symbol will be used before the Amount or after the amount.

netsuite accounting app

Fig 2: Entering a new currency

Setting up a Currency Exchange rate 

We can set up the exchange rate using this page for a currency using the base currency of the system. Besides the exchange rate, we also need to set the date from where the exchange rates are going to get applied. The Currency exchange rate once set cannot be edited/changed. In such a case we need to enter a new Currency exchange rate as of the same date.

netsuite accounting app

Fig 3 : Exchange Rates

Accounting related Masters

Setting up Accounting Lists 

To setup/create new accounting lists, navigate to Setup >> Accounting >> Accounting Lists >> New.

 

List Description
Billing Class Billing class values are used on employee records to set billable time rates for service items.
Budget Category This list is available if the Multiple Budgets feature is enabled. Budget category values are used on budget records to categorize types of budgets. In NetSuite Oneworld, budget category values are used indicate whether budgeting is done at the local subsidiary level in local currency or globally using the root subsidiary’s currency. Each budget category is associated with a budget category type of Local or Global.
Charge Type List for the type of service of the subscription plan items that use a specific charge plan.
Cost Category This list is available if the Landed Cost or Standard Costing feature is enabled. Cost categories have two purposes:

Material or Service Cost categories track standard costs for items.

Landed Cost Category values are used for items on bills and item receipts to categorize the different kinds of expenses incurred when making purchases.

Customer Category Customer categories are used on customer records to categorize them. A common use is to define the source of each customer.
Customer Message Customer message values can be selected on transaction records to include standardized messages to customers. For example, a message of “Thank you for your order!” can be selected on an invoice record to be displayed on the invoice sent to the customer.
Distribution Category This list is available if the Distribution Resource Planning feature is enabled. Distribution categories are used to set up a distribution network for supply planning.
Incoterm This list is available if the Purchase Contracts feature or Blanket Purchase Orders feature is enabled. This is a standardized three-letter trade term used on transactions related to international commercial procurement practices that communicate the tasks, costs, and risks associated with the transportation and delivery of goods. Incoterms define where the customer takes ownership of the product and are typically used for international orders, such as when an item goes through customs or crosses a border.
Other Name Category Other name category values are used on Other Name records to categorize them. The list of other name records is a collection of records for people or companies who are not vendors, customers or employees. You can use Other Name records to track other people or companies to whom you write checks or from whom you receive deposits, for example, your company might donate money to a favorite charity, so you can create another name record for the charity. You might also list your owners and partners here if they contribute or withdraw equity.

 

Payment Method Payment method values are used on transactions such as cash sales and customer payments, to specify how payment was received. Possible payment methods include cash, check, credit card, money order, or PayPal™.
Price Level This list is available when the Multiple Prices features is enabled. Price level values are used on item records to enable you to set up multiple prices for each item. When you create price level values, they automatically appear on item records with space for you to assign a price to each level. If the Quantity Pricing feature is enabled, you can assign quantity-based prices for each level.
Pricing Group This list is available when the Multiple Prices feature is enabled. Pricing group values are used on customer and item records to enable the creation of customer-specific pricing for items.
Project Status This list is available when the Projects feature is enabled. Project status values are used on project records to indicate the progress of projects.
Project Type This list is available when the Projects feature is enabled. Project type values are used on project records to categorize them in whatever manner is needed. You can create a hierarchy of project types by identifying a subtype for each type value.
Revenue Allocation Group This list is available when the Advanced Revenue Management feature is enabled. The revenue allocation group value is used in the Group Sum function in fair value formulas.
Term Term values are used on invoice and customer records to specify when payment is due. You can select terms on a customer record to default on all invoices for that customer. You also can select terms on an invoice to apply to that transaction only.
Transaction Deletion Reason This list is available when the Use Deletion Reason feature is enabled. You can create unique reasons why a transaction was deleted and choose the languages in which the reason should display. You can also inactivate specific deletion reasons if they no longer suit your needs.
Vendor Category Vendor categories are used on vendor records to categorize them.
1099-MISC Category This list’s values are used for 1099 forms that you issue to vendors. You cannot add values to this list.

Accounting related Transactions

There are various transactions which are done by the Accounting/Finance team which includes the following:

Write Checks

These transactions can be used to:

The Balance amount getting displayed when we write a check is the Balance amount for the bank selected.

netsuite accounting app

Fig 4: Write Checks

Make Deposits

Make a deposit in NetSuite accounting app to record funds you deposit into your bank account. For a deposit, you can select payments received for existing transactions, add funds not related to transaction payments, and record any cash received back from the bank.

Make deposits are basically used in the Netsuite accounting app for selecting a payment received for existing transactions, adding funds not related to transaction payments, and record any cash received back from the bank.

Following are some required fields to be entered: 

On the Deposit subtab, enter the items for the deposit.

netsuite accounting app

Fig 8: Make Deposits

Transfer Funds

Transfer funds, as the name suggests, is used to transfer funds between two bank accounts. If either of the bank accounts has other currencies, then Netsuite accounting app will automatically convert it as per the conversion rate compared to the base currency.

NetSuite accounting enables you to perform two types of bank transfers. You can transfer funds between two bank accounts if they share the same currency, and you can transfer funds between a base currency bank account to any foreign currency bank account.

netsuite accounting app

Fig 9 : Transfer funds

Credit Card Transaction 

To manage charges and payments for your company credit card, you should first enter each individual transaction. Transactions are posted immediately. But before we enter the Credit Card Transaction, we can select either of the below-mentioned option:

Reconcile Bank Statement

Reconcile your bank statement against your bank account register to keep your NetSuite account accurate. You can also enter new transactions while reconciling. If you begin but want to finish your reconciliation later, the NetSuite accounting app preserves the reconciliation until you resume later.

netsuite accounting app

Fig 10 : Reconcile Bank Statement

Deposits and Credits

Checks and Payments

New Charges

netsuite accounting app

New Deposits

When finished, choose one of three options:

To view your previous reconciliations, go to Transactions >> Bank >> Reconcile Bank Statement. Click History.

Reconcile Credit card Statement

To reconcile credit card statement, Navigate to Transactions >> Bank >> Reconcile Credit Card Statement. As with your bank statements, you should reconcile your credit card statement against your credit card register to keep your NetSuite accounting accurate. The reconciliation process includes verifying transactions on your credit card account and your ledger account:

netsuite accounting app

Write Tax Liability: 

When it is time to pay your tax liability, you can write a check to the tax agency.

netsuite accounting app

Fig 11: Write tax liability

You can print this check at Transactions >> Management >> Print Checks and Forms

Enter Journal entry

To Enter a Journal Entry Navigate to Transactions >> Financials >> Enter Journal Entry. 

Use journal entries to adjust the balances in your general ledger accounts without entering a posting transaction. Journal entry transactions are not posted until they are approved. A journal entry is posted in a period to which the journal entry approver has access. Until a journal entry is approved, NetSuite tentatively displays the posting period based on the transaction date, or, if this period is locked/closed, the first open period. 

Mention the Currency in which we wish to enter the Journal Entry. In case we need to enter a historic journal entry we can edit the Exchange rate as well. In addition, we can mention a customer, vendor, employee or other name under Name – Select an entity to associate with this journal entry.

netsuite accounting app

Fig. 16 : Journal Entries

Enter Intercompany Journal entry / Advanced Intercompany Journal entry  

To Enter a Journal Entry, Navigate to Transactions >> Financials >> Make Intercompany Journal entries / Make Advanced Intercompany Journal entries.

Using an advanced intercompany journal entry, you can specify the originating subsidiary and multiple receiving subsidiaries for the journal entry. You can also change the transaction currency to any currency set up in your system. Other behavior of advanced intercompany journal entries is similar to regular intercompany journal entries.

To create advanced intercompany journal entries, your role must include at least edit-level access for the Make Journal Entry permission. Advanced intercompany journal entries respect subsidiary and account restrictions. If you use the Automated Intercompany Management feature, advanced intercompany journal entries include an Auto Balance button. This button automatically adds elimination lines to balance the transaction.

netsuite accounting app

Fig. 17 : Intercompany Journal Entry

Intercompany journal entries are a specialized type of journal available specifically for OneWorld. An intercompany journal entry records debits and credits to be posted to ledger accounts for transactions between two subsidiaries. Intercompany journal entries adjust the value of any set of accounts without entering transactions such as invoices or bills.

An advanced version of intercompany journal entries is now available, which enables you to define multiple receiving subsidiaries, change the base currency to any currency set up in your system, and use the Auto Balance functionality. 

VAT/GST for Intercompany Journal Entries

When you create an intercompany journal entry, include VAT/GST information in the VAT and VAT Amt fields on the Lines subtab. These fields are available for subsidiaries with a tax nexus set up and a reporting requirement for VAT or GST.

Bista Solution has been NetSuite Partner for several years and we strive to consult every business from the start till the end to help him to identify the right solution. We as an enterprise consulting company we have implemented more than 200 ERP systems in different industries. We will be glad to help you with your requirement, Contact us our consultant will get in touch

NetSuite Manufacturing Module With Complete Workflow Demo

NetSuite is one of the best ERP solutions available in the market with the vast number of in-built applications & tremendous customization available. NetSuite is the only ERP with more than 200 Apps available within it. NetSuite covers many modules like Manufacturing, Supply Chain, Accounting, Inventory, Sales, Marketing, CRM, Reporting System, etc. We at Bista are NetSuite solution partners with expertise in many verticals like manufacturing, eCommerce, retail, Furniture Manufacturing, Auto parts, Telecom, etc. NetSuite Manufacturing Module covers all the process from raw to the end product. 

Assembly Item

In NetSuite Manufacturing Module, an item that is manufactured and consumes other components as part of that process is called an Assembly Item and is easily defined through the New Items menu. Assembly Items can optionally be defined as lot numbered or serialized. If a product requires full traceability from the components being used—where they came from and where the end product went—then selecting one of these options will ensure that traceability is strictly maintained.

netsuite manufacturing app

Fig 1. Assembly item

Bill of Materials

Assembly Items have a multi-level Bill of Materials (BOM) attached so you can easily define the components that are to be consumed. The quantities in which you expect to consume them and the expected yield during the manufacturing process. Once the Assembly item is created, we can allocate multiple Bill of Material’s ( BOM) to it. We can also set a Master default or default the BOM as per location.

netsuite manufacturing app

Fig 2. Assigning BOMs on Assembly Item.

netsuite manufacturing app

Fig 3. Creating a Bill of Material.

BOM Revision

A single BOM can have multiple revisions as per the components utilized. In the BOM revision page, we assign the components and the quantity of the components which will be consumed by that BOM to build an assembly. BOM Revision has the Effective start date and an Effective End date field which determines the period between which the particular BOM revision will be used. A single BOM can have multiple Revisions.

BOM revisions can be defined either by using effectivity dates or revisions and the view of the BOM components on the item has the ability to list the complete revision history or be filtered to the most recent one.

netsuite manufacturing app

Fig 4. BOM Revision

Routing Definition

NetSuite Manufacturing Module also offers the ability to track the labor cost and associated overheads critical to a business, and more. Multiple routings can be defined with a default per location. The same routing can be applied to multiple locations. 

Manufacturing Routing and Scheduling

NetSuite manufacturing Module enables manufacturers to optimize the production of complex work orders with the routing and scheduling feature in the Manufacturing WIP and Routings module. This functionality allows production engineers to create manufacturing routings to detail the steps that an item must go through during the manufacturing process. On a routing, users can define scheduling parameters such as work center assignment, number of resources, setup time and run rates. NetSuite manufacturing module also supports multiple routings per item/BOM. Once a default routing has been defined, the system will automatically create and schedule the operations necessary to complete a work order. The system also considers the default Work Calendar when scheduling work orders.

netsuite manufacturing app

Fig 5. Multiple routes assigned and defaulted as per the BOM.

netsuite manufacturing app

Fig 6. Defining a Routing

Work Order

In NetSuite Manufacturing app, creating a Work Order is actually an optional step in the manufacturing process; however, if you require the ability to communicate to production what you want made, when you want it, and the components they need to use, or if you sell a configurable product where there are features and options, then creating a work order is a critical part of the process. In this case, the work order is the starting point of implementing a production control system. Netsuite Manufacturing module also provides the capability to track the labor cost, machine costs, and overhead cost while generating an Assembly item. To track the labor and machine costs we just need to check the WIP checkbox present on the Work Order. If we don’t want to track it, we can simply create a work order and build the assembly.

netsuite manufacturing app

Fig 7. Standalone work order with no WIP

On click of Create Build, we get to create an Assembly Build transaction that will utilize the quantity of components without calculating the labor cost and the machine cost.

netsuite manufacturing app

Fig 8. Assembly Build

Work Orders can be created standalone just to increase the stock of the items, but we can also create a Work order from the Sales Order in case we don’t stock the items in advance of receiving an order.

netsuite manufacturing app

Fig 9. Work Order generated from Sales Order line level.

netsuite manufacturing app

Fig 10. Work order generated from SO with WIP checked and routing assigned

Issue Components and Enter completion

Work Orders with WIP checked can be completed in two ways, one by Issuing the components to the Work Order which simply means that we are subtracting the quantity from our stock and issuing it to the work order before the production starts, later we can enter completion as per the Operations present on the routing.

netsuite manufacturing app

Fig 11. Work Order Issue.

netsuite manufacturing app

FIg 12. Entering Completion after issuing Components.

Enter Completion with Backflush

We can also perform both, issuing components and entering completion, at the same time by using the option of “Enter Completion with Backflush”. Enter Completion with Backflush will allow you to subtract the quantity from the stock and also track the operations completed in one single transaction.

netsuite manufacturing app

Fig 13. Entering Completion with Backflush.

Work Order Traveler

The traveler is a document that is printed and handed over to production to communicate the production plan. This document can also be used for them to communicate back how much raw material they actually consumed compared to what you were expecting.

netsuite manufacturing app

Fig 14. Printing Manufacturing Traveler

netsuite manufacturing app

Fig 15. Form printing status for Manufacturing traveler

Work Center Dispatch List

The dispatch list in NetSuite Manufacturing module is updated to be color-coded based on status and date to provide instant feedback to the Production Manager, should there be any issues.

netsuite manufacturing app

Fig 16 Dispatch list printing status

Drag and Drop Scheduling

The task scheduler in NetSuite Manufacturing module shows the popular Gantt chart view of production with the ability to manually drag operations for last-minute changes.

netsuite manufacturing app

netsuite manufacturing app

Every manufacturer has unique needs. At Bista Solutions, we consult with you and design solutions to meet your business requirements. Fill out the contact Us Form and one of our representatives will get in touch.

How a predictive analytics software can help retail businesses stay ahead of the curve

As consumers gain more power and awareness, they will opt for companies that will actively listen to them, respond to them with agility and give them the freedom to tailor capabilities according to their needs. By adopting a retail ERP system, small and medium enterprises can eliminate manual errors from their supply chain and also improve the efficacy of their services. But more so, they provide superior customer service with predictive analytics.
Predictive analytics software uses a variety of tools and techniques to analyze present and historical facts to make predictions about the future. In a field where companies succeed by effectively uncovering what customers would like next, predictive analytics software can be the competency that defines a strong revenue stream and fixes a dwindling sales pool.

Increase engagement and personalization
One of the biggest difficulties retailers face in a commoditized industry is turning single one-time shoppers into loyalists of their brand. In fact, the amount of data a single sale produces today can help create significant insights that can be used to convert consumers to customers. Successful massive retailers are already thriving upon this to track users’ habits, search histories, shopping preferences, and more. By incorporating retail analytics into predictive models, you can predict customers’ needs and foster a for a personalized experience with respect to each distinct customer.

Keep a track your inventory
Many retail ERP systems make suggestions based on historical events and do not have a foresight into the future. One of the key offerings of predictive analytics software is to provide intelligence on stock-levels and inventory.
Using a robust predictive analytics software helps you to not just reduce expenses on inventory, but also to ensure that the stock you’re buying converts into sales instead of sunk costs.
Retailers who implement analytics can channelize their efforts in emerging trends, highlighting high demand, and optimize delivery to ensure the right inventory goes to the correct store. Predictive analytics software can also help you anticipate customer preferences and offer their choice of products to them. It also helps you reduce your inventory expenditures and streamline your supply chain.

Make smarter pricing decisions
Instead, using predictive analytics can help retailers find the best time to start reducing prices. According to some recent reports, gradual price changes are always more effective than sudden spikes. Retail ERPs and their predictive analytics can monitor competitor prices, inventory levels, and collate demand to determine prices. A proactive retailer who moves prices can differentiate their store analytics and give them better control over promotions by staying a step ahead of the industry.

In today’s day and age, retail is shaped by customer anticipation and personalization. Retailers that innovate and harness ERP have a sharper competitive edge over all others. Over the years, Bista has worked with multiple retail clients. Click here to know more! Get your free demo with Bista Solutions now! Contact us 

5 Ways In Which You Can Utilize NetSuite Software To Deliver Superior Customer Experience

As globalization embeds itself deeper into the roots of consumer psychology, manufacturers are faced with the ever-increasing pressure of delivering superior customer service. Be it B2B and B2C, customer service is now a two-way communication where transparency with the consumer is of utmost importance. One way in which businesses, especially manufacturers can uphold the promise made to customers is through implementing a robust manufacturing ERP solution Like Netsuite Software. Something that allows them to stay ahead of the curve and gain a sharp competitive advantage, a manufacturing ERP software like NetSuite software can anticipate customer needs and deliver information at the tap of a button.

Be it work-in-progress or purchase orders. NetSuite software allows manufacturers to dig out any piece of information about the customer from a single screen. Customer’s too no longer have to wait for answers since employees across verticals have access to all delivery related information at the click of the button.

Here’s how you can optimally utilize NetSuite software to benefit your manufacturing business.

netsuite software

Consumers tend to spend more time with brands that have positive omnichannel experiences with them. And by adopting NetSuite software, manufacturing businesses can increase their repeat customer rate.
Over the years, Bista has implemented several Netsuite software implementations for clients across the globe.
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Odoo Accounting – Why it’s time for you to change your accounting software

The times of managing your accounts from single worksheets or notebooks are now long gone. As your business grows, so do its requirements. While the decision to change your accounting software might seem like a big one, software like Odoo accounting are not complicated or time consuming at all. Odoo Accounting is a state-of-the-art accounting software that tracks your finances with utmost accuracy. It helps you fulfill all your accounting needs like payments and invoices, bank reconciliations, reports and much more.

The standard accounting functionality built into an out-of-box application from Odoo accounting covers all areas of accounting. It can handle a variety of complexities of accounting as well. The best part is the ease of use and recording of transactions in the ledger is simple to understand. Standard application covers end-to-end Order-to-Cash and Procure-to-Pay process. The accounting application easily integrates with other modules to gather data and allows accurate reporting with a variety of parameters.

Analytic accounts 

To integrate your company’s processes effectively, you need a common way of referring to each user, service, or document. Such standardization is provided by analytic accounts (or management accounts, or cost accounts, as they are also called) in Odoo.

Analytic accounts are often presented as a foundation for strategic enterprise decisions. Odoo’s analytic accounts can be a useful management tool, at the center of most system processes. It allows users to run ad-hoc reports and in-depth data analysis to increase efficiency and reduce time consumption for business activities. This results in a better understanding of clients, improved business processes and reduces risks.

Path: Accounting → Configurations → Analytic Accounts & Analytic Tags

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You may get a wealth of information on standard accounting features from the below website.

https://www.odoo.com/documentation/user/12.0/accounting.html 

Customization of Partner Credit Limit

Partner Credit limit module allows you to set a credit limit on your customer. Once a customer is assigned Credit Limit, the user will be able to create a sales order / Invoice for this partner until the total open amount of receivables do no cross the Credit Limit. If a new order puts the customer in a situation where they are crossing their credit limit, then approval from the accountant will be required.

Company: Fulton

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odoo accounting

Early Bird Discount 

Standard Odoo accounting doesn’t support Early Bird discounts. We at Bista, have designed this functionality in a way that makes it possible to offer early-bird discounts and record accounting entries seamlessly. This customization splits the invoice into multiple lines which allows your business to easily understand and track their improvement in cash flows. 

Tax Cloud 

The Tax Cloud integration allows you to calculate the sales tax for every address in the United States and keeps track of which product types are exempt from sales tax and in which states each exemption applies.

Tax Cloud can also calculate sales tax in real-time for every state, city, and special jurisdiction in the United States.

Company: Atlanta Waterjet

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NFS (Not Sufficient Fund) 

When your customer pays you by check and if it gets bounced for Not sufficient fund, you can charge your customer with bank charges and penalty.

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Real-Time WIP Journal Entries 

Odoo accounting Maintains WIP journal entries, but they only get posted once the manufacturing orders are completed. If our client requires real-time WIP journal entries for their accounting needs, we create end of the month account that can analyze WIP journal entries and this is much required for financial control and decision-making process.

Company: 180 Smoke

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WIP Valuation Report 

WIP Valuation report is important to know the status of RM which is in the production unit. At any given point, the account would like to review WIP valuation. This will again be an out of box customized feature. This will be based on real-time WIP journal entries customization.

Gift Card Program and it’s Accounting Treatment 

Gift card sale and its redemption is very popular in western countries. It is not readily available in Odoo. So, we customized this feature for one of the projects. It enables revenue recognition functionality for selling a gift card. At the time of selling a gift card, it is the liability for the company as a product is not being handed over to the customer. Only token money is being received. When the gift card will be redeemed, it will be considered as actual sale and liability needs to be written off.

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Payment Currency Freeze 

The payment currency freeze module allows you to process payments in the selected currency. Standard Odoo enforces to pay with company currency and if you select the journal with a different currency it will calculate exchange difference. This module eliminates unnecessary foreign exchange when you can pay the amount with selected currency.

Company: Linhaw

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