Combine Netstock and MYOB Advanced for better purchase planning

Maintaining optimal inventory levels and managing the processes involved in the supplier/buyer relationship are both important — this blog explains how combining MYOB Advanced and Netstock gives you greater purchasing prowess.

Without effective purchase planning, businesses lose momentum, customers, and revenue. 

• Manufacturers can’t meet deadlines if a shortage of raw materials holds up production.
• Wholesale distributors can’t control cash flow and margins if they under or over-stock. 
• Retailers risk stock outs and lost sales unless they anticipate demand and manage suppliers.

Decisions about what to buy, when, and from where—are fundamental to business success if inventory plays a key role in how you make money.

The money you invest in stock is money you can’t invest elsewhere—so determining the right vendors, products and terms of trade has a direct effect on your working capital. If you purchase unwisely and can’t make decent returns on your inventory, your profits won’t grow. 

Fortunately, sophisticated supply chain management is made easier when you combine feature-rich enterprise software with a specialist inventory management system. The best solution for growing small-to-medium distribution businesses in Australia is MYOB Advanced and Netstock. 

Are your procurement systems good enough?

Effective planning and execution of product purchases are an essential part of supply chain management for businesses in industries including manufacturing, wholesale distribution, and retail. 

Procurement processes underpin a whole range of other activities—sales, production, distribution, finance and servicing to name a few. So it’s vital you give your procurement or sourcing team the tools they need within an integrated system, which gives them a clear view of all interdependent business functions.

That’s why MYOB Advanced is a great fit. The enterprise solution gives you an accurate view of inventory, helps you manage sales, liaise with suppliers, and automates many steps in the workflows associated with requisitions, purchase orders, approvals and accounts payable. 

MYOB Advanced cloud ERP also includes robust financial management and payroll modules, business intelligence reporting, CRM, project accounting, and field service management—within a single, easy-to-use platform.

By adding the functionality of Netstock, your business can get the edge when it comes to making smart purchasing decisions and maximising the value of inventory.

Netstock integrates seamlessly with MYOB Advanced to give procurement teams deeper insights into:

• Supply and demand and your organisation’s purchasing needs
• Which product categories and suppliers contribute most to your profits
• More accurate, algorithm-generated forecasts that can factor-in market intelligence
• One-click ideal order recommendations and KPI dashboards to manage exceptions

By combining MYOB Advanced—the leading mid-market cloud ERP solution in Australia—with a cloud-based inventory management tool of the calibre of Netstock, you cover all your bases.

Optimal purchasing with MYOB Advanced and Netstock

Optimal purchasing reduces waste and costs, frees working capital, reduces complexity, and ensures you can retain loyal customers, acquire new ones, and grow your business.

Consider the many downsides of running out of stock:

• Logistical/shipping costs associated with urgent/inefficient movement of goods
• Last-minute sourcing or buying from competitors eat into your profit margin
• Emergency orders negate EOQs and volume discounts
• A customer may be lost for life, not just one order

For growing businesses with complex supply chains that include long lead times, multiple deadlines, volatile markets and an expanding list of customer expectations—improved forecasting is especially important. 

Netstock gives your team new levels of confidence when it comes to purchasing, based on actual demand and reliable forecasts. The result is a reduction in excess inventory, less slow-moving and obsolete stock taking up precious space in your warehouse, and a reduction in stock-outs. 

By implementing MYOB Advanced integrated with Netstock you can:

• Centralise purchasing information and get a ‘big picture’ view of your overall operation.
• Optimise your ability to understand product performance, and forecast with ease.
• Streamline and automate processes related to requisitions, POs, payment, and contract management.

If the long-term success of your business depends on maximising the value of your inventory, invest in an integrated solution that improves the impact of purchasing within a holistic approach to business management. 

Leverage Technologies have extensive experience in helping manufacturing, wholesale distribution, and retail businesses to improve inventory management by embracing MYOB Advanced. Speak with a consultant or download the demo.