Vendor Management for Distributors

00:05[Music] welcome to the netsuite series overview for wholesale distribution my name is ben gibson and i'm a solution consultant on the wholesale distribution team here at netsuite for today i will assume the role of an inventory manager to show you how you can leverage the netsuite platform to effectively manage vendor relations with netsuite's solution for emerging wholesale distributors we provide pre-built procurement and vendor dashboards which display consolidated procurement related information from transactions and records all on one page giving you a 360 degree view into overall expenditure and vendor performance allowing you to receive updated vendor price lists and import them quickly to ensure that your item pricing is accurate throughout the procure to pay process and with netsuite collaborating with your vendors is made easy by giving them visibility and access to a free self-service vendor center portal

01:03now let's jump into the netsuite system i'm currently logged into the inventory manager role to walk you through the power of the platform and how netsuite can help my job managing vendor relations a little bit easier notice my role based dashboard everything you see here is provided out of the box with suite success on day one netsuite puts a lot of focus on boosting productivity of all of your users and this is done through the dashboard where we aim to have a majority of what your users do on a daily basis initiated directly from here this real-time procurement dashboard is purpose-built for wholesale distribution it contains reminders kpis and vendor performance metrics for me to perform my job here i can see an at the moment view of our vendor's performance allowing my team and i to easily measure and track trends on various purchasing metrics in real time

02:02now let's say i just got into the office and to start my day i have a scheduled account review with one of our top vendors by spend micro corporation i can easily navigate to the vendor record using recent records or using netsuite's global search to quickly jump into microcorporation's vendor dashboard within netsuite the vendor dashboard for micro corporation gives me real time information that helps me pivot and negotiate intelligently while in a vendor-facing meeting during this meeting i can see how my vendor has been trending by reviewing key performance indicators such as purchases this month versus last ap balance top five items purchased and a real-time vendor scorecard where i can see microcorporations on-time performance is pretty low at 32 percent so this will be a big topic in my meeting today during my negotiations these metrics are incredibly useful and i can quickly drill down into historic transactions from this dashboard saving me much needed time and giving me all the information that i need to be prepared for this account review navigating to the vendor record

03:13i'll be able to dive deeper into vendor-specific information now since crm was one of the pillars that netsuite was built on those key features also apply to our vendors and i can easily track crm activities whether that's tasks phone calls or scheduled event like our 2019 pricing and terms review that we just had with this vendor all our email communications are automatically linked so i don't have to bounce between my email provider and the netsuite system making communicating with my vendors seamless and i can see that after our price negotiation meeting we received an email from our key contact updating us on our new terms for the year a new discount pricing schedule for our high volume item as

04:00well as an attachment with the 2019 pricing updates having all of this information in one spot importing vendor-specific price lists and updating pricing schedules is a breeze ensuring that our negotiated rates are up to date and our pricing will be accurate throughout the pay process thankfully my negotiations went pretty smooth because i had all the information at my fingertips with a 360 degree view of this vendor that netsuite provides me and as a result i was awarded an optimal quantity discount schedule allowing me to lower my businesses per unit cost of procurement additionally netsuite allows me to grant my vendor access to a free vendor portal making collaboration between my vendors and my organization that much easier