NetSuite Analytics Warehouse
supports Thread's need for complex demand
forecasting and enhanced data-driven decision making
LAS
VEGAS, Sept. 28, 2022 /PRNewswire/ -- SUITEWORLD
2022 -- Thread, a producer of functional, stylish, and slim
wallets, bags and accessories, is working with Oracle
NetSuite to advance its mission of offering products that
allow customers to do what they love and to look good doing it.
With NetSuite and NetSuite Analytics Warehouse, Thread has been
able to take advantage of an integrated business system and
advanced analytics. NetSuite is helping Thread harness data from
new sales channels, retail locations, and product lines to help
scale its business as it introduces new products to meet growing
customer demand.
In 2014, newlyweds Colby and McKenzie
Bauer showcased a prototype elastic wallet at a farmer's
market in Hawaii. Their invention
impressed local adventure-seekers and led to a Kickstarter campaign
that raised more than $30,000. Eight
years later, Thread has evolved its sales model beyond
direct-to-consumer to include wholesale distribution and
custom-built, uniquely branded mall kiosks; expanded its product
line to include bags, lanyards, and other accessories; and grown
into a business with more than $15
million in revenue. To support its expanding operations,
Thread needed an enterprise resource planning system (ERP) and
after careful evaluation, it selected NetSuite.
"To continue our rapid growth, we needed to dramatically improve
our forecasting – and that started with gaining faster and better
data insights from our sales channels," said Mitch Sanders, chief operating officer, Thread.
"NetSuite Analytics Warehouse has given us the ability to capture
and organize data and deliver actionable insights that help foster
collaboration across our business. This allows us to accurately
anticipate customer demand, keep stores stocked with the items
customers most want now, and ensure we operate in an incredibly
agile and growth-oriented fashion."
With NetSuite, Thread has consolidated, automated, and scaled
its supply chain, sales, and financial processes on a single cloud
business system. Thread is using NetSuite Analytics Warehouse to
further enhance operations, improve the integrity of data from its
sales channels, and increase the accuracy of its forecasting.
This prebuilt data warehouse and business intelligence
solution helps Thread combine data from NetSuite, Shopify, and
Google Sheets. The machine learning capabilities within NetSuite
Analytics Warehouse provide Thread with the insights needed to
identify trends and adjust its sales and marketing strategies to
market conditions or missed forecasts. In addition, the insights
provided by NetSuite Analytics Warehouse help Thread set preferred
stock levels and reorder points for its retail locations, reduce
the time required to generate transfer orders from hours to
minutes, and ensure the timely fulfillment and delivery of
inventory.
"As retailers evolve sales models to reach new customers,
they are often inundated with streams of disorganized data that
result in lost insights," said Evan
Goldberg, founder and EVP, Oracle NetSuite. "With NetSuite,
Thread has dramatically increased the value of its data and used it
to inform all aspects of its business strategy. This has helped
Thread continue its rapid growth trajectory and deliver better
products to its customers."
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About Oracle NetSuite
For more than 20 years, Oracle
NetSuite has helped organizations grow, scale and adapt to change.
NetSuite provides an integrated system that includes financials /
Enterprise Resource Planning (ERP), inventory management, HR,
professional services automation, and omnichannel commerce, used by
more than 32,000 customers in 217 countries and dependent
territories.
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SOURCE Oracle NetSuite