NetSuite Inventory Management
Automate inventory management to minimize costs with NetSuite and meet customer delivery expectations. NetSuite offers inventory tracking tools for multiple locations, determining reorder points, replenishment management, and optimizing safety stock.
What is NetSuite Inventory Management?
NetSuite’s Inventory Management offers a real-time, centralized inventory view across all locations and sales channels, enabling businesses to reduce inventory levels and avoid stockouts. With tools for optimizing inventory levels, determining reorder points, managing replenishment, and optimizing safety stock, NetSuite Inventory Management helps keep inventory costs low while exceeding customer expectations.
NetSuite Inventory Management Benefits
Optimize Inventory Levels: Ensure optimal inventory levels with demand-based planning using historical data, sales forecasts, and seasonality, allowing you to have the right amount of stock to meet customer demand.
Boost Profitability: Improved inventory visibility across the organization leads to more efficient and cost-effective inventory management.
Decrease Cost of Goods Sold: Intelligent fulfillment minimizes handling expenses and reduces shipping costs by optimizing the picking, packing, and shipping processes.
Automate Inventory Tracking: Improving inventory management is essential for businesses to operate efficiently and accurately. NetSuite’s unified solution allows businesses to easily track inventory across multiple locations and automate inventory management, eliminating the need for spreadsheets or pen and paper. This ensures accurate inventory tracking, reduces handling expenses, and minimizes shipping costs.
Ultimate Inventory Visibility
Real-time inventory visibility across all warehouses, retail stores, pop-up shops, drop shippers, and other inventory stocking locations is crucial for providing a buy-anywhere, fulfill-anywhere customer experience.
NetSuite Inventory Management Features
NetSuite Inventory Management streamlines manual processes by automatically tracking inventory levels, orders, and sales throughout the inventory life cycle. It provides businesses with the insights needed to make data-driven decisions and offers clear visibility into any inventory liabilities, such as excess or slow-moving stock.
NetSuite Inventory Management empowers your business with pre-defined fulfillment rules, eliminating multiple shipments for a single order and avoiding excess shipping charges. With visibility into stock across all locations, you can proactively monitor stock levels and sell-through, transferring inventory between locations as necessary to ensure inventory availability and minimize obsolete inventory. Sales associates can save potential lost sales in out-of-stock situations with enterprise-wide inventory availability that enables them to transfer, hold or ship items directly to the customer. NetSuite Inventory Management automates tracking of inventory levels, orders and sales throughout the inventory life cycle, minimizing manual processes and providing insights needed to make data-driven decisions with clear visibility into any inventory liabilities such as excess or slow-moving stock.
To maintain optimal inventory levels, you need to consider fluctuations in demand, seasonality, supply chain logistics, and a product’s natural life cycle. NetSuite Inventory Management offers demand-based replenishment, which uses historical and seasonal sales data, average lead time, and number of inventory days of supply to dynamically manage item reorder points and maintain preferred stock levels. This way, you can keep enough stock on hand to meet customer demand without incurring excess costs. NetSuite also generates tasks and alerts for the purchasing manager, streamlining the inventory management process.
NetSuite Inventory Management provides the ability to categorize inventory based on transaction volume and/or value and schedule regular, periodic counts of on-hand quantities. It automatically assigns count tasks to floor staff to help maintain inventory accuracy. By implementing periodic cycle counts for selected SKUs rather than performing a full cycle count, the count can be integrated into everyday tasks, minimizing disruption to warehouse operations. If items are stored in multiple locations in one warehouse, NetSuite supports bin management, making the counting process easier and more accurate.
NetSuite Inventory Management provides back and forward traceability of inventory using lot and serial tracing. For lot-numbered items, it tracks the quantity and specific cost for each lot as products are purchased and produced. Serializing inventory allows businesses to choose a specific item when fulfilling an order. These features allow businesses to define fulfillment strategies, such as first expiring, first out, to minimize waste and ensure inventory is used efficiently. NetSuite Inventory Management also offers bin management and merchandise hierarchy definition to help with traceability. Matrix items track products by options such as size and color, and updates made to the parent item are automatically applied to sub-items, greatly simplifying SKU management.
Challenges NetSuite Inventory Management Solves
Manual Reporting: Say goodbye to inaccurate and time-consuming inventory reporting with NetSuite Inventory Management.
Inefficient Utilization: Inventory Management ensures you have inventory in the right place at the right time, eliminating the worry of excess stock in one location and stockouts in another.
Inaccurate Planning: Inventory Management can help minimize problems that result from poor planning, such as stockouts, excess inventory, increased discounting, and write-offs.
Excessive Handling: Inventory Management eliminates unnecessary handling that increases cost of goods sold (COGS).
Lack of Visibility: Tracking and tracing a product from the supplier to the customer’s order will no longer be a concern.