Automate inventory management, minimize handling expenses, and improve cash flow
NetSuite Inventory Management is a part of NetSuite ERP and is a cloud-based inventory management solution that helps organisations maintain low inventory costs while exceeding customer expectations by optimising inventory levels and ensuring product availability across multiple channels.
The software automates the management of your product inventory and lets organisations maintain low inventory costs while still meeting client delivery expectations. As a product-centric solution, it allows you to record orders, track inventory in multiple regions, calculate reorder points, manage replenishment, and optimise safety.
All locations and sales channels are displayed in a single, real-time view through NetSuite Inventory Management, allowing companies to reduce inventory on hand to free up while avoiding stockouts.
NetSuite Inventory Management Benefits
- Optimise Inventory Levels. A function of demand-based planning is to ensure you have the correct amount of stock. Using historical demand, sales forecasts, and seasonality, NetSuite Inventory Management lets you plan ahead.
- Boost Profitability. With comprehensive inventory company-wide visibility—across warehouses, retail stores, pop-up shops, drop shippers, 3PLs or any other place where you manage or stock inventory—companies can make better decisions regarding how to manage their inventory.
- Decrease Cost of Goods Sold. Reduce handling costs and shipping expenses while improving the customer experience by using intelligent fulfilment.
- Automate Inventory Tracking. NetSuite allows your company to easily monitor inventory across several locations by automating inventory management in one unified system.
NetSuite Inventory Management Features
Multi-location Fulfilment
By utilizing NetSuite Inventory Management, you can ensure that each shipment for a single order is assigned to the same stock keeping unit. This eliminates multiple shipments for a single order and minimizes shipping expenses. With visibility into stock levels across the entire organization, you may keep track of them and sell through if necessary, transferring inventory from locations to ensure product availability and minimize obsolete stock.
Replenishment
To ensure sufficient supply on hand, supply chain logistics must be considered, as well as demand, seasonality, and product life cycle changes.
NetSuite Inventory Management’s demand-based replenishment system uses past and seasonal sales data, as well as average lead time and the number of inventory days’ supply to manage item reorder points and maintain preferred stock levels dynamically. Tasks and alerts are automatically generated and sent to the purchasing manager.
Cycle Counting
Using NetSuite Inventory Management, you can group inventory by volume of transactions or value, and then schedule recurring on-hand counts.
The program automatically assigns count activities to floor staff to help ensure inventory accuracy.
Traceability
The ability to back and forward trace items using lot and serial tracing is one of NetSuite Inventory Management’s most important features. Items that have been individually numbered are kept track of by a tracking system known as lot-numbered records. When items are purchased and manufactured, this system keeps track of the quantity and cost for each lot. Serializing inventory allows you to choose a specific item when you fulfil an order. Lot and serial numbers allow you to define fulfilment options (such as first expiring, first-out), reducing waste and ensuring that inventory is utilized in the most effective manner.
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WHY CHOOSE FINANSYS AS YOUR NETSUITE SOLUTION PROVIDER
FinanSys is a full-service NetSuite Partner with a proven track record of success. We’ve been implementing ERP and financial management solutions for over two decades in a range of industries. To us, it’s not just work — we take pride in the quality of the solutions we deliver and we aren’t satisfied until your projects meet the highest standards. Our team takes keen interest in understanding your requirements and each project, large or small, is done with unmatched attention to every detail.
