Inventory Management: The Best Approaches to Using NetSuite for Your Inventory Optimization
Inventory management is more than simply an aspect of your business; it determines how well you compete. Consider an inventory system in which every item was a responsive, dynamic measure rather than just something that stands for quantity.With NetSuite’s cutting-edge inventory management solutions, which are transforming how global organizations like yours manage inventories, save costs, and improve supply chain visibility, this game-changing strategy is no longer a pipe dream.
What is NetSuite Inventory Management?
Utilizing NetSuite Inventory Management, organizations may reduce their on-hand inventory to save up cash while minimizing stockouts. It offers a real-time view of inventory across all locations and sales channels. NetSuite’s Inventory Management solution optimizes stock levels across multiple sales channels, helping businesses reduce inventory costs while meeting or exceeding customer demands. By ensuring product availability and streamlining inventory control, this system enables companies to balance efficient operations with high customer satisfaction.Benefits of NetSuite Inventory Management
When it comes to simplifying one’s stock management processes, then NetSuite is the best option for any organization.Real-Time Visibility:
With NetSuite, businesses can access their inventory in real-time from any location or channel, allowing them to react quickly and wisely.
Clearly defined procedures for put away and picking:
putting into practice effective methods for finding and retrieving items from the warehouse.
Scalability:
It is easy for enterprises to scale up by adding new modules and features as needed because of its cloud-based architecture.
Managing tasks:
Reducing the number of manual procedures by streamlining receiving, put away, picking, and packing tasks.
Inbound logistics:
Assuring that goods are stored as efficiently as possible in warehouse space is especially important for businesses that employ FIFO or LIFO inventory management systems.
Enhancement of Efficiency:
By reducing manual errors, automation of cycle counting, replenishment, and inventory tracking increases overall operational efficiency.
Cost savings:
NetSuite assists companies in cutting back on costs associated with excess inventory, storage, and labor by automating procedures and optimizing stock levels.
NetSuite Inventory Management Features
By automatically tracking inventory levels, orders, and sales throughout the inventory life cycle, NetSuite Inventory Management capabilities reduces the need for manual processes. It also gives users the insights they need to make decisions based on data and clear visibility into any inventory liabilities, such as excess or slow-moving stock.Multiple Location Shipment
With NetSuite Inventory Management, you can set up fulfilment criteria in advance to prevent duplicate shipments for a single purchase and unnecessary shipping costs. Having insight into all locations’ stock allows you to sell through and keep an eye on stock levels. You can even move goods between locations as needed to guarantee inventory availability and reduce obsolete inventory. Enterprise-wide inventory availability gives sales associates the flexibility to transfer, hold, or ship items straight to customers, giving them the opportunity to prevent lost transactions in out-of-stock scenarios.
Replenishment
To keep adequate stock on hand, demand fluctuations, seasonality, supply chain logistics, and a product’s natural life cycle must all be taken into consideration. NetSuite Inventory Management constantly monitor item reorder points and maintains preferred stock levels by using demand-based replenishment and historical and seasonal sales data, average lead time, and amount of inventory days’ supply. Tasks and notifications are automatically generated by NetSuite and sent to the buying manager.
Ability to Trace
Using lot and serial tracing, NetSuite goods Management enables you to trace goods backwards and forwards. As goods are acquired and manufactured, lot-numbered objects keep track of the amount and precise cost for each lot. Selecting a particular item to fulfil an order is made possible by serializing inventories. When lot and serial numbers are combined, you can specify fulfilment techniques (such first-out, first-expiring) that reduce waste and make sure inventory is used as efficiently as possible.
Organizing your goods hierarchy and managing your bins also helps in traceability. Products are tracked by options like size and color in matrix items. SKU administration is significantly simplified by the automatic application of updates made to the parent item to sub-items.
Visibility of Item
The Item 360 Dashboard consolidates all important information about an item into a single, easily accessible location. Inventory management and planning are made easier by centralizing all the information a user may possibly require on any given item. Beyond the essentials, Item 360 displays data such as user-selected KPls, location-specific inventory counts, and estimated stock levels, along with warnings for upcoming shortages or overstocks.
Counting Cycles
With NetSuite Smart Count, inventory cycle counting is automated without stopping all transactions in the location, allowing businesses to increase inventory management accuracy and efficiency. For each individual item, the inventory level utilized for the count is taken at the beginning of the count. Transactions for the items being tallied are monitored by Smart Count, and NetSuite automatically notifies counters if anything happens during the count so they can respond accordingly. Administrators can select what occurs if an item’s on-hand quantity changes while the count is being conducted using preferences.
Challenges Solved with NetSuite Inventory Management
Reporting manuallyInventory reporting that is inaccurate and time-consuming will no longer be an issue.
Inaccurate Management
Reduce the issues that arise from inadequate planning, like as write-offs, excess inventory, stockouts, and higher discounting.
Inefficient Utilization
You don’t have to be concerned about one store having too much goods while another is running low.
Lack of Visibility
You won’t have to worry about not being able to follow a product from supplier to consumer order.
Excessive handling
Get rid of extra handling that increases the cost of goods sold (COGS).
How Much Does Inventory Management with NetSuite Cost?
With so much customization options, NetSuite is a platform that can do almost anything! It is difficult to estimate the cost of NetSuite without knowing the specific requirements of your company.Nevertheless, we can break down some broad cost criteria for you to at least have a rough estimate of how much NetSuite Inventory Management might cost your company.
Here’s few factors determine NetSuite’s cost:
- The number of NetSuite user licenses are required
- The extent of NetSuite’s Implementation
- NetSuite customizations expected
- The Size of your Business
- NetSuite add-on Modules you require
- Ongoing Guidance and Assistance
Additionally, there is a one-time setup cost associated with the initial implementation. The great thing about cloud software is that adding users and activating additional modules is simple as your company expands. The NetSuite platform license includes inventory management features.
Conclusion
Businesses aiming to simplify inventory procedures and enhance growth can benefit from a comprehensive solution provided by NetSuite Inventory Management. Businesses may increase efficiency, decrease expenses, and enhance accuracy by utilizing NetSuite’s advanced capabilities, automated procedures, and real-time visibility across many locations.NetSuite gives organizations the ability to make informed choices, react quickly to changes in demand, and concentrate on innovation and growth by tackling typical inventory management issues and offering a scalable, cloud-based platform.
