Inventory management is extremely important for businesses. By optimizing stock levels, a company can keep inventory costs at a minimum while still having enough on hand to meet demand. NetSuite’s inventory management software, NetSuite Advanced Inventory, helps accomplish this.
In order to optimize, businesses need more information and visibility about their inventory. The first step in this is “item creation”. Users can create items in the inventory system to define the item’s characteristics. For example, a business needs to know information such as how much of each item they have, where those items are located, what types (e.g. colors, sizes, styles, etc.) those items are, etc.
The way NetSuite’s inventory management system keeps account of this information is by tracking serial numbers or lot numbers associated with specific items or groups, respectively. These numbers can be assigned to different items, allowing businesses to track sales orders, as well as the product type information mentioned above. By tracking sales orders, managers and employees can tell which and how many items have been sold. By tracking product information, they can tell the amounts of each item being carried.
How about location information? NetSuite keeps track of this with bin management. Again, using serial/lot numbers, a NetSuite user can associate a particular item with a location. That way, they can know the location of that item at all times, and change the location data when the item moves.
With products and product information clearly defined, a NetSuite user can set up procurement rules for those products with regards to demand. The customer can replenish inventory in response to factors such as seasonal and forecasted demand changes, average lead time, and number of days’ supply to stock.
Businesses can also keep alerts when stocks reach a certain minimum level. This way, they can re-order items before they run out and ensure they have inventory available at all times.
Finally, NetSuite Advanced Inventory also adds value by allowing the printing of bar codes, other item labels, packing slips, and invoices.
With all these features, NetSuite provides enormous value to businesses. Managers have full visibility into the inventory system, as well as analytics for the data involved. By optimizing inventory levels and availability, businesses can reduce costs, while keeping enough product to avoid stock-outs and meet demand. And of course, through this entire process, customer satisfaction is increased.
One of the key ingredients to stay ahead of curve in this day-and-age of cut-throat competition is superior customer service, which is strongly backed by a well-informed business executive. As customers across geographies become increasingly powerful, there is a dire need for business leaders to rely on tools that give them real-time insights on their stock levels and inventory, thereby polishing their customer service. NetSuite’s inventory management module offers a complete package of inventory management, purchasing, and manufacturing capabilities that improves supply chain management and delivers an end-to-end, procure-to-pay process.
Apart from customer service, optimization of stock levels, can also drastically reduce inventory costs while still having enough on hand to meet demand. While there are many factors that define inventory management today, the bottom line is to have just enough inventory to meet consumer demand. From tracking inventory in multiple locations, safety stock, re-order points, cycle counts, demand planning to distribution requirements planning, NetSuite offers multiple native tools and features to help you achieve this goal.
One of the most critical things to do while fulfilling service level expectations is to maintain the right amount of inventory. With NetSuite, almost all processes involved in maintaining inventory can be automated. Be it lead time, re-ordering or preferred stocking levels, everything can be automatically calculated.
With the product information clearly defined, NetSuite can help you set up procurement rules in alignment with their demand. Inventory can then be replenished according to factors such as seasonal and forecasted demand changes, average lead time, and number of days’ supply to stock.
Companies require the ability to trace products from receipt back through their entire lifecycle. With NetSuite, you can define inventory and assembly items as being lot or serial tracked. The system will enforce the capture and identification of all related information on each transaction to provide full traceability. The inventory detail screen lets you view your inventory by lot or serial number and drill-down capabilities enable quick access to all related transactions. Businesses can also set alerts when stocks reach a certain minimum level. This way, they can re-order items before they run out and ensure their inventory is always stocked up.
NetSuite offers unique capabilities when it comes to tracking inventory across multiple locations, something which is extremely helpful for companies with a multi-location presence. The geographical locations can be broken down into bins to help with a finite level of tracking. Once the locations and bins are defined, any item can be stored in any location, giving you a holistic view of inventory levels across all physical locations, thereby leading to smarter business decisions.
With all these features, NetSuite provides can transform the way inventory is managing and bring immense value to businesses. Leaders and managers can have full visibility of the inventory system and use data and analytics to allocate resources better. By optimizing inventory levels with NetSuite, businesses can reduce costs, while keeping enough product to avoid stock-outs. This, in turn, will also lead to higher customer satisfaction.
If you’d like to learn more about inventory management, get in touch. Bista Solutions is a top NetSuite implementation partner and can ensure your business requirements are met.
Bista Solutions is a top NetSuite implementation partner and can ensure your business requirements are met. Contact us to learn more about how NetSuite can be tailored to meet your needs.