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.
Inventory management is the key area where ‘scale’ truly matters. With a suitable inventory management system in place, manufacturers can confidently build their business on the solid foundation that allows them to adapt and guard themselves against market conditions or even evolving business models.
As an increasing number of manufacturers examine their inventory and look for ideal management strategies that satisfy customer needs, there is an increasing realization for a scalable inventory management system like NetSuite.
Some of the pain points that are currently hurting manufacturers are high inventory costs, order duplications, stock-outs, uncertainty due to fluctuations in demand, excessive storage costs, loss of materials due to carelessness or pilferage, high levels of working capital tied up in inventory, imbalanced shipment lead times and even lost customers. Let’s look at how NetSuite inventory management system can help bridge these-
- Better quality management – Deploying an easy to use quality management system that enables your employees to identify and disposition non-conforming inventory is an important part of inventory control which also helps build robust relationships with vendors, customers, and distributors. This insightful information needs to be collected and made available to your ERP system so that advanced analytics can be used. These can help to identify potential process improvements regularly.
- Get real-time insights – Today’s inventory management processes incorporate advanced technology. The scalable NetSuite inventory management system, for instance, enables real-time updates of inventory counts regularly. When this process takes place in the cloud, the information can be readily shared with all users and stakeholders across multiple business units and locations.
- Scale as you grow -As the manufacturing business starts to grow, however, its inventory management solution must mature right along with it. As companies prepare for future expansion, scalable platforms allow you to adapt as your requirements change with time, all this without a high upfront cost and investment in technology. Because NetSuite inventory management system was designed to grow along with the company, manufacturers can continue to leverage the same software for a longer period. All these benefits combined can help businesses guard their investments and make the most out of them.
- Efficient shipment delivery – Most importantly, a scalable inventory management system like NetSuite ensures that customers get their shipments in a timely fashion in today’s on-demand business world—a must-have for any growing manufacturing business.
- Eliminating human-error – Whether a company is just starting in manufacturing or is ready to gain more market share in the field, it will miss the mark if it doesn’t have an efficient, automated NetSuite inventory management system to build upon. Not only will the business not be able to grow, but also, it will always be pulled back by the number of people it needs to manage through the manual inventory management processes. By incorporating automation— namely, barcode scanners that enable real-time updates—inventory management software also removes the potential for human error and gives organizations an accurate picture of their inventory status at any given moment.
In the current state of the market, not all ERP providers can step up to the challenge of implementing a scalable platform efficiently. With over a decade of experience in implementing ERP solutions, we understand how your unique needs and tailor our solutions according to them. Therefore, we hand-hold throughout the process of fulfilling your ERP needs.
Contact us to know more about how we can help you change your business processes for the better.