NetSuite Inventory Management Tips


Inventory management platform:

Managing your inventory is one of the most important tasks of running your business. With effective inventory management, you can streamline your stock levels to reduce costs and maximize revenue and profits. Good inventory management begins with having accurate, accessible information about your inventory.

Cloud-based ERP software:

Cloud-based inventory management provides a substitute to non-automatic ways to inventory management or expensive on premise ERP. The best cloud system provides real-time visibility into inventory, with anywhere, anytime access to critical information. It can operate at the centre of an ERP system, integrating perfectly consistent with demand planning, financials and logistics. Automated capabilities eliminate manual inputs while maximizing efficiency throughout the inventory lifecycle. Scalability, flexibility and visibility are the three important elements that consists of an integrated way to inventory management in the cloud.

netsuite-inventory-managenment

 

NetSuite for Wholesale distributors:

  1.  Demand Management

Requirement

  • NetSuite released Demand Planning in 2011.1 and

enhanced features are on the future roadmap.

  • Advanced requirements for demand planning beyond

NetSuite’s core.

  1. EDI

Requirement

  • Receive and transmit transactions electronically to /

from suppliers and from / to customers.

e.g. PO 850, INV 810

3.Warehouse Management System

Requirement

  • Management within the warehouse.
  • Manage warehouse tasks with automated rules and measure

productivity efficiencies.

  1.  PL Automation

Requirement

  • Automated connection to 3PL.
  • Streamline the connection of orders to receive and orders to

fulfill with your 3PL.

  1. Warehouse: Other

Mobile

  • Mobile capabilities for warehouse task.
  • Receiving, Put Away, Picking, Counting.

Inventory management in NetSuite:

–Enabling Features:

NetSuite offers Inventory Management related features some of which include Bin Management, Advanced Bin Management features. These features helps to manage and track inventory using bins.

–Item Creation

NetSuite provides creation of various types of items as Inventory Items, Assembly Items, Kit Items etc.

–Inventory Preferences:

You can set optional preferences to help you manage your inventory. These preferences determine how your inventory valuation, replenishment, identification, and more are handled.

Transactions:

Using Inventory Management reflects on the following transactions:

–Purchase Orders

–Sales Orders

–Inventory Adjustment

–Inventory Count (New Feature)

Management:

–Understanding and Avoiding Underwater Inventory

Selling an item, when the data shows that you do not have the item in stock is known as an “underwater” sale. Inventory is in an underwater state when the on-hand quantity of the item is below zero. NetSuite recommends that you avoid entering an item on a sale transaction if the on hand count of the item is zero or a negative amount.

For any queries or feedback, you can reach us at feedback@bistasolutions.com

 

 

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