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 for Wholesale distributors:
- Demand Management
- NetSuite released Demand Planning in 2011.1 and
enhanced features are on the future roadmap.
- Advanced requirements for demand planning beyond
- Receive and transmit transactions electronically to /
from suppliers and from / to customers.
e.g. PO 850, INV 810
3.Warehouse Management System
- Management within the warehouse.
- Manage warehouse tasks with automated rules and measure
- PL Automation
- Automated connection to 3PL.
- Streamline the connection of orders to receive and orders to
fulfill with your 3PL.
- Warehouse: Other
- Mobile capabilities for warehouse task.
- Receiving, Put Away, Picking, Counting.
Inventory management in NetSuite:
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.
NetSuite provides creation of various types of items as Inventory Items, Assembly Items, Kit Items etc.
You can set optional preferences to help you manage your inventory. These preferences determine how your inventory valuation, replenishment, identification, and more are handled.
Using Inventory Management reflects on the following transactions:
–Inventory Count (New Feature)
–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.
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