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Summary: This write talks about the challenges faced in inventory management due to legacy systems and why businesses seeking growth should move to a more reliable inventory management partner to scale up and lead the competitive edge.
NetSuite Inventory Management
With the deployment of NetSuite Inventory Management, businesses in the manufacturing/production or supply chain industry can get a single, real-time view of inventory across all locations and sales channels. NetSuite, being a more reliable Inventory Management Partner than other solutions, allows businesses to drop down inventory on hand to free up cash and avoid stockouts. By optimizing inventory levels and ensuring omnichannel product availability, NetSuite Inventory Management assists businesses in keeping inventory costs low while meeting customer demands efficiently.
For the most part, NetSuite Inventory Management Software is extensively orchestrated to minimize manual processes as it drives automation across tracking inventory levels, orders, and sales throughout the lifecycle. Additionally, it offers actionable insights required to help business administrators make data-driven decisions and gain clear visibility into inventory liabilities.
Why NetSuite over other Inventory Solutions?
- Automated Inventory Tracking—With NetSuite, you can bid farewell to your dependency on spreadsheets, get automated inventory management in one unified solution, and track inventory across multiple locations efficiently and with accuracy.
- Extensive Inventory Visibility—Get real-time, enterprise-wide inventory visibility across warehouses, retail stores, drop shippers, or any other place where you stock inventory. NetSuite automates and upgrades buy anywhere and fulfill anywhere customer experience.
NetSuite Inventory Management Software Features
Multi-location Fulfillment
For the most part, NetSuite Inventory Management provides you the ability to predefine fulfillment rules to reduce multiple shipments for a single order and abstain from excess shipping charges.
NetSuite Inventory Module comes with extensive visibility into stock across all locations. These capabilities help you proactively monitor stock levels and sell-through. Additionally, you can transfer inventory between locations as necessary to make sure goods are available and obsolete inventory is minimized. Moreover, sales associates can effectively save potential lost sales in out-of-stock situations with enterprise-wide inventory availability.
Replenishment
To ensure sufficient stock on hand, you must account for fluctuations in demand, seasonality, supply chain logistics, and a product’s natural lifecycle. By leveraging demand-based replenishment under NetSuite Inventory Management, you can use historical and seasonal sales data, average lead time, and the number of inventory days of supply to manage item reorder points. For the most part, it allows you to maintain preferred stock levels and generate tasks and alerts as well.
Traceability
NetSuite Inventory Management Software is extensively designed to help you trace inventory using lot and serial tracing.
- Lot-numbered items—To track the quantity and specific cost for each lot as products are purchased and produced.
- Serial-numbered items— To choose a specific item when you fulfill an order.
Together, lot and serial numbers help businesses define fulfillment strategies (such as first expiring, first out), reduce waste, and ensure the most efficient use of the inventory.
Furthermore, you can make the most of Bin management to define your merchandise hierarchy and scale up with extensive traceability.
Item Visibility
The Item 360 Dashboard under NetSuite Inventory Management brings together all relevant data to an item in a single, centralized location. It readily puts all the information a user could need on any item in one place and makes inventory planning and management a cakewalk for them. Additionally, Item 360 goes beyond the fundamentals to show information like user-selected KPls, inventory count by location, and projected stock levels.
*Note: NetSuite provides industry-specific software editions set up by experts in wholesale distribution, manufacturing, and retail.
Choose More Reliable Inventory Management Partner—NetSuite
Business organizations know when they have outgrown legacy systems, archaic software, or dysfunctional solutions, such as QuickBooks. Once they start importing a higher volume of orders and reconciling inventory manually, it becomes quite evident that a basic financial system fails to handle these processes without a lot of manual intervention.
For the most part, these companies deal with a patchwork of technology systems to manage inventory and face the following challenges
- Inability to meet their growing businesses’ inventory management needs.
- Disconnected company financial systems.
- Too much manual intervention and error-prone spreadsheets.
- Difficulty using each solution with a different technology base, user experience, and set of functionalities.
- Switching from one solution to another with manual steps in between.
- Difficulty hiring new resources and training them.
- Absence of key capabilities e.g., supply chain and warehouse management.
- Lack of granular data for good analytics, reporting, and decision-making.
Limited by these challenges and other problems, businesses conclude that instead of looking for another technology solution, implement a cloud-based ERP solution.
Founded over 20 years ago, NetSuite ERP pioneers the technology sector when it comes to reliability, scalability, and delivering operational efficiency.
Moreover, companies skeptical to ‘give up’ their existing systems can rest easy knowing with NetSuite implementation. For the most part, NetSuite ERP offering extensive Inventory Management is a complete ecosystem of partner solutions that lets you keep systems upgrading and evolving.
Why inoday to get a Reliable Inventory Management Solution?
As an official and #1 ORACLE NetSuite Channel Partner, we help businesses with the required expertise and experience to drive digital transformation via cloud computing solutions. As an accredited NetSuite Implementation Partner, we understand that starter solutions can only take an organization so far, and evaluating and implementing ERP systems takes time.
Hence, we are here with our industry standard-based practices to leverage NetSuite which provides the solid foundation for growing companies to hit the ground running and then scale up. You can connect to our NetSuite Consultants to make this necessary investment and surely avoid missing out on capturing market share and unleashing your growth potential in the future.
FAQs
What are the 4 types of inventory management?
There are four types of inventory management methods.
- Just-In-Time Management (JIT)
- Materials Requirement Planning (MRP)
- Economic Order Quantity (EOQ)
- Days Sales Of Inventory (DSI)
What is the EOQ inventory model?
Economic order quantity (EOQ) is the ideal quantity of units a business should purchase to meet the evolving demand. Also, it helps minimize inventory costs such as holding costs, shortage costs, and order costs.
What is ERP inventory?
Enterprise Resource Planning (ERP) inventory management is a software system that enables businesses to manage all aspects on a single, integrated platform, including inventory, finance, planning, logistics, and operations.
For more details on NetSuite Inventory Management, write to us at info@inoday.com Or Schedule A Demo
