NetSuite Inventory Management Improves Business Planning and Customer Services

Summary: Inventory Management Software offered under NetSuite ERP delivers extensive capabilities to manage inventory and supply chain operations as well as better plan to improve customer service.

NetSuite Inventory Management renders a single, integrated real-time view of inventory across all locations and sales channels. With the implementation of Inventory Management Software, businesses can reduce inventory on hand to free up cash while abstaining from stockouts. For the most part, NetSuite Inventory Management assists businesses in keeping inventory costs low while meeting customer needs by optimizing inventory levels and ascertaining omnichannel product availability.

An efficient and efficient inventory management process begins with accurate, accessible data that allows you to answer inventory queries effectively. These may include the item types, item location, number of items committed to sell, items required in stock, and order requirements.

For the most part, NetSuite Inventory Management enables businesses to track inventory levels and movements in real time. Interestingly, they can do it across multiple locations and make the best of actionable insights to make key business decisions.

One of the key tips to use NetSuite Inventory Management Software optimally is to do inventory adjustment transaction as the quantity and value of an inventory item changes without entering a purchase order. For example, you can use this transaction to account for clerical errors, changes in costs, thefts, or miscounts.

Production units or manufacturing businesses can adjust inventory forms and let you change the quantity and value of an inventory item without first specifying a purchase order. For the most part, NetSuite bases the cost estimate for a standard-cost product on the total amount: quantity.

If you use the LIFO or FIFO costing methods, you can enter an inventory adjustment to change the quantity and value of an inventory item.

Additionally, NetSuite creates a report and notifies you of any negative inventory values so you can correct it with actual inventory counts. Also, you can generate the report when you run your month-end closing checklist.

Inventory Management Software offered under NetSuite allows businesses to set values in fields of each of the following sections: Primary Information, Classification, and Adjustment. Also, you can add the individual item or items you need to adjust. Here, NetSuite will prompt you to update any necessary Inventory Details as needed.

Furthermore, you can make the most of Inventory Worksheets to enter changes to the quantity or value of inventory items except for lot numbered items, serial numbered items, or inactive items. Interestingly, it allows you to enter adjustments for up to 1,000 line items at a time.

Moreover, when you open an existing inventory adjustment to make changes, you can see only items included in the original adjustment in the list. The list reflects all products from the original adjustment and you may fail to filter it to exclude any of these original items.

When you transfer inventory from one location to another, you can enter inventory transfer orders to schedule and easily track the movement of items. Transfer orders are different from basic inventory transfers as you can track each stage of the transfer process and know everything about the transition like when and where items are.

Businesses can review reports showing inventory costs, stock levels, activity, valuation, revenue generated, and profitability. Then, administrators can use this data to identify successes and key challenges within each workflow process.

The Pick, Pack, and Ship feature assists manufacturing or supply chain businesses in processing transfer orders without a hitch. Also, it renders warehouse and shipping departments with their own processes to fulfill orders. For the most part, it allows greater flexibility in processing and tracking orders through fulfillment, and shipment.

Furthermore, you can make the best of intuitive and inventive inventory dashboards. These dashboards provide you with timely, at-a-glance rollup of the reporting, key searches, key performance indicators, and purposeful metrics to your business. Also, role-specific dashboards further customize the view, providing key stakeholders with screenshots of inventory standing customized to business needs.

• CFO Dashboard

At an executive level, dashboards deliver a high-level view of overall business health and top KPIs, such as Inventory Value, Operating Cash Flow, and COGS. Here, connecting to an accredited and official NetSuite Channel Partner can help you get an interactive dashboard for your business and take a competitive lead with the adaptive solutions.

• Purchasing Manager

These interactive and intuitive sashboards specific to functional roles, such as the purchasing manager offer a single location to manage daily tasks, such as monitoring open PO’s, re-order points, and vendor management.

At inoday, an official, globally acclaimed, and #1 ORACLE NetSuite Chanel Partner, you can connect to certified and experienced NetSuite Consultants, who can help you with highly scalable, cloud-based ERP Solutions. Our experts leverage 16+ years of experience in driving Digital Transformation via Cloud Computing Solutions and let you scale up with unrivaled business efficiency, productivity, and technology enhancements.

For more details, write to us at info@inoday.com Or Schedule A Demo