Table of Contents
- 1 NetSuite Inventory Management
- 1.1 NetSuite Inventory Management Benefits
- 1.2 Tips to Optimally Use Netsuite Inventory Management
- 1.3 Inventory Adjustment – Negative Inventory
- 1.4 Adjust Inventory Forms
- 1.5 Inventory Transfer Overview
- 1.6 Inventory Transfer Reports and Analytics
- 1.7 Pick, Pack, and Ship with Transfer Orders
- 1.8 Why inoday?
- 1.9 FAQs
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
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.
NetSuite Inventory Management Benefits
- Implementing inventory solutions from NetSuite optimizes levels of inventory.
- You can ensure the right amount of stock by leveraging demand-based planning using historical demand, sales forecasts, and seasonality.
- Manufacturing businesses can boost profitability and helps manage inventory more efficiently and cost-effectively with enterprise-wide inventory visibility.
- You can reduce cost of goods sold and minimize handling expenses via intelligent fulfillment.
Tips to Optimally Use Netsuite Inventory Management
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.
Inventory Adjustment – Negative Inventory
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.
Adjust Inventory Forms
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.
Inventory Transfer Overview
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.
Inventory Transfer Reports and Analytics
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.
- Reports and Analytics
- Current stock status
- Items are profitable, or not
- Inventory workflow that is working well or need attention
Pick, Pack, and Ship with Transfer Orders
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.
- To pick the items from inventory (Fulfill Orders)
- To pack the items to prepare them to be shipped (Mark Orders Packed)
- To ship the items to the receiver (Mark Orders Shipped)
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.
Why inoday?
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.
FAQs
What is NetSuite inventory management?
NetSuite Inventory Management delivers a single, unified, real-time view of inventory across all locations and sales channels. With this inventive capability, businesses can reduce inventory on hand to free up cash while avoiding stockouts.
What are 5 types of inventory?
5 Types of Inventory All Retailers Need to Know
- Raw materials.
- Work-in-progress
- Finished goods
- Maintenance, repair and operations goods
- Packing materials
What are the ABC types of inventory?
ABC analysis is a method to divide inventory into three categories, i.e. A, B, and C in descending value. The items in the A category comes with the highest value, B category items are categorized lower than A, and C category items comes with the lowest value.
For more details, write to us at info@inoday.com Or Schedule A Demo