Table of Contents
- 1 What is NetSuite Inventory Management?
- 2 Why Is Inventory Management Important?
- 3 Advanced Inventory Management Features
- 4 FAQs
- 4.1 Q1. How do I manage a warehouse?
- 4.2 Q2. How do I track inventory in multiple locations?
- 4.3 Q3. What is the best way to manage inventory?
- 4.4 Q4. How do I increase inventory in NetSuite?
- 4.5 Q5. When should I order the item? At what inventory level should I start to place an order for a vendor? What is the reorder point?
What is NetSuite Inventory Management?
NetSuite Cloud-based Inventory Management Software offers an extensively orchestrated, single platform for real-time view of inventory across all locations and sales channels. With such capability, businesses can reduce inventory on hand to free up cash while avoiding stockouts. With the deployment of NetSuite Inventory Management Cloud Service, you can optimize inventory levels and ensure product availability across multiple channels. NetSuite Inventory Management assists businesses in keeping inventory costs low while exceeding customer expectations without much hassle.
Why Is Inventory Management Important?
You can make the most of this Inventory Management Software that comes with exclusive demand-based planning using historical demand, sales forecasts, and seasonality. It helps ensure that you have the right amount of stock. To those who frequently inquire—what is NetSuite Inventory Management and why it is needed, the answer is—It allows you to manage inventory quite efficiently and cost-effectively with company-wide ultimate inventory visibility. Businesses can decrease cost of goods sold via intelligent fulfillment that minimizes handling expenses and reduces shipping costs with NetSuite Inventory Management Cloud Service
Advanced Inventory Management Features
Multi-location Fulfillment
With the deployment of NetSuite Inventory Management, you can predefine fulfillment rules to eliminate multiple shipments for a single order, and avert excess shipping charges.
This Cloud-based Inventory Management Software renders ultimate inventory visibility into stock across all locations. With such capabilities, you can proactively monitor stock levels and sell through, transferring inventory between locations as necessary. This ascertains inventory availability and minimizes obsolete inventory.
Replenishment
Many people ask— How do I adjust inventory in NetSuite? And do not get a proper answer. Here, by leveraging the core functionalities of this Inventory Management Software, you can use uses historical and seasonal sales data, average lead time and number of inventory days of supply to dynamically manage item reorder points. You can keep in account of fluctuations in demand, seasonality, supply chain logistics and a product’s natural life cycle to ensure sufficient stock on hand. Additionally, advanced inventory management automatically generates tasks and alerts and sends them to the purchasing manager.
Cycle Counting
Businesses can use an inventory cycle counting solution to improve the efficiency and accuracy of management. You can make the most of this NetSuite Inventory Management Cloud Service to automate inventory counts without freezing transactions in the entire location. The inventory level used for the count is taken at the time the count starts for each individual item. You can avail of such capabilities at a standard NetSuite Inventory Management Cost via a certified and award-winning NetSuite Partner like inoday. We can help you optimize inventory levels and ensure its robust management without burning a hole in your pocket.
Traceability
NetSuite Inventory Management Software lets businesses back and forward trace inventory using lot and serial tracing. With Lot-number items capability, you can track the quantity and specific cost for each lot as products are purchased and produced.
You can serialize inventory to choose a specific item when you fulfill an order. Together, lot and serial numbers let you define fulfillment strategies (such as first expiring, first out), helps minimize waste, and ensure efficient usage of inventory. This lets you have ultimate inventory visibility at all levels.
Businesses who wish to optimize inventory and reduce cash flow can avail of such inventive cloud solution via a certified and accredited NetSuite Partner—inoday. Our experts hold expertise and extensive experience in delivering the right solution that best fits in the business needs. Additionally, you can grab support throughout the implementation lifecycle and even beyond it to ensure business growth and success.
FAQs
Q1. How do I manage a warehouse?
Ans. By leveraging NetSuite Inventory Management, you can keep your warehouse well-organized. Some of the tips you can take such as reducing clutter and waste, using stackable bins, using labelling systems, organizing for efficiency, and placing like items or products together. Interestingly, NetSuite ERP can simplify warehouse management for you quite effectively.
Q2. How do I track inventory in multiple locations?
Ans. NetSuite Inventory Management offers location-based reports to help you track inventory at multiple locations through a single, integrated platform. This helps you ensure that right ordering protocals are in place at the right time. You can grab these capabilities at a standard NetSuite Inventory Management Cost as well.
Q3. What is the best way to manage inventory?
Ans. You can do it my training your staff with proper instructions. But an advanced way is to have tools that help you reduce the errors caused by manual entries and ensure the right inventory is placed rightly at the right time. These tools, such as one offered by NetSuite, helps you sort inventory as per size, weight, category, shape, and other criteria.
Q4. How do I increase inventory in NetSuite?
Ans. You can go to transactions, then Inventory, and then adjust it as per your business needs. For more detailed comprehension, you can connect with a certified NetSuite Partner.
Q5. When should I order the item? At what inventory level should I start to place an order for a vendor? What is the reorder point?
Ans. Reorder level is the point at which a new order should be placed with the supplier before the existing order gets out of stock. This can be easily assessed by leveraging the core functionalities of NetSuite Inventory Management. Its data-driven insights and analytics help you avoid stock-outs and fulfill customer demands without any hassle.
For more details around NetSuite Inventory Management, write to us at info@inoday.com Or Schedule A Demo
