Overview of NetSuite Advanced Inventory Management
Fundamentally, inventory management systems are cloud-based or on-prem software programs that let businesses monitor all incoming and outgoing stock movements to minimize overstocking or stockouts and related expenses.
With the help of the cloud-based software program NetSuite Advanced Inventory Management System, a business can minimize its on-hand inventory to free up cash, optimize inventory levels across various channels, and prevent stockouts by having a single, real-time view of its inventory across all locations and sales channels.
This comprises a single, automated inventory management system that provides real-time, company-wide inventory transparency from drop shippers, retail locations, warehouses, and third-party logistics across all channels.
Businesses make sure that product availability across numerous channels meets their individual client wants and expectations by optimizing inventory levels across channels. In addition to guaranteeing customer pleasure, this reduces inventory expenses and overstocking.
Key Features of NetSuite Advanced Inventory Management
Inventory Replenishment
Sustaining inventory levels is necessary to guarantee seamless business operations. NetSuite Advanced Inventory Management System offers smart tools that alert companies about the amount of inventory accessible at each location. It also indicates how many things were bought from suppliers to restock the inventory.
Lot Management
For companies that need exact tracking of individual items, NetSuite Advanced Inventory Management System, provides serialized inventory tracking. With the help of this function, firms can monitor the products in each lot from manufacture to purchase, ensuring that inventory is used efficiently and sold before it goes bad. Businesses can also retrieve any lot’s history using Netsuite’s search feature.
Cost Calculation
For precise cost and profit calculations, the whole cost of goods transportation to the seller’s warehouse must be determined. A component called “landed cost” in Netsuite Advanced Inventory Management keeps track of expenses, including customs, freight, shipping, and duty costs, which can then be included in the price of products.
Item Management
Keeping track of inventory for products that come in several sizes, colors, and styles can take a lot of effort. This process is made simpler by NetSuite Advanced Inventory Management’s matrix item management functionality. Companies can establish stock-keeping units (SKUs) for every variation of their products and let customers select from a simple menu with multiple possibilities.
Inventory Tracking
NetSuite Advanced Inventory Management System, provides serialized inventory tracking for companies who need to track individual items precisely. This feature gives each item a unique serial number so you can keep track of its cost and whereabouts over the course of its life. Businesses can gain a thorough grasp of every item’s path from its starting point to its destination with serialized inventory tracking.
Bin Management
For operations to run smoothly, warehouse management must be effective. Advanced Inventory NetSuite provides a bin management tool that helps organizations manage and arrange their warehouses properly. Businesses may monitor the precise position of merchandise in their warehouses with bin management. By producing a list of the items that require replenishment, this tool also makes refilling easier.
Cycle Counting
Cycle-counting features in NetSuite Inventory Management software allow automated inventory counts without causing downtime or stopping transactions at a location.
Traceability
Because traceability enables lot and serial tracing of inventories, firms can create fulfillment plans to reduce waste and guarantee efficient inventory usage.
Cloud Infrastructure
Inventory management scaling and maintenance costs are decreased by the absence of the need for on-premise computer equipment thanks to cloud-based infrastructure capabilities.
Benefits of NetSuite Advanced Inventory Management
Inventory Control
Businesses can monitor the complete goods process and make sure the correct products are accessible in the right amounts at the right places by having real-time visibility of inventory across locations and channels.
Reduced Cost and Risk
Overstocking can be avoided by automating reorder points and optimizing inventory levels, which lowers the expense of keeping extra stock on hand. By preventing delays and out-of-stock situations, real-time tracking and alerts help satisfy consumer needs and boost satisfaction.
Time-saving
Employee time is saved by automating inventory procedures, which also streamline responsibilities like counting, tracking, and order management. Features that improve productivity and efficiency include lot and matrix item management, which do away with manual operations.
Better Decision-making
Making better decisions is facilitated by having access to real-time data on sales demand, inventory levels, and other important variables. Sales forecasting, resource allocation, and trend identification can all benefit from this data.
Smooth Integration
A unified software setup is ensured by integrating with modules such as finance, order management, and commerce management. Cross-functional flow of data and processes improves overall performance and offers a comprehensive picture of operations.
Automation
Several inventory management tasks, including picking and packing, order processing, and replenishment, are automated by NetSuite, which increases accuracy and decreases the need for manual involvement.
Mobile Access
With the flexibility and convenience of a mobile device, customers may access inventory data from anywhere at any time thanks to NetSuite’s cloud-based platform.
Advanced Forecasting
Advanced forecasting capabilities are one of NetSuite’s inventory management tools that helps firms better anticipate demand and plan inventory levels.
Scalability
Because of its great scalability, NetSuite can expand with your company as its demands change, making it appropriate for companies of all sizes, from startups to multinational corporations. If you’re just starting out with NetSuite and looking for more business insights, as explained in GovDocFiling guide on online business ideas for beginners can help you scale your business by understanding different aspects of business.
Setting Up NetSuite Advanced Inventory Management
Creating the inventory workflow, item records, and inventory items are typically the first steps in setting up NetSuite inventory management software. Inventory management is covered by the Inventory Workflow, which is linked with the company account. Every transaction updates the inventory records, spanning from procurement to sales.
Enabling a number of inventory management functions, including locations, orders, drop shipments, inventory count, bin management, inventory status, and a few more sophisticated features, is another requirement for setting up NetSuite Inventory Management. Of course, different inventory management functions are required depending on the needs of a certain firm or industry.
Inventory management NetSuite implementation is more difficult than it first appears. It is recommended that NetSuite implementation be left to experts, such as Folio3, an award-winning NetSuite solutions provider.
The Cost
The general health and operational effectiveness of a company are also impacted by inventory costs and turnover, which have an impact on the overall return on investment (ROI) that NetSuite Inventory Management provides. This emphasizes how crucial inventory turnover and expenses are to poor inventory management.
When it comes to data analysis and giving businesses the tools they need to figure out how much their inventory really costs—including purchase prices, handling charges, taxes, and other costs—NetSuite Inventory Management really shines.
Numerous factors, including the scale and complexity of your operations, will determine the actual cost of implementing NetSuite inventory management for your company. The NetSuite consultants at Folio3 can give your company a precise price.
Final Words
In the dynamic business market, efficient inventory management is essential for success. Accurate and efficient inventory management becomes increasingly more important as businesses, such as retailers, traders, ecommerce enterprises, and others that depend on products, grow. NetSuite Advanced Inventory Management (AIM) can be useful in this situation.
If you are looking for experienced NetSuite consultants with a work history of successful NetSuite implementations for global clients, reach out to us at Folio3. We’ll listen to your query and guide you accordingly.
