Keeping tabs on individual units is critical for companies dealing with high-value or unique items. Have you ever heard of NetSuite? It’s a cloud-based ERP system with this fantastic serialized inventory management feature.
NetSuite provides a unique serial number on each unit, which is excellent for tracking every step in the supply chain.
Check out this blog post about why NetSuite’s serialized inventory system is a game-changer. It’s all about boosting efficiency by automating tasks, nailing inventory accuracy, and helping you make smarter decisions.
Understanding NetSuite Serialized Inventory
NetSuite serialized inventory involves systematically tracking and assigning distinct serial numbers to each item within a company’s inventory. This approach enables businesses to closely monitor and control each item’s movement, history, and current status from its inception to its eventual disposition.
Serialized inventory is advantageous for enterprises handling expensive items, perishable goods, electronics, pharmaceuticals, or products demanding meticulous traceability.
NetSuite categorizes Inventory Items into Inventory Items, Serialized Items, and Lot Numbered Items.
Improved Traceability and Regulation
Implementing serialized inventory in NetSuite has a big advantage because it helps to keep track of things much better.
Each item gets a unique ID, so it’s easy for businesses to follow it from when it’s made to when the customer receives it. This is important for following the rules in different industries and ensuring good quality.
For businesses that need to follow many rules, like in medicine or food, using serialized inventory in NetSuite makes it easier to follow all the rules and makes it simpler to check everything during audits or if there’s a need to recall products.
So, it’s not just about keeping things organized; it’s also about ensuring everything is done correctly and following the industry’s rules.
Follow the images below to understand how to enable the Serialized Item feature in NetSuite.
Precise Inventory Control
Using NetSuite serialized inventory allows businesses to see exactly how much of each item they have in stock. This detailed information helps companies ensure they never run out of things or end up with too much, which can save money by lowering the costs of storing extra stuff.
Serialized inventory in NetSuite also makes it easy for businesses to track how things move around. Whether going to different places, getting ordered by customers, or being bought by the company, the system keeps a close eye on it.
This way, businesses can be sure they know exactly how much of each item they have, which helps avoid mistakes and makes it easier to decide what to do next.
Efficient Warranty and Returns Handling
If a business promises to fix or replace things that don’t work right (like a warranty), using serialized inventory in NetSuite can make it much more manageable.
That’s because every item has its own story recorded in NetSuite, like when it was made, when it was bought, and if it had any fixing or servicing done. This information is like a handy tool for the customer support team. They can quickly check if something is still under warranty and handle returns or replacements faster.
It’s like having a clear record of each item’s life, making it easy to keep promises to customers and provide good service.
How to create a Serialized Item Record? Follow these images.
Enhanced Customer Experience
Using serialized inventory not only helps businesses keep track of things but also makes the customer experience better. If there’s a problem with a product or if something needs to be recalled, businesses can quickly figure out which customers might be affected.
Being able to respond quickly to problems builds trust with customers and makes the relationship stronger. It shows the business cares about its customers and is on top of things.
So, serialized inventory doesn’t just help behind the scenes; it also makes customers happier and more confident in the business.
Simplified Supply Chain Management
Serialized inventory isn’t just proper within a company; it also brings benefits outside the organization.
When working with suppliers, having serialized items means that everyone can keep an eye on things as they move through the supply chain. This makes it easier for businesses to work well with suppliers.
Seeing where everything is helps businesses decide what to buy, how much, and when. It also makes it easier to predict what will be needed. This makes working with suppliers more efficient and helps the business save money by smartly doing things.
Integration with Barcode Scanning
NetSuite serialized inventory management works well with barcode scanning. This means it’s easy to connect the system with barcode scanners, making it faster and less likely to make mistakes when putting in data. This is super helpful because it reduces the need for people to type in information by hand, which can sometimes lead to errors.
In warehouses, staff can use barcode scanners when getting items in, picking them for orders, and sending them out.
When they scan the barcode on a serialized item, the system updates immediately, showing where the item is and what’s happening. This not only makes things move faster but also makes sure that the information in the system is always correct, reducing the chances of mistakes and making the whole process smoother.
Conclusion
NetSuite’s serialized inventory is a game-changer for businesses seeking top-notch inventory management. It brings many benefits like better tracking, ensuring there’s just the right amount of stock, and making it easier to follow the rules and keep customers happy. These things make the whole operation work better and make more money.
The detailed tracking and control that serialized inventory offers mean businesses can run more smoothly and profit. It’s not just about having the right amount of things in the right place but also about following the rules, which is super important.
Customers also get a better experience because if something goes wrong, businesses can fix it fast and keep things running smoothly.
Using NetSuite’s serialized inventory and cool tech like barcode scanning is like having a secret weapon. It helps businesses stay on top of things, work faster, and give excellent service to customers.
So, it’s not just about managing inventory – it’s about improving the whole business.
