Inventory management is one of the most crucial aspects of running a business successfully; especially when you are dealing with the manufacturing, wholesale, or distribution industry. However, inventory management isn’t the easiest of the task as several aspects needed to be covered simultaneously including orders fulfillment, order replacement, stock tracking, and others. Any inefficiency in the inventory management system won’t just hurt the company’s finances, but also lead to customer dissatisfaction and loss of reputation; which sometimes can be very difficult to regain.
The solution…
An efficient inventory management platform that can help businesses to foresee and streamline all activities related to inventory management.
With an inventory management platform, businesses can be sure of automating the various functions related to efficient and effective management of inventory including tracking, warehousing, cycle housing, and replenishment.
That’s where the NetSuite Inventory management system comes into play…
Here in this blog, we will be performing a NetSuite inventory management review, while also looking at all the features, and functionalities you get with the platform.
But before we start, let’s take a brief look at what actually inventory management means and how it can be done properly.
Inventory Management – How it needs to be done?
Inventory management includes series of business processes that are required to efficiently manage warehousing, ordering, and tracking orders. These processes ensure that the company’s raw materials, and products are safely and efficiently managed, as well as, keep up with the overall efficiency of the operations. The process of inventory management not only includes management of physical quantities but also cost of goods, as well as, supply chain management.
Role of ERP in Managing Inventory
An ERP platform like NetSuite can do wonders when it comes to inventory management. The system brings to table various features and functionalities that streamline inventory management by;
- Delivering a structured accounting solution to organize and manage incoming and outgoing inventory data
- Automating the various tasks related to inventory management, to weed out errors in administration or inventory counts, and avoid stock-outs
- Assist in fetching multichannel customer expectations
- Providing real-time updates for stock availability
- Creating interactive and insightful reports detailing stock quantity, livestock, seller performance (good or bad sellers), sales resources, and others
- Performing risk analysis of the perishable goods
- Effective tracking of sales and returns
- Purchase tracking
Why does NetSuite Inventory Management matter in startups, businesses, and enterprises?
NetSuite inventory management is a powerful cloud-based tool that optimized the entire workflow process of stock management. The system optimizes the warehousing, manufacturing, purchasing, and other processes, enabling businesses to set up an efficient and productive inventory management system. The platform is well-suited for businesses of all sizes and delivers them the competitive advantage to succeed in the industry by streamlining business operations and minimizing the cost of inventory management.
NetSuite inventory management system brings in various advanced native features, and functionalities to maximize the efficiency of the inventory management process. The various tools included in the system are sued to track inventory in multiple locations, plan effective distribution requirements, get real-time insights into the safety stocks, reorder points, and cycle counts.
4 Best NetSuite Inventory Management Features
- Warehousing
NetSuite inventory management solution offers state-of-the-art features and functionalities for inventory tracking across multiple locations (even at sub-locations). In the NetSuite inventory management system, businesses can create sub-locations out of the physical location for precise tracking of inventory across all multiple locations. These sub-locations can further be sub-divided into small bins, which enable even smarter and more precise tracking of inventory. All items places into any sub-location or bins can easily be tracked for real-time monitoring and supervision.
- Cycle Counting
For any distribution business, it’s important to keep up with its inventory levels. Any inaccuracy in stock count may lead to loss of revenue and reputation. With the NetSuite inventory management system, it’s easier for businesses to keep up with stock counting, by filtering inventory into various categories; based on value, or volume.
- Replenishment
With the NetSuite inventory management system, bmaximum efficiency, and productivity for various business functions.
As a certified NetSuite implementation partner, Folio3 got the expertise, experience, and resources to understand various business processes and implement seamless NetSuite solutions without disrupting business processes, and minimizing risks.
- Traceability
For businesses to stay competitive in today’s market, it’s important to have clear and complete visibility of the inventory items. Also, businesses need to have a robust tracking mechanism to trace items through their entire lifecycle. The NetSuite inventory management module enables businesses to track items, or inventory through serial tracking, while also automatically storing all necessary information of every transaction.
NetSuite Inventory Management Training
Whether you have already implemented the NetSuite ERP system or are planning to implement one in the coming years, you need to invest in NetSuite inventory management training. This is important to ensure your employees are able to fully leverage the various features and functionalities offered by the platform.
NetSuite inventory management training also helps businesses to be able to configure and troubleshoot smaller problems in-house, thereby saving loads of time and money, which otherwise would be waster to hire professional NetSuite support services.
Now, you can build up in-house skills for the NetSuite system through professional learning courses. Also, there are various online resources that can help businesses build up in-house expertise for aptly using and configuring the NetSuite system. Below are some of the most commonly used mediums for NetSuite training;
– SlideShare
SlideShare is one of the most popular online training platforms. The platform comes with some great and vastly informative PowerPoint-like presentations on various topics. The best part about the platform is that the information is offered in more visual form and not text-heavy, which makes it easier for users to understand and apply the learned knowledge. SlideShare also has enormous resources for NetSuite training PPTs which can be effectively used to train in-house people on different NetSuite modules including inventory management.
– NetSuite User Group / Forum
NetSuite user groups and forums are other great mediums to learn more about the functionalities and features of the platform. The user group acts more like in-person meetings or online networking where one gets to interact with various professionals to talk about different issues and concerns.
There are also various unofficial NetSuite forums available on Reddit, which can be a great source of learning more about the features and functionalities of the platform.
– SuiteAnswers
SuiteAnswers is one of the most obvious choices for businesses to learn everything about NetSuite NetSuite; from features and functionalities to configuration and troubleshooting. The best part about SuiteAnswers is that the platform offers much more than mere articles. One can rather find interesting “How-To” demos, infographics, videos, and other interactive learning stuff. You can also find material about the relevant topic by searching through the “help” tab, which can be found on the top menu bar.
– YouTube
For people who are more interested in videos, YouTube is the best platform where you can find plenty of videos about all aspects of NetSuite implementation, use, configuration, and troubleshooting. YouTube also has various dedicated NetSuite community channels, managed by NetSuite partners. These channels can be a great source of learning and training for starters.
NetSuite Inventory Management Reviews and Pricing
NetSuite inventory management is one of the most powerful and comprehensive ERP modules that allow businesses to focus on stock optimization, stock count, warehousing, and replenishment. The platform is offered by Oracle and offers a high level of customization to meet the unique needs of businesses of all sizes. NetSuite inventory management can assist businesses to streamline the entire inventory management function, improving the efficiency of workflow processes, while cutting costs.
Businesses can also vastly enhance customer support and service by exploiting the fulfillment, and stock management capabilities of the NetSuite inventory management module. Various purchasing and management features offered by the platform ensure that businesses stay updated with the stock purchases, and can keep up with the demand with smart inventory space.
Benefits and Insights
Key advantages
– Cloud-based system:
NetSuite inventory management module can be deployed as a cloud-based solution, which is a preferred approach with many benefits as compared to on-premise solutions. The cloud-based solution enables businesses to better protect their data while ensuring 24/7 access to information from anywhere and at any time. Also, as a cloud-based solution, the module gets auto-updated for the latest updates and security patches, without any downtime.
– Improved Accuracy:
The organizational features of the NetSuite inventory management system enable businesses to create smart product spaces that support business operations. Smart inventory layout also enables businesses to improve the efficiency of fulfillment, and product locating.
– Enhanced Customer Support:
By integrating the NetSuite inventory management system, businesses can significantly improve customer satisfaction by implementing a seamless procure-to-pay experience, along with precise product tracking. With a streamlined inventory management system, businesses can reduce the fulfillment time, thereby vastly improving the customer experience.
– Automate Tasks:
As a comprehensive ERP system, NetSuite enables businesses to eliminate manual processes across various business functions. The same is true for the inventory management module, where businesses can automate all workflow processes and functions to not only improve the efficiency of the processes but also reduce errors which are common in manual processes.
– Industry Expertise
NetSuite is one of the biggest and most widely implemented ERP systems that’s powering hundreds of large conglomerates including Lovesac, and Williams-Sonoma. The company got the technological prowess to deliver exceptional customization, scalability, and high-utility solutions for cross-industry businesses of all sizes.
Limitations
Some limitations of the NetSuite Inventory Management system includes;
- Very limited documentation, and knowledge support for APIs integration
- Non-availability of “Order Management” as an essential feature
- Relatively complex User-Interface as compared to some of the other inventory management systems available in market
- Need third-party tools to support e-commerce sales
- Absence of some of the cutting-edge inventory management tools including voice-picking or pick-to-light
Price of NetSuite Inventory Management
There is no one fixed cost of ownership for the NetSuite inventory management module. Some of the costs that are typically associated with implementing an inventory management system include;
- License/Subscription Cost
- Maintenance cost
- Installation/Implementation cost
- Customization cost
- Data migration cost
- Recurring /renewal costs
Folio3 is your best NetSuite inventory management partner
Folio3 is one of the leading NetSuite inventory management partners that help businesses to streamline the inventory management function by implementing the best NetSuite solutions. The experts at Folio3 partner with businesses to understand their need for NetSuite inventory management system, and come up with the best solution that meets the business bottom lines. With hundreds of successful NetSuite inventory management implementation projects across the USA, Canada, and Europe, Folio3 got the expertise, resources, and experience to offer hassle-free, and unparalleled NetSuite inventory management integration, and implementation.
Leveraging its expert consultants, and engineers, Folio3 excels in offering customization, integration, and implementation services of NetSuite solutions by transforming complex operations into seamless business applications. Over the years, the company has worked with cross-industry businesses including manufacturing, professional services, distribution, food processing, and others, providing the best implementation solutions that meet and exceed business needs.
How we can help?
- NetSuite development services
- NetSuite data migration services
- NetSuite consulting services
- NetSuite customization services
- NetSuite integration services
- NetSuite implementation services
- NetSuite support services
Why choose us as NetSuite Partner?
- Technical Expertise
As a trusted NetSuite ERP implementation partner, Folio3 got the expertise and agile methodology to offer consolidated, and comprehensive integration, and implementation services for all stages of enterprise solution development.
- Robust Customers service
As your business partner for NetSuite inventory management services, our services don’t end with the implementation, but also offer complete support and migration services. Our dedicated support team ensures that we are here to help you through all queries whenever you need us.
Folio3 NetSuite Services
- NetSuite for Android, iPhone – Proprietary NetSuite Mobile Apps
As a leading NetSuite solution developer, one of the exclusive offerings is the NetSuite mobility solution. Over the years, we have developed various enterprise mobility solutions for hundreds of clients including Fortune 100 companies. Apart from developing NetSuite mobility solutions for clients, we have also build-up our proprietary mobile apps for NetSuite CRM; thus making us one of the most trusted partners for NetSuite mobility solutions.
- Netsuite Mobile Crm Apps For Android and iOS
Apart from our exclusive mobile application development services for the NetSuite platform, we also offer clients our proprietary mobility solutions for iOS, and Android. Our exquisite SuiteMobile app for iOS and NSDroid app for Android is meant to assist customers in accessing real-time NetSuite CRM data securely from anywhere and at any time.
– Apps Built Specifically for Your Business
At Folio3, our experienced developers come with extensive expertise for all NetSuite development technologies including SuiteCloud, NetSuite APIs, Suitetalk, SuiteScript, and others. Also, we got vast experience in developing native, and cross-platform apps for all major operating systems including; iOS, Windows, Android. And Blackberry.
So, when you need a trusted enterprise mobility partner that can help you with high-utility NetSuite mobile apps, Folio3 is your natural choice.
– NetSuite Mobile App Development Process
Folio3 isn’t just an outsourced development shop, rather a trusted partner for businesses that work across all stages of NetSuite mobility solution; from the ideation phase to designing, development, prototyping, and implementation.
- NetSuite Integration Services
NetSuite integration enables businesses to leverage the automation to build a completely connected business environment. Our NetSuite integration services enable businesses to seamlessly integrate various applications ranging from the order processing system to EDI, other standalone CRM applications, and ecommerce platforms including Amazon, Shopify, Magento and others.
End-to-end Automation & Seamless Integration
Folio3 offers cross-industry NetSuite integration solutions for on-premise and cloud-based applications. Our NetSuite integration solutions are flexible and scalable not only to meet businesses’ current needs but also to ensure easy scalability for future needs. By integrating the best NetSuite solutions, we make sure to simplify the supply chain process for clients, while also streamlining the managing transactions.
NetSuite Integration Experts
Folio3 offers comprehensive NetSuite integration services including implementing various custom integration solutions for cross-industry businesses.
- EDI systems
- POS systems
- Tax systems
- Email marketing platforms
- Payment gateways
- Digital signature platforms
- Expense management systems
- 3PL platforms
- NetSuite Implementation Services
The right NetSuite implementation is essential for businesses to leverage the most value out of the NetSuite solutions. As one of the leading NetSuite implementation partner, Folio3 help businesses to implement the best possible solution to ensure To ensure maximum benefit from NetSuite implementation, Folio3 has set out best practices and proven methodology from our implementation experience. The company closely collaborate with clients to understand their unique business requirement, and chalk-out a detailed implementation plan with timelines, finances, business requirement, potential risks, compliance requirements, and others. This ensures that the process of NetSuite implementation is seamlessly completed without causing any major disruptions to business processes, while also keeping risks at a minimum.
- Planning
- GAP Analysis
- System Design
- Data Migration
- Customization
- Integration
- End-user Testing & Training
- Support
Benefits Of Having Folio3 As Your Netsuite Implementation Partner
Folio3 is a certified NetSuite SuiteSuccess Partner and can assist businesses to seamlessly implement bet possible NetSuite ERP solutions.
– Deep NetSuite Expertise
With over a decade of experience with NetSuite development services, the company got extensive expertise across all areas of NetSuite to deliver businesses the right and most adequate implementation solution.
– High-Quality Implementation
When you partner with Folio3 for NetSuite ERP implementation, you can be sure of partnering with a company that got the expertise, and passion to deliver you the best quality solution. Given the vast and comprehensive implementation experience across all NetSuite areas, you can trust Folio3 as your trusted NetSuite implementation partner.
– Cost-Effective Implementation
Besides offering the highest quality services, Folio3 offers highly competitive and affordable costs of implementation for NetSuite ERP solution.
