Warehouse /
Inventory Management
What is NetSuite Inventory Management?
NetSuite Inventory Management provides a single, real-time view of inventory across all locations and sales channels, allowing businesses to reduce inventory on hand to free up cash while avoiding stockouts. By optimizing inventory levels and ensuring product availability across multiple channels, NetSuite Inventory Management helps businesses keep inventory costs low while exceeding customer expectations. NetSuite financial management seamlessly integrates with all NetSuite order management, inventory, CRM and ecommerce functions to streamline critical business processes.
Automate Inventory Tracking
Relying on spreadsheets or pen and paper to track inventory is neither efficient nor accurate. With NetSuite, your business can easily track inventory across multiple locations by automating inventory management in one unified solution.
Ultimate Inventory Visibility
Real-time, company-wide inventory visibility — across warehouses, retail stores, pop-up shops, drop shippers, 3PLs or any other place where you manage or stock inventory — is key to enabling a buy anywhere, fulfill anywhere customer experience.
Benefits
Optimize Inventory Levels
Demand-based planning using historical demand, sales forecasts and seasonality ensures you have the right amount of stock.
Boost Profitability
Managing inventory is more efficient and cost-effective with company-wide inventory visibility.
Decrease Cost of Goods Sold
Intelligent fulfillment minimizes handling expenses and reduces shipping costs.
Automate inventory management, reduce handling costs, optimize cash flow
NetSuite Inventory Management Features
NetSuite Inventory Management minimizes manual processes by automatically tracking inventory levels, orders and sales throughout the inventory life cycle, and provides the insights needed to make data-driven decisions and clear visibility into any inventory liabilities, like excess or slow-moving stock.
Multi-location Fulfillment
NetSuite Inventory Management gives you the ability to predefine fulfillment rules to eliminate multiple shipments for a single order and avoid excess shipping charges.
With visibility into stock across all locations, you can proactively monitor stock levels and sell through, transferring inventory between locations as necessary to ensure inventory availability and minimize obsolete inventory. Sales associates are empowered to save potential lost sales in out-of-stock situations with enterprise-wide inventory availability that allows them to transfer, hold or ship items directly to the customer.
Replenishment
Fluctuations in demand, seasonality, supply chain logistics and a product’s natural life cycle must be accounted for to ensure sufficient stock on hand. Using demand-based replenishment, NetSuite Inventory Management uses historical and seasonal sales data, average lead time and number of inventory days’ of supply to dynamically manage item reorder points and maintain preferred stock levels. NetSuite automatically generates tasks and alerts and sends them to the purchasing manager.
Cycle Counting
NetSuite Inventory Management allows you to categorize inventory based on volume of transactions and/or value and schedule regular, periodic counts of on-hand quantities. It auto assigns count tasks to floor staff to help maintain inventory accuracy. Implementing periodic cycle counts for select SKUs vs. performing a full cycle count allows the count to be integrated into everyday tasks and minimizes disruption of warehouse operations. If items are stored in multiple locations in one warehouse, NetSuite supports bin management that make the counting process easier and more accurate.
Traceability
NetSuite Inventory Management lets you back and forward trace inventory using lot and serial tracing. Lot-numbered items track the quantity and specific cost for each lot as products are purchased and produced. Serializing inventory allows you 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) , minimizing waste and ensuring inventory is used in the most efficient way.
Bin management and defining your merchandise hierarchy also help with traceability. Matrix items track products by options such as size and color. Updates made to the parent item are automatically applied to sub-items, greatly simplifying SKU management.
Challenges NetSuite Inventory Management Solves
- Manual Reporting. Inaccurate, time-consuming inventory reporting will be a problem of the past.
- Inefficient Utilization. No longer worry about having excess inventory in one location while another location is out of stock.
- Inaccurate Planning. Minimize the problems that result from poor planning, like stockouts, excess inventory, increased discounting and write-offs.
- Excessive Handling. Eliminate unnecessary handling that increases cost of goods sold (COGS).
- Lack of Visibility. Inability to track and trace a product from supplier to customer order will no longer be a concern
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Faster Time to Value
NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices. These practices pave a clear path to success and are proven to deliver rapid business value and get you live on NetSuite in a predictable timeframe. Intelligent, stepped implementations begin with sales and span the entire customer lifecycle, so there’s continuity from sales to services to support.
How Much Does NetSuite Order Management Cost?
Companies of every size, from pre-revenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?
How do I add inventory to NetSuite?
To add an inventory item in NetSuite, you must create the inventory item record, defining the item’s unique characteristics, including: units of measure, how you cost items (FIFO, LIFO, average, etc.), landed cost and replenishment method, set list price and discount price, as well as COGS.
Inventory control refers to a business’ ability to secure the required stock to fulfill anticipated orders without delay, while keeping inventory carrying costs to a minimum.
Adjusting inventory in NetSuite can be done individually for that item or in bulk using the inventory worksheet. You can update item quantities individually in the Transaction menu, but changes to the inventory record such as value, unit cost, etc., must be done in the item master.
