Features and benefits of NetSuite Inventory Management

Effective inventory management is crucial for businesses striving to boost profitability, efficiency, and customer satisfaction. NetSuite Inventory Management is a robust solution designed to solve these challenges. In this blog, we’ll explore the features and benefits of NetSuite Inventory Management and how partnering with Rand Group can help you transform your inventory processes.

NetSuite is a cloud-based business management software suite that streamlines operations, boosts efficiency, and drives business growth. By combining the essential capabilities of enterprise resource planning (ERP) and customer relationship management (CRM), NetSuite is a unified platform for businesses of all sizes and complexity. Its cloud-first architecture enables real-time access to data and applications from anywhere, at any time, with automatic updates and robust data protection.

As an all-in-one solution, NetSuite simplifies complex business processes across multiple functions, including financial management, inventory tracking, procurement, and sales operations. It gives companies full ERP capabilities to manage financial reporting, inventory control, supply chain operations, and human resources. NetSuite’s scalability means that as your business grows, the platform adapts to your changing business needs, supporting your growth journey.

NetSuite Inventory Management is a module within NetSuite ERP that handles all aspects of tracking and controlling stock. It gives you a real-time view of inventory across all your locations and sales channels, from warehouses and retail stores to e-commerce sites. At any given moment, you can see how much of each item you have in stock and where it’s located. The system updates inventory counts as transactions occur, so you are always referencing up-to-date numbers. For example, purchases increase stock, sales and production usage decrease it, and transfers move it between locations. The module is designed to ensure you have the right stock levels to meet customer demand without overstocking or stockouts.

Because NetSuite’s Inventory Management is integrated with other modules (like order management, procurement, and financials), inventory data flows seamlessly through your business processes. For example, when a customer places an order, the inventory module will allocate the stock and update availability for other orders and inform the finance module of the cost of goods sold. This tight integration keeps all teams, from sales to accounting, on the same page with inventory status. NetSuite Inventory Management connects and automates all your inventory-related processes in one place, from the moment you receive products from a supplier to the moment you fulfill a customer’s order.

NetSuite Inventory Management delivers operational and financial benefits, allowing you to manage inventory efficiently, reduce costs, and improve profitability. By automating inventory processes, NetSuite eliminates manual spreadsheets or paper-based tracking methods and provides real-time visibility and accurate insights. This automation streamlines inventory management across all locations and sales channels, optimizing cash flow by ensuring precise stock levels.

• Optimize inventory levels: Leveraging historical demand data, sales forecasts, and seasonal trends ensures ideal stock availability.
• Boost profitability: Improved visibility and management reduce inefficiencies and improve overall inventory performance and profitability.
• Reduce cost of goods sold: Intelligent fulfillment minimizes unnecessary handling and reduces shipping and inventory-related costs.
• Improve reporting accuracy: Eliminates manual, error-prone inventory reporting and saves time and resources.
• Efficient inventory utilization: Prevents situations where one location has excess inventory while another faces shortages.
• Comprehensive inventory visibility: Tracks and traces products from supplier to customer and reduces inventory discrepancies.
• Reduce handling costs: Cuts down excessive product handling that drives up operational costs.

NetSuite Inventory Management includes robust features to increase visibility, streamline inventory processes, and improve operational efficiency. From managing inventory across multiple locations to advanced replenishment planning, these features allow you to monitor and control your inventory. Additionally features like automated cycle counting, item traceability, and item visibility further reinforce inventory accuracy, cost control, and customer satisfaction.

Key features include:

• Multi-location fulfillment: Predefined fulfillment rules prevent unnecessary multiple shipments per order and minimize excess shipping charges. With visibility across all inventory locations, you can proactively transfer stock between sites and reduce obsolete inventory and stockouts.
• Automated replenishment: NetSuite uses demand-based replenishment to calculate reorder points based on historical sales, seasonal demand, product lifecycle stages, and lead times. Automated alerts and tasks ensure timely inventory restocking and ideal stock levels to reduce stockouts.
• Cycle counting with Smart Count: NetSuite Smart Count automates inventory counting without disrupting regular business transactions. Counts are captured precisely at the time they begin, with real-time alerts to counters about any transaction occurring during counting. Mobile accessibility makes counting easier and more accurate.
• Advanced traceability: Lot and serial tracing allow businesses to trace inventory backwards and forwards, track quantities and costs by lot, and select specific serialized items for order fulfillment. Bin management, merchandise hierarchies, and matrix items (tracked by attributes like size or color) simplify SKU management and enable effective fulfillment strategies like first-expire-first-out, reducing waste.
• Item visibility: Item 360 consolidates all item data into one view, including user-defined KPIs, inventory by location, and projected stock levels. Real-time alerts highlight impending shortages or overstock situations and improve decision-making and inventory management efficiency.

Rand Group is a NetSuite consulting partner with experience in helping businesses get the most out of NetSuite Inventory Management. Our team understands the complexities of inventory management and will work with you to deliver tailored solutions to your business needs. Whether you are implementing NetSuite for the first time, optimizing your current inventory processes, or looking for customized solutions and ongoing support, Rand Group will ensure a smooth transition and maximum efficiency.

Our key NetSuite services include:

• Implementation: End-to-end NetSuite implementation, including Inventory Management, to ensure seamless integration and minimal disruption to your operations.
• Customization: Tailored adjustments to the NetSuite Inventory Management module to meet specific business requirements and workflows.
• Optimization: Ongoing assessment and refinement of your inventory processes to enhance performance, reduce costs, and improve inventory accuracy.
• Support and training: Comprehensive ongoing support and personalized training to help your team leverage NetSuite effectively and confidently.
• Integration services: Expert integration of NetSuite Inventory Management with your existing business applications and systems, enhancing operational visibility and productivity.

NetSuite Inventory Management enables organizations to unlock the visibility, control, and flexibility necessary to manage inventory effectively. Whether you’re dealing with complex multi-location fulfillment needs, seasonal demand fluctuations, or challenges in stock traceability, NetSuite provides the tools to streamline operations and drive growth. Rand Group’s experienced team is ready to partner with you, ensuring your NetSuite solution is expertly tailored and optimized, positioning your business for long-term success.

To learn how Rand Group can help your organization succeed with NetSuite Inventory Management, contact Rand Group today.