Inventory management is as important as running a business into a success, especially if you are dealing with the manufacturing or distribution industry.
You need to ensure several things at a time which includes from placed orders to orders replacement, stock tracking, and many others, all these actions need to be handled on a full swing. Inefficient management of inventory processes may result in customer dissatisfaction and client loss. And sometimes the errors may be quite expensive to deal with.
If a company foresees to achieve all the series of activities at a time, what they need is an efficient platform to run inventory management.
No matter how you perceive success, better technologies reflect the enhancement of business functions.
You indeed have the best solution to attain maximized benefits.
So can entrust all your business worries to NetSuite ERP, they offer highly efficient solutions especially to address the needs of inventory management.
So let’s get into learning the 4 key features of NetSuite inventory management.
Inventory Management: What It Is and How It Is Done
Inventory management combines a series of processes in business that involve ordering, storing, and using a company’s inventory for efficient management of raw materials, components, and finished products, warehousing and processing of such items. It combines the managing of physical quantities, as well as the costing of the goods, flows through the supply chain.
How ERP Helps in Managing Inventory
An ERP solution can do wonders in inventory management. Some of the advanced benefits it offers to your business are mentioned below:
1. It provides a structured accounting method for all incoming and outgoing inventory data.
2. It provides efficient organizations that cost savings on reduction in inventory stock-outs, errors in administration, and manual inventory counts.
3. It helps to fetch multichannel customer expectations.
4. Real-time knowledge of stock availability.
5. Easy creation of reports concerning supply chain, livestock, quantity, good or bad sellers, supply chain, and sales resources.
6. Understanding the stock size.
7. Risk analysis of the perishable goods.
8. Purchase tracking.
9. Efficient tracking of sales and returns.
So for understanding the needs of each company and the inventory management demands whether it is small, medium, or large; NetSuite offers optimized inventory management features.
How NetSuite can help?
NetSuite offers a powerful inventory management system in a cloud - base. It works by optimizing the stock, manufacturing, purchasing, efficient management of warehouses. It is best suited for businesses that belong to any size. The user may receive competitive advantages in streamlining business operations and moving their items to a perfect place on time with minimized cost.
NetSuite has hosted numerous yet powerful native features and tools for effective inventory management. NetSuite consists of the following tools for tracking the inventory in multiple locations, effective planning on distribution requirements and demand, getting insights on safety stocks, cycle counts, and reorder points.
Benefits of NetSuite Inventory Management
• Improved customer experience.
• Leveraging of stock management and fulfillment of capabilities.
• Efficient inventory space.
• Cost minimization.
Key Features of NetSuite Inventory Management
NetSuite inventory management has 4 key features
1. Cycle Counting
With this, users can check their real-time stock levels. This may assure the businesses to keep the stock safety levels on the check and can reduce associated costs.
Traceability ensures to trace the inventory items with a serial number or a lot number. This may provide real-time visibility of the product. NetSuite apprehends all the transaction-related information and demonstrates it on a screen and it is very easily accessible by everyone.
This feature helps the user to manage product tracking on multiple locations. Along with that, it also offers a stratified breakdown of warehouse locations. This feature allows the user to interpret the bins accordingly to each location and can earn a comprehensive inventory level view.
This feature helps by maintaining relevant information on the amounts of inventory. This works by creating preferred stock levels and reordering points. Users can easily manage and maintain a balance between multi-location operations. This solution requirement planning feature help to balance demand across multiple locations by leveraging growth.
Are you in the manufacturing business? finding trouble in managing or operating your warehouse functions properly?
Take away your worries with NetSuite inventory management with Jobin & Jismi. We have 8+ years of experience in rendering NetSuite related services to enterprises in need.
If you would love to improve or explore NetSuite’s existing inventory management features, adding configuration, price, quote, etc to your NetSuite setup
You can avail of our service right away. Do share your queries to email@example.com and schedule your free consultation.