Optimize Daily Warehouse Operations with NetSuite Inventory Management

Summary: This article throws light on the core functionalities and capabilities of NetSuite Inventory Management and the way it helps drive operational efficiency throughout the warehouse without a hitch. One can go through the key advantages and features to comprehend the solution better.

NetSuite Inventory Management delivers a single, integrated real-time view of inventory across all locations and sales channels. With the implementation of Inventory Management Software, businesses in the warehouse management or production units can effectively minimize inventory on hand to free up cash while avoiding stockouts. For the most part, NetSuite Inventory Management assists organizations in keeping stock costs low while addressing client needs by streamlining stock levels and determining omnichannel item accessibility.

NetSuite Inventory Management Benefits

• Implementation of inventory solutions from NetSuite helps optimize inventory levels.
• Business administrators can ascertain the right amount of stock by deploying demand-based planning using historical data, sales forecasts, and seasonality.
• Manufacturing businesses or production units can drive more profitability and manage inventory more cost-effectively with enterprise-wide inventory visibility.
• You can drop cost of goods or products sold and minimize handling expenses via intelligent fulfillment.

Inventory Transfer Reports and Analytics

Businesses in manufacturing units can review reports reflecting inventory costs, stock levels, activity, valuation, revenue generated, and business profitability. Then, business administrators can use this crucial information to identify successes and key challenges.

• Reports and Analytics
• Current stock status
• Items are profitable, or not
• Inventory workflow that is working well or need attention

Pick, Pack, and Ship with Transfer Orders

The Pick, Pack, and Ship feature helps modern-day manufacturing or supply chain businesses process transfer orders without any hassle. Also, it delivers warehouse and shipping departments with their own processes for order fulfillment. Additionally, it enables greater flexibility in processing and tracking orders through fulfillment, and shipment.

• Picking the items from inventory (Fulfill Orders)
• Packing the items to prepare them to be shipped (Mark Orders Packed)
• Shipping the items to the receiver (Mark Orders Shipped)

Furthermore, business leaders can make the best of intuitive and inventive inventory dashboards. These dashboards offer you with timely, accurate reporting, key searches, key performance indicators, and purposeful metrics to your business. Also, it comes with role-specific dashboards to further customize the view. Eventually, it provides key stakeholders with screenshots of inventory standing tailored to business needs.

• CFO Dashboard

At an executive level, dashboards render a high-level view of overall business health and top KPIs. These may include Inventory Value, Operating Cash Flow, and COGS. Here, connecting to an accredited and acclaimed NetSuite Solution Provider can assist you in getting an interactive dashboard for your business and lead the competitive edge with the adaptive solutions.

• Purchasing Manager

These interactive and intuitive dashboards are specific to functional roles. These roles cover the purchasing manager and they can manage daily tasks, such as monitoring open PO’s, re-order points, and vendor management from a single location.

NetSuite Inventory Management Features

Multi-location Fulfillment

NetSuite Inventory Management Software offers you the ability and functionalities to predefine fulfillment rules and eliminate multiple shipments for a single, integrated order. It readily helps avoid excess shipping charges.

With visibility into stock across all locations, you can proactively screen stock levels and sell through, moving stock between areas as important to guarantee inventory visibility and limit out of date stock. Sales partners are enabled to save expected lost deals in unavailable circumstances with big business wide stock accessibility that permits them to transfer, hold or ship things straightforwardly to the client.

Replenishment

To ensure sufficient stock on hand, you must consider the fluctuations in demand, seasonality, supply chain logistics and a product’s natural life cycle. Using demand-based replenishment, NetSuite Inventory Management uses historical and seasonal sales data, average lead time and number of inventory days’ of supply. With such capabilities, this business management software solution dynamically manages item reorder points and maintains preferred stock levels. For the most part, NetSuite automatically generates tasks and sends notifications to the purchasing manager.

Cycle Counting

NetSuite Smart Count is an inventory cycle counting solution that allows business organizations to improve the accuracy of inventory management. It readily automates the inventory counts without freezing transactions in the entire location. For the most part, the inventory level used for the count is taken at the time the count starts for each individual item. Moreover, Smart Count keeps track of transactions happening for the items being counted. In case, there is any activity during the count, NetSuite automatically alerts counters to help them respond appropriately. Furthermore, Preferences enable business administrators to choose what happens if the on-hand quantity changes for a product during the count process.

Item Visibility

The Item 360 Dashboard brings together all relevant data related to an item or product in a single, centralized location. By putting all the information, a user needing any item in one place across inventory planning and management can do so easily. Additionally, Item 360 goes beyond the basics to reflect information like user-selected KPls, inventory count by location and projected stock levels.

On A Final Note,

At NetSuiteExpert, you can connect to highly skilled and experienced NetSuite Consultants and make the most of their expertise and experience to steer business efficiency like never before. Decision-makers can connect with our experts to comprehend the trending growth opportunities and capitalize on these with adaptive and scalable business management software solutions.

For more details, write to us at info@netsuiteexpert.in Or Schedule A Demo