Follow the Tips to Optimize NetSuite Inventory Management and Improve Inventory Planning

Summary:  This write-up talks about using NetSuite Inventory Management Software Solution to its full capacity and capability. Businesses can follow the tips recommended by experts to make the best of Inventory Management in NetSuite, steer efficiency with warehouse tracking, and extend customer reach.

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Using Netsuite Inventory Management Optimally

A scalable, efficient and efficient inventory management process starts with accurate, accessible data that allows manufacturing units, supply chain managers, and inventory planners to solve inventory queries effectively.

These may cover

• Item Types
• Item Location
• Number of Items Committed To Sell
• Items Required In Stock
• Order Requirements

For the most part, NetSuite for Inventory Management allows businesses to track real-time inventory levels and movements. Interestingly, they can do it across multiple locations or warehouses and make the best of actionable insights to make lucrative and judicious business decisions. Here, Warehouse Tracking System offered under NetSuite can drive more efficiency and accuracy.

One of the key tips to use NetSuite Inventory Management Software optimally is to do inventory adjustment transaction as the quantity and value of an inventory item or product changes without entering a purchase order.

Inventory Adjustment

Production units or manufacturing businesses can adjust inventory forms using Inventory Management in NetSuite. For the most part, this system let them change the quantity and value of an inventory item without first specifying a purchase order. Here, NetSuite for Inventory Management bases the cost estimate for a standard-cost product on the total amount, i.e. Quantity.

In case, you are using the LIFO or FIFO costing methods, you can enter an inventory adjustment to change or modify the quantity and value of an inventory item.

Additionally, NetSuite Warehouse Inventory Tracking System creates a report and notifies production planners of any negative inventory values. This helps them correct it with actual inventory counts. Also, it helps them generate the report when they run their month-end closing checklist.

Adjusting Inventory Forms

Inventory Management in NetSuite enables production, warehouse, supply chain, and wholesale distribution businesses to set values in fields of each of the following sections:

• Primary Information
• Classification
• Adjustment

Also, business administrators can add the individual item/product or items they need to adjust. Here, NetSuite Warehouse Inventory System will prompt them to update any necessary Inventory Details as and when needed.

Furthermore, production planners can make the most of Inventory Worksheets to enter changes to the quantity or value of inventory items, except for lot numbered items, serial numbered items, or inactive items. Interestingly, it enables them to enter adjustments for up to 1,000 line items at a time.

Moreover, when they open an existing inventory adjustment to make changes, they are allowed to see only items included in the original adjustment in the list. For the most part, the list reflects all products from the original adjustment and they may fail to filter it excluding any of these original items.

Monitoring Inventory Transfer

When an inventory is transferred from one location to another, inventory transfer orders can be entered to schedule and easily tracked the movement of items. We must know that transfer orders are different from basic inventory transfers as it can be tracked at each stage of the transfer process. Moreover, one can know everything about the transition like when and where items or products are.

Reports and Analytics

Businesses in the manufacturing, supply chain, or warehouse management can review reports reflecting inventory costs, stock levels, activity, valuation, revenue generated, and business profitability. Then, production planners or administrators can use this crucial information to identify successes and key challenges within each workflow process.

• 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 assists production units or supply chain businesses in processing transfer orders without any hassle. Also, it delivers warehouse and shipping departments with their native processes to fulfill orders. For the most part, NetSuite for Inventory Management allows 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, you can make the best of intuitive, inventive, role-specific inventory dashboards. These dashboards render you with timely, at-a-glance rollup of the reporting, key searches, key performance indicators, and purposeful metrics. Furthermore, businesses can customize the view, providing key stakeholders with screenshots of inventory standing tailor-made to business requirements.

• CFO Dashboard

At an executive level, these dashboards render a high-level view of overall business health and top KPIs. These may include

• Inventory Value
• Operating Cash Flow
• COGS

Here, connecting to an accredited NetSuite Solution Provider can help you get an interactive and custom-made dashboard for your business and lead the evolving landscape with the adaptive, business management software solutions.

Purchasing Manager

These interactive and intuitive dashboards are specific to functional roles, such as the purchasing managers or project managers. For the most part, they offer a single, unified location to manage daily tasks. These may cover monitoring open PO’s, re-order points, and vendor management.

Why NetSuiteExpert?

At NetSuiteExpert, you can connect to certified, skilled, and experienced NetSuite Consultants. These experts can help you with highly scalable, flexible, cloud-based ERP Solutions and let you know the tips to optimally use NetSuite Inventory Management. Our experts leverage years of experience, industry-centric expertise in driving Digital Transformation via Cloud Computing Solutions. You can make the most of their proven methodologies and experience to scale up with unrivaled business efficiency, extensive productivity, and world-class technology enhancements.

For more details, write to us at info@inoday.com Or Schedule A Demo