Efficient inventory management helps businesses deliver on time, keep customers happy, and control costs. NetSuite's Advanced Inventory module uses automation to give teams better visibility and control over inventory. It simplifies the entire inventory process, from procurement and restocking to tracking and fulfillment, so teams spend less time on manual work. With real-time inventory tracking and automated replenishment, businesses can avoid stock-outs, reduce excess inventory, and run operations more efficiently. In this blog, we'll take a look at the key benefits of NetSuite Advance Inventory for businesses across industries.
On-demand inventory replenishment:
- This module helps streamline inventory levels by keeping enough item stock on hand to fulfill orders, while eliminating overages from warehousing excess stock.
- Users can set a preferred stock level for inventory based on average lead time, number of days' supply to stock and seasonal sales fluctuations.
- The restocking process is streamlined.
- By setting a predefined threshold, users are alerted when stock falls below this level, and stock-outs are avoided.
- An intelligent demand planning engine generates plans based on preferred stock levels to keep up with changing business needs.
- Periodic inventory counts help determine item quantities in different warehouse locations, and shipping and distribution are optimized by matching items and customer locations.
- Visibility into projected ship date for order fulfillment.
Better inventory control with NetSuite Advanced Inventory:
- Support for matrix item management in order to stock and sell items in various colors, styles and style combinations without the need for separate line items for the different combinations.
- Simplified pricing and SKU creation for matrix items.
- Integration of matrix items for NetSuite ecommerce sites to simplify the purchase process.
- Lot management assigns a number to a group of items to quickly track sales and stock levels. The lot number record contains information on the number of items in a lot, expiration date and an area to add notes.
- Bin management helps organization of single or multiple warehouses into bins in order to track location of items, helping employees to quickly pick and fulfill orders. Items can be stored in multiple bins, or different items can be stored in the same bin. Using bins for inventory management streamlines the restocking process by generating put-away lists for items received.
- Serialized inventory assigns a serial number to each item to track product history such as cost, origin, current location and end destination.
- Printable bar codes and labels for ease of order fulfillment. Used with a bar code scanner, this feature streamlines order entry and processing.
Inventory process management:
- Automated workflows simplify complex tasks, eliminate errors and increase efficiency.
- Return Merchandize Authorization for stress-free customer returns.
- End-to-end integration of the entire order process including fulfillment, logistics, shipping and customer service.
- Integration with FedEx, UPS and USPS to streamline label printing, generating tracking numbers and checking shipping rates. Tracking numbers are attached to sales orders, allowing customers to track their packages instantly.
By leveraging the Advanced Inventory module, businesses can gain better control over their inventory, improve order fulfillment, and ultimately enhance client satisfaction. With real-time analytics and automated workflows, businesses can navigate the complexities of inventory management with ease. If you’re looking for a tailored solution to simplify your NetSuite inventory processes further, consider Tvarana’s Inventory Count SuiteApp, designed to complement your inventory management needs.
Get in touch with Tvarana's team of experts who can help your business with an efficient NetSuite implementation.
