Managing inventory effectively is one of the most critical aspects of running a successful business. Striking the right balance between inventory levels, customer demand, and cost control can be challenging, especially as businesses scale and expand across multiple locations or selling channels.
NetSuite Advanced Inventory provides a robust solution for businesses with complex inventory needs. It offers a single, real-time view of items, inventory, and orders across all selling channels, enabling businesses to fulfill orders quickly and accurately while keeping costs in check. Let’s dive into how NetSuite Advanced Inventory can optimise your inventory lifecycle and elevate your operations.
The Benefits of NetSuite Advanced Inventory
NetSuite Advanced Inventory goes beyond basic inventory management, providing tools and insights that help businesses maintain efficient inventory levels while meeting customer expectations. Key benefits include:
- Enhanced Inventory Control: Gain visibility and tighten control over your inventory lifecycle across multiple locations and channels.
- Cost Savings: Reduce costs associated with procurement, warehousing, shipping, and fulfillment.
- Improved Customer Satisfaction: Eliminate stockouts, speed up deliveries, and ensure customers get the products they need, when they need them.
- Actionable Insights: Leverage real-time dashboards and analytics to continuously monitor and improve your inventory performance.
Key Features and Highlights of NetSuite Advanced Inventory
Demand-Based Inventory Replenishment
NetSuite helps businesses manage inventory levels intelligently and dynamically, ensuring optimal stock availability while minimising excess. Its demand-based replenishment tools allow you to:
- Dynamically adjust item reorder points and preferred stock levels based on factors like average lead time, seasonal sales demand, or days of supply.
- Receive real-time alerts when stock reaches predefined thresholds to prevent delays or interruptions.
- Avoid stockouts, ensuring that your business maintains continuity and meets customer expectations.
Inventory Control Across Multiple Locations
NetSuite Advanced Inventory enhances inventory visibility and tracking across multiple locations and channels. Key features include:
- Real-time item tracking, giving you a clear view of inventory levels across all warehouses, stores, and e-commerce platforms.
- Matrix item management for managing variations of a product, such as size, color, and style combinations, simplifying SKU creation and pricing.
- Landed cost allocation to accurately calculate and assign costs based on weight, value, or quantity.
- Serialised inventory to track individual items and their journey through the supply chain.
- Lot management to manage groups of items and assign specific numbers to track their purchase, stock, and sale.
- Bin management to help organise and track the precise location of items within warehouses.
- Printable barcodes and item labels to streamline operations, with transaction numbers visible on sales orders, packing slips, and invoices.
Inventory Process Management
NetSuite simplifies core processes, automating workflows to save time and reduce errors. Key features include:
- Return Merchandise Authorisation (RMA) functionality to verify warranty claims and process refunds, repairs, or replacements efficiently.
- Pick, Pack, and Ship management tools designed for high-volume order processing, streamlining warehouse operations and ensuring accurate order fulfillment.
- Comprehensive forms for supply chain operations, including inventory count sheets, manufacturing dispatch lists, and manufacturing traveler forms.
- Periodic inventory counts that allow businesses to automatically calculate on-hand item quantities across locations at any time.
Why Choose NetSuite Advanced Inventory?
NetSuite Advanced Inventory is designed to give businesses the tools they need to optimise their inventory lifecycle, improve efficiency, and deliver exceptional customer experiences. By providing real-time visibility into inventory, enabling smarter replenishment, and streamlining core processes, it ensures that businesses can scale efficiently while maintaining control over costs and operations.
Optimise Your Inventory with NetSuite Advanced Inventory
Whether you’re managing a single warehouse or a multi-location supply chain, NetSuite Advanced Inventory equips you with the insights and tools you need to succeed. From demand-based replenishment to real-time inventory visibility and streamlined workflows, NetSuite helps businesses maintain optimal inventory levels, reduce costs, and deliver on customer expectations.
At Project Salsa, we specialise in implementing and optimising NetSuite solutions for businesses across industries. If you’re ready to take your inventory management to the next level, contact us today to learn more about how NetSuite Advanced Inventory can transform your operations.
