Managing inventory efficiently is vital for any product-based business. You need real-time visibility into stock levels, fast identification of low-level items, seamless order fulfillment, and optimized inventory planning. NetSuite’s unified cloud platform provides all this and more to help you stay on top of inventory control.
Benefits of NetSuite Inventory Management
NetSuite delivers a full-featured inventory management system across multiple warehouses and global locations. Key benefits include:
- Real-time inventory visibility: NetSuite gives you real-time access to inventory quantities, locations, costs, asset tracking, and more across all channels. This ensures you know what you have on-hand at any moment.
- Optimization of stock levels: NetSuite uses rules-based logic to automatically generate replenishment orders and transfer stock. This keeps inventory levels where you want them.
- Quality control and shelf life management: Track item shelf life and serialized inventory in NetSuite. This lets you reduce spoilage and expire dated goods.
- Multiple site support: NetSuite readily manages inventory, fulfillment, and logistics across multiple warehouses and locations worldwide.
- Demand planning: NetSuite analyzes your sales history and trends to forecast future demand. This helps you plan optimal stock levels and placements.
- Landed cost management: NetSuite captures real-time landed costs during transit to get accurate profit reporting. Know your true inventory costs.
These benefits translate into big wins for your inventory performance in terms of reduced stockouts, faster fulfillment, decreased carrying costs, and more.
Core Inventory Management Features
So what exactly does NetSuite deliver for optimizing inventory control? Key features include:
- Inventory dashboard: Get a visual snapshot of your current inventory status by location, category, or item. Identify issues quickly.
- Inventory optimization tools: NetSuite guides intelligent stock rebalancing across warehouses based on rules you configure. Ensure inventory is where it needs to be.
- Quality management: Serialize inventory, batch control, assign expiration dates, and execute quality tests for better inventory monitoring.
- Multiple unit of measure: Define and transact inventory in different units of measure (each, box, case, pallet etc). Gain flexible tracking.
- Landed cost tracking: Capture courier, freight, insurance, duties and other costs to determine total landed cost. Understand true costs.
- Work in process (WIP) monitoring: Track inventory volumes and values as work is processed in production. Support optimal WIP limits.
- Pick/pack/ship management: Streamline warehouse fulfillment with customizable workflows for greater efficiency.
With these and many other features, NetSuite gives comprehensive control over your company’s inventory.
Key Inventory Integration Capabilities
NetSuite also excels at seamless inventory integration across:
- Sales channels: Maintain unified visibility and management across brick-and-mortar stores, ecommerce, in-store pick-up, mobile apps, social selling – whatever channels you sell through.
- Procurement: Tightly integrate with suppliers for accurate demand signaling, timely order placement, and speedy GRN posting.
- Accounting: NetSuite’s native two-way accounting integration ensures real-time automated posting of all inventory transactions to the GL.
- Manufacturing: For manufactures, NetSuite integrates with shop floor and ecosystems to support WIP monitoring, standardized workflows, dynamic allocation of orders to inventory etc.
- 3PL: Manage third-party logistics providers more effectively within NetSuite through status dashboards, shipment performance reporting, cost analysis, billing management and more.
This end-to-end integration eliminates the gaps that often undermine inventory performance. NetSuite gives you a natively unified platform for full control and optimization.
Why Choose Anchor Group for Your NetSuite Implementation?
As a leading NetSuite partner, Anchor Group brings specialized expertise across NetSuite configuration, customization, integration and ongoing management – with particular depth in inventory management. Here’s why we make a great implementation choice:
- Deep NetSuite expertise: As a NetSuite partner since 2006, our consultants carry multiple NetSuite certifications and have completed 1000+ projects successfully.
- Industry-specific inventory configuration: We customize NetSuite with industry-specific inventory workflows – retail, food production, manufacturing, 3PL and more – based on proven best practices.
- Value-driven implementation: Our fixed-fee services guarantee you stay within budget without compromising scope. We even provide support post-implementation.
- World-class service: Our NetSuite consultants truly become an extension of your team, providing exceptional ongoing service that users love.
- Proven ROI: We are proud of our 100% success record in delivering rapid ROI from NetSuite through expertise that helps you realize its full potential.
If you need inventory control that keeps pace with your business complexity and growth, NetSuite has the capabilities to cost-effectively deliver. Choose Anchor Group, and you get the end-to-end inventory expertise needed to harness NetSuite for smarter inventory management that drives your continued success.
Get in touch for a free consultation on how we can optimize your inventory with NetSuite!
