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Inventory Management for NetSuite ERP, what you should know
This may come as no surprise, but a common pain point we at GURUS hear frequently mentioned by our clients is the struggle for effective inventory management.
And why would it?
It’s logical that as a company grows within their respective industries, (for example: Manufacturing, Wholesale Distribution, Retail, etc), and their inventory expands, either in variety or quantity, the management of that inventory becomes more and more complex.
Do you require multiple warehousing facilities to hold and sort your inventory? What process do you utilize when receiving new inventory?
With your current ERP system, or inventory management software, how easily could you track down a specific item across warehouses, retail stores, pop-up shops, drop shippers, 3PLs or any other place where you manage or stock inventory?
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If you’re reading this, you’re either currently a NetSuite user or you’re looking into NetSuite as an Enterprise Resource Planning (ERP) solution for your business.
So that means you may, or may not, already know that Oracle NetSuite ERP provides industry specific, out-of-the-box solutions with their industry leading Inventory Management Cloud Solution already provided.
But, what is Inventory Management for NetSuite? How can Inventory Management truly improve your business? And, how can you get the most out of your Inventory Management module?
Continue reading to find out.
What is Inventory Management for NetSuite?
NetSuite’s Inventory Management provides a single, real-time view of inventory across all locations and sales channels. This allows businesses to reduce inventory on hand to free up cash while avoiding stockouts.
Here are some key benefits:
Automate Inventory Tracking and Order Management
Spreadsheets and pen and paper are not efficient or accurate ways to track inventory. NetSuite automates inventory management in one unified solution, making it easy to track inventory across multiple locations.
Ultimate Inventory Visibility of Stock Levels for Inventory Control
Real-time inventory visibility across all company locations is key to enabling a buy anywhere, fulfill anywhere customer experience.
How can Inventory Management improve your business?
It goes without saying that effective inventory management can help save you money. In fact, we’ve already written about the top tips that can help maximize your savings with efficient inventory management. But here are the benefits provided to you from NetSuite’s Inventory Cloud solution:
NetSuite Inventory Management is deployable as a cloud-based solution, which has many advantages compared to on-premise strategies. The cloud can help users protect their documents, access information from anywhere and keep their software up-to-date.
With NetSuite’s Cloud solution, you can create refined spaces that will help increase fulfillment accuracy and product locating.
Increased Customer Satisfaction
NetSuite's inventory management features can help improve customer satisfaction by making it easy to track and procure products. This can help shorten fulfillment times and improve communication with customers.
This platform can help with inventory management by automating some of the more tedious tasks, employees can spend more time on vital planning and other important forecasting tasks.
NetSuite's Inventory Management tool gives users visibility into their daily inventory management processes, so they can identify problem areas and plan ahead to avoid future issues.
Did you know?
GURUS has been an Oracle NetSuite partner for over 15 years, and we pride ourselves in being a hub of knowledge for everything related to NetSuite.
If you’ve ever had a question about basic NetSuite functions including how to create an invoice, how to create a sales order, or how to change your password, you can check out our How To Video guide section to learn more.
How to get the most out of your Inventory Management module
What’s the use of maximizing your inventory management efficiency if you aren’t able to properly report on it.
That’s why we at GURUS recommend Business Intelligence (BI), to get the most out of your NetSuite module.
In our experience we’ve realized how important it is for businesses to visualize all their NetSuite ERP information, and that they had complex and strategic reporting outside of the NetSuite ERP platform.
At the time, there weren’t any existing tools that allowed you to connect your outside data with NetSuite in a cost-effective manner ‒ that’s why we developed GURUS BI.
You can use business intelligence to draw data from your systems and channels into NetSuite, and the data will automatically display and update in an embedded dashboard in your NetSuite account.