Inventory management is a necessary job of every business today, especially multi-channel businesses. Good inventory control and management will bring great benefits to firms. Most businesses today choose and look for a tool to help do this. In this article, we would like to introduce NetSuite inventory management software and how to optimize its capabilities.
What is NetSuite inventory management?
Inventory management will help businesses know how much is in stock and how much more is needed. It also includes the purchase of all goods and raw materials and how the business manages them until they are used or sold. This management entails processes, such as checking inventory levels, setting face value levels, and ordering or reordering inventory.
NetSuite inventory management is a solution of NetSuite ERP (Enterprise Resource Planning) software. This solution provides a real-time view of inventory across all locations and sales channels, allowing businesses to reduce inventory to free up cash while avoiding out-of-stock situations. By optimizing inventory levels and ensuring product availability across multiple channels, NetSuite inventory management helps you keep inventory costs low while exceeding customer expectations.
How to optimize NetSuite inventory management capabilities?
To optimize NetSuite inventory management, businesses need to take advantage and fully exploit its features that are tailored to their business needs.
With NetSuite Inventory Management’s multi-location management feature, you can leverage it to pre-define fulfillment rules that eliminate multiple shipments per order and avoid excess shipping charges. At the same time, they can proactively track inventory levels and sell out, moving inventory between locations as needed to ensure stock availability and minimize obsolete inventory.
One feature that organizations can take advantage of to optimize warehouse capacity is cycle counting. Businesses can use it to count inventory cycles. This improves management efficiency and accuracy by automatically counting inventory without freezing transactions throughout the location. The inventory level used for this purpose is taken at the start of counting for each individual item. Smart counters keep track of transactions occurring for the items being counted, and if there is any activity during the count, NetSuite will automatically alert the counter so they can react appropriately.
In addition, warehouses can apply the replenishment feature to increase optimization. Fluctuations in demand, seasonality, supply chain logistics and the natural life cycle of a product are covered through this NetSuite feature. Businesses can use it according to their needs, using seasonal and historical sales data, average delivery times, and inventory supply days to dynamically manage to reorder points and maintain priority inventory levels. NetSuite will help stores automatically create tasks and alerts and send them to purchasing managers.
A simpler and easier way to optimize NetSuite inventory capabilities is to connect via ConnectPOS. It is a cloud-based point of sale (POS) system that has powerful features to support any type of business. Especially, with the Multi-Source Inventory (MSI) management system by ConnectPOS solution, your warehouse problems will be completely solved and its capabilities will be optimized for the highest profit.
Taking advantage of the features of NetSuite inventory management and applying it appropriately to the business will help maximize the revenue and profit of the business. Contact us to connect with this solution.