An Overview of NetSuite Advanced Inventory Management
Effective inventory management is vital for success in today's fast-paced business landscape. As businesses grow, including retailers, traders, eCommerce companies, and others that rely on products, having accurate and streamlined inventory management becomes even more crucial. That’s where NetSuite Advanced Inventory Management (AIM) can help.
NetSuite's AIM empowers businesses to enhance warehouse operations, track real-time inventory, and prevent stockouts and overstocking problems. Find out the key features and benefits of this module here.
Can NetSuite Manage Your Inventory?
Yes, NetSuite can manage your inventory. With its advanced inventory management module, NetSuite offers a comprehensive solution for businesses of all sizes and industries.
From demand-based inventory replenishment and lot management to serialized tracking, AIM provides businesses with the tools and features to manage their inventory effectively.
How Inventory Works In NetSuite
NetSuite’s inventory management system operates within the larger NetSuite ecosystem, which includes various modules and functionalities. These capabilities are built to handle the complexities of modern businesses.
In NetSuite, businesses can track their inventory across multiple locations, including warehouses, retail stores, and dropshipping sites. NetSuite’s Advanced Inventory Management module automates inventory tracking, giving businesses real-time visibility into their inventory levels.
What Are the Key Features of Netsuite Advanced Inventory Management?
NetSuite’s advanced inventory management module offers many features to optimize inventory control. Let’s take a closer look at some of the key features:
Demand-Based Inventory Replenishment
Maintaining stock levels is essential to ensure smooth business operations. AIM provides smart tools that notify businesses about the inventory quantity available at each location. It also suggests the number of items purchased from vendors to replenish the inventory.
AIM offers serialized inventory tracking for businesses that require precise tracking of individual items. This feature allows businesses to track the items within each lot from production to purchase, ensuring that inventory is utilized effectively and sold before expiration.
Businesses can also access the history of any lot using the search functionality in Netsuite.
Landed Cost Calculation
Calculating the total cost of transporting products to the sellers' warehouse is crucial for accurate pricing and profit calculation. Netsuite's Advanced Inventory Management includes a landed cost feature that records charges such as customs, freight, shipping, and duty costs, which can then be factored into product pricing.
Matrix Item Management
Managing inventory for products with various styles, colors, and sizes can be a time-consuming task. Netsuite's AIM simplifies this process with its matrix item management feature. Businesses can create stock-keeping units (SKUs) for all product variations and allow customers to choose from an easy dropdown menu that offers a combination of options.
Serialized Inventory Tracking
For businesses that require precise tracking of individual items, AIM offers serialized inventory tracking. This feature assigns unique serial numbers to each item, allowing you to track its location and cost throughout its lifecycle. Serialized inventory tracking provides businesses with a comprehensive understanding of each item's journey, from its initial location to its endpoint.
Efficient warehouse management is crucial for smooth operations. AIM includes a bin management feature that helps businesses manage and organize their warehouses effectively. With bin management, companies can track the exact location of inventory within their warehouses. This feature also facilitates restocking by generating a list of items that need replenishment.
Additionally, Netsuite Advanced Inventory Management supports the use of barcodes for easy identification and scanning of products.
Top 5 Benefits of NetSuite Advanced Inventory Management
- Enhanced Inventory Control - Real-time visibility of inventory across locations and channels enables businesses to monitor the entire goods process, ensuring the right products are available in the right quantities at the right places.
- Cost Savings and Reduced Risk - Optimizing inventory levels and automating reorder points prevent overstocking, reducing the cost of holding excess inventory. Real-time tracking and alerts help avoid out-of-stock events and delays, meeting customer demands and increasing satisfaction.
- Improved Efficiency and Time Savings - Automating inventory processes streamlines tasks like tracking, counting, and order management, freeing up employees’ time. Features like lot and matrix item management eliminate manual processes, improving efficiency and productivity.
- Better Decision-Making - Access to real-time data on inventory levels, sales demand, and key metrics means more informed decision-making. This data can aid sales forecasting, resource allocation, and identifying trends.
- Seamless Integration with Other NetSuite Modules - Integrating with modules like order management, finance, and commerce management ensures a cohesive software setup. Data and processes flow across functions, enhancing overall efficiency and providing a holistic view of operations.
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