NetSuite’s powerful platform comes with a myriad of business automation capabilities, one of them being the Advanced Inventory module, which provides businesses with intelligent inventory management, helping them with keeping costs low while never losing sight of their customers’ delivery needs. Advanced Inventory Management has capabilities to help drastically reduce costs for procurement, warehousing, shipping and fulfillment, and streamline the entire inventory lifecycle. By keeping track of inventory stock and automatically replenishing when levels fall below the threshold, this module eliminates item stock-outs and maintains continuity. It also helps with accurate performance monitoring with real-time dashboards and analytics. Here are some of the key benefits of the Advanced Inventory module:
On-demand inventory replenishment:
- This module helps streamline inventory levels by keeping enough item stock on hand to fulfill orders, while eliminating overages from warehousing excess stock.
- Users can set a preferred stock level for inventory based on average lead time, number of days’ supply to stock and seasonal sales fluctuations.
- The restocking process is streamlined.
- By setting a predefined threshold, users are alerted when stock falls below this level, and stock-outs are avoided.
- An intelligent demand planning engine generates plans based on preferred stock levels to keep up with changing business needs.
- Periodic inventory counts help determine item quantities in different warehouse locations, and shipping and distribution are optimized by matching items and customer locations.
- Visibility into projected ship date for order fulfillment.
Inventory control:
- Support for matrix item management in order to stock and sell items in various colors, styles and style combinations without the need for separate line items for the different combinations.
- Simplified pricing and SKU creation for matrix items.
- Integration of matrix items for NetSuite ecommerce sites to simplify the purchase process.
- Lot management assigns a number to a group of items to quickly track sales and stock levels. The lot number record contains information on the number of items in a lot, expiration date and an area to add notes.
- Bin management helps organization of single or multiple warehouses into bins in order to track location of items, helping employees to quickly pick and fulfill orders. Items can be stored in multiple bins, or different items can be stored in the same bin. Using bins for inventory management streamlines the restocking process by generating put-away lists for items received.
- Serialized inventory assigns a serial number to each item to track product history such as cost, origin, current location and end destination.
- Printable bar codes and labels for ease of order fulfillment. Used with a bar code scanner, this feature streamlines order entry and processing.
Inventory process management:
- Automated workflows simplify complex tasks, eliminate errors and increase efficiency.
- Return Merchandize Authorization for stress-free customer returns.
- End-to-end integration of the entire order process including fulfillment, logistics, shipping and customer service.
- Integration with FedEx, UPS and USPS to streamline label printing, generating tracking numbers and checking shipping rates. Tracking numbers are attached to sales orders, allowing customers to track their packages instantly.
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