There are many factors that go into Inventory Management, but the bottom line is that companies need to make sure they have just enough inventory on hand in the right locations to meet demand—whether that demand is to meet their customers’ service level expectations or to supply a work order in their manufacturing facility. NetSuite offers many native tools and features to help companies make this happen including tracking inventory in multiple locations, safety stock, re-order points, cycle counts, demand planning and distribution requirements planning.
By using NetSuite to manage inventory automatically, companies can reduce handling costs and optimize cash flow. Benefits can be obtained across several areas of inventory management, including replenishment, traceability, cycle counting, traceability and warehousing.
Maintaining the right amount of inventory to support service level expectations is critical. NetSuite offers many tools to automate this process. Preferred stocking levels, lead times and re-order points can be automatically calculated in the system, with suggestions appearing instantly in the order items list. In NetSuite’s multi-location distribution requirements planning solution, more advanced parameters help companies balance demand and supply across the entire organization.
Key capabilities include the ability to automatically calculate key settings, view and manage inventory across an organization, and multi-location planning.
No matter how good a company’s replenishment, tracking and management systems are, it will need to do regular checks of actual inventory levels for key items. Keeping an accurate item count can help reduce required safety stock and lower overhead costs. NetSuite’s Inventory Count feature improves inventory tracking and gives companies more control over their assets. With this feature, a company can categorize inventory based on volume of transactions or value. They can also enter regular periodic counts of on-hand item quantities to maintain inventory accuracy.
Key capabilities are increased accuracy of inventory levels, the ability to automatically prompt for items to be counted and to categorize items based on volume or value.
Companies require the ability to trace products from receipt back through their entire lifecycle. With NetSuite, a company can define inventory and assembly items as being lot or serial tracked. The system will enforce the capture and identification of all related information on each transaction to provide full traceability. The inventory detail screen lets companies view their inventory by lot or serial number and drill-down capabilities enable quick access to all related transactions.
Key capabilities include lot tracking (multiple quantities), serial Ttacking (quantity of 1), and the ability to enforce full traceability.
NetSuite offers unique capabilities when it comes to tracking inventory across multiple locations. The physical locations themselves can be hierarchical, allowing the creation of sub-locations. These locations can then be broken down into bins to provide a more finite level of tracking. Once the locations and bins are defined, any item can be stored in any location, which gives companies a holistic view of inventory levels across all physical locations.
Key capabilities include multi-location tracking, hierarchical location definitions and bin tracking.