How to Do NetSuite Inventory Management?

Picture of Gary Jain
Gary Jain

Founder, Ledger Labs

NetSuite Inventory Management

Table of Contents

If you are wondering about NetSuite inventory management, what are its features, its benefits, what is the use of NetSuite advanced inventory management, and more, then here you will find the perfect answer to all of your queries.

Inventory management is a great responsibility carried out by all kinds of businesses. Whether an intermediate, beginner, or well-established one, the business can not survive without effective and efficient inventory management properties. For most organizations, inventory management pauses at a plethora of Excel sheet-from documents and diversified or decentralized collection of information. But, for better inventory management, businesses need to take it to the next step. 

NetSuite inventory management can help you take the native properties of stock management to an unimaginable level. 

It’s true that the task of managing the stock is not an easy one, but can be simplified with the help of smart management tactics offered by NetSuite advanced inventory. Although the software is quite popular and widely spoken in the industry, businessmen still lack some fundamental knowledge related to it too. We will address this the same with the help of this article. 

Here, you will find everything related to NetSuite’s serialized inventory. From definition to feature, from benefits to challenges, this simple guide lists and explains everything to you. So, let’s start with the basics right away. 

What is NetSuite Inventory Management? 

A company may have different channels for the flow of stock or inventory. The main purpose of the inventory management NetSuite is to collect information from all of these sources and bring them together on one platform. The tool is quite centralized and allows you to get real-time information related to the movement and presence of the stock in the business. 

So, in short, the main purpose of NetSuite inventory management software is to maintain certain levels of inventory in your business at all times that can meet the regular requirements of the customers as well as the business as a whole. Have a look at the main user requirements that can be easily fulfilled by the inventory management system. 

What is the Use of NetSuite Advanced Inventory Management Tool? 

Inventory management is tough and needs to be smoothened for ease. This is what the inventory management NetSuite can help you with. The tool ensures that problems like over-stocking, under-stocking, zero-stocking, unmonitored spaces, ineffective timings, loss of data, ineffective planning, etc. are never faced by any business. The tool is entirely automatic and hence, it also reduces the requirement of the business to check for all such problems again and again manually in any database, sheet, or another record of any type. 

Let’s know more about the software via its features. 

What Are the Features of the NetSuite Inventory Management System? 

The main task of the inventory management tool is to make it easy for the business to retain the levels of stock and manage the flow the same at any point in time. However, the dynamics of the software are quite broad. Below are some of the features that you get to enjoy by using the software. 

1. Stock Management 

The sole purpose the main feature of the inventory management NetSuite is that it sets up a stable supply chain. For the same, the tool also keeps an eye on the status of the present stock in the warehouse. This ensures that there is smoothness in the flow of the inventory without any hassles or problems. 

2. Stock Tracker

Another major feature of NetSuite inventory management that you can use is stock tracking. The tool provides real-time information about the status of the products of the goods present in the existing supply chain. For this, the tool records the information from various online and offline sources to provide real-time insight to the business handlers. 

3. Barcode Management 

Barcode management is associated with the process of assigning a barcode to every product. This allows businesses to rescue the omissions and faults related to the entering of data in different accounts, sheets, and heads. The NetSuite inventory management software automates the entire process for you so that there are no omissions and the business can get real-time updates related to the orders, orders in transit, canceled orders and returns with ease. 

4. Stock Notifications 

If there is any discrepancy in the movement of the goods or if something goes missing, then the NetSuite inventory management tool offers alerts to the users. The business can then check the effect or the reason behind such a fault and work to fix the same. If the quantity of the stock is not sufficient to meet the present or near future needs, then as well the tool shares notifications with you before things go south. This is one of the best and most useful features of the NetSuite serialized inventory system. 

5. Cloud Computing and Management 

NetSuite inventory management is entirely a cloud-based solution. This means, that the business does not have to retain any physical copies or records of the movement of the stock in any case. The whole data from all the platforms are collected on the cloud storage and then can be used according to the requirements of the business. No Excel sheets, no physical journals, and no accounts related to stock. The business is free of all such liabilities and limitations. 

5. Internet of Things (IoT) Usage 

One of the best features of NetSuite inventory management is that it knows how to use the attributes of the Internet of Things (IoT) for the greater and smoother management of the stock. With the help of the IoT associated with management, a business can easily streamline the entire process using real-time track-recording from different sources. 

6. Accurate Recording of Data 

As the tool of NetSuite serialize inventory is automate, the performance of the software is highly accurate. The tool automatically records all the data from different sources and allows you to get real-time updates without having to enter every single transaction and its details manually into any platform or sheet. 

7. Purchase Management 

With the help of the cloud-based solution, you can manage the purchase requirements of the business. Using the data provided by the solution, the business can determine what to purchase, how to purchase, when to purchase, from whom to purchase, how much to purchase, and the answer to other similar questions. Additionally, the NetSuite advanced inventory tool also ensures that the purchase order has been filed in compliance with the rules set by the company. This allows the business to reduce the huge amount of money spent on the procurement of the goods and their quantity estimation. 

So, these were the top features of the NetSuite inventory management software use by businesses of all sizes and types. For further insight, let’s have a look at the advantages of using the software in your business as well. 

What Are the Advantages of NetSuite Inventory Management Tool? 

After having a look at the features of the tool, you may wonder about the overall benefits of using the inventory management NetSuite. Below are the top advantages of using the platform in any business: 

1. Real-Time and Instant Information 

Sometimes on the other platforms, you need to wait for the software to acknowledge any order and then record the change in the stock. However, the NetSuite solution is quite different from this. Here, you will get instant and real-time data related to the movement and status of the stock in your business at any point in time. The tool includes all the stock changes made in different locations and positions for accurate presentation of data. 

2. Streamlined 

Another one of the major advantages of using NetSuite inventory management is streamline performance. As the tool becomes the sole solution from which any change in the inventory is being monitor, the tool becomes the only viable solution to monitor such a change. The businessmen don’t have to roam around looking for data in different tools, rather just access the details provide by NetSuite and get things done. 

4. Accurate Forecasts 

Business forecasts keep an organization ready for what the future holds. If this forecast is execute accurately, then the business can guarantee its success in a world of tough competition. The tool offers accurate information to the businesses, hence, the business can deduce the same and make accurate forecasts related to future withholdings. If the business is unable to manage the stock using NetSuite inventory management or forecast using the same, then it can also seek the help of the NetSuite Subject Matter Experts for better and precise forecasting. These experts will gather the required data and assess the same for the forecast and help you greatly. 

5. Accurate Business Decisions

When the real-time data from the NetSuite serialized inventory solution is by your side, you can make a well-informed and reliable decision related to the betterment and growth of the business. You don’t have to rely on other sources for instant decisions but just filter the data offered by the management tool and use your insights for better decision-making. 

6. Be Ever-Ready

The NetSuite inventory management offers real-time updates to you. These updates inform you if there is a shortage of stock in your business. This ensures that the business never goes out of sufficient stock and retains the exact stock that can be use in the near future. 

Summing Up: NetSuite Inventory Management Software and Its Relevance for Businesses

The above-provided facts related to the NetSuite advanced inventory tool show that the software is one of the best ways for any business to reduce the number of manual acts and automate the entire procedure of stock management. The stock management tool comes integrated with NetSuite’s enterprise resource planning suite. Hence, you don’t need to do much to avail the benefits of smoother management. The solution offers you the flexibility and ease that every business deserves so that it can focus on other manual and important tasks. 

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