How NetSuite ERP can Help Optimize Inventory Management

Imagine a scenario where stockouts and overstocking are no longer daily challenges, but instead are managed seamlessly through automated processes. With NetSuite ERP, this vision becomes a reality. NetSuite's advanced inventory management features utilize real-time data to support decision-making, ensuring that every inventory-related choice is based on the most current and accurate information available. This capability not only optimizes inventory levels but also enhances overall operational efficiency. 

NetSuite ERP management is highly proficient in maintaining profitability and competitiveness in this thriving world. In fact, according to the NetSuite study, you may save up to 30% on inventory expenditures by leveraging warehouse inventory management software. It's a powerhouse that can streamline your inventory management procedures and offer invaluable stock visibility and control. 

Additionally, it is found that businesses who are utilizing the NetSuite inventory management or other similar systems frequently observed a 20% decrease in stockouts and a 15% rise in order fulfillment rates. This is because NetSuite gives you an ample number of tools to optimize your entire supply chain or a small startup to grow.

Curious to learn how this works? Explore the exceptional capabilities of NetSuite inventory management, designed to optimize inventory levels, reduce costs, and increase customer satisfaction. Let’s dive in and see how NetSuite ERP can transform your inventory management strategy!

12 Ways to Optimize your Inventory Management with NetSuite ERP

#1. Real time stock monitoring

Manually tracking every aspect of your inventory can be daunting and filled with challenges. However, with the right inventory management software, such as NetSuite ERP, you can effortlessly streamline your stock management, customer data, and entire supply chain operations. NetSuite ERP offers a comprehensive solution that integrates all aspects of inventory management into one platform, enabling you to maintain accurate stock levels, enhance visibility across your supply chain, and improve overall operational efficiency.

NetSuite's real-time inventory management capabilities provide visibility into stock levels across multiple locations, empowering you to make informed decisions based on accurate, up-to-the-minute data. This ensures optimal inventory allocation and minimizes the risk of stockouts or overstocking. For instance, your business is using the NetSuite warehouse management feature to keep an eye on stock availability in different regions and supply goods as per demand. In such a scenario, you'll not be able to end up with over and under-stock.

#2. Guaranteed stocks

Maintaining a balance within the supply chain is essential to ensure that customers receive high-quality products on time. However, understanding customer demand and managing inventory levels accordingly can be challenging without real-time insights. Moreover, manually tracking inventory with a limited workforce is nearly impossible. This is where NetSuite's advanced inventory management comes into play

NetSuite helps you determine the precise amount of stock needed in your warehouse by evaluating supplier reliability and delivery times, thereby enhancing overall supply chain efficiency. For example, a pharmacy can use NetSuite to maintain adequate stock levels of essential medications, ensuring continuous availability and preventing supply disruptions.

#3. Implement cycle counting

Maintaining accuracy in your warehouse stock relies heavily on regular inventory counts. One highly effective technique is cycle counting, which can replace the more time-consuming annual physical counts, significantly reducing the time and effort required.

With NetSuite, you can create a customized cycle counting schedule that categorizes inventory based on turnover rates and value. This systematic approach allows you to plan and conduct counts efficiently, while NetSuite's real-time monitoring capabilities enable you to quickly identify discrepancies and update inventory records. This ensures that your inventory data remains accurate, leading to better decision-making and optimized stock levels.

#4. Streamline order management

Efficient order management is crucial for any business to succeed, and NetSuite provides the tools to achieve this seamlessly. With NetSuite's advanced inventory management, you can streamline and consolidate your entire order management process. The platform automates order processing by integrating ERP inventory management with your sales channels, ensuring real-time updates on stock levels, order status, and fulfillment. From order capture to fulfillment, NetSuite's user-friendly and configurable dashboards can help you keep an eye on order status, and real-time monitoring, and have a complete overview of all your orders. Also, you can quickly complete orders from customers, which eventually may meet your expectations and streamline supply chain operations.

#5. Inventory audits

Every business should maintain the right inventory records because these data must be consistently verified to ensure their integrity and reliability. With its many capabilities, such as comprehensive analytics and thorough inventory monitoring reports, the NetSuite inventory management system simplifies this process.

For instance, suppose a food and beverage industry utilizes the NetSuite software for inventory management to conduct monthly stock checks. This enables them to thoroughly verify that their stock levels are accurate. Businesses may minimize possible losses and streamline their operations by locating and fixing inconsistencies or inaccuracies in their inventory data.

#6. Utilize demand planning

Accurate and precise demand planning is essential for businesses to meet customer requirements while managing the challenges of overstocking and stockouts. A robust ERP solution like NetSuite can significantly improve demand planning by analyzing various factors, such as sales data, industry trends, and seasonal fluctuations. With NetSuite's advanced inventory management capabilities, businesses can better predict demand and maintain optimal stock levels.

Additionally, it aids in accurate estimates and modifies inventory levels by carefully analyzing these variables. The NetSuite module's capacity is exceptional which empowers you to analyze and revise projections regularly, and guarantees the companies stay flexible and versatile to ever-evolving technologies. Moreover, this flexibility aids in maintaining ideal stock levels, enabling you to meet your customer demands effortlessly.

In a nutshell, utilizing NetSuite's demand planning module can help you maintain the stock levels at the right moment, ensuring increased operational efficiency and improved customer satisfaction.

#7. Enhance supplier collaboration

Building a reliable working relationship with your potential suppliers shortens the lead times while optimizing inventory turnover. NetSuite's powerful inventory management software allows businesses to closely monitor key factors such as dependability, lead times, and supplier performance. By sharing demand forecasts and inventory data with suppliers, you can improve collaboration and achieve more accurate planning. 

Additionally, implementing Vendor-Managed Inventory (VMI) solutions where appropriate can further reduce lead times and streamline supply chain processes. VMI empowers suppliers to manage stock levels on your behalf, ensuring that inventory is replenished efficiently and reducing the risk of stockouts or excess inventory. 

#8. Monitor key performance indicators (KPIs) 

Key performance indicators (KPIs) measurement is crucial to evaluate how well your inventory management procedures are working. With NetSuite ERP, supported by Entartes' expertise, you can leverage advanced capabilities such as comprehensive reporting features to monitor key performance metrics, including cost, order fulfillment rates, and inventory turnover ratios. Our team can help you optimize your NetSuite environment to fully utilize these tools and improve overall inventory management. 

Additionally, utilizing NetSuite can help you develop custom dashboards and automated processes that combine all pertinent data into a single, easy-to-understand interface. With this thorough view, you can efficiently manage KPIs, identify gaps, and identify areas that require development. 

#9. Automate workflows and approvals 

Manually working on inventory management is full of challenges. But you can eliminate manual intervention and least productivity challenges by automating all your business operations including purchase order approvals, inventory transfers, and stock adjustments through ERP inventory management software.  

Additionally, you can configure your NetSuite ERP inventory management software to send out personalized alerts and get notified about low stock levels, past-due orders, and more updates. These notifications will give you real-time visibility into critical inventory data and are highly customized to meet the growing business demands. In general, by putting every process on automation, you can fasten each operation, gain real-time data, and make informed decisions to enhance your inventory procedures in every way.

#10. Optimizing reorder points

Businesses need to position precise order points to retain ideal inventory levels. NetSuite is a one-stop solution that aids in identifying these points by analyzing the lead times, past sales data, and current market trends. For instance, a business selling seasonal products can modify these reorder points to meet the variations in demand throughout the year. 

Businesses can adjust reorder points ahead of their busiest seasons to ensure sufficient inventory is available and then reduce them during off-peak months to avoid excess stock accumulation. By using this strategic strategy, businesses can optimize operational efficiency and profitability by aligning inventory levels with consumer demand.

#11. Regularly review and optimize processes

Upholding efficient inventory management inside your company requires constant development. Regularly evaluating your inventory processes allows you to identify opportunities for improvement and maintain operational efficiency. By utilizing NetSuite's audit trail, changes history features, and thorough examinations, you can identify the bottlenecks to uncover the inefficiencies.

Understanding the root causes of inventory challenges enables continuous process improvement. You can stay up-to-date with the latest NetSuite features and inventory management best practices by leveraging its community and support resources. This proactive approach will empower your business to acclimate to the growing needs and maintain its competitiveness in inventory management.

Entartes + NetSuite ERP: Powerhouse to optimize your inventory

Maintaining a competitive edge and seamless business operations rely on NetSuite inventory optimization software. With the help of NetSuite's cutting-edge features and unmatched capabilities, you can efficiently handle orders, automate replenishment, enhance supplier collaboration, track inventory in real-time, and keep an eye on important performance metrics. These features help reduce costs, enhance supply chain efficiency, and maintain accurate stock levels.

With NetSuite, inventory management becomes a strategic advantage, allowing your company to respond to market demands faster and make more money. However, it would be more challenging to achieve this without a strategic and expert partner like Entartes. Entartes has assisted numerous organizations, including businesses like yours, in optimizing inventory management for maximum productivity and benefit.

As specialists in inventory optimization, Entartes offers a comprehensive suite of services to help you fully leverage NetSuite's capabilities. We provide expert support in demand planning, cycle counting, automated workflows, and advanced reporting to ensure your inventory processes are streamlined and efficient.

With Entartes by your side, you can transform inventory management from a potential bottleneck into a competitive advantage. We help you reduce costs, prevent stockouts and overstocking, and maintain accurate stock levels, all while enhancing your overall supply chain efficiency. Don’t let the initial investment deter you from achieving your business goals. Trust Entartes to optimize your NetSuite environment for maximum productivity and profitability, so you can focus on what truly matters: growing your business.