Inventory management is an essential part of your total supply chain. It enables you to monitor stock levels accurately, forecast shipments more precisely, and plan purchase orders efficiently. Without proper inventory management, you risk operating blindly.
Effective inventory control is crucial for the success of any business, presents a myriad of challenges that must be navigated with precision and foresight. From forecasting demand to managing warehouse operations and maintaining real-time visibility, businesses face a multitude of hurdles that can impact their bottom line.
Common Inventory Control Challenges:
Poor Demand Forecasting:
When demand forecasts are unreliable, it becomes difficult to determine the right inventory levels to maintain and establish appropriate safety stock levels to ensure availability of stock for customers. By leveraging NetSuite’s robust features and functionalities, Emphorasoft enables you to access real-time data insights, streamline inventory planning processes, and make data-driven decisions.
Inventory Management and Tracking:
When it comes to inventory items there are several types including lot/batch tracking, Expiry tracking, serialized items, Assembly items and kit/packages etc. Maintaining all kinds of inventory items while doing Inward and outward is really becoming challenge in traditional ERPs hence issues causing for keeping expired material in stock, loosing costly items inventory without having track for serial number etc.
Inefficient Warehouse Management Efficiency:
Ineffective warehouse management can result in insufficient space for inventory, leading to issues such as overstocking, stockouts, and damaged products. Integrating EmphoraSoft’s advanced warehouse management capabilities with NetSuite’s robust ERP system, you can optimize warehouse operations, maximize space utilization, and minimize inventory issues such as overstocking, stockouts, and damaged products.
Limited Real-time Inventory Visibility:
As a business, it’s crucial to have immediate access to the current status of your inventory. Regardless of the location of goods, it’s essential to closely monitor them. Inadequate inventory monitoring results in shipping and delivery delays, unnecessary shipping expenses, and an imbalance in inventory levels. Using the advanced capabilities of NetSuite’s ERP system inventory management tools and EmphoraSoft’s expertise, you can gain immediate access to the status of inventory across locations. This real-time visibility enables proactive monitoring, reducing shipping delays, minimizing unnecessary expenses, and ensuring optimal inventory levels.
Identifying and Monitoring Obsolete Products:
It’s typical for certain products to become obsolete when their demand declines significantly. Unfortunately, these outdated goods are often overlooked and left idle in warehouses. Consequently, inventory managers may inadvertently order new products, leaving the old stock unused and resulting in losses. Utilizing NetSuite’s robust ERP system you can effectively track product demand trends and identify items at risk of obsolescence. With data synchronization and automated alerts, businesses can proactively manage their inventory, reducing the risk of obsolete stock accumulation and minimizing losses.
Get in Touch
We know what NetSuite can do and how it can help you. Schedule your free NetSuite assessment today
Let’s explore how NetSuite ERP handles different inventory scenarios and enhances inventory management efficiency.
Lot Controlled Inventory:
NetSuite ERP allows businesses to manage lot-controlled inventory with ease. Whether dealing with perishable goods, pharmaceuticals, or other products requiring lot tracking, NetSuite enables you to assign and track lots throughout the supply chain. This feature ensures traceability, compliance, and quality control.
Serialized Inventory:
For products requiring individual tracking, such as electronics or high-value items, NetSuite offers robust serialized inventory management capabilities. Each unit is assigned a unique serial number, allowing for precise tracking from receipt to sale. This ensures accountability, warranty management, and accurate inventory valuation.
Assembly Items:
NetSuite ERP simplifies the management of assembly items by allowing businesses to create bills of materials (BOMs) and track the components used in the assembly process. This enables efficient production planning, cost control, and accurate inventory tracking of finished goods.
Kit/Packages Management:
With NetSuite, you can easily create and manage kits or packages, which are combinations of multiple items sold as a single unit. NetSuite tracks the components of each kit, updates inventory levels accordingly, and facilitates seamless fulfilment and shipping processes.
Real time inventory visibility:
Having a global system like NetSuite gives the complete track of inventory at any point of time starting from the current inventory availability, stock committed, Qty backorder, Qty on order , Qty On demand and various statuses of the stock like Good, Damaged and Scrap etc.
Seamless Inventory Management Through Warehouse:
NetSuite ERP offers advanced warehouse management capabilities, allowing businesses to optimize inventory storage, pick, pack, and ship processes. With features such as bin management, cycle counting, and barcode scanning, NetSuite ensures efficient warehouse operations and minimizes errors.
Visibility of Inventory in NetSuite ERP, NetSuite POS, and SuiteCommerce:
NetSuite provides real-time visibility of inventory across multiple channels, including NetSuite ERP, NetSuite Point of Sale (POS), and SuiteCommerce. This enables businesses to maintain accurate inventory levels, prevent stockouts, and fulfil orders promptly, regardless of the sales channel.
Accuracy of Inventory – ROI:
By leveraging NetSuite’s robust inventory management features, businesses can achieve higher inventory accuracy, reduce stockouts, minimize overstocking, and optimize inventory turnover. This leads to improved customer satisfaction, lower carrying costs, and increased return on investment (ROI).
Conclusion:
NetSuite emerges as the ultimate choice for inventory management, providing comprehensive solutions that enable businesses to optimize processes, reduce costs, and drive growth. With its real-time visibility and accuracy, NetSuite ERP empowers businesses to achieve operational excellence and maintain a competitive edge in today’s dynamic market landscape.
EmphoraSoft stands out as the premier NetSuite ERP partner, offering a suite of internal capabilities that empower businesses worldwide to thrive. Our strong expertise and more than 2 decades experience in NetSuite inventory management helps companies to streamline inventory process by enabling shipping through various platforms, distributors and resellers along with smart procurement processes. Based on the industry managing Batch wise , tracking serial numbers for both inbound and outbound and case by case only for inbound or only for outbound and managing inventory for customer trails and helps to streamline inventory for customer returns and as well as supplier returns.
We have helped 20+ customers for streamlining their complex inventory processes and scaleup their sales. We always propose customers to go with stair case approach and streamline operations phase wise.
FAQs:
Common challenges in inventory management include poor demand forecasting, inefficient warehouse management, limited real-time inventory visibility, and difficulties in identifying and monitoring obsolete products.
NetSuite’s robust features and functionalities enable businesses to access real-time data insights, streamline inventory planning processes, and make data-driven decisions, improving demand forecasting accuracy.
NetSuite ERP allows businesses to manage various inventory item types, including lot/batch tracking, expiry tracking, serialized items, assembly items, and kits/packages, simplifying inventory management processes.
By integrating advanced warehouse management capabilities with NetSuite’s ERP system, businesses can optimize warehouse operations, maximize space utilization, and minimize inventory issues such as overstocking, stockouts, and damaged products.
NetSuite ERP offers advanced inventory management tools that enable businesses to gain immediate access to inventory status across multiple locations, facilitating proactive monitoring, reducing shipping delays, and ensuring optimal inventory levels.
NetSuite’s ERP system allows businesses to track product demand trends and identify items at risk of obsolescence through data synchronization and automated alerts, enabling proactive inventory management and minimizing losses.
NetSuite ERP effectively manages lot-controlled inventory, serialized inventory, assembly items, and kit/packages, ensuring traceability, compliance, quality control, and accurate inventory tracking.
By leveraging NetSuite’s robust inventory management features, businesses can achieve higher inventory accuracy, reduce stockouts, minimize overstocking, and optimize inventory turnover, leading to improved customer satisfaction, lower carrying costs, and increased return on investment (ROI).
NetSuite ERP offers advanced warehouse management capabilities, including bin management, cycle counting, and barcode scanning, ensuring efficient warehouse operations, minimizing errors, and optimizing inventory storage, pick, pack, and ship processes.
NetSuite emerges as the ultimate choice for inventory management, providing comprehensive solutions that enable businesses to optimize processes, reduce costs, and drive growth, with real-time visibility, accuracy, and operational excellence.
Schedule your Free Assessment today
