The NetSuite Advanced Inventory module is an add-one feature that enables organizations to synchronize their inventory systems with their business goals as well as their clients. This module therefore extends the NetSuite capabilities in such a way that manufacturers of products as well as wholesale distributors are able to streamline their inventory systems and operations.
The NetSuite Advanced Inventory module has a number of features, functions, and benefits that make this product worth considering. You would do well to consider them, if you have a business that needs an inventory systems overhaul.
The Netsuite Advanced Inventory Module Features and Functionality
1. Lot Management
The Advanced inventory module from NetSuite is very good for lot management. The product will allow you to keep track of lot numbered inventory. You will be able to get notifications when certain lots are about to expire. This will allow you to sell that stock before the expiry date so that you can ensure that you do not lose money.
The module also keeps track of every item within each lot from the time of production to the time of purchase. Even the quantity is recorded. If you want to enhance accountability with regard to your inventory, then you can obtain the entire lot history information using the advanced module’s search functionality.
2. Bin Management
Bin management is another function of the inventory module from NetSuite. Management of bins comes in quite handy when it is used within business warehouses. With so much space to cover, it helps if your employees know where the products they are looking for are located.
The NetSuite module makes life easy for your business employees because it allows for organization of the warehouse in terms of bins. You can use many bins to store one type of item. You can also use one bin to store different items. Bin management can be employed in one or multiple warehouses. What matters however is that the inventory module will be able to help employees locate the exact location of specific stock whether it is being loaded or in storage.
3. Multiple Units of Measure
The NetSuite Advanced Inventory module allows for multiple units of measure. If you are running a business, you need to know the levels of stocks as well as how to price them. The advanced module provides you with the tools required to price varying quantities of multiple items in the right way.
Using the inventory module, you will be able to determine which units have been sold and which ones are still in stock. You will also be able to determine the types of units with the highest sell-through rates.
The insight that you gain regarding the units you have within your warehouse, will help you adjust the prices, the production of the items as well as the levels of stock so that you can optimize the sales and revenue.
4. Serialized Inventory
You must be able to track your inventory through all stages starting from production to sales, shipment and finally to service. The NetSuite Advanced Inventory module helps you do that. This product has all the tools necessary for tracking all the serial numbers, as well as the cost of each number with regarding to buying and selling.
Using the module, you can track where the item originated, where it is now, and where it is headed via the serial numbers. You will therefore be in a good position to keep track of everything, which in turn enables you to enhance accountability and profitability.
5. Demand-Based Inventory Replenishment
In order to keep your business operations going, without running low on stocks that your clients need, you have to be able to keep the inventory replenished. That is where the advanced inventory module from NetSuite comes in. This product has intelligent capabilities, which control the inventory levels.
Using the module, you will be able to determine the sales demand, which are seasonal, the average lead-time, and the period left before your stocks are finished. You will then be in a position to set the preferred stock levels and the reorder points dynamically. The module is flexible enough to allow you to override the controls you set in the event of special circumstances.
The module therefore allows you to maintain a stock queue that is dynamic in nature. Every time the inventory needs replenishing, you can order what you want at the touch of a button.
6. Additional Features
You can use the advanced inventory module from NetSuite for additional functions within your business. One of the additional functions of the module is the matrix item management. This feature allows you to maintain stock as well as sell it in varying colors, prices, styles. The product manages the multiple combinations of these characteristics in form of matrices, which can be used during the sale process. Clients will just be given a drop down list with the various combinations of items that you stock and sell. The matrix features allow for enhanced convenience for both your business and clients because multiple characteristics are organized.
Another additional feature worth considering with regard to the advanced inventory module is the landed cost feature. This feature allows you to account for the shipping and duty costs, which must be factored in within the product pricing.
You will also be able to use the advanced inventory module from NetSuite to track the order fulfillment stages using the pick pack and ship feature. Using this feature, you can be able to determine the status of your clients’ orders at every stage.
The NetSuite Advanced Inventory module can also be integrated with FedEx, USPS, and UPS with enhanced tracking capabilities. You can use the product to tracking numbers of these transportation giants automatically with the sales orders. Everything will be in real time, which will allow your clients to get an accurate picture of the shipment status of their products. Toggling between different systems is eliminated.
Major Benefits of the Inventory Module
The advanced inventory module from NetSuite has a number of benefits. These are outlined below.
- You will be able to keep full control of inventory lifecycle even when you use multiple locations.
- The costs of procuring, warehousing, and shipping items will go down.
- You will streamline shipping process because of the seamless integration of major shipping carriers.
- The real-time analytics will allow for performance enhancement.
- Because of the elimination of stock-outs and enhanced delivery, you will be able to increase customer satisfaction, which will enhance customer loyalty.
Bottom Line
If you are on the lookout for a product that will streamline your inventory systems from point of origin to delivery, then the NetSuite Advanced Inventory is a very good choice.