Inventory Management Systems

Fluctuations in demand, seasonality, supply chain logistics and a product’s natural life cycle must be accounted for to ensure sufficient stock on hand. Using demand-based replenishment, NetSuite Inventory Management uses historical and seasonal sales data, average lead time and number of inventory days’ of supply to dynamically manage item reorder points and maintain preferred stock levels. NetSuite automatically generates tasks and alerts and sends them to the purchasing manager.

NetSuite Smart Count is an inventory cycle counting solution that enables organizations to improve the efficiency and accuracy of inventory management by automating inventory counts without freezing transactions in the entire location. The inventory level used for the count is taken at the time the count starts for each individual item. Smart Count keeps track of transactions that happen for the items being counted, and if there is any activity during the count, NetSuite automatically alerts counters so they can react appropriately. Preferences allow administrators to choose what happens if the on-hand quantity changes for an item during the count process. The entire cycle counting process can be done on a mobile device, saving time and increasing accuracy.

NetSuite Inventory Management lets you back and forward trace inventory using lot and serial tracing. Lot-numbered items track the quantity and specific cost for each lot as products are purchased and produced. Serializing inventory allows you to choose a specific item when you fulfill an order. Together, lot and serial numbers let you define fulfillment strategies (such as first expiring, first out) , minimizing waste and ensuring inventory is used in the most efficient way.

The Item 360 Dashboard brings together all relevant information related to an item in a single, centralized location. By putting all the information a user could need on any item in one place inventory planning and management become easier to do. Item 360 goes beyond the basics to show information like user-selected KPls, inventory count by location and projected stock levels, with alerts for anticipated shortages or overstocks.

Efficiently manage inventory that is owned by vendors but stored at the organization’s facility or warehouse, minimizing inventory risk and improving cash flow. NetSuite vendor consignment allows users full visibility to track and manage vendor-owned inventory within the warehouse. Because stock is owned by the vendor, it reduces the businesses financial exposure and inventory risk by shifting responsibility for obsolescence, shrinkage, and unsold stock to the vendor. And, because payment for inventory is deferred until inventory is actually sold it significantly improves cash flow.

AI generated narratives utilize data from existing inventory reports to provide contextual summaries for users based on the page/screen they are in. The narrative uses information across multiple reports to provide a concise summary of information, which is automatically presented to users when they navigate to predefined pages, including the Location page, the Item Details page and the User Dashboard.