Streamlined inventory management. Centralized business operations.
NetSuite’s inventory management solution can help usher in a new era of operational efficiency and transparency across all locations and sales channels.
Its capabilities extend beyond basic tracking, providing businesses with real-time visibility, advanced analytics, and seamless integration capabilities.
Inventory management is a standard feature across most versions of NetSuite’s core ERP, and it is also available in many of the NetSuite SuiteSuccess editions.
Choosing NetSuite can help achieve superior inventory accuracy, cost efficiency, and strategic decision-making, driving your businesses toward new heights of success.
Inventory Management Features Overview
Below are the main features available in the most common configurations of NetSuite inventory management. Other frequently used add-on modules for inventory and order management use cases include Grid Order Management, Advanced Order Management, and NetSuite Analytics Warehouse.
Advanced Bin/Numbered Inventory Management
You will have total control of serial or lot inventory items or bins.
Bar Coding and Item Labels
You can create multiple budgeting scenarios to accommodate internal and external factors (supply changes, market shifts, competitor strategies, etc.)
Landed Cost
Easily track expenses associated with the purchase of goods on a per-item basis such as shipping costs or duties/taxes with international markets or partners.
Lot Tracking
You can use lot numbers when purchasing and selling inventory.
Matrix Items
This enables you to track pricing and inventory of items separately based on item options such as the color or size of pants/shirts.
Automation for Reorder Points, Preferred Stock Levels, & Lead Times
You can use historical purchase and sales data in NetSuite to automatically calculate critical activities for streamlined operations.
Pick, Pack & Ship
Quickly track the different stages for picking, packing, and shipping orders using NetSuite’s native capabilities. Understand and track statuses more easily.
Serialized Inventory
Create unique serial numbers to allow purchases of the same inventory items.
Elevated Customer Service
Create workflows in your NetSuite instance to process warranty claims, refunds, returns, and repairs for items. This process is streamlined because all customer and item data live in the same location.
NetSuite Ship Central
Warehouse workers packing and shipping products leverage this mobile NetSuite app that helps increase order accuracy and labor efficiency while reducing shipping and fulfillment costs. Click here to learn more.
Popular Add-On: NetSuite Smart Count
This add-on module helps companies automate inventory counts without freezing transactions. It is designed for use on a mobile device and it includes:
- Automatic cycle count creation
- Quantity entry or force tally scans
- Live counting during transactions
- Item/Location/Bin level, rule-based approvals
- Smart Count KPIs and dashboards
- Click here for more info.
How much is NetSuite’s inventory management solution?
NetSuite inventory management pricing depends on employee size and various other factors that can include transaction volume, number of users, integrations, and others.
This pricing calculator will help our NetSuite experts better understand your requirements so we can work with you on a custom NetSuite quote that includes modules and implementation cost estimates. Visit our NetSuite pricing page for additional details.
Benefits of NetSuite’s Inventory Management Solution
Real-Time Inventory Tracking: The Core of NetSuite’s Inventory Management
Embrace NetSuite’s game-changing real-time inventory tracking. You can obtain comprehensive inventory tracking and control with serialized inventory tracking, lot tracking, and bin management. It can also help sync inventory locations.
Live updates allow you to monitor stock levels, order statuses, and shipment tracking. This instant access to critical data ensures accurate forecasting and better decision-making and minimizes the risk of stockouts or overstocking.
Advanced Analytics: Turning Data into Decisions
Access detailed insights into inventory trends, sales patterns, and customer preferences in a few clicks within NetSuite. By analyzing this data, companies can make informed decisions about stock levels, identify best-selling products, observe compliance directives, and understand seasonal demand fluctuations.
This can lead to improved inventory turnover and reduced holding costs.
Seamless Integration to Help Streamline Your Supply Chain
Create a cohesive inventory management ecosystem by seamlessly integrating NetSuite with various supply chain systems, including suppliers, 3PLs and shipping services, and POS systems. This can streamline labor-intensive processes, reduce manual data entry errors, and ensure consistent performance across all platforms.
Our NetSuite integration experts have decades of experience executing integrations, and we also have a diverse roster of trusted partners we can recommend.
Inventory Cost Management: Minimizing Expenses, Maximizing Profit
By tracking costs associated with procurement, storage, and logistics, you can identify areas for cost reduction. You can also create inventory alerts to trigger when there is a pending shortage or overstock to prevent waste or unsold stock. Additionally, inventory barcoding can help reduce manual data entry errors and automate business processes for status reporting.
Inventory Optimization & Automation: Balancing Supply and Demand
Strike the perfect balance between supply and demand. Utilizing NetSuite’s demand planning and forecasting tools, you can accurately predict future inventory needs, avoiding surplus and shortage. Customized alerts and instant access to real-time data across the business support a variety of inventory and accounting strategies and compliance requirements.
Simplify complex inventory tasks using NetSuite’s automation. Automated reorder points, stock level adjustments, and order processing reduce the need for manual intervention, leading to increased accuracy and productivity.