NetSuite Inventory Management: 6 Unique Features Which Your Business Needs Now

Traditionally, managing an inventory for manufacturing or wholesale or retail business was more or less guesswork: Businesses used to stock up their inventory based on their 6th sense, and often based on market rumors and expected spike in demand.

If the bets fell into their right place, then it was profit, else, it was a heavy loss. In case of perishable and delicate items in the inventory, the losses were more.

But not anymore.

NetSuite Inventory Management is a cloud-based organizational platform focused on stock optimization, manufacturing and purchasing. It works well with businesses of all sizes.

When you know which products to stock-up, how to optimally store them, and when, then the entire strategy of inventory management gets a power-boost, and you ensure consistent profits and reduced losses.

Here are the stunning features of NetSuite Inventory Management, which your business needs right now:

Multi-Location Inventory

Now, you can associate every item and every transaction with a location. This is an immensely beneficial feature, not only for businesses which are present in multiple locations and for maintaining inventory across multiple locations, but also for stand-alone businesses.

Using this feature, your management can get the exact picture of location-wise sales, storage and requirement for making instant, informed and better business decisions.

Multiple Units of Measure

In one word: Freedom of Choice.

Using Multiple Units of Measure features, your business can assign various, different units to measure the stocks, transactions and purchases. Hence, every stage of processing an inventory can be assigned a unique unit of measurement, depending on the ease and preferences of your vendor, supplier and customer.

Serialized Items

Serial numbers make it easy and organized to track each and every item in an inventory. Before, the floor-supervisors used to randomly assign numbers/codes to various items, which complicated the proceedings.

But this ends with NetSuite.

With serialized items feature, you can use serial numbers to track and monitor every purchase and sale of the items within your inventory, and thus, every transaction will have a unique serial number assigned.

Lot Tracking

Another stellar feature from NetSuite for Inventory Management is Lot Tracking.

Instead of assigning new tracking IDs to different items, now you can assign a lot number to a corresponding group of items, and assign critical information such as expiration date, production date etc to the entire lot.

This will help you to save time, and be more productive.

Item Options

Another big feature for providing more freedom of choice, but this time to your customers.

Using this feature, your customers can now choose from different variations of the same item. For example, red, blue and orange colors in small, medium and large size, for the same evening gown.

This makes exploration of your inventory easier, and you can generate more sales.

Purchase Orders

Tracking the items coming into your inventory now becomes even more fast, and accurate, with Purchase Orders.

Now, you can easily track the items you have ordered, know about their current location, and monitor when they are brought into your inventory. Infact, even your vendors can track the purchase orders, from their own system for greater transparency.

This is a powerful and unique feature of Cloud Computing by NetSuite

Consult with our experienced NetSuite Consultants and get a free, no-obligation session to decode the awesome features your business can get right away, with NetSuite Inventory Management.