NetSuite is a powerful cloud-based ERP system that offers a wide range of capabilities for businesses of all sizes. One of the areas where it truly shines is inventory management.
Wholesalers, in particular, can benefit greatly from the advanced functionality that NetSuite provides for managing inventory. In this article, we will explore some of these advanced features, including:
- Serialised Inventory Tracking
- Lot Tracking
- Cycle Counting
- FIFO Inventory Picking
- Kits and Assembly Items
Serialised Inventory Tracking
Serialised inventory tracking is a method of tracking individual items within a batch of goods, usually by a unique identification number usually referred to as a serial number or serial code. This allows businesses to keep track of specific items and their movements, enabling them to identify and locate specific items quickly and easily, even after they have been sold. NetSuite’s serialised inventory tracking feature is a great tool for wholesalers as it allows them to track the movement of individual products, giving full traceability.
This can be especially useful for businesses that deal with high-value items, such as electronics, industrial system components and spare parts, as it allows them to keep track of their most valuable assets and ensure that they are always in the right place at the right time.
Lot Tracking
Lot tracking is a method of keeping track of items by their batch or lot number. This is particularly useful for businesses that sell perishable goods or items with expiration dates that may need to be recalled. NetSuite’s lot tracking feature allows wholesalers to manage their inventory more effectively by providing real-time visibility into the movement of specific batches of goods.
Additionally, Lot number tracking can also be used to track the movement of specific batches of goods that are used as inputs into manufactured products, which can be useful for identifying and resolving any issues that may arise after the sale.
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Cycle Counting
Cycle counting is a method of regularly counting a portion of a company’s inventory in order to maintain accurate inventory records. Cycle counting is useful for businesses that have a large amount of inventory that frequently experience. NetSuite’s cycle counting feature allows wholesalers to manage their inventory more effectively by providing real-time visibility into their inventory levels, through continual spot checks, rather than having to close down distribution facilities to undertake a traditional stock take, which can impact warehouse efficiency, customer service levels and overall profitability.
FIFO Inventory Picking
FIFO inventory picking is a method of picking items for shipment based on the order in which they were received. This, again, is particularly useful for businesses that sell perishable goods or items with expiration dates. NetSuite’s FIFO Inventory functionality can be configured to prompt warehouse team members, at the time of picking, to ensure they always pick items based on the oldest item first to ensure inventory wastage is minimised.
Kits and Assembly Items
Kits and assembly items are a method of combining multiple items together to create a single product. For businesses that sell products that are made up of multiple, interchangeable components, this functionality is essential. NetSuite’s kits and assembly items feature allows wholesalers to define and maintain the relationships between components, allowing them to track the inventory of their component parts as well as finished goods.
Wrapping Up
NetSuite is a powerful ERP system that offers a wide range of capabilities for businesses of all sizes. The advanced inventory management features discussed in this article, including Serialised Inventory Tracking, Lot Tracking, Cycle Counting, FIFO Inventory Picking, and Kits and Assembly Items, are just a few examples of the ways that wholesalers can benefit from using NetSuite.
By taking advantage of these features, wholesalers can improve their inventory management, increase efficiency, and ultimately drive growth in their businesses. If you are a wholesaler looking to take your inventory management to the next level, it’s worth exploring the advanced functionality that NetSuite has to offer. Feel free to reach out to the DWR team to discuss your requirements.
