NetSuite Inventory Management: Gain Control Across All Channels

With your current ERP system, or inventory management software, how easily could you track down a specific item across warehouses, retail stores, pop-up shops, drop shippers, 3PLs or any other place where you manage or stock inventory?

If you’re reading this, you’re either currently a NetSuite user or you’re looking into NetSuite as an Enterprise Resource Planning (ERP) solution for your business.

So that means you may, or may not, already know that Oracle NetSuite ERP provides industry specific, out-of-the-box solutions with their industry leading Inventory Management Cloud Solution already provided.

But, what is Inventory Management for NetSuite? How can Inventory Management truly improve your business? And, how can you get the most out of your Inventory Management module?

Continue reading to find out.

What Is NetSuite Inventory Management?

NetSuite’s Inventory Management provides a single, real-time view of inventory across all locations and sales channels. This allows businesses to reduce inventory on hand to free up cash while avoiding stockouts.

Here are some key benefits:

Key Features of NetSuite Inventory Management

It goes without saying that effective inventory management can help save you money. In fact, we’ve already written about the top tips that can help maximize your savings with efficient inventory management. But here are the benefits provided to you from NetSuite’s Inventory Cloud solution:

Customer Churn Rate (CCR)

CCR = (number of customers churned - customers who joined and churned - customers who churned & returned) / number of customers at start of period.

Monthly Recurring Revenue (MRR)

Gross MRR = (Churned MRR + Downgrade MRR / MRR at the end of the previous month) * 100
Net MRR = (Churned MRR + Downgrade MRR – Expansion MRR) / MRR at end of last month

Annual Run Rate (ARR)

ARR = revenue in period X * Number of periods of X in 1 year

Customer Retention Rate (CRR)

CRR = [(number of total customers at end of period X - number of new customers added within period X) / number of existing customers at start of period X] * 100

Popular SaaS KPIs to consider include Customer Lifetime Value, Customer Acquisition Cost, CAC:LTV Ratio, Net Promoter Score, Payback Period, Annual Contract Value, among others…

Automate Inventory Tracking and Order Management

NetSuite automates inventory management in one unified solution, making it easy to track inventory across multiple locations.

Ultimate Inventory Visibility of Stock Levels for Inventory Control

Real-time inventory visibility across all company locations is key to enabling a buy anywhere, fulfill anywhere customer experience.

Benefits of Inventory Management for ERP Users

But here are the benefits provided to you from NetSuite’s Inventory Cloud solution:

Cloud-Based Benefits

Deployable as a cloud-based solution, NetSuite allows access from anywhere, secure document storage, and always up-to-date software.

Improved Accuracy

Refined warehouse spaces and processes increase fulfillment accuracy and improve product location.

Increased Customer Satisfaction

Improved inventory tracking helps shorten fulfillment times and better communicate with customers.

Automate Tasks

Automation frees employees from repetitive work, allowing focus on forecasting and strategy.

Better Visibility

Inventory visibility highlights process issues and enables proactive planning.

Did you know?

GURUS has been an Oracle NetSuite partner for over 15 years. Check out our How To Video guide for answers to common NetSuite questions.

Using BI Tools to Maximize NetSuite Inventory Control

To make the most of your inventory data, we recommend integrating Business Intelligence (BI) with NetSuite.

We developed BI for NetSuite, Powered by GURUS, to visualize and analyze your data directly in your ERP system. Connect external data, monitor it in real time, and take action from your NetSuite dashboard.

Check this out!

GURUS offers a free guided trial of our BI solution. Apply today!

Want to Learn More?

Fill out the form below to request more information and speak to one of our Inventory Management specialists.

Frequently Asked Questions About NetSuite Inventory Management

• Q1: What is NetSuite Inventory Management?
  A: A cloud-based tool that provides real-time visibility and control over inventory across multiple locations, warehouses, and sales channels.
• Q2: Can NetSuite manage inventory across multiple warehouses and locations?
  A: Yes. Track inventory in real time across all warehouses, retail stores, 3PLs, and more.
• Q3: Does NetSuite automate inventory tracking and order management?
  A: Absolutely. Many manual processes like tracking, reordering, and order fulfillment are automated.
• Q4: What types of businesses benefit most from NetSuite Inventory Management?
  A: Manufacturers, distributors, and retailers with complex, multi-channel inventory needs.
• Q5: How does GURUS Solutions enhance NetSuite Inventory Management?
  A: With 15+ years of experience, we offer custom implementations and BI dashboards tailored to your needs.