Integrate NetSuite with Your Inventory Management System
During our previous “Tech Talk” blog, we addressed how service-based businesses could improve their overall management with NetSuite SRP (Services Resource Planning). But what about businesses that sell products rather than services? In this blog, we’ll tackle one of the most complicated processes faced by product-based companies: inventory management.
Why Inventory Management Impacts Your Bottom Line
If your company is in the business of selling products, inventory is your livelihood. In fact, only well-managed inventories can ensure free-flowing business deals where customers get exactly what they need, fast. There is no better way to ensure a happy, growing, and continual client base. Of course, properly managing a large inventory is easier said than done.
Inventory Management Challenges in Product-Based Businesses
Precise inventory management can be difficult because salespeople typically don’t do business from their employer’s warehouse. What this means is that changes in inventory incurred through sales are not always adequately communicated, resulting in company-wide misinformation concerning leftover stock: a recipe for disaster! Nobody wants their staff to sell products that are no longer available. The only thing that can result from this is frustration among customers and sales personnel.
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How NetSuite Enables Real-Time Inventory Visibility
The best way businesses can manage their inventory is through online inventory management solutions platforms. Why? Because web-based inventory management systems solutions can produce real-time visibility. Think about it. With inventory-related data made available online, salespeople (even those working oceans away from warehouses) can always access their stock. In fact, they can do so without having to worry about differing time zones or communication barriers. And, because web-based inventory management systems tools are usually interactive, users working from warehouses can also record changes made to their inventory at the click of a button. With online inventory management tools, both ends of the warehouse-to-sales spectrum can be perfectly synchronized.
The Limitations of Traditional Online Inventory Tools
Because most online inventory management tools don’t produce sufficient returns. Having a synchronized warehouse and sales force is all well and good, but what about the other departments? Shouldn’t marketing, HR, and finance be made aware of the changes in inventory? The answer is Yes. When other departments know which products sell, they can better determine what to market, who to hire, and what to invest in! Despite this fact, most web-based inventory management systems online inventory management solutions cannot be integrated with an enterprise’s other resource planning procedures. Who wants to spend money on an underwhelming business solution? No one.
How NetSuite Advanced Inventory Integrates Across Departments
Yes! NetSuite’s inventory management solution, NetSuite Advanced Inventory, offers visible, web-based features allowing sales and warehouse personnel to synchronize processes. So while warehouse employees are able to replenish stock as soon as a sale is made, salespeople can safeguard their clients’ ability to receive what they buy as quickly as possible. Additionally, because Advanced Inventory is part of NetSuite’s line of software solutions (which includes ERP, CRM, eCommerce, and HR systems), it can be fully integrated within business’ other management procedures, streamlining inventories’ core processes to all necessary departments automatically. This means NetSuite Advanced Inventory does more than inform companies’ overall processes. It also saves businesses the time and money they would have otherwise spent on manually integrating inventory information within their department's systems.
Frequently Asked Questions About Inventory Management and NetSuite
What is NetSuite Advanced Inventory?
NetSuite Advanced Inventory is a cloud-based solution that helps businesses manage inventory across multiple locations with real-time tracking, automated updates, and full integration into other ERP modules like accounting, CRM, and eCommerce.
How does NetSuite improve real-time inventory visibility?
NetSuite provides real-time access to inventory levels, order status, and fulfillment data from any location. This enables sales, warehouse, and finance teams to stay aligned, reduce stockouts, and make better data-driven decisions.
Can NetSuite integrate inventory data with other departments?
Yes. One of the key advantages of NetSuite is its ability to integrate inventory information with departments like finance, HR, marketing, and procurement. This ensures better forecasting, budgeting, and interdepartmental communication.
What’s the difference between basic inventory software and NetSuite?
Unlike standalone inventory tools, NetSuite offers a unified ERP system that combines inventory, financials, customer data, and more in one place. This reduces duplicate data entry and provides a single source of truth across the business.
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