NetSuite is a robust program with several useful features that can make it easier to manage your inventory. It offers a number of inventory and warehouse management solutions, including:
- Mobile RF barcode scanning
- Defined strategies for picking and put away
- Task management solutions
- Return authorization receipts
- Cycle count plans
With NetSuite, you’ll note improvements over your overall warehouse processes, including better overall awareness of what inventory you have on hand and even where that inventory might be in your warehouse. However, if you’re looking for a holistic inventory solution that covers all your inventory management needs, StockIQ can help improve overall functionality and provide you with deeper insights into your inventory needs.
How can NetSuite Warehouse Management be improved? Look at these key benefits that StockIQ can bring to the table.
1. Reduce Your Inventory
With StockIQ’s focus on accurate inventory forecasting and precise inventory management, you’ll get several clear insights that can help you decrease the inventory you have to keep on hand. In many cases, our clients find that they can reduce inventory by between 10 and 30% while still offering the same high level of support to your customers.
2. Improve Customer Satisfaction
With StockIQ, you can improve overall customer satisfaction by as much as 10-30% thanks to your improved ability to keep track of what stock your customers really need.
Enhanced seasonal demand forecasting and product lifecycle tracking can help you keep up with what your customers really want, what they’re likely to need from you, and what inventory you need to keep on hand. As a result, you can increase ordering and production on vital items that your customers are most likely to need while keeping inventory low on items that aren’t selling as well.
3. Improve Your Planning Cycle Time
Integrating Stock IQ into your NetSuite Warehouse Management Solution can have an incredibly positive impact on your planning cycle time. In fact, you may notice that it improves by as much as 50-70%. Our solution integrates into your existing platform, then automates many of the processes your buyers must take care of on a regular basis.
For example, you can set the system to automatically place an order when stock reaches a certain level, or to notify your buyers when inventory of a specific item exceeds a given amount. As a result, you’ll be in a better position to handle the ebb and flow of inventory and customer demand more effectively, and your buyers will be able to focus on other elements of their jobs.
4. Increase Your Overall Revenue
Ultimately, over-buying on your stock decreases your revenue. In some cases, you’ll lose revenue due to waste: items that go bad before you can sell them, for example.
Combatting retail shrinkage is a serious problem for many businesses, and addressing it is a critical part of protecting your revenue. In other cases, over-buying may mean that you end up having to sell off much of your inventory at steep discounts. In some cases, you may even end up taking a loss on some of that inventory to protect as much of the capital you have spent on them as possible.
When you integrate our supply chain planning solution, on the other hand, you’ll notice an increase in your overall revenue.
Not only will you have to worry less about over-stocking inventory that simply won’t sell the way you might have hoped, but you may also find that you are able to avoid stockouts, which means that you can continue to sell those products to your customers and increase your overall sales.
5. Develop a Deeper Understanding of Replenishment for Sporadic Demand
There are a lot of factors that can impact demand for the products you sell most often. Your customers may have specific needs that change with the seasons: for example, items that sell more predictably and regularly during the back-to-school season, or during the holidays. Some items may have a natural ebb and flow over time, depending on how customer needs and preferences may change.
Stock IQ uses superior replenishment logic to predict those consumer demand cycles and give you a better idea of what you really need to order, which can make it easier to keep up with your specific inventory needs.
6. Use ABC Stratification More Effectively
Which of the items you order are most important to your business’s success? With StockIQ’s demand forecasting solution, you’ll get insights into how your inventory is really performing, including which items are most important to your business, with clear ABC stratification. Identify high-value items, lower-value items that still sell very well, and items that may not be as critical to your business or your customers so that you can focus on the items with the highest value.
7. Improve Inventory Balancing
When you integrate StockIQ into your NetSuite Warehouse Management platform, you’ll get the ability to balance inventory more effectively across all your locations.
StockIQ can let you know when items may be selling faster and more effectively at a specific location than they are in another, and when it may be more practical to move your inventory to create better balance across your locations. The platform also offers information about grouped transfers that will help you move those items as efficiently as possible for maximum benefit. You’ll have greater insight into what needs to move, where it’s needed, and how you can best ensure that you have the right inventory in the right place.
Upgrade Your Supply Chain Planning Solution Now
If you’re looking for a better, more effective supply chain planning solution that can help you improve your revenue stream, enhance customer satisfaction, and grow your business, StockIQ is the ideal integration to your NetSuite Warehouse Management platform.
Contact us today to learn more about our supply chain planning solutions and how they can help you manage inventory across your warehouses, improve your supply chain resilience, and improve your ability to deliver on consumer expectations.
