Inventory management is an intricate process that every business tries to get right. You may still fail to manage your inventory successfully despite using numerous tools, strategies, and methods.
NetSuite offers a variety of features and functionalities to simplify inventory management using the platform. However, many businesses do not understand how to leverage the system to ensure accurate and efficient inventory management.
But this blog post is here to change it. In this post, we discuss a few practical strategies and best practices you can adopt to simplify inventory management with NetSuite.
Let’s get started.
Why Use NetSuite for Inventory Management: Top 5 Benefits
As one of the world’s finest enterprise resource planning (ERP) platforms, NetSuite helps businesses manage their inventory efficiently with various features and integration capabilities.
Here are a few benefits of using NetSuite for inventory management in 2025.
- NetSuite provides a single, real-time view of inventory from all locations and sales channels.
- Using NetSuite allows businesses to track inventory levels accurately and optimize stock levels to avoid stockouts and dead stock.
- You can automate key inventory management processes, such as tracking inventory levels and replenishment with NetSuite.
- NetSuite lets you leverage historical sales data and seasonality trends to manage reorder points and maintain optimum stock levels dynamically.
- With predefined fulfillment strategies, you can seamlessly manage inventory across multiple locations with NetSuite and reduce shipping costs.
6 Strategies for Better Inventory Management in NetSuite
Efficient inventory management practices in NetSuite help businesses ensure optimum stock levels and prevent sales opportunities from being missed due to stockouts.
Here are seven proven and actionable strategies you can use in NetSuite to ensure excellent inventory management:
1. Automate inventory management in NetSuite.
No matter how you look at inventory management in NetSuite, you can understand that automating is at the heart.
NetSuite offers diverse automation capabilities, such as replenishment processes, order processing, and real-time visibility into inventory levels and sales. However, many businesses fail to take full advantage of these features.
One of the best ways to improve and simplify inventory management in NetSuite is to use these automation capabilities. If you cannot implement it yourself, work with an experienced NetSuite ERP consultant.
2. Integrate inventory management with other processes.
In NetSuite, inventory management should not be an independent process. Instead, it should work in unison with other related processes, such as sales, purchasing, finance, etc.
Hence, you need to integrate all these processes with the help of an internal or an external NetSuite Oracle solutions consultant.
When your inventory is related to purchases, sales, and finance, you can understand where your resources are being used. As a result, you get a better and more insightful overview of your business operations.
3. Set optimum and safety stock levels
NetSuite offers you plenty of features to never over or understock items. There are two significant features that you can use to set stock levels:
—Features to set optimum stock reorder levels
—Features to set safety stock levels
While optimum stock reorder levels, you can reorder the item when the stock reaches this.
NetSuite arrives at this level by analyzing historical sales, purchases, and inventory data. This is crucial for businesses that sell seasonal products and items.
On the other hand, safety stock levels help you manage orders against any logistics uncertainties. NetSuite enables you to set these by examining lead time variability, supplied issues, etc.
By strategically using these two features, you can ensure you have adequate stock to meet customer demand without any stockouts.
4. Use demand forecasting to manage inventory efficiently.
Managing existing inventory is just one part of inventory management. The other part is all about demand forecasting and preparing your business for sales or purchases based on these forecasts.
NetSuite offers a plethora of demand forecasting tools. You need to use these tools to understand and prepare for future demand for your products.
As you know the demand trends, you can adjust your inventory based on the increase in stock if the forecast is favourable or the decrease in stock if it is not.
Either way, you can save time, effort, and costs with the knowledge of your future demands.
5. Work on supplier management for better support.
Your suppliers are the backbone of your business. Hence, you must manage them well to build stronger and more favourable supplier relationships.
NetSuite makes it easier to manage suppliers better with a range of tools and functionalities.
You can use NetSuite to track your supplier’s performance over some time and negotiate better terms with them based on historical data. The platform lets you understand the most reliable suppliers and negotiate bulk orders, discounts, favourable payment terms, etc.
All these help you improve your profitability without additionally investing in equipment or the workforce.
6. Use real-time data and analytics for better management.
NetSuite offers many data and analytics tools to help businesses manage their inventory better. Live dashboards and reporting tools provide real-time insights into various supply chain metrics. If you have not set up these dashboards yet, work with a NetSuite consulting services provider to set it up for you.
These functionalities and tools let you track inventory levels and logistics in real-time and instantly respond to any issues or opportunities. You can also use these reporting tools and dashboards to regularly understand where inventory issues arise and build custom strategies to address them.
NetSuite also lets you use this dashboard to understand historical data regarding your inventory and understand trends to ensure efficient inventory management.
Efficient Inventory Management with a Top NetSuite ERP Consultant
As you have seen, there are numerous strategies you can use to manage your inventory efficiently with a powerful platform like Oracle NetSuite. The only limit is knowing how to use the platform to your benefit. Leading NetSuite Oracle solutions consultants use most of the strategies discussed in the post to serve their clients worldwide. Hence, using them in your business will also benefit your business.
Although you can implement these strategies yourself, you need the help of an expert agency that offers NetSuite consulting services. Professional help will ensure successful implementation without any errors or hiccups. If you need such an agency to help, Big Bang is a top service provider.
With years of hands-on experience serving various businesses with NetSuite consultation services, they can help you with everything related to NetSuite.
Book a free consultation call with an expert to learn more about their offerings.
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