Without an efficient inventory management system, businesses risk losing potential clients to rivals. Fortunately, the inventory management system offered by NetSuite offers a unified solution that boosts sales while enhancing functionality.
A customer’s frustration level is unmatched when they purchase something online just to discover it is out of stock. This issue’s fundamental cause is a deficiency in inventory management. Ordering, storing, and utilizing an organization’s inventory are only a small portion of inventory management. Your customers will suffer as a result of poor inventory management. Businesses cannot successfully plan and carry out customer orders without real-time inventory visibility, which results in dissatisfied customers or lost sales.
Inventory Has an Impact on Your Customers’ Buying Patterns
Inventory management has such a significant impact that retailers risk losing close to half of all intended orders when customers meet stockouts. According to Harvard Business Review, those abandoned carts result in a loss of revenue of around 4%. Between 11% and 43% of customers choose to buy the out-of-stock item from a rival business.
43 percent of small businesses, according to a report that questioned 1,100 of them, either do not track their inventory or use a manual procedure. Depending on manual inventory techniques, businesses experience inaccurate, time-consuming reporting, ineffective operations, poor planning, and stock-outs. These outdated customs burden your company and keep your goods out of customers’ grasp. The total effect is detrimental to continue to operate a successful business.
Using Software to Achieve Streamlined Inventory Management
In addition to streamlining processes and providing organizations with a clear image of supply chains, inventory, and order management, NetSuite is an all-in-one cloud ERP. NetSuite users gain so much that the typical shop could manage inventory more effectively, carry 20% less inventory, and prevent stock-outs. The advantages of NetSuite’s integrated inventory management solutions don’t stop there, either. They also encourage sales and profitability in the following ways:
- Gain Clarity Regarding Your Inventory: You can optimize pick, pack, and ship procedures by having complete insight into stock levels across all sites, thanks to NetSuite. Additionally, you can use pre-defined criteria to automatically arrange orders to ship based on the availability and location of the entire order’s inventory, eliminating the need for numerous shipments and additional fees.
- Do Away With Stock-Outs: The inventory control software from NetSuite can also aid in boosting sales and reducing stock-outs. Because of the increased visibility, NetSuite users can proactively track sell-through and stock levels, moving products across locations to guarantee availability and cut back on extra inventory. Businesses may maintain inventory levels exactly where they should be by streamlining procedures and cutting costs.
- Reliable Product Tracing: Tracking items throughout their full lifecycle can be challenging due to factors like a large number of raw ingredients and suppliers. To connect completed items with suppliers and raw materials, NetSuite thankfully provides lot and serial tracking tools. Businesses can more effectively create fulfillment strategies, use forward and backward tracing, and use FEFO by utilizing these functionalities.
- Maintain Control of Refillable Stock: Sometimes, meeting client expectations requires foreseeing the volume of demand. Inventory demand might change for various reasons, including interest, seasonality, supply chain constraints, and many more. Businesses can manage prime stock levels dynamically thanks to NetSuite’s comprehensive view of sales, lead time, and time to restock. To maintain prime stock levels, you can also configure automatic alerts to tell the buy manager when stock needs to be adjusted.
- Maintain Accurate Cycle Count: Cycle counting enables organizations to count precisely, detect inventory mistakes, and prevent theft before it happens. To provide checks and balances and maintain accurate stock levels, cycle counting must be carried out on a regular basis. You can schedule routine, recurring SKU-based item counts in NetSuite, and the system automatically assigns floor workers with counting duties. You can ensure your products are accounted for and reduce disturbance to warehouse operations by incorporating these practices into everyday chores.
Utilize an inventory management system to new heights
Businesses who use NetSuite’s inventory management solution instead of manual methods improve their understanding of inventory and how it relates to their customers. Companies may confidently implement anti-theft strategies, reduce stock-outs, precisely estimate inventory demand, and gain visibility into their whole inventory. In the end, this boosts revenue and general client happiness.
In a nutshell, taking Your Business to the next step can only come to reality if you have the right expertise to deliver outstanding solutions. At Seibert Consulting Group, we specialize in delivering modern solutions to businesses that aim at taking full advantage of the eCommerce platform. We always customize our solutions to align with Your Business’ requirements and goals. Let’s start talking about your project and find out how we can help Your Business grow. Get in touch with us via our chatbot or email at hello@seibertconsulting.com and via our direct line at 760-205-5440.
