Retail Inventory Management in NetSuite
From turnover report to Item 360, price levels, true available-to-sell by location, and auto-calculated reorder points.
About this episode
One item record does most of the work here.
From the inventory manager's role, the walkthrough moves off a turnover report into Item 360, which gathers sales and margin history, three-way match variances, and every related transaction in one place. It then covers price levels tied to a channel, customer group, or individual buyer, the side-by-side view that nets on-hand, incoming, and committed stock into true available-to-sell per location, and reorder points that auto-calculate from demand, lead time, and safety stock.
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Book a call00:05[Music] welcome to netsuite's suitesuccess demonstration for retail in this video i'll demonstrate the reporting and controls around items and inventory management i'm logged in as the inventory manager each role in netsuite has its own dashboard with specific key performance indicators graphs reminders shortcuts and more as you can see this dashboard contains key inventory and order metrics relevant to the inventory manager each role has access to multiple pre-configured reports insightful to their area of the business as the inventory manager i want to reference the inventory turnover report to understand how quickly my products are moving in and out of stock here i see my full product catalog with detail for each item on the dollar value we have sitting in inventory the turnover rate which is the number of times the average inventory value moves in and out of inventory
01:06and the average stays on hand to understand the detail behind the metrics and deploy my strategy i can click directly to the item record this record stores all historical transaction information about the item presenting metrics here in the item 360 specifically on sales and margin to understand the cost and bottom line contribution three-way match to detect variances between orders receipts and invoices sales history and open purchase orders all this information provides even more granular insight on the item's performance influencing my decisions on pricing and procurement the related records tab links every transaction behind these numbers in the sales and pricing tab i can control the price levels which can be associated with a particular sales channel group or type of customer or even an individual automating the application of the correct price on orders the purchasing
02:18and inventory tab gives me full inventory visibility across my warehouses stores or other locations the side-by-side view clearly conveys not just what is on hand but what is set to come in on purchase orders and committed to go out on sales orders to arrive at the true available to sell number for each location i can define a costing method and establish reorder points once inventory levels dip below the reorder points netsuite will automatically generate an alert to my dashboard with a suggested purchase order quantity to restore my preferred stock level necessary to fulfill demand for further automation i can set these reorder points to auto calculate this feature leverages netsuite's algorithm to adjust the reorder points and preferred stock levels to consider change in item demand from sales lead time from suppliers and user-defined safety stock because all sales
03:22and purchasing occurs in netsuite there is real-time accurate feed of these factors to provide responsive ordering suggestions for an optimized supply chain additionally netsuite can record landed costs anything beyond the purchase price that needs to be factored into the cost of goods sold thank you for watching this demonstration if you have any questions please reach out to your account manager