Between preparing for the holiday rush, which for many accounts for up to 30% of their annual sales, and ongoing challenges in the global supply chain, businesses need to manage their inventory smarter than ever.
New capabilities in NetSuite 2021 Release 2 can help product-focused companies do just that.
New Supply Allocation Functionality Focuses on the Highest Value Customers
NetSuite customers are now able to allocate inventory to orders with the highest profit or revenue potential, and even reallocate inventory if necessary to those priority accounts. This helps businesses make better decisions and ultimately serve their customers better. For example:
- When dealing with limited inventory, businesses can make fulfillment decisions using system-generated recommendations based on the most profitable or highest revenue generating orders.
- Businesses can focus on serving high value customers without requiring extensive manual work from customer service employees.
- Users now can also drill down into allocations and view specific orders and reservations by channel. The system can also make recommendations on reallocating inventory based on shipment timelines.
The new functionality also allows users to see the impact of, for instance, reallocating a shipment on other orders.
With these new allocation options, NetSuite customers benefit from:
- increased staff productivity through automation
- improved profitability
- increased top-line revenue.
Automation Makes Daily Tasks More Efficient
When processing inventory into the warehouse, generating lot numbers isn’t hard, but it takes time. Now, NetSuite will automatically generate and configure lot numbers during processing.
Users can also capture additional lot-related data, such as supplier lot number and manufactured date, plus any other lot data they may need. This helps enable compliance and ensures problems can be traced if issues arise. It also makes putting away and tracking items with similar attributes more efficient.
Simpler, More Efficient Packing
On the inbound and outbound receiving side, NetSuite Warehouse Management now helps workers pack pallets and ship them with just a few clicks on their mobile device, including packing multiple orders in the same pallet. This helps to boost efficiency and cost effectiveness in the pack-and-ship process.
Packing efficiency and accuracy is one of the key challenges that all shippers must address. The cost of a packing error impacts re-shipping costs and, most importantly, customer satisfaction.
The Pack Station app provides a simple interface that allows packers to scan and verify each item in the packing process, increasing efficiency and ensuring foolproof accuracy. It adds a final check before an order goes out of the door, delivering an extra layer of verification that ensures each box contains the correct content. The result: more customer satisfaction and fewer (or no) expensive reshipments due to mispacked orders. The Pack Station app:
- Increases the efficiency of the packing process by letting the users pack multiple cartons at the same time
- Removes human error from the packing process
- Supports multi-level packing: packing items into cartons and cartons into pallets.
To learn more about these features and see what else is new at NetSuite read the release notes.
Most importantly, don’t forget to request access to your Release Preview test account. Nothing substitutes for getting to test how all the new features will work with your data, workflows and customizations.
The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.