Today, we're delving into the world of Assembly Items that come with special order inventory components. Essentially, this means that within the Bill of Materials, one of the inventory items is a special order item. The catch here is that this special-order item isn't stocked at your current location. Now, it's important to clarify the distinction between special orders and drop shipments. While a drop shipment involves the item being shipped directly to the customer, a special-order item is received at your company's warehouse first. However, don't forget, you still have the flexibility to switch to a drop shipment on the line level field if the need arises.
Successful inventory management is a key component in any business, and understanding the challenges and opportunities in this space is critical to developing successful and impactful processes. One of the challenges in this space with regard to Netsuite has been how to effectively manage inventory that should not be sold, or inventory that can be sold but should otherwise be segregated based on specific attributes. Traditionally, part of the challenge is how to prevent this inventory from being allocated to sales orders or how to track inventory items that share the same item number in Netsuite but may have small differences such as packaging.
Tags: NetSuite, ERP, Project Management, Reporting, NetSuite Partner, NetSuite How To's, Inventory Management, Warehouse Management System (WMS), NetSuite Tips, WMS, Netsuite WMS, Implementing, Implementation, Inventory Status, Item Receipt, Defective Inventory, Quality Assurance
The Inventory Count feature supports improved tracking of inventory and tighter control over assets. When this feature is enabled, you can enter regular periodic counts of on-hand item quantities to maintain inventory accuracy. Keeping an accurate item count can help reduce required safety stock, which lowers your overhead costs.
Are you in need of identifying consumer buying patterns and want to quickly view which product is over or under performing? Merchandise Hierarchy helps achieve this plus provides a quick view of your products while allowing for category changes during different time periods. This can be a great tool if you are continuously launching new limited release collections or have multiple seasonal offerings.
Ecommerce is a huge part of being successful in the retail industry, so unlike other companies, you need to find the right balance between a stellar ecommerce and a seamless back office system.
Many retailers start their business with a combination of a basic accounting system, inventory management system, and multiple spreadsheets. But as they grow larger, the amount of time and effort it takes to handle a higher volume of orders becomes difficult to handle and prone to human errors.
As a retail startup, you are always pivoting to meet changes in the marketplace, and having siloed systems to run your business just is not cutting it anymore. You need a solution that is flexible and adaptable enough to whether any storm (or pandemic as it were) and scalable so that your growth is no longer a limiting factor. You also need something that is robust enough to grow with you so that you do not find yourself in the same situation 5-10 years down the road.
COVID-19 has impacted everyone in the United States personally, professionally, and/or financially. Startups, especially newer retailers, have been hit hard because they do not always have the cash flow, processes and systems in place to handle this drastic of a change.
You’ve got complex orders with different pricing for each customer. You need a flexible system in place to streamline the order-to-cash process.
If you have siloed systems, the order management process can be very manual and prone to human error. But, what would your company look like if you could automate and manage your entire order lifecycle from order capture and validation, to order release and shipment confirmation, all the way through to follow up customer communications and payment settlement?
As a wholesaler of cell phone units, parts, or accessories, you’ve got a lot of different kinds of inventory in multiple locations to keep track of.