Ways to Optimise Inventory – are spreadsheets still serving your inventory planning needs?

1. Demand-based Reorder Points

   Inventory management software can help dynamically adjust stock reorder points and thresholds based on your demand needs and actual leads times with suppliers . Often companies will need to set the static limits which may need continued adjustments to fine tune with changes in demand.
   

2. Time-Phased Replenishment Planning

   With time fencing planning, companies can minimise stock outs by ensuring orders are placed in time with suppliers to meet future demand and lead times.
   

3. Dynamic buffer and safety stock

   Software automation and AI can help optimise buffer and safety stock levels based on dynamic factors.
   

4. Automated purchase order creation

   Releasing recommended purchase orders will allow your organisation to manage optimal inventory levels and minimise lead time delays.
   

5. Running frequent Cycle counts and inventory monitoring

   Systems will allow your organisation to measure accurate inventory levels at all times.

Some key metrics your inventory management team should be tracking.

• Inventory On hand
• Inventory Committed
• Inventory Available
• Inventory On-Order
• Item Revenue, Cost, GP%

AVT – Absolute Vision Technologies (Oracle NetSuite VAR, Partner & SI) is a Business Transformation service provider helping Wholesale distribution and manufacturing companies  to transform their processes and systems on a single unified platform, thereby increasing overall scale and efficiency. Find out more about this on www.abvt.com.au/netsuite.

Please also consider book-marking the NetSuite Support Services – your go-to resource to submit support tickets and access knowledge base articles. The NetSuite Support Services also contains a direct link to NetSuite’s system status page.

Need more info?

Find out more at the NetSuite Blog page

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