INTRODUCTION
Tracking individual units becomes paramount for companies dealing with high-value or unique items. NetSuite, a cloud-based enterprise resource planning (ERP) system, offers a powerful solution through its serialized inventory management feature. In this blog, we’ll explore the benefits of NetSuite serialized inventory and how it can streamline your inventory management processes.
Understanding Serialized Inventory
Serialized inventory refers to the practice of individually tracking and assigning a unique serial number to each item in your inventory. This method allows businesses to monitor and manage the movement, history, and status of each item throughout its lifecycle. Serialized inventory is particularly beneficial for companies dealing with high-cost items, perishable goods, electronics, pharmaceuticals, or any product requiring strict traceability.
Note: NetSuite splits Inventory Items into the following subtypes –
- Inventory Items
- Serialized Items
- Lot Numbered Items
Enhanced Traceability and Compliance
One of the most significant advantages of implementing NetSuite serialized inventory is the enhanced traceability it provides. Each serialized item is uniquely identifiable, enabling businesses to monitor its journey from production to the customer’s hands. This level of traceability is crucial for compliance with industry regulations, quality control, and warranty management.
For industries with strict compliance requirements, such as pharmaceuticals or food and beverage, serialized inventory in NetSuite ensures adherence to regulatory guidelines and simplifies the process of audits and recalls.
Note: Below are Images of how to enable the Serialized Item feature in NetSuite.
Accurate Inventory Management
NetSuite serialized inventory allows businesses to have real-time visibility into each serialized item’s stock level. This level of detail helps companies avoid stockouts and overstock situations, thus reducing carrying costs and optimizing inventory levels.
With serialized inventory, businesses can efficiently track stock movement across various locations, sales orders, purchase orders, and fulfillment processes. This ensures accurate inventory counts and eliminates discrepancies, leading to improved inventory accuracy and more informed decision-making.
Streamlined Warranty and Returns Management
For businesses offering warranties on their products, serialized inventory simplifies warranty management. Each serialized item’s history, including production date, purchase date, and any service or repair history, is readily available in NetSuite. This helps customer support teams quickly verify warranty eligibility and efficiently process returns or replacements.
Note: Below are Images of how to create a Serialized Item Record.
Enhanced Customer Experience
Serialized inventory’s traceability and accuracy directly translate into an improved customer experience. In case of product issues or recalls, businesses can swiftly identify affected customers and take appropriate actions, such as providing replacements or issuing refunds promptly. This level of responsiveness builds trust and strengthens customer relationships.
Simplified Supply Chain Management
Serialized inventory extends its benefits beyond the organization’s boundaries. Collaborating with suppliers becomes more straightforward as serialized items can be tracked throughout the supply chain. This visibility enables businesses to optimize procurement, demand forecasting, and supplier performance, ultimately leading to more efficient and cost-effective operations.
Note: Below is an image of the Primary Information needed to track Serialized Items.
Integration with Barcode Scanning
NetSuite’s serialized inventory management can be seamlessly integrated with barcode scanning. This integration facilitates faster and error-free data entry, minimizing manual work and reducing the risk of data inaccuracies. Warehouse staff can scan serialized item barcodes during receiving, picking, and shipping processes, ensuring that every item’s location and status are instantly updated in the system.
If you need any assistance in these steps, please feel free to connect with NetSuite experts, they will be happy to help you in every way possible.
CONCLUSION
NetSuite’s serialized inventory is a game-changer for businesses seeking to optimize their inventory management processes. The enhanced traceability, accurate stock control, simplified compliance, and improved customer experience provided by serialized inventory contribute to overall operational efficiency and profitability. By leveraging NetSuite’s serialized inventory feature and integrating it with other technologies like barcode scanning, businesses can stay ahead of the competition, boost productivity, and deliver outstanding service to their customers.
About Us
We are a NetSuite Solutions Partner and reseller with 30+ years of combined experience. We specialize in implementation, optimization, integration, rapid project recovery and rescue as well as custom development to meet any business need. If you would like more information on NetSuite or are in need of consultation for your project or implementation, feel free to contact NetSuite support.
To Contact Us Click Here