INTRODUCTION
In the first part of this blog, The Ultimate Guide to Matrix Items: What They Are and How to Use Them we explored the basics of NetSuite’s Matrix Item feature, its creation process, and its advantages for managing complex product combinations. In this continuation, we’ll delve deeper into how to create a matrix item, advanced tips for optimizing matrix items, and best practices for ongoing management.
Creating a Matrix Item in NetSuite
NetSuite’s Matrix Items feature allows businesses to efficiently manage products that come in multiple variations, such as size and color. In this guide, we’ll walk through creating a new matrix item for a shirt that comes in three sizes (S, M, L) and three colors (Red, Blue, White).
Navigate to Item Setup
In NetSuite, go to Lists > Accounting > Items > New.
Click on Matrix Item Assistant next to the Type of Item you wish to create.
Create the Item
Use the Matrix Assistant to set up the Item Basics by filling in the mandatory fields and Click Next.
Next, create the Item Property Lists with possible combinations.
Verify and Test
- Go to Lists > Accounting > Items and search for your newly created items.
- Verify that all variations appear and have correct pricing, inventory, and descriptions.
- Create a sample Sales Order to confirm items function correctly.
BEST PRACTICES FOR MANAGING MATRIX ITEMS
Keep Parent Items Organized
Although parent items cannot be sold, they play a critical role in organizing child items. Best practices include:
- Assigning parent items to clear categories or item groups.
- Providing a concise yet descriptive name for parent items.
- Adding detailed descriptions to parent items for better navigation in reports or when training new staff.
Regularly Audit and Clean Up Variations
Over time, some variations may become obsolete (e.g., discontinued colors or sizes). Regularly audit your matrix items to:
- Deactivate unused child items.
- Archive outdated attributes or lists to streamline future creations.
Integrate Matrix Items With Other Modules
Matrix items integrate seamlessly with various NetSuite features, such as:
- E-commerce: Enhance the customer experience by enabling filters for attributes like size or color.
- Advanced Inventory: Use location-based attributes to track stock levels across multiple warehouses.
- Demand Planning: Forecast demand by analyzing sales trends for specific attributes (e.g., most popular sizes or colors).
MAXIMIZING REPORTING AND ANALYTICS
Utilize Saved Searches for Detailed Insights
Saved Searches are invaluable for analyzing matrix item performance. Examples include:
- Sales by attribute (e.g., color or size).
- Stock levels for specific variations across multiple locations.
- Revenue comparisons between parent categories.
Create Dashboards for Quick Access
Tailored dashboards can provide real-time visibility into your inventory and sales trends. Consider adding:
- A matrix item sales summary.
- Low-stock alerts for specific child items.
- Top-performing variations by revenue.
Combine Matrix Items With SuiteAnalytics
For deeper insights, leverage SuiteAnalytics to build custom reports. Examples include:
- Profitability analysis by material type.
- Seasonal trends for product attributes.
- Turnover rates for each variation.
BENEFITS OF LONG-TERM MATRIX ITEM USAGE
The true value of the NetSuite Matrix Item feature becomes evident with consistent usage and strategic management. Over time, businesses report:
- Improved Operational Efficiency: Automated processes reduce manual errors and speed up transactions.
- Enhanced Customer Experience: A well-organized catalog with filters ensures customers find what they need faster.
- Better Decision-Making: Robust reporting capabilities empower data-driven decisions.
- Scalability: Easily add new variations or update existing ones as your business grows.
CONCLUSION
NetSuite Matrix Items simplify inventory management and product variations, ensuring efficiency and accuracy. By leveraging best practices and advanced reporting, your business can enhance operations, improve data integrity, and elevate the customer experience. Now is the time to maximize this powerful feature. Reach out today for expert guidance!
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