If your company has lots of inventory to manage, the NetSuite Suite of products can give you accurate and up-to-the-minute information whenever you need it. Since every transaction entered by anyone, anywhere in the company, is stored centrally in one Oracle database, inventory data is immediately updated by any sales, purchasing and receiving activity.

Each time you create an item record, the Suite automatically tracks the item's quantity and value based on the purchase price and whether you chose the LIFO, FIFO or average costing method. Reordering is quick and easy when you set a reorder point, preferred vendor and the vendor's ID number for each item. To learn more about vendor management, see our Vendor / Partner Management overview.

With the NetSuite Suite of products's inventory features, you can also manage kits and assemblies. When a kit is ordered, inventory records for the individual members of that kit are immediately updated. Kits can be priced separately from their components and can also be assigned multiple price levels.

When you sell a kit, you can show it as a bill of materials that lists each of its components, or you can display just the kit name on the invoice.

As sales reps place orders, the NetSuite Suite of products notifies them if an item has reached its reorder point — and how many remain.

Using the Suite, the sales rep can look up how many others have already been reserved for other customers, and how there are on order, so they can determine the best way to satisfy their customers.

You can set rules for the way out-of-stock items are handled in your Web site — whether the items should be automatically removed from display until your supply is replenished, or simply marked as unavailable.

The integrated nature of the NetSuite Suite of products gives immediate visibility to every action that affects inventory levels. Issuing an invoice for an item, a warehouse clerk receiving a delivery, or a customer service rep authorizing a replacement to be shipped updates inventory records automatically throughout your company. Mass updates or inventory adjustments can also be made at any time.

As a manager, you have complete awareness not only of inventory levels but also of inventory costs. This information combined with sales information allow you to continuously monitor Cost of Goods Sold, profit margins, inventory holding costs and the amount of business capital tied up in inventory. You can also determine returns by product to help you analyze whether you ought to rely on the vendor who provided the product to you. All this information allows you to make better decisions about your ideal inventory levels and preferred vendors.

To learn more about reporting, see our Reporting overview.

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