Any product-based business knows that inventory is the backbone of operations, but managing it efficiently is easier said than done. Too much stock ties up cash and warehouse space. Too little leads to stockouts, missed sales, and unhappy customers. And if you’re too reliant on manual processes, you’re probably dealing with errors, delays and the associated frustration.
NetSuite Inventory Management provides the solution with real-time visibility, automation, and AI-driven forecasting – all designed to help optimise stock levels, streamline fulfilment, and reduce carrying costs – while keeping customers coming back.
What is NetSuite Inventory Management?
NetSuite Inventory Management is a NetSuite-native cloud-based solution that helps businesses track, manage and optimise inventory levels in real time. Unlike outdated, manual systems that rely on spreadsheets or disconnected tools, NetSuite provides a centralised, automated platform that integrates with procurement, fulfilment, sales and financials. Key capabilities include:
- Multi-location inventory tracking | Manage stock across warehouses, retail locations, or distribution centres in real-time.
- Automated replenishment | AI-driven demand planning ensures you reorder the right stock at the right time.
- Cycle counting & barcode scanning | Improve inventory accuracy and reduce manual errors.
- Landed cost tracking – Understand the true cost of goods, including freight, duties, and other expenses.
- Integration with supply chain & fulfilment – Syncs with NetSuite’s supply chain, warehouse, and order management tools.
Let’s now look at each modules capabilities in more detail.
Multi-location fulfilment for smarter shipping
Managing inventory across multiple locations is a logistical nightmare without the right system in place. NetSuite solves this by predefining fulfilment rules, eliminating multiple shipments per order and cutting unnecessary shipping costs.
How does this work in practice?
- Instead of splitting shipments across warehouses – and racking up extra fees – NetSuite ensures orders are fulfilled from the most logical location.
- Sales teams get real-time visibility into enterprise-wide stock availability, meaning they can transfer, hold or ship items from any warehouse or store – instead of turning customers away.
- If stock is running low in one location but available elsewhere, NetSuite can automate inventory transfers, preventing unnecessary stockouts.
Replenishment for automated stock reordering
Reordering inventory ensures you keep stock on the shelves but it’s also about balancing supply with demand without over- or under-investing in inventory. NetSuite’s demand-based replenishment takes the guesswork out of ordering.
How does this work in practice?
- Analyses historical sales patterns, seasonality and supplier lead times to determine the ideal stock levels for every product.
- Dynamically adjusts reorder points based on fluctuations in demand – so you’re not overstocking when sales are slow or running out when demand spikes.
- Automatically generates purchase tasks and alerts for purchasing managers, ensuring they act before stock levels become critical.
Cycle counting for continuous inventory accuracy
Traditional stock counts are slow, disruptive, and prone to error. NetSuite’s Smart Count eliminates these issues by enabling real-time cycle counting without freezing transactions.
How does this work in practice?
- Stock isn’t locked down during a count – so warehouse operations continue as usual.
- The system logs transactions happening during the count – like sales, returns, or stock transfers. If stock levels change mid-count, it flags the discrepancy, ensuring accurate adjustments.
- Admins can define rules for handling on-the-fly stock changes, ensuring accuracy without unnecessary disruption.
Traceability for lot & serial tracking
For businesses that deal with regulated goods, perishable products, or high-value inventory, traceability is a huge plus. NetSuite’s lot and serial number tracking ensures full visibility across the supply chain – from supplier to sale.
How does this work in practice?
- Lot tracking monitors batch numbers, expiry dates and costs for each product lot, ensuring you can trace items back to suppliers or production batches.
- Serial tracking allows businesses to assign unique serial numbers to each item, enabling precise tracking for warranty claims, repairs or regulatory compliance.
- Intelligent fulfilment rules define inventory usage strategies like First Expiring, First Out (FEFO) to reduce waste and ensure products are used efficiently.
- SKU hierarchy management simplifies complex inventory structures by grouping products by size, colour, or other attributes – streamlining SKU management.
Item visibility as the ultimate command centre
Too often, businesses rely on scattered reports and outdated data to make inventory decisions. NetSuite’s Item 360 Dashboard puts everything in one place, offering a real-time, centralised view of stock performance.
How does this work in practice?
- View stock levels by location to quickly see where inventory is available across warehouses, retail stores, and distribution centres.
- Understand projected stock availability with alerts for anticipated shortages or overstocks before they impact operations.
- Custom KPIs & analytics allow dashboards to be personalised to display the metrics that matter most to your business.
Landed cost tracking for understanding the true cost of goods
Knowing how much you paid for inventory isn’t the same as knowing how much it actually costs to get it into your warehouse. Freight charges, import duties, handling fees, and hidden expenses all add up – yet many businesses fail to account for these costs accurately.
NetSuite’s Landed Cost Tracking eliminates this problem by giving businesses a complete, real-time picture of the true cost of inventory – ensuring pricing, margins and cost control strategies are based on actual costs, not just purchase price.
- Captures all inventory costs beyond supplier invoices including freight, import duties, handling and insurance, for complete financial accuracy.
- Automatically allocates costs across SKUs based on value, weight/volume or quantity, for precise per-unit cost calculations.
- Provides real-time cost visibility, updating inventory valuation and profit margins instantly for accurate COGS reporting.
- Seamlessly integrates with procurement and accounting, linking landed costs to inventory management, accounts payable and financial reporting.
Landed Cost Distribution app by Annexa
Check out the Landed Cost Distribution app by Annexa and how it gives you full visibility on the total cost of an imported shipment including the purchase price, freight, custom/duty fees, labour and other costs up to the port of destination.
Smarter inventory makes for a stronger business
Inventory management is about knowing what’s in stock—but also having the right stock, in the right place, at the right time, at the right cost. If your inventory system
Contact us now to start a conversation about how we can help you get the efficiency you need.
Learn more:
- A deep dive into how NetSuite transforms supply chains for ANZ businesses >
- How NetSuite streamlines supply chain operations – end to end >
- Make procurement a source of competitive strength with NetSuite >
- A closer look at NetSuite Supply Chain Control Tower >
- Real-world use cases of NetSuite Demand Planning >