When it comes to retail, there is nothing more beautiful than having the right stock on hand to fulfill the order and ensure another happy customer. But with several siloed channels, this simple task can be quite the challenge. Your merchandiser needs reporting to effectively manage stock levels. Your inventory planner needs this same data to correctly assess and forecast demand. Your warehouse manager needs to know what product is available now and where it is located. And this is only amplified during peak season. If you are using NetSuite to unite these channels to a single view, you are a step ahead of many of your competitors. But how can you maximize NetSuite to achieve omnichannel success?
Why mobile technology is critical
Health and Beauty companies need lot-controlled inventory tracking, and by automating manual processes in the warehouse and retail store, you can ensure everyone has up-to-date information available to them at all times.
You should be automating:
Purchase Orders, Transfer Orders, Sales Orders – basically, all orders
Visibility to real-time, accurate information is the key to successfully managing your inventory. But not only does mobile technology save you time and provide visibility, by eliminating error-prone manual data entry, you can guarantee you are picking and shipping orders correctly. Combine that with accurate counts, and in just a short period, you can establish accurate inventory to prevent stock-outs while reducing safety stock by 1/3. Because of the continued growth of E-Commerce, cutting inventory costs is critical for health and beauty retailers.
To effectively manage your inventory, you will also want to leverage mobile tools to further automate your operations:
Location leveling dashboards: Currently, there isn’t a method in NetSuite to view multiple locations and their inventory. This can be problematic during a peak and you find yourself with low inventory levels. A Location Leveling dashboard like RF-SMART’s native inventory tool provides an interactive view of your inventory levels and allows you to transfer inventory between stores – all within NetSuite.
Automated Pick Planner: A way to gain faster pick times for large and small orders is by planning picking tasks. With tools like RF-SMART’s Pick Planner, you can do this directly in NetSuite for multiple order types (criteria like Tote picking or wave picking). Then, send the tasks to a mobile device instantly to guide your workers on the most efficient route through the warehouse.
Health & Beauty Leader
“Inventory is our most important asset, and RF-SMART ensures it is correct and manageable”
Fisk industries is a leading innovator, manufacturer and distributor of high-performing beauty products. With thousands of SKUs, Fisk needed a robust and easy-to-use scanning system to track product.
Experiencing stock-outs and the inability to fulfil orders, they wanted to increase speed, accuracy and efficiency.
Fisk was able to increase inventory accuracy from 80% to 98% and improved order fulfillment from 5 days to the same day. Product no moves seamlessly between bins, and Fisk has an effective replenishment process.