Predicting Future Inventory Requirement With NetSuite
Imagine running a business where timely deliveries are everything, but predicting future stock requirements feels like a guessing game. What if you could foresee your inventory needs precisely and never miss a delivery again? Let's explore how we made this a reality for one of our clients.
Client Portfolio
One of our clients is a retailer dealing with surfboards, catering to a diverse customer base. They operate on a model where customers place orders and they deliver the goods accordingly. The delivery is based on the material availability.
The client’s business depends heavily on accurate inventory management to ensure timely deliveries.
Problem Statement
The retailer faced challenges in predicting future stock availability, which impacted their ability to meet customer demand. They needed a system that could accurately forecast inventory requirements based on emerging trends and estimated sales.
To anticipate future stock needs, the client wanted to measure and forecast based on the difference between unfulfilled sales and pending purchase orders.
Their primary goal was to improve the accuracy of stock predictions, reduce delayed deliveries, and eliminate distribution errors.
What we Suggested
Our experts analyzed the requirements and recommended creating a custom page within NetSuite. This would identify the differences between unfulfilled sales orders and pending purchase orders.
We implemented a period-wise setting for purchase orders, allowing the system to automatically check item availability for the scheduled delivery dates. This ensured that the retailer could generate timely purchase orders, securing the necessary stock for on-time deliveries.
Challenges
The key challenge was developing a custom solution within NetSuite’s inventory management. The solution could efficiently handle the complex task of evaluating the difference between unfulfilled sales and unreceived purchase orders.
Another significant hurdle was classifying and processing sales and purchase order data to ensure accuracy.
Our team had to carefully design a scalable solution that could seamlessly integrate with the client’s existing processes.
Customer Success
The implementation of the custom NetSuite solution enabled the client to automate the process of forecasting inventory needs.
This NetSuite customization allowed them to understand backorders, deliver inventories on time, and accurately forecast future stock availability. The automation of cross-checking and creating sales and purchase orders ensured a streamlined and error-free process.
Key Achievements
• Achieved accurate forecasting of future inventory needs.
• Improved on-time delivery of orders.
• Enhanced customer satisfaction by reducing delays and errors.
• Timely cross-checking and creation of sales and purchase orders.
Way Forward
The success of this project has equipped the client with a robust system for predicting and managing inventory requirements. This game-changing project is already helping our clients to foresee future requirements in the market.
Moving forward, the client can focus on optimizing other areas of their business, knowing that their inventory management is now more efficient and reliable.
This NetSuite custom inventory solution has become a valuable asset in helping the retailer stay ahead in a competitive market.
If you’re struggling with forecasting inventory requirements and ensuring timely deliveries, Jobin & Jismi’s expert team is ready to assist. Contact us today to explore how our tailored NetSuite solutions can enhance your business operations and improve customer satisfaction!
