NetSuite Demand Planning Module
Unified Solution to Drive Inventory & Manufacturing Success
What is NetSuite Demand Planning?
By pinpointing when to reorder items, and in what quantities, you optimize stock levels and enhance supply chain planning.
Why NetSuite Demand Planning?
In today’s business climate, understanding your company’s future inventory needs is more important than ever. With the right demand planning tools, businesses can avoid stockouts and maximize sales opportunities while improving customer satisfaction. This can help reduce overall inventory costs by ensuring that only the amount of inventory needed is purchased and stored.
Improve Forecast Accuracy
The NetSuite Demand Planning module includes tools for using historical data and sales forecast information to predict future demand for inventory, planning accordingly, and incorporating preferred stock levels.
The plans this generates are calculated on a per-location basis to take into account projected demand in a given area.
Demand can be evaluated and presented in a number of different ways with:
- Linear Regression – Using previous demand to project future inventory based on the least-square regression method.
- Moving Average – Use the moving average of historical demand to calculate the overall average stock level needed and then project future stock levels using that overall average.
- Seasonal Average – Using previous demand to examine the seasonal trend of inventory flow and then project a similar seasonal trend for future stock levels.
- Sales Forecast – This option uses forward-looking sales forecast data such as opportunities and estimates to project inventory demand.
Efficiently Manage Cash Flow
The NetSuite Demand Planning Module includes inventory planning tools that help you optimize inventory levels and increase turns.
It includes order consolidation capabilities to reduce costs and simplify the ordering process. The module also provides workflow approval capabilities for more effective management of complex processes.
Key Features of NetSuite Demand Planning
NetSuite Demand Planning helps companies plan for orders and manage the supply chain.
The module’s menu structure shows the process for calculating demand, reviewing demand plans and revising where required; generating supply plans, reviewing and editing plans; and finally generating purchase, transfer, and work orders.
NetSuite Demand Planning Module lets you define multiple inventory locations with real-time visibility. Locations can be organized hierarchically, and global businesses can define relevant countries. With this module, during the planning process, the system can be set up to automatically create transfer orders between locations as necessary.
In NetSuite Demand Planning, you can define the parameters that affect each item. Some of these parameters may include availability to demand planning, alternate sources of supply if an item’s vendor is unavailable, and distribution network and category assignments. For example, a manufacturer might use DRP (distribution resource planning) functionality to transfer inventory between facilities, but might also set additional planning parameters that affect either how demand is evaluated or how planned orders are generated.
Curious How Much NetSuite Demand Planning Cost?
ScaleNorth is an official NetSuite partner and implementer of NetSuite’s Demand Planning Module. Discover more about NetSuite Demand Planning and why it’s the best fit for your business. Get a free consultation today!
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