Oracle NetSuite Review

• Oracle NetSuite is an enterprise resource planning (ERP) platform that comes with inventory management and warehouse management functions.
• Oracle NetSuite is a sprawling ERP platform. You'll need to get a quote from an Oracle sales representative. The quote will be based on the needs and circumstances of your business.
• Oracle NetSuite is ideal for midsize businesses, manufacturers, and companies that need advanced features, such as warehouse management.
• This article is for entrepreneurs considering implementing Oracle's NetSuite ERP platform and inventory management module.

Oracle NetSuite is an ERP platform that includes inventory management software and a warehouse management function. With Oracle NetSuite, businesses can better manage orders from suppliers and branch transfers from their warehouses to their stores. Additionally, NetSuite includes key tools that give companies insights into their warehouse operations and support regular cycle counts to ensure inventory isn't disappearing. We selected Oracle NetSuite as the best inventory management software for warehouse management.

Editor's note: Looking for inventory management software? Fill out the questionnaire below and our vendor partners will contact you with more information.

Pricing

Oracle NetSuite's platform consists of inventory management, accounting, point of sale, customer relationship management (CRM) and human capital management software. Depending on the specifics of your business – such as the size of your company, revenue and the modules you require – its price can vary greatly.

You must get a customized quote from an Oracle sales representative. Based on research we conducted, the platform reportedly starts at $99 per user per month, plus there is a $999 monthly licensing fee. While this base price can be used as an estimate, your costs may vary significantly.  

Further, Oracle NetSuite should not be the first choice for a small business with more basic inventory management needs. Instead, midsize and scaling businesses that anticipate a use for the entirety of Oracle NetSuite's ERP platform are best suited for the software.

While NetSuite's pricing may be expensive, don't be deterred by the costs. If your business manages a lot of complexity, NetSuite's integrated ecosystem can save you time and money that would otherwise be spent acquiring and integrating many different software solutions from a variety of vendors.

Key takeaway: Oracle NetSuite's price varies depending on the different software modules required and the size of your business, its annual revenue, and the number of orders your company processes.

Features

Some of the key features of Oracle NetSuite related to inventory management and warehouse management include:

Warehouse management

Oracle NetSuite's warehouse management and fulfillment module helps businesses control inbound logistics, outbound logistics, and warehouse inventory management.

Inbound logistics governs how materials ordered from suppliers are received, stored and tracked. Using NetSuite, businesses can generate and send purchase orders to their suppliers, setting high-priority tickets to an "expedite" list for faster processing. Users can also establish inspection plans for quality assurance purposes to evaluate the condition of materials received and, if needed, addressing any issues with suppliers. NetSuite's inbound logistics tool also enables businesses to track goods en route from suppliers, helping plan order management more effectively by estimating the typical lead times needed to receive goods.

Outbound logistics tracks goods leaving the warehouse, which are shipped directly to stores or consumers. This tool includes a "pick, pack and ship" feature, which informs warehouse employees and distribution employees that a product is ready for transport. Warehouse workers identify the lot, aisle, and bin a product is located in to pick and prepare it for shipping. Once on the loading dock, distribution partners pick the order up and transport it to the correct location. As an item moves through the warehouse, Oracle NetSuite updates its records to reflect the accurate number of quantities remaining in your inventory.

Inventory tracking

The logistics tools are dependent upon accurate inventory management, which incorporates barcoding, batch and serial tracking to determine where items are located in the warehouse. When employees scan a received product into the storage facility, they move it from the loading dock to the appropriate lot, aisle and bin. Once placed, an item is scanned again, and Oracle NetSuite automatically updates its records with the location of the item and the date and time it was scanned in.

Inventory auditing

Once an item is stored in the warehouse, Oracle NetSuite regularly alerts staff to perform "cycle counts" or inventory audits. These audits reconcile the actual quantity of stock in storage with the records maintained by Oracle NetSuite's inventory-tracking tool. Oracle NetSuite's auditing features are also designed to streamline inventory audits by cataloging products based on their value, quantity, and specific characteristics like color, size, material, and product type.

Order management

The order management tool helps warehouses ensure an adequate quantity of each item is always on hand without over-ordering and ending up with "deadstock," or products that cannot be sold promptly. NetSuite automatically analyzes historical sales and logistics data to determine optimal reordering points for each product, replenishing stock to an optimal threshold when it runs low. NetSuite also accounts for lead times identified through the inbound logistics tools, factoring in how long it takes suppliers to fulfill new orders and adjusting the minimum quantity accordingly.

Multiple location management

Oracle NetSuite also includes a multiple location management tool, which is useful for a warehouse that supplies several locations. For example, if you operate five retail stores that are all serviced by the same warehouse, your warehouse not only must deliver products on time, but it must maintain sufficient inventory to satisfy multiple requests at once. Oracle NetSuite provides a bird's eye view of inventory in all locations, allowing you to track historical sales data and better understand how frequently each location needs deliveries of specific items. Through lot tracking, bin tracking, and serial tracking, you can monitor the flow of goods across your entire business in real time, and NetSuite automatically adjusts optimal stock levels to support demand across all your locations.

Key takeaway: Oracle NetSuite offers several key tools that are critical for warehouse management, including inbound and outbound logistics, inventory tracking and fulfillment, product traceability, and multiple location management.

Integrations

As an ERP platform, Oracle NetSuite offers seamless integration with all modules (inventory management software, CRM, human capital management software, etc.) available on the platform. NetSuite integrates with many leading business software providers and offers open APIs for the development of new integrations.

To integrate NetSuite with other business software you use, a dedicated implementation team is available, though for an additional fee. The team offers implementation of the ERP platform itself, as well as the development of additional integrations and project management planning.

Key takeaway: Oracle can build integrations with most leading business software providers. To develop new integrations with your existing systems, contact the Oracle team for pricing.

Editor's note: Looking for an inventory management software? Fill out the questionnaire below and our vendor partners will contact you with more information.

Limitations

Oracle NetSuite is expensive. While the cost is justified by the holistic nature of the platform, it may be too comprehensive for smaller businesses, which may find the software unwieldy. Instead, NetSuite is ideal for midsize and large businesses operating a complex operation – NetSuite performs best when all of the modules are used in conjunction with one another.

If you are a small business or on a tight budget, consider a dedicated inventory management software that can be integrated with your other systems.

To learn more about these inventory management systems, read our best picks page.

Key takeaway: Oracle NetSuite is an expensive and powerful software not suitable for smaller businesses. However, midsize and large businesses can benefit from the modules included on the platform, not just the inventory management module.