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13 Essential Tips for Streamlining Inventory Management

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Looking to streamline your inventory management? Here are 13 essential tips from our consulting team to help your business run more efficiently.

1. Choose the Right Inventory Method: Opt for FIFO or LIFO based on your business needs.

2. Accurate Demand Forecasting: Utilize data to forecast demand effectively.

3. Identify Low-Turn Stock: Keep an eye on slow-moving items and adjust accordingly.

4. Track Stock Levels: Monitor inventory levels to fine-tune ordering processes.

5. Audit Stock Levels: Regularly check and reconcile inventory for accuracy.

6. Embrace Just-in-Time (JIT): Minimize excess inventory with JIT management.

7. Focus on Quality Control: Ensure quality at every stage of the inventory process.

8. Implement Point-of-Sale (POS) Technology: Track inventory in real-time.

9. Utilize Barcode Systems: Improve accuracy and efficiency with barcodes.

10. Use Purchase Orders: Streamline ordering and receiving processes.

11. Receive Inventory Accurately: Verify received items match purchase orders.

12. Formalize Processes: Standardize procedures to minimize errors.

13. Make Data-Driven Decisions: Leverage real-time data for informed choices.

Efficient inventory management is crucial for small businesses, saving costs and improving cash flow. Let our NetSuite experts help optimize your inventory processes for success!
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May 29, 2024
Top 5 Excel Functions to Make You and Your Business More Efficient
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If you’re not exactly sure how to utilize software for your business, it can seem like a better idea to go back to pencils, paper, and the old school ways of getting things done. Excel can be overwhelming, but luckily, we’ve narrowed down the top five functions anyone can do to improve efficiency and save money.

1. VLookup: used to help find data automatically in a large field of data instead of trying to find it manually
- - First, identify a column of cells you’d like to fill with new data.
    
    Then select “Function” (the FX button) and type “=VLOOKUP” and insert this formula into your highlighted cell.
    
    Enter the lookup value for which you want to retrieve new data.
    
    You can enter the table array of the spreadsheet where your desired data is located.
    
    Enter the column number of the data you want Excel to return.
    
    Enter your range lookup to find an exact or approximate match of your lookup value.
    
    Click “Done” (or “Enter”) and fill in your new column.
2. Remove duplicates: with large amounts of data, you’re bound to have some duplicates happen. This function makes it a breeze to remove them.
- - Select the data you’re looking to remove the duplicates of.
    
    Click “Data” in the top menu of the Excel window to open the Data menu.
    
    Click the “Remove Duplicates” button.
    
    A window will pop up. If your column includes a header, make sure the box next to “My list has headers” is checked.
    
    A window will pop up telling you how many duplicates were removed and how many remain. Click “Enter” to get rid of the window.
    
    Excel will only remove exact duplicates**
3. Sum function: This does exactly what you think. It adds values. You can add individual cells, cell references, or range…or all three!
- - Type “=SUM” in a cell, followed by an opening bracket “(“.
    
    To enter the first formula range, which is called an argument(a piece of data the formula needs to run), select the numbers you need. For example, if the numbers you’re adding up are between A2:A4 select cell A2 and drag through cell A4.
    
    Type a comma “,” to separate the first argument from the next.
    
    Type the second argument in, for example, C2.
    
    Finally, type a closing bracket “)”, and then press “Enter”.
4. Average function: This will allow you to find the average (in this case the mean).
- - Select the cell where you’d like the formula results to be displayed.
    
    Go to the Home tab and hit the “FX button”. Then, select the AutoSum drop-down arrow.
    
    Select AVERAGE in the list to enter the AVERAGE function into the cell you’ve chosen for results to be displayed.
    
    Highlight the cells which contain the numbers you want to find the average of to enter these references as arguments for the function.
    
    Press “Enter” on the keyboard.
    
    The number that appears in the cell you selected will be the average of the numbers you selected.
5. Trim function: If you copy and paste data directly to Excel, there can be pesky spaces before, after, and in between your data. This function trims the fat and leaves you with just the data you need.
- - Select the cell/cells where you want to delete spaces. For example, select cell A1. In this cell, type ” Pitman” (without the quotations). Be sure to add a space or two before “Pitman” like we’ve done above so you can see the TRIM function in action!
    
    Now click cell B1 – this is the cell next to A1.
    
    Click the “FX button” and then select the AutoSum drop-down arrow.
    
    Select “TRIM”.
    
    Select cell A1. Now, cell B1 should contain the following formula: =TRIM(A1)
    
    Click “Enter”. B1 should now have “Pitman” written in it without any additional spaces.
This should give you a great starting point to understand and utilize Excel for your business. After all, technology is supposed to make our lives easier. NetSuite is a cloud based ERP system that does just that, but it can be overwhelming at times. Please reach out to Palladium Consulting Solutions for your NetSuite consultation.

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May 21, 2024
Complex Problems: NetSuite for Nonprofits
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At Palladium Consulting Solutions, we understand the unique challenges organizations face. From limited resources to complex reporting needs, there is no shortage of challenges for non-profit companies. That’s why our tailored approach goes beyond implementation, providing ongoing support and training to ensure smooth operations. Consider these factors as you chart your path to NetSuite success.

FUNDING & GRANT MANAGEMENT
- Handling donor restrictions and multi-year grants in NetSuite can be difficult
- Integrating fundraising data with NetSuite adds complexity
DATA & REPORTING
- Merging data from various sources including banks, charities, etc is a time consuming and detail oriented process
- Difficulty in measuring non-profit impact vs. financials
OPERATIONAL EFFICIENCY
- Managing volunteer data and program costs in NetSuite requires customization
- Meeting donor and government regulations adds complexity
ADDITIONAL CHALLENGES
- Budget constraints require careful cost consideration
- Effective training and finding the right implementation partner are crucial for success
Whether it’s optimizing workflows or customizing dashboards for better insights, we’re here to help non-profits overcome Netsuite hurdles and thrive. Connect with us to discover how we can empower your mission with Netsuite.
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May 14, 2024
Top Five Modules for Netsuite
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NetSuite offers a complete ERP system for tracking your business progress. The system includes a wide variety of modules and customizations for your particular business. Let’s take a look at the top five modules NetSuite offers.
1. Supply Chain: NetSuite SCM provides full visibility from conception and manufacturing, to final delivery. With mobile access capabilities and intelligent inventory management, this is one of the best modules you can have. This module conforms to international standards in over 150 countries.
2. CRM: Customer relationship management is one of the most important modules needed for most companies. This NetSuite module will help you achieve your sales goal while also delivering exceptional customer service.
3. Financials: A favorite of CFOs and accountants, this module allows you to take full control of your day to day financials. The use of AI has allowed this module to make more accurate future forecasts as well.
4. Electronic Invoicing: NetSuite covers over 100 companies in terms of localization and taxes. This module excels and automates invoices, payment orders, tax compliance, and more.
5. Business Intelligence: Using valuable information regarding the market and competitors, customized data reports that cover various parts of the business are created. This is a top tier analytic and business intelligence module.
Whether your company is in construction, manufacturing, non-profit, the scientific field, or anything else, these top NetSuite modules will ensure your company is streamlined and efficient. If you’re looking to implement NetSuite, contact Palladium Consulting Solutions for your free consultation today!

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April 30, 2024