I use Netstock for purchase orders for my head office and branches. Using opportunities AI has allowed me to avoid stock outs, get orders sent sooner than later to account for standard lead time.
Pros
Tools like forecast, projections help offset large customer orders coming in
Cons
navigating filter screen based on user profile rather than seeing all vendors, would be great to create a group based on user and certain vendors, classification, velocity
flagging items that are not truely overstock- there was a preseason buy
Likelihood to Recommend
Using the projection option when placing a stock order, the visibility is great, from future sales to potential stock out date.
Netstock is a fantastic tool for us in managing our inventory. Being able to identify potential stockouts and surplus orders at a glance is very powerful for our business. In addition, forecasting has been optimized, becoming more efficient and accurate.
Pros
Inventory data at a glance
Forecasting
Cons
More customer-level data
Likelihood to Recommend
Netstock is suitable for a wide variety of businesses that need to improve their inventory management. The Netstock team has been very supportive during both implementation and use. Functionality is constantly being improved and updated.
As our company grew and had more buyers managing more and more items, most of them very seasonal, we had much more difficulty keeping an optimized inventory using traditional methods like Min/Max levels and spreadsheets. We eventually had more and more overstocked items and stock outs, and could not keep up with the seasonal trends using "manual" calculations and updates. Netstock has helped us tremendously with its item classification matrix, forecast engine and easy to use interface to keep inventory issues under control as well as streamline the entire purchasing and inventory management process.
Pros
Customizable item classification
Seasonal forecasting that can be adjusted to taylor our needs
Pinpoint top issues to address via the dynamic dashboard
Show today's recommended orders in sorted by priority
Outstanding customer support team that responds quickly
Cons
A little more flexibility in the multi-location and/or consolidation setup would help
Lacks the ability to apply "Event correction" settings on specific product groups or categories, it can currently only be applied to all or nothing.
Likelihood to Recommend
Based on our experience qith Netstock, there is no more excuses to stick with old, inefficient methods to manage and optimize inventory and purchasing. For us, Netstock pays itself and then some with all the time and guesswork we save. Nowadays, technology solutions are a must to stay ahead of the competition.
Netstock allows us to make better inventory decision, simply put we use Netstock to have the right product in the right location at the right time. The daily dynamic calculations considers our daily sales, promotions & future demands providing our Hagen team with a more accurate over view of the health of our inventory. Our teams have become more strategic in their decision making.
Our global purchasing offices in Germany, UK, Germany & Canada are aligned utilizing a single platform "Netstock".
Pros
Global visibility , added value for stock assisstance
Areas that need attention are displayed on the dashboard with option to drill down if required
With more than 5000 different SKU it is difficult to keep track of all activities related to each SKU, the process is simplified with the help of this tool, everyone has access to the right information.
Cons
Supersession designation of item by region - Each market is different, having the ability to assign a supersession item specific to each mark would be nice feature
User report creation, ability to create custom reports utilizing existing fields within the Netstock environment without the need to approach Netstock and have the ability to schedule the report creation. (Similar to Analytics functionality)
Option to be able to view all "AI" opportunities for a given location with a single click, currently you need to click one by one to see all the opportunities.
Ability to limit comment creation based on user permission, currently regardless of the read of write permission a user can apply their comments to all locations by selecting the "To all locations" check box.
Likelihood to Recommend
Netstock has worked really well for us, its the right fit, every company needs to evaluate to make sure the software they choose to implement is aligned with their requirements and has the desired out put whilst meeting the companies goals and objectives.
We wanted to;
- Reduce of inventory value (reducing excess slow moving inventory)
- Reduction of stock outs (right inventory at the right time in the right location)
- More cash flow (concentrating on the 80/20 rule, freeing up cash flow from slow movers)
We used Netstock to show how even though you may feel as if you do not have a lot of inventory on hand you sometimes are actually very overstocked. It brings to light how much money/cash flow is tied up in this inventory. It also helped a lot in dead stock inventory research.
Pros
User interface
User friendly
Precise information
Cons
Units of measurement
Likelihood to Recommend
We did a project on deadstock research and Netstock was very beneficial in finding these specific SKU's.
Use for forecasting customer demand and recommended ordering for inventory needed to meet forecasted demand.
Pros
Calculating forecast
Customer Support
Focusing on areas where you are suffering
Cons
Customizable reports
Likelihood to Recommend
The implementation and support of the SIA product was seamless and made it very easy on the business. It calculates our demand very well and saves us a lot of time so that we can focus on other company deliverables. I would highly recommend as a forecasting tool without a doubt.
The advanced data analytics in Netstock helps us to manage our stockholding, determining optimal order levels and classification of our stock giving us total control of our inventory. Netstock helps our replenishment process through demand forecasting. thereby reducing processing time to order. By analysing the stock movement and stock classifiaction data it helps us to determine critical stock items, obsolete as well as slow moving stock. With one click on an inventory item you have full details regarding a product making the system so informative and user friendly.
Pros
Demand Forecasting
Classification of inventory
Replenishment
Cons
system should identify inventory bin locations
system to give real time data/ auto refresh
accuracy of data, a few descrepancies have been picked
We were unable to forecast accurately which caused us issues with both excess stock and the creation of unnecessary back orders. After months of demos on other applications we decided that Netstock was the solution for us and we haven't looked back since, the flexibility it gives us when creating purchase orders is perfect for us to monitor our stock holding value and we particularly like the supplier performance module to track our poor-performing suppliers so
we can review and eliminate any extended lead times to avoid the build-up of
backorders. We are also able to develop our supplier relationships and
understand their frustrations so we can make the necessary adjustments to our
ordering frequency without presenting a risk to the business which is invaluable given the amount of change that has happened over the last few years.
Pros
Forecasts accurately
Warning of potential stock outs
Highlights excess stock
Monitors stock holding value
Cons
Forecast over longer periods
Create automatic purchase orders
Likelihood to Recommend
Netstock provides the flexibility required to make informed decisions on how much stock you should hold determined by the size of your business. This makes sure that you have total control over your purchasing function while giving you the confidence that you are not ordering more than is necessary. Improvements are implemented at regular intervals which makes sure that your business stays in control of its purchasing power while keeping Netstock one step ahead of its rivals.
