With the arrival of the new year comes a fresh wave of innovation — the latest NetSuite release for 2024 is here! At Project Salsa, we understand the challenges that businesses face, such as increasing cash flow, boosting efficiency, and optimising resources. That's why we partner with Oracle NetSuite. NetSuite updates are designed to help you overcome these obstacles and achieve success in the year ahead and beyond.
NetSuite 2024 Release 1 introduces groundbreaking AI capabilities that allow you to get even more out of the suite. Alongside this, there are key updates across financials, supply chain management, and ecommerce, among others. These enhancements are aimed at empowering you to do more with less and stay ahead of the competition.
Let's embark on an exciting journey as we uncover the captivating highlights that lie ahead.
Unleashing the Potential of AI
Artificial intelligence continues to be a hot topic, but many businesses struggle to leverage its potential. According to a recent NetSuite survey, 85% of executives believe that increasing AI adoption is important, yet only 30% are actually using or testing AI. That's why the latest release includes features that help customers jumpstart their use of AI.
One such feature is NetSuite Text Enhance, unveiled at SuiteWorld. This tool enables your employees to create and review contextual and personalised content based on relevant NetSuite data. With NetSuite Text Enhance, you can save time and effort by generating relevant drafts and refining existing content. Whether it's creating product descriptions, writing job descriptions, or crafting customer support communications, Text Enhance has got you covered.
Text Enhance can:
- Create product descriptions for invoices, websites, and point-of-sale systems.
- Write job descriptions and requisitions.
- Draft employee goals and suggest measures for success.
- Craft customer support communications.
Boosting Your Finance Team's Efficiency
The latest release also includes new capabilities aimed at improving the efficiency of finance professionals. From planning and budgeting to account reconciliation and reporting, we have you covered.
NetSuite Enterprise Performance Management combines the power of new and existing solutions to help you make strategic financial decisions based on data from every part of your business.
Planning Processes
- NetSuite Planning and Budgeting lets businesses quickly and easily produce accurate forecasts and budgets, model what-if scenarios, and generate analytical reports. NetSuite 2024.1 harnesses AI for improved forecasting, analytics, and decision support with the addition of Intelligent Performance Management (IPM), which uses predictive algorithms powered by machine learning to continuously monitor and analyse plans, forecasts, and variances. The system highlights the trends, anomalies, and correlations it finds so finance can assess and quickly take action on those insights.
- NetSuite Profitability and Cost Management Reporting gives detailed insight into which customers, products, and other segments of a business are most profitable. It gives finance leaders a deeper understanding of profit drivers and helps them make better decisions by combining data from the general ledger and other financial sources with operational systems.
Financial Close Processes
- NetSuite Account Reconciliation automates reconciliations for AP, AR, bank and credit card transactions, intercompany transactions, prepaid accounts, accruals and fixed assets accounts, and other balance sheet accounts through a direct link to your general ledger. Updates include a new task management capability that increases the efficiency and accuracy of NetSuite Account Reconciliation by providing a centralised platform to customise activities and assign tasks from the close checklist to team members.
NetSuite Close Management and Consolidation helps companies comply with regulatory requirements and internal governance standards by providing a centralised platform for managing the consolidation and financial close process.
Learn more about the exciting updates to financials and reporting.
Field Service Management
For businesses that rely on field services, effective coordination and communication are crucial. That's why NetSuite introduced NetSuite Field Service Management. This solution simplifies scheduling and dispatch, automates inventory management, and delivers real-time information to field technicians. With the latest updates in NetSuite 2024 Release 1, we have enhanced the capabilities of Field Service Management, as well as other mobile apps in NetSuite Supply Chain Management.
NetSuite 2024 Release 1 also brings updates across NetSuite Supply Chain Management (SCM) Mobile apps, including Warehouse Management System (WMS), Ship Central, Manufacturing Mobile, and Quality Management (QMS). These enhancements include:
- Warehouse managers can disable quantity or units of measure fields (inches or kilograms) in SCM Mobile apps to prevent errors when recording information.
- System administrators can control whether dynamic text in the app, such as shipping rates in Ship Central, automatically updates.
- Data tables showing pick or ship tasks for warehouse employees can now link to images, work orders, or other information stored in NetSuite or another system.
Learn more about the updates to supply chain management, inventory management, and more.
Streamlining Sales and Billing Processes
To make your workforce more productive and provide better customer experiences, NetSuite introduced new features in NetSuite 2024 Release 1. The NetSuite Connector for Simphony Point of Sale (POS) enables additional automation, while improvements to NetSuite SuiteCommerce and CPQ ensure smooth online interactions for both B2B and B2C customers.
The Shopify Connector also adds flexibility to support sellers that use Shopify instead of NetSuite to fulfill orders.
NetSuite also announced NetSuite Configure, Price, Quote (CPQ) a year ago to give sales reps and customers the ability to quickly and accurately build and price configurable products. NetSuite 2024 Release 1 expands on these capabilities and allows customers and reps to select subscriptions when creating configurations. It’s powered by the SuiteBilling module, which lets businesses roll together customisable products and services that increase cross-sell and upsell opportunities to boost customer spend.
Plus, SuiteBilling is getting updates to help streamline the selling and billing of physical products and related subscriptions. Once you link inventory and subscription items, fulfilling the physical item in NetSuite will automatically activate the subscription and tie product details, such as the item serial number, to that service. This means customers can place one order for a product and service and receive a single consolidated bill instead of two separate ones.
Learn more about the updates to connectors, ecommerce, and CPQ capabilities.
Be sure to visit the Sneak Peek page or dive deep into the release notes.
