Oracle – NetSuite 2020 Release 1 Update: What to Expect

Simon Soh
07-Feb-2020 15:50:42

Oracle has started the New Year with a bang, as they just announced the release of the first major update for NetSuite with the 2020 Release 1 Update.

As with the previous update, NetSuite 2020 Release 1 delivers a set of Automation, Integration and Insight enhancements to over 19,000 customers in more than 200 countries that use the true cloud ERP software.


Here’s A Refresher On The Features And Functionalities Previously Introduced In Oracle – NetSuite’s 2nd 2019 Second Update.

 

Just as before, the 2020 Release 1 update offers new features and functionalities that addresses the specific needs of various industries, as well as those that are applicable to NetSuite’s entire customer base across all sectors.

There’s a lot to unpack here, so let’s get into some of the highlights.

 

Financial Management

From integration with financial institutions to expense and cost tracking, Release 1 brings a host of new features to give you visibility and control into your business’s finances;


  • For businesses outside of North America, the new Bank Connectivity API lets your developers build plug-ins that connects any bank in the world of your choice to NetSuite
  • NetSuite will now also automate bank data reconciliation for you, using an intelligent rules engine using enhanced matching rules. This will ensure that your accounts and records are accurate and up-to-date.

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Overview of Match Bank Data. Source: NetSuite

  • The introduction of the Fixed Asset Management feature lets you monitor the health of your fixed assets through a dashboard. You’ll be able to see what processes require action and what corrections need to be made, as well as logging who took what action to make said corrections.
  • You can now link vendor prepayments to an existing purchase order through either a click in the purchase order form, or specifying a purchase order in the vendor prepayment form. On top of that, the new auto-apply feature lets you add automatic vendor prepayment applications to bills linked to the same purchase order.
  • Administrative control improvements to expense reporting lets your accounts recategorise the GL account that an expense report line posts to, without changing or creating new expense categories. It also addresses security and privacy concerns according to GDPR standards, allowing you to access receipts and documentation while remaining in compliance.

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Overview of Expense Report. Source: NetSuite


  • SuiteApprovals have been further enhanced with cost control improvements, featuring approval routing that allows you to build a customised approval chain where documents are routed through your employees for review.

 

Supply Chain Management

For businesses involved in the manufacturing industries, Release 1 brings increased automation and other functionalities to optimise your supply chain.

  • Order allocation exceptions management have been introduced, and you will now be alerted to possible late deliveries due to the allocation of your order. You can also review alternate allocations, and see whether the delay impacts any related orders. NetSuite will also recommend re-allocation from other orders, and automatically executes the re-allocation if you accept the recommendation.
  • Fill/kill order management has been introduced to automatically close any backordered items, and lets you identify exceptions to help manage standing orders for specific items that are placed on a regular basis.
  • Intelligent Predicted Risks now comes with extended capabilities to determine if your deliveries are at risk by comparing transfer orders with historical data, and provides recommended actions to avoid late deliveries.

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Overview of Supply Chain Predicted Risks. Source: NetSuite

 

  • What-if simulations helps you see how projected risks may impact your future transactions, giving you time to adjust your supply chain to account for delays from a location or vendor.
  • Fulfillment request records are now auto-created when the expected ship date has been reached, and future expected ship dates will subsequently be updated and optimised.
  • The Supply Chain SuiteAnalytics Workbook has been introduced to help you analyse supply-demand imbalances in your supply chain.
  • You can now automatically create work orders when placing a purchase order on your contract manufacturer activities, which improves communication with your third-party manufacturers, and helps you track the manufacturing process and inventory consumption.

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Overview of Purchase Order. Source: NetSuite

 

  • You can now automatically calculate start and end production dates on work orders. You can also categorise data on production efficiency by product, class, manufacturing location and subsidiary, and use this to develop accurate action plans for improvements in operations.
  • The Quality Management application can now handle much larger volumes of data, making it easier for your inspectors to capture information in real-time with the tablet application, which has also been updated with a new grid entry interface.
  • Manufacturing date tracking has been introduced, allowing you to measure and analyse the efficiency of your production processes with actual production date tracking in your work orders.
  • With this update, NetSuite introduces a new mobile application for manufacturing, allowing your employees on the shop floor to record completions and inventory consumption, and add new fields with codeless customisation through their mobile devices.

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Overview of Mobile Application for Manufacturing. Source: NetSuite

  • NetSuite WMS leverages on the new mobile application with improved printing and barcode scanning capabilities, providing greater efficiency on the warehouse floor.
  • The new route management feature relieves you of the need to manually assign delivery routes by automatically assigning the route, stop and delivery time of any given sales order based on the customer’s address.
  • The Order Guide module automatically tracks historical orders and uses the order guide flag to add items, helping you manage repeated orders that span several hundred lines.

 

Project Management

Release 1 offers an improved set of tools that simplifies the management of project budgets and workflow. These include;

  • New time modification enhancements give you better control of your billable hours by allowing you to modify time entries easily, and makes it possible to correct entries made against a wrong project with an audit trail. NetSuite Analytics also now supports time-modification requests and entries, which improves your visibility into changes made.
  • Smarter analytics helps you see how adding and editing project budgets affects your costs, and automated cost calculations increase accuracy by identifying miscoded time or expenses. NetSuite will also suggest updates for time estimates should unforeseen costs emerge.

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Source: NetSuite

 

  • Automated calculation of key financial data improves the accuracy of your project, budget, and work breakdown structure records. Profitability reports, tracked and actual time are categorised into committed or actual costs, and better insight into project billing is achieved through tracking forecasted and actual charges.

 

SuiteCloud Platform Enhancements

Like all NetSuite releases, this one comes with new features for Developers. For Release 1, these include;

  • The introduction of the new REST API, which
    • Ensures secure integration of external applications with NetSuite
    • Includes full support for custom records
    • Expanded CRUD operations support
    • Record collection filtering
    • Supports executable record actions
    • Offers a new API browser that gives your developers a visual overview of API structure and functions
  • The updated SuiteScript 2.1 programming language, which supports the latest ECMAScript 2018 Javascript syntax to help your developers write powerful apps with less code.
  • The SuiteQL API which enables the creation of fast and scalable applications, increase performance speed, and improve efficiency
  • An updated SuiteCloud Development Framework (SDF) which improves the productivity of your developers, and broadens support for application features.
  • Enhanced auditing and change management features which make core auditing functions in the new System Notes v2 implementation more robust.
  • Expanded support for expense automation in SuiteFlow.
  • The new SuiteApp Marketplace, which presents a native consumer-like experience within NetSuite where you can purchase and download SuiteApps.

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Overview of SuiteApps. Source: NetSuite 

 

Questions About Oracle – NetSuite’s 2020 Release 1 Update?

The enhancements that are part of NetSuite 2020 Release 1 answers the needs of businesses in specific industries. Here are some blog posts that offer a breakdown of the new features and functionalities pertinent to each industry;

With so many improvements across so many functionalities, you’re certain to find value no matter which industry your business is in.

If you’re interested in what NetSuite – Singapore’s #1 Cloud business software – can do for you and your business, leave us a message here or call us at +65 6323 0901.

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