What To Expect From The Latest Oracle - NetSuite Update: 2021 Release 2

Kyle Lim
29-Jul-2021 10:00:00

 

Oracle recently announced the 2021 Release 2 update for NetSuite, and it brings new features and functionalities to help end users like yourself navigate business challenges that have been constantly evolving since last year.

To help its customers become more efficient in keeping costs down, productivity high and customers happy, 2021 Release 2 will introduce various improvements to the cloud ERP software.

These include increased automation for speeding and easing invoice payments, better supply planning capabilities, and greater insights and more detailed control over your inventory.

And continuing with the tradition in previous updates, the 2021 Release 2 update also comes with new sector-specific features and functionalities which caters to the unique business needs of different industries, in additional to the aforementioned general improvements.

Let’s look at the highlights of the second major update of the year for Oracle NetSuite.

 

Take A Look At Some Of The Most Useful Tips And Tricks We've Collaged To Help You Get The Most Out Of Oracle NetSuite.

 

Disclaimer: The following is solely intended for information purposes, and Oracle is not committed to deliver any material, code or functionality. The development, release, timing, and pricing of any features or functionality described may change and remains at the sole discretion of Oracle Corporation.

 

Smart Automation Of Financial And Operational Management

The 2021 Release 2 update introduces new ways to manage invoicing, payments, and purchase requisitions.

 

Pay Invoices Online
Your customers can access a link in their invoices to make payment online. Source: Oracle NetSuite

  • Payment link has been introduced to make it easier for your customer to pay their invoices online. You can now include a link in any invoices emailed to your customers, which will lead them to a secure payment portal. There, they can view and pay their bill in a single click via any online payment method, such as credit or debit card, Paypal etc. You can also set rules to allow your customers the option of paying partially or in full, and NetSuite will automatically record the payment accordingly.
  • ACH/SEPA payments are now directly supported within the SuiteCommerce MyAccount, allowing your suppliers and vendors to pay more quickly and efficiently.
  • A new automated cash application function automatically matches imported bank payments with open invoices in NetSuite, saving you time on manual invoice data entry and clearing. Once invoices are approved, general ledger (GL) payments are automatically created and applied. Together with the payments features, this will help you improve the cash flow, lower the days sales outstanding (DSO), and reduce the accounts receivable (AR) aging of your business.
  • If you’re managing multiple subsidiaries in NetSuite, you can now consolidate purchase requisitions across them, in additional to purchasing and billing. Regardless of which of your subsidiaries initially created the purchase order (PO) or requisition, your purchased items will be received at the relevant subsidiary. Receipt and payment in different subsidiaries will then be automatically cross-charged to balance the GL and intercompany accounts of your business.

 

Improvements In Inventory Management

The 2021 Release 2 update also brings improvements to the inventory and warehouse management features in NetSuite.

  • With new allocation options, you can now automatically prioritise inventory allocation to sales orders by gross profit or revenue. This also gives you a better understanding of the impacts reallocation has on your other transactions.
  • Enhancements to NetSuite Warehouse Management means that your warehouse employees can now use their handheld devices to quick ship This feature allows you to add or remove cartons from a pallet, giving you more flexibility in packing multiple orders going to the same destination, and optimising your shipping costs by ensuring a pallet is not shipped before it is full.
  • You can also automatically generate lot numbers, and add custom fields for additional lot information such as supplier lot number, manufactured date, or other types of data.

 

Enhancements To SuiteCloud And SuiteAnalytics

Building on from the previous update, the 2021 Release 2 update comes with significant enhancements for both SuiteCloud and SuiteAnalytics, which enables your developers and administrators to get more value out of the suite.

  • It’s now easier to integrate NetSuite with external applications and data sources using SuiteTalk REST Web Services, as customers and partners have now been given access to the full range of query functionality included with the now fully GA service.

SuiteCloudMicrosoft is adding SuiteCloud support for VS Code. Source: Oracle NetSuite

  • In this release, NetSuite is adding SuiteCloud support for Microsoft Visual Studio (VS) Code. This new extension will be available from Visual Studio Marketplace as well as open-source distribution on GitHub, and allows your developers and DevOps to build and manage NetSuite applications and customisations with VS Code.
  • The SuiteAnalytics WorkBook API now provides you with programmatic access to a wide range of WorkBook capabilities. This allows your developers to create powerful business intelligence (BI) applications, and also supports conditional formatting and more meaningful error messages.
  • The 2021 Release 2 update also includes steps taken by NetSuite to eliminate potential vulnerabilities by updating all hashing algorithms associated with SuiteScript APIs. NetSuite will be replacing older, less secure algorithms – specifically MD5 and SHA1 – with more secure alternatives, such as SHA256.

These are just some of the highlights for your developers. To get the full list of enhancements for both SuiteCloud and SuiteAnalytics, you’ll want to refer to this Sneak Peek.

 

Questions About Oracle - NetSuite's 2021 Release 2 Update?

As is the case with all previous updates, the 2021 Release 2 update comes with sector-specific enhancements that are tailored for the unique needs of businesses in various industries.

Take a look at the following Sneak Peeks from Oracle to find the details about new features and functionalities that are relevant to the following industries:

With these new improvements to Oracle NetSuite, your business will be able to optimise for success in the midst of ever-changing business conditions.

If you’d like to learn more about Oracle NetSuite and what it can do for your business, click the image below to learn more about the most popular true cloud ERP software in the world today.

 

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Highlights Of 2021 Release 1

Oracle recently announced the 2021 Release 1 update for NetSuite, and it will be going live for customers on a rolling basis from February to April 2021.

To help its customer optimise their financial and business processes in anticipation of new growth opportunities, 2021 Release 1 will introduce intelligence and automation into every aspect of the true cloud ERP software.

 

Learn about the details of 2021 Release 1 in this NetSuite Podcast. Source: YouTube

 

These include new improvements to existing features such as financial management, project management, multi-subsidiary operations and inventory management.

And just like for previous updates, the 2021 Release 1 update also comes with new sector-specific features and functionalities which caters to the unique business needs of different industries, in addition to the aforementioned general improvements.

Let’s jump in and take a look at the highlights of the first major update of the year for NetSuite.

 

Take A Look At Some Of The Most Useful Tips And Tricks We've Collaged To Help You Get The Most Out Of Oracle NetSuite.

 

Smart Automation Of Financial And Operational Management

The 2021 Release 1 update brings improved financial and multi-subsidiary management features to the table.

Smart Financial and Operational Automation
Centralised subsidiary purchasing and billing. Source: NetSuite

 

  • If you have multiple subsidiaries under your business, the introduction of centralised subsidiary purchasing and billing now enables you to consolidate purchases across your subsidiaries and generate vendor payments from a single location. This helps you reduce purchase order volume and automate corresponding cross-charges for improved spend management and productivity levels.
  • Expense commitments and budget validation is a new functionality that ensures budgets are closely followed and prevents overspending, by validating your purchase requests and orders against your business’s available budget.
  • SuiteApprovals now provides email approval, allowing you to review, approve or reject transactions by clicking on links within emails, leading to more flexible and quicker transaction approvals. You can also use the email approval log to review and audit email approval actions before they are updated within the system.
  • You can now use the Bank Feeds SuiteApp to automate the importing of financial data from banks in Asia, Australia and New Zealand with the latest global bank feeds feature. This increases efficiency and simplifies bank reconciliation.

 

Optimisation Of Project Lifecycles

With 2021 Release 1, NetSuite provides new functionalities to enhance project lifecycle management, as well as a new feature that will be especially useful for professional services firms.

Optimizing the Project Lifecycle
SuiteProjects is a natively built PSA solution on NetSuite. Source: NetSuite

 

  • SuiteProjects, a professional services automation (PSA) solution that’s natively built on Oracle NetSuite, makes its debut in 2021 Release 1. It provides complete visibility and control into your projects and billable resources by combining project management, resource management, project budgeting and project accounting. Used together with NetSuite’s financial management features, NetSuite CRM and SuitePeople, SuiteProjects becomes the comprehensive single platform you need to manage your professional services firm.
  • Your project managers can now initiate purchases directly from projects, thanks to new project purchase automation and visibility functionalities. This lets your project managers easily view how their projects are affected by purchases, and enables your purchasing and project management staff to collaborate effectively.
  • You can now set limits for each expense line in a project, and use additional filters to control your expense report policies based on billable line items. This ensures that your customer contracts align with your business’s policies.
  • Your employees can use the new “retract” button to correct weekly timesheets prior to approval, saving time for approvers, administrators and themselves.

 

Here Are Three Ways A Cloud ERP Software Like Oracle NetSuite Can Boost Profits And Slash Costs In Your Professional Services Firm

 

Automation Of Inventory Management

Businesses which need to take stock of their product inventory will find that 2021 Release 1 brings enhancements which automates their warehouse management and order management.

  • 2021 Release 1 brings enhancements to the warehouse management system (WMS) such as wave automation (for taking advantage of off-peak processing), tally scans (makes bar code scans quicker and more reliable), cart put-away, bulk picking, added support of mobile status changes, and automated label printing.
  • The new supply allocation against blanket PO feature now bases your location assignments on earliest availability and required-by date. This helps you promise orders to your customers more accurately than before.

 

Enhancements To SuiteCloud And SuiteAnalytics

As has become customary of NetSuite updates at this point, 2021 Release 1 comes with enhancements for both SuiteCloud and SuiteAnalytics, providing new features and functionalities for your developers.

Platform and Analytics
New APM dashboards lets your monitor the health of your REST web services-based integrations. Source: NetSuite

 

  • New application performance management (APM) dashboards allows you to monitor and analyse data generated by your REST web services-based integrations, ensuring that they’re performing as expected.
  • New internationalization and localisation tools and processes makes the NetSuite user and administrator experience feel local for any business operating in multiple countries. In additional SuiteAnalytics workbooks now come with native language support, localisation for a wide range of fields, and the ability to extend support for analytics development and automation.
  • A new secrets management feature set enables your developers to manage authentication information securely. SuiteScript APIs have also been made more powerful and easier to use for application development and account customisation projects.
  • Asynchronous coding techniques now enable your developers to work with significantly larger data sets. They can also test and debug applications without leaving browser context, thanks to native Chrome debugger support for SuiteScript.

These are just some of the highlights for your developers. To get the full list of enhancements for both SuiteCloud and SuiteAnalytics, you’ll want to refer to this Sneak Peek.

 

New Service Level Commitment For NetSuite Customers

While not part of the 2021 Release 1 update per se, Oracle NetSuite has committed to a new Service Level Commitment (SLC) to strengthen their reliability commitment to customers like yourself.

While NetSuite has offered an SLC of 99.5% on a quarterly basis for the last 16 years, the following will be effective from 1 April 2021:

  • Uptime

To elevate their commitment to their customers, NetSuite will increase its uptime commitment from 99.5% per quarter to 99.7% per month.

  • Service Credit

Based on the degree of any impact on service in a month, NetSuite will provide service credit from 10% to 25% of your monthly fee, based on the following table:

 

Service Availability <99.7% and >=99.5% <99.5% and >=99.0% <99.0%
Service Credit 10% 15% 25%

 


This will replace the “all or nothing” one month’s credit that was offered under the previous quarterly SLC.

  • Submission Deadline

To make it easier for customers like yourself to submit claims, the submission deadline will be extended from 5 days to 30 calendar days. The rest of the customer-facing submission process will remain unchanged.

For more details about the change in the SLC, go to this link to find a copy of the new terms in PDF form.

 

Questions About Oracle - NetSuite's 2021 Release 1 Update?

As usual, the 2021 Release 1 update comes with enhancements that are sector-specific, and tailored for the unique needs of businesses in particular industries.

Take a look at the following Sneak Peeks from Oracle to find the details about the new features and functionalities that are relevant to the following industries:

With these new enhancements to the features of Oracle NetSuite, your business will be in a good position take advantage of new business opportunities that are coming in the post-pandemic economy.

If you'd like to learn more about Oracle NetSuite and what it can do for your business, click the image below to learn more about the most popular true cloud ERP in the world today.

 

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