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What To Expect From The Latest Oracle - NetSuite Update: 2022 Release 2

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Oracle recently announced the 2022 Release 2 update for Oracle NetSuite, and it’s designed to help business owners like yourself protect your bottom line by improving the efficiency of your organsiation.

To that end, it brings new features and functionalities to help you proactively manage your inventory, automate tasks, minimise human error and adjust your budgets.

Through this, the 2022 Release 2 update positions NetSuite to help you develop insights and focus on what’s in your control, and thus instill the confidence you need to help you prepare for the future.

 

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.

 

Where previous updates have focused on introducing sector-specific enhancements, 2022 Release 2 instead focuses on new improves across its basic feature set this time around.

Let’s take a look at the highlights of the second major update of 2022 for Oracle NetSuite.

 

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

 

 

Trying To Decide If Oracle NetSuite Is The Right Fit For Your Business? Here's Our Comparison Of The True Cloud ERP Software With Its Closest Competitors To Help Inform Your Decision

 

 

New Smart Count Mobile App Enhances Inventory Counts

22.2 Smart6
NetSuite Smart Count eliminates manual inventory counts. Source: NetSuite

 

With the 2022 Release 2 update, Oracle introduces the NetSuite Smart Count mobile app, designed to help retailers carry out accurate inventory counts while keeping the impact on sales and store operations to a minimum.

It does so by introduce an automated, live cycle-counting feature that allows your employees to start a cycle count of portions of your inventory, without inconveniencing your customers by freezing transactions where the count is being carried out.

Smart Count does this by taking the inventory level used for the count at the time it starts for each individual item. Whenever any transaction activity involving said item while the count is being carried out, it automatically alerts your employees so they can react accordingly.

Smart Count can also be set to automatically trigger a count with predefined criteria. For example, if the inventory level in a bin fall below a preset reorder point, it can automatically start a count to check the accuracy of that bin. This helps ensure that reorders for the item are placed only when your inventory level is truly low.

Additionally, the update also introduces the Item 360 dashboard to simplify inventory planning and management. It consolidates inventory data in NetSuite, and displays data in a single dashboard such as relevant KPIs, current transactions, stock levels, inventory counts by current location, and alerts.

This helps you address any inventory and supply chain issues that could hurt your business’s bottom line in a proactive manner.

 

New CRM Dashboards, Roles and Reports

 

CRM sales

The new sales manager dashboard. Source: NetSuite

 

To expand the customer relationship management (CRM) capabilities of NetSuite, Oracle will also introduce a new CRM Add-on to provide enhanced sales automation, marketing automation and customer service management capabilities.

It provides new roles and dashboards that are specifically tailored to the needs of sales managers, sales representatives, and marketing and customer service teams, providing them with access to real-time lead and sales activity data.

These new roles and dashboards help you strike a balance between personalised user experiences and cross-team connectedness, depending on the needs of each user.

For example, your sales managers need an aerial view of what’s happening on the ground with your sales representatives, so they can ensure the latter have the support and resources they need to close deals.

 

CRM service

The new customer service representative dashboard. Source: NetSuite

 

And while your marketing team gets functionalities that enables automated multichannel marketing campaigns that are aligned with your sales efforts, your customer service representatives also need a wide range of information – such as customer details, past orders, payment history, product catalogues and inventory – to find and deliver the answers to your customers’ enquiries.

The CRM Add-on will also include a new CRM Workbooks SuiteApp, which comes with 10 pre-built SuiteAnalytics reports to save you the time and effort of building your own sales reports from scratch.

These CRM Workbooks are configured to help you access crucial sales performance metrics and KPIs, such as sales conversion, opportunity forecast, and won vs. lost opportunities.

 

 

Questions About Oracle NetSuite’s 2022 Release 2 Update?

 

Breaking from previous updates, the 2022 Release 2 update does not focus on new sector-specific functionalities.

Instead, it provides new enhancements to its feature set, which you can read about in more detail in the following links:

Alternatively, you can find the release notes for Oracle NetSuite’s 2022 Release 2 update here.

With the new features and functionalities introduced in the second major update for Oracle NetSuite in 2022, your business will be better positioned to handle market uncertainties and be better prepared to thrive in the days ahead.

To learn more about Oracle NetSuite, and what the true cloud ERP software can do for your business, click on the image below.

 

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Highlights Of 2022 Release 1

NetSuite Podcast on 2022 Release 1; Source: NetSuite

 

Oracle recently announced the 2022 Release 1 update for NetSuite, and it brings new features and functionalities to ensure timely access to accurate data, minimising manual processes and improve the operational efficiency of end users such as yourself.

To that end, this update brings features and functionalities designed to improve the management of your business’s cash flow, projects, and warehouses.

 

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.

 

As with previous updates, the 2022 Release 1 updates brings new sector-specific features and functionalities catering to the unique needs of businesses in those industries along with the general enhancements we’re covering in this article.

Let’s take a look at the highlights of the first major product update of 2022 for Oracle NetSuite.

 

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

 

Trying To Decide If Oracle NetSuite Is The Right Fit For Your Business? Here's Our Comparison Of The True Cloud ERP Software With Its Closest Competitors To Help Inform Your Decision

 

More Effective Cash Flow Management

With the 2022 Release 1 update, Oracle NetSuite will now come with the Cash 360 dashboard, designed to help you manage the cash flow of your business effectively from within the cloud ERP software.

The Cash 360 dashboard accomplishes this by giving you a real-time view of your business’s cash position, which helps you generate accurate near-term cash flow forecasts quickly.

Cash 360 also combines multiple data points such as new funding sources, planned expenditures, billing schedules, sales forecasts, and accounts payable/receivable (AP/AR), and displays real-time data from these sources in a configurable dashboard to help you manage your cash flow effectively.

You can also use it to review your current cash flow trends, as well as generate a rolling six-month cash flow forecast to inform your decision-making.

NetSuite Cash 360 Dashboard (1) (1)Overview of NetSuite Cash 360 Dashboard; Source: Oracle

Apart from the Cash 360 dashboard, the 2022 Release 1 update also enhances the automatic intercompany accounting processes of Oracle NetSuite. It will now automatically pair your vendor invoices with credit memos, as well as bill credits.

 

More Efficient Project Management

NetSuite Project 360 (1) (1)Overview of NetSuite Project 360 Dashboard; Source: Oracle

The 2022 Release 1 Update also introduces the Project 360 dashboard to NetSuite.

With Project 360, your project managers will get full visibility on all project-related data in a single view through SuiteProjects. These include an overview of crucial information and KPI monitoring, such as actuals vs. budget and consultant utilisation.

Project 360 also comes with focus pages for more detailed views into your project KPIs, as well as exception alerts that come with actionable links for project managers to take corrective or proactive measures.

This helps your project managers, especially those that are overseeing multiple projects at the same time, to deliver them all in a timely manner as well as within budget.

In addition to Project 360, the 2022 Release 1 update also comes with new and customisable invoice presentation templates. These templates allow you to configure the line-item format according to each client’s or projects exacting specifications.

The invoice presentation templates includes granular backing sheets on time posted by each of your consultants, subcontractor costs, and other items. It also facilitates quicker approvals and payment of fees from your clients, as the invoice templates provides them with the information needed

 

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

 

Improvements In Warehouse Management

NetSuite WMS (1) (1)NetSuite WMS Dashboard; Source: Oracle

The 2022 Release 1 update will also come with new features for NetSuite WMS, such as zone pick and merge functionality as part of single and multi-order picking processes.

It will also introduce the capability to search and print item labels on any screen, making your warehouse personnel more productive by allowing them to see the picking status of orders and waves easily.

In addition, a new tally scan functionality counts items as they’re scanned. This includes bin putaway, inventory transfer, and cycle counting tracking processes.

There will also be enhancements to the NetSuite Pack Station to enable users to change weight units between pounds and kilograms as needed, and give your packing operators the ability to check packing instructions prior to packing.

Your warehouse personnel will also be able to bulk pack and unpack “Ship As Is” items that are to be shipped individually, as well as select the needed quantity in cases of bulk packing.

 

Questions About Oracle NetSuite's 2022 Release 1 Update?

Just like with previous updates, the 2022 Release 1 update introduces new functionalities tailored to the specific needs of businesses operating in various sectors.

Take a look at the following blog articles for details about new features and functionalities relevant to the following industries and/or functions:

With the new features and functionalities introduced in this update for Oracle NetSuite, your business will be better able to take advantage of new opportunities and disruptions in the foreseeable future.

To learn more about Oracle NetSuite, and what the true cloud ERP software can do for your business, click on the image below.

 

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