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.
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.
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.
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
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
Improvements In Warehouse Management
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 2 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:
- Wholesale distribution
- Warehouse Management
- Human Resources
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.
Highlights Of 2021 Release 2
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.
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.
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.
Microsoft 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.