Game Changing ERP: NetSuite 2020.1 Release
As a leading Cloud ERP platform, NetSuite continually improves its software solutions by adding brand new features and enhancements to its entire suite. The company uses a phased rollout approach to release scheduled updates to their entire customer base twice a year.
The 2020.1 update was released just a few months ago to 19,000+ customers in over 200 countries. It introduces new employee engagement capabilities and other functionality for a wide range of vertical industries.
That’s why we’ve broken down the new release features according to industry, to help readers pinpoint features that are most relevant to their organizations.
For Software companies
NetSuite provides software companies with robust accounting solutions for recording subscription revenue, monitoring project health, and streamlining support operations, such as bank reconciliations. New features include:
- Direct Bank Connectivity: Banking data is automatically updated in the NetSuite account to match transactions with data, which decreases reconciliation time.
- Unified Customer Record: Global billing processes can be streamlined with one single record of all transactions for a particular customer, allowing for a better view of customer relationships.
- Improved Revenue Trace-Through: Better tracking and audit trails increase visibility regarding how subscription changes affect revenue.
With expanding product lines and product ranges, manufacturing operations are becoming increasingly complex. NetSuite enables enhanced visibility and control over production activities, thus streamlining manufacturing operations. New features include:
- Intelligent Predicted Risks Functionality: This feature compares current transfer orders with historical data to determine if a delivery is at risk, followed by recommended actions.
- Automated work orders: A work order is placed in the system automatically when a purchase order is logged to streamline outsourcing processes with vendors.
- New Manufacturing Mobile App: This app is aimed at increasing shop floor productivity and helps paperless operations.
NetSuite allows retailers to create a smooth omnichannel experience for customers. Enhanced visibility and customer relationship management (CRM) features allow for better services across the entire sales funnel. New features include:
- Enhanced Visualization: Better visualization of the merchandise hierarchy tree allows for easier management of large hierarchies.
- New Order Allocation Exceptions: This is an excellent tool for managing supply chain shortages. The feature analyzes incoming inventory and orders, and then generates intelligent recommendations for re-allocation.
- Monitor Outsourcing Processes: Automated related work order processing and payables make vendor management easier.
For Food and Beverage Companies
F&B companies have had to reevaluate their existing supply chains and food sourcing strategies in recent years. Consumer calls for local, natural ingredients at affordable prices are becoming increasingly prevalent. To move away from entrenched strategies, companies need smart solutions. NetSuite’s new features can help:
- New Fill/Kill Backorder Management: Auto-closing of backordered items on a partially shipped order gives companies a clear picture of overall order status.
- New Route Management Functionality: Implement automatic route, stop, and delivery window times to ensure efficient delivery mechanisms.
- Order Guide Module: Track past orders and automatically add items using the order guide flag.
For Wholesale Distributors
Staying competitive in the wholesale distribution business has become crucial over the last few years. Optimization and automation with NetSuite can help smaller distribution companies hold their ground against larger players.
- GS1 Barcoding Standards: These barcoding standards are now supported by the NetSuite WMS mobile app, allowing for efficient warehouse operations. Warehouse operators simply need to scan tags to automatically updates inventory status.
- Supply Allocation Engine: Automatically creates fulfillment requests when expected delivery dates are reached to enhance customer satisfaction.
- Order Allocation Exceptions: This allows users to optimize on-time delivery, especially when supply is short.
- Quality Management Application: Carries out effective sampling and can process large volumes of data in real-time to ensure better quality standards. The new grid interface makes it easier than ever to capture information.
For Service Companies
Professional services firms face intense global competition along with the need to adopt new technologies, such as AI. NetSuite allows service firms to monitor project health and finances and capitalize on new potential revenue streams. The new release includes:
- Smarter Analytics: Improved analytics and smart features allow for better project and budget management. Project managers can determine exactly how many resources a project needs and compare these figures with the revenue it generates. Automated cost calculations and system suggestions for costs bolster efficiency as well.
- New Time Modification Enhancements: Allows for better control of billable hours which can be easily modified with better controls.
- Project Health Measurement: The automated and flexible measurement of project health enhances the accuracy of various health indicators.
For Nonprofit Organizations
Nonprofit organizations are under intense pressure for transparency and tighter financial controls. NetSuite 2020 Release 1 enables automation in multiple areas, including banking integration, workflow approval, project budgeting, and vendor prepayments. New features include:
- Link Bank Accounts to NetSuite: Using the Bank Feeds SuiteApp, NetSuite users can seamlessly integrate banking data into NetSuite, allowing for better cash controls and cash visibility.
- Automated Bank Data Reconciliation: This improves transparency as automated bank reconciliation makes it easy to manage banking transactions.
- Vendor Prepayment: Use an existing purchase order in the system for vendor payments, to avoid the hassle of manually reconciling payments to vendors.
The highly complex needs of today’s organizations require sophisticated solutions. NetSuite is a powerful tool that can be employed to lower costs, improve competitiveness, and gain better visibility.
What separates NetSuite from other solutions is that it can grow and evolve with the organization. It’s the leading solution for fast-growing SMBs as well as large, multi-subsidiary corporations. NetSuite keeps improving with new release features, capability-enhancing add-on modules, and customizations that can help take your business to the next level.
Manage Your Business With NetSuite Consulting Partners
At Ravenstone Solutions, we work exclusively with NetSuite. Our NetSuite consulting partners have in-depth knowledge and experience when it comes to implementation and support. We recommend NetSuite Cloud ERP to our clients and partners because it can be tailored to fit the needs of all global businesses, regardless of the country or the industry they’re operating in.
Our clients come from a variety of industries, including wholesale distribution, software and tech, online commerce, financial services, consulting, and nonprofit enterprises, among many others.
To find out how NetSuite Cloud Solutions can help your business, get in touch with our representatives at 1(800) 459-7128 today.