With NetSuite Release 2021.1 just round the corner we thought we’d give you a sneek peek at what’s in store.

This release focuses on optimising financial and operational business processes, critical for businesses preparing for new growth.  This release injects intelligence and automation into everything from financial and project management to multi-subsidiary operations and inventory management.

Lets take a closer look at the new functionality:

 

Smart Financials and Operational Automation

• The introduction of centralised subsidiary purchasing and billing consolidates purchases across multi-subsidiary organisations and generates vendor payments from a single location.  This can reduce purchase order volume and automate corresponding cross-charges.  The payoff: better spend management and increased productivity.
• New expense commitments and budget validation functionality prevents overspending by validating purchase requests and orders against an organisations available budget, ensuring that budgets are closely followed.
• SuiteApprovals now provides email approval which makes it possible to review, approve or reject transactions on the go by simply clicking on email links.  Staff can use the accompanying email approval log to review and audit email approval actions before they are updated in the system.  This leads to more flexible and quicker transaction approvals.

Optimising the Project Lifecycle

• NetSuite Release 2021.1 brings the debut of SuiteProjects, a professional services automation solution built natively on NetSuite.  SuiteProjects combines capabilities in project management, resource management, project budgeting and project accounting, providing complete visibility into, and control over projects and billable resources.  When combined with NetSuite CRM and Financials, SuiteProjects becomes the finishing touch on a comprehensive single platform for running a business.
• Project purchase automation and visibility functionality lets project managers initiate purchases directly from projects, providing project views of purchase transactions and enabling the routing of purchase approvals.  Purchasing and project management staff can collaborate more effectively, and the simplified user experience lets project managers easily view how purchases are affecting projects.
• Expense report policies can be expanded to set limits for each expense line in a project, and additional filters allow for control of policies based on billable line items.  The combination of controls and notifications ensure alignment with company policies and client contracts.
• By clicking the new “retract” button, employees can easily correct weekly timesheets before they are approved, saving time for employees, approvers and administrators alike.

Automated Inventory Management

• The NetSuite Pack Station is a new touchscreen packing solution that can be used to consolidate shipments, pack multiple cartons simultaneously, manage multi-level packing and scan weights from scales.  This provides an extra layer of verification before orders are shipped, potentially preventing customer dissatisfaction and avoiding the cost of having to reship an incorrectly packed order.
• Warehouse Management System enhancements in NetSuite Release 2021.1 include wave automation, tally scans, cart put-away, bulk picking, added support for mobile status changes and automatic label printing.
• Channel allocation and reservation functionality enables order allocation by channel and lets you enter inventory reservation in advance of the sales order.  This leads to better tracking of sales and operations activities.  The new order management dashboard and enhanced sales reports provide improved insight into channel sales operations, and improved allocation and fulfillment translated to increase customer satisfaction.
• Finally, with the new supply allocation against blanket PO feature, location assignments are now based on earliest availability and required-by date.  This means orders can be promised more accurately by using the best location recommendation to match those timeframes.

Platform and Analytics

• New application performance management (APM) dashboards monitor and analyse the health of REST web services-based integrations.  Support for REST web services has also been enhanced.
• With new internationalisation and localisation tools and processes the NetSuite user and administrator experience can feel local for global businesses operating in any country.  There is now native language support for SuiteAnalytics workbooks, a wide range of fields that can be localised, and the ability to extend support for analytics development and automation.
• SuiteScript APIs have been made more powerful and easier to use for application development and account customisation projects, and the new secrets management feature set enables developers to securely manage authentication information.
• Developers are new able to work with significantly larger data sets by virtue of asynchronous coding techniques.  They can also use native Chrome debugger support for SuiteScript to test and debug applications without leaving browser context.

 

Learn more about what’s in store by watching the podcast:

 

The preceding is intended to outline NetSuite’s general product direction.  It is intended for information purposes only, and may not be incorporated into any contract.  It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions.  The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.

 

If you’d like to learn more, or to speak to a NetSuite expert, get in touch.