The latest release for NetSuite – the 2021 Release 1 – is beginning to roll out to customers.
We’ve already covered the new module, SuiteProjects, for professional services firms. Here’s a rundown of some highlighted innovations in NetSuite 2021 Release 1, including enhancements that are of particular benefit for several industries.
Smart Financials and Automation
These features apply to all businesses, bringing improvements for financial tasks.
- A new centralised purchasing and billing feature allows businesses to consolidate purchases across multi-subsidiary organisations and generate payments to suppliers from a single location. Companies using this feature will see a reduction in the volume of purchase orders and corresponding cross-charges are automated, rather than having to be done manually. This all adds up to better management of expenditure and improved productivity.
- New budget management features include validating purchase requests and purchase orders against the company’s budget. This stops overspends against planned expenditure and ensures adherence to budgets.
- SuiteApprovals has a new email approval feature. This allows users to review transactions on the go, approving or rejecting them by clicking email links. Before being updated in the system, users can review and check email approval actions in a log. This feature gives more flexibility and leads to a faster transaction approvals process.
- A new global bank feeds feature allows users to automate the import of finance data from banks in Asia, Australia and New Zealand, using the Bank Feeds SuiteApp. This increases efficiency and simplifies reconciliation by eliminating the laborious and manual tasks.
Automated Stock Management
These features improve aspects of NetSuite’s warehousing functionality.
- The NetSuite Pack Station provides an additional verification level that comes before order despatch. This touchscreen solution can be used for consolidating shipments, packing multiple cartons at the same time, managing multi-level packing and scanning weights from scales. This can prevent the warehouse from sending wrongly packed orders, therefore increasing customer service and satisfaction and averting the labour and costs involved in resending a corrected order.
- There are new warehouse management system (WMS) features for better tasking. They include wave automation, tally scans, cart put-away, bulk picking, support of mobile status changes and automatic label printing.
- Orders can be allocated by channel and stock can be reserved before receipt of the sales order. This helps you better track sales and operational undertakings and improves customer satisfaction. There is a new order management dashboard and improved sales reports, giving enhanced insight into your channel sales operations.
- A new feature assigns locations for stock based on earliest availability and when it is required. This supply allocation against blanket PO function allows you to assure orders more accurately by employing the best location as recommended to match your timeframes.
Analytics and General Features
These new enhancements improve the platform and the reporting and insights.
- Support for integrations based on REST web services has been improved. There are also new application performance management (APM) dashboards that analyse and monitor the health of these integrations.
- New internationalisation and localisation features make the user and administrator experience for global companies feel local. Native language support has been added for SuiteAnalytics workbooks, a large number of fields can be localised, and support for analytics development and automation can be extended.
- SuiteScript APIs have been bolstered and made easier to use for application development and account customisation. There is a new secrets management feature set that means developers can securely manage authentication information.
- Developers can use considerably more sizeable data sets thanks to asynchronous coding techniques. Native Chrome debugger support for SuiteScript can also be used, allowing developers to debug and test applications without leaving the browser.
About NetSuite Upgrade Releases
This new functionality helps businesses capitalise on opportunities for greater growth. NetSuite makes major updates to the platform twice a year, bringing continuous improvement for its users. The upgrades take effect in the background, without any downtime for businesses. There are also no additional costs to take advantage of the upgrade: all users benefit from the latest version of the software.
The upgrades are done on a phased rollout basis and if you are an existing NetSuite customer, the New Release section of your homepage will show the date for your upgrade. You can also access a Release Preview test account to test all the new functionality will work using your own data, workflows and customisations.
In the NetSuite podcast about 2021.1, Senior Director of Product Marketing at NetSuite, Lisa Schwarz, provides a high-level overview of what’s new in 2021 Release 1 and gives advice on how you can best prepare for it.
If you are not a NetSuite user and would like a demonstration of any of the new – or existing – features, please book an appointment now or contact us. We have a team of certified consultants who can help you choose and configure NetSuite and its various modules to best suit your needs. We can supply a free business consultation or a tailored quote for your business.