Day 3 of SuiteWorld and this year Evan Goldberg delivers tons of new features! including a new user interface for NetSuite users, machine learning, Intelligence Suite and much more. Before we dive straight into these new and exciting features, Evan continues this years theme of growth by explaining NetSuite is still growing today. Since it’s launch a total of $1 Billion has been invested into research and development alone and there are plans to invest further in their R&D team, expecting it to hire 20% more members of staff.
Along with growth NetSuite has undergone a reinvention phase for a couple of their key platforms. These include SuiteCommerce and SuiteAnalytics which have been completely reinvented to ensure a faster, safer and more optimal operation. Thanks to the capabilities of Oracle, NetSuite are really utilising their public cloud to accelerate improvements in functionality.
Introducing Allison Auclair, the Vice President of product management for Commerce who takes us through all the new features for Commerce. SuiteCommerce is now ready for general availability which increases the performance and reliability of NetSuites solutions, offering the features of SuiteCommerce Advanced with the ease and simplicity of SiteBuilder. Not only that but for industry specific verticals, SuiteSuccess combined with the new SuiteCommerce platform can have your business up and running within 30 days.
A new addition to the Commerce platform is Commerce Extension Framework, an ecosystem which gives developers the opportunity to create open source applications, extensions and templates for SuiteCommerce. Thanks to this new community 3rd party extensions are easier to create and a whole host of new integrations are in the road-map for future release, making SuiteCommerce just as diverse as any other eCommerce system out there.
Commerce is more than just a digital platform, NetSuite is focused on delivering a true omnichannel experience at all times, even during downtimes. If you process a transaction in store and have no stable internet connection, InStore is now capable of storing that transaction and processing it when a secure connection is re-established meaning you never get to loose out on a sale. Once the connection is back it follows all the usual steps of deducting stock, processing accounts and any other workflows which may be set up.
The newly reinvented SuiteCommerce also comes with a whole host of new features to improve operations. Some of these great new features are drag and drop landing page creation, unified email and browser recovery capabilities, merchandise insights, SuiteAnalytics integration, scheduled release of new categories, products and campaigns plus loads more. The idea of this platform is to take away complications of development and offer a platform where no HTML is required to create simple pages or make modifications.
Functionality and usability from the backend or front has come a long way since its reinvention. From an administrative view you can now see who has clicked an email campaign, what they clicked and how they engaged on your SuiteCommerce website. This then gives you the ability to create a follow up campaign, contact the customer direct or offer them custom order. Capabilities that can benefit both B2B and B2C customers.
Supply Chain Management
Evan Goldberg comes back to introduce all the new features of Supply Chain Management. He explains the whole purpose of the new features and additions to SPM is to enable growth across the supply chain with advanced inventory tracking, warehouse automation, quality control and product change management. A new inventory statues feature allows you to drill down and see what inventory is classed as good, damaged, returned and what needs inspecting.
With the new inventory status feature, there has also been a redesigned user interface for the Warehouse Management System application via mobile. This has been developed to allow for easy scanning, receiving, putting away and picking all from the mobile device right on the warehouse floor. All actions taken are automatically updated in NetSuite, replenishing stock or notifying the quality control manager that new stock needs to be quality checked.
With SPM a lot can change, a cheaper part or new technology can be introduced to a product. Because of this a new engineering change order record can be created, keeping track of what changes have been made and notifying relevant staff such as buyers, inspectors or anyone involved that needs to adjust and accommodate the update. All of the features have been developed to aid scale and growth of your supply chain and operations.
Services Resource Planning
A growing vertical for NetSuite is SRP which has seen considerable investment and new features. The focus of enhancements have all been around automating the project accounts to make life easier for project managers. Determining the true cost of a project has always been difficult across any platform and often relies on messy spreadsheets, hours of manual labour and the final figure is usually more than the projected cost.
In the project task screenshot below you get an overview of the expected cost for a project. The example used was creative design, a flyer or email. With multiple vendors accessible in NetSuite you’re able to input your requirements and search which vendor is best suited for the job specified. You can create rules for specific countries, check availability to meet deadlines and you receive true overview of cost.
Project accounting has a host of new features. Currently available today there’s; advanced revenue management, advanced amortisation, project budgeting, charge based billing and intercompany time and expense which is particularly useful if you have multiple offices or trade in multiple countries. As well as what’s available now, there are plans to release; activity code project budgeting, costing/work in progress, project inventory, intercompany labour and expense, cost to cost revenue recognition, change order management and much more to help propel your SRP business.
Many companies now offer billing automation around subscription services and recurring billing which is a fantastic enabler for growth. With this in mind NetSuite is releasing 4 new billing models;
Trial Pricing – The option to offer a trial price to customers. This can be based on a weekly/monthly period or upon the release of a new service.
Introductory Pricing – Similar to trial pricing but aimed for new customers typically over a longer period of time. Take web hosting for example, you often receive an introductory price for the first years hosting and then it goes back up to normal price after a specified period.
Ramp Pricing – An increase or decrease in cost dependant on set factors. Common amongst energy and supply customers
Coverage Pricing – Charging for a projected usage which can be flexible depending on usage. Over the agreed usage the price could go up or down depending on the service/product.
With so many pricing options it allows SRP businesses the freedom and flexibility to charge customers how they feel fit, you could even A/B test pricing models to ensure you get the best out of your business. This could be revolutionary for many business, imagine a streaming service offering 2 pricing models. One subscription led with unlimited usage and the other based upon usage with the ability to switch between the 2 at any point.
One thing we love are stats and Craig Sullivan the GVP product manager for global financials takes us through them all! Some that really stood out; 80% of all transactions through NetSuite come from companies based outside of the USA, 50% of all OneWorld customers trade in multiple countries and 98% of importers and exporters are small – medium sized business. All the key stats can be seen below.
The message when it comes to global financials is clear, act global but be local. The key to doing this is with SuiteTax, a new engine which can handle any variables in tax in any country. The idea is to handle any tax regulations from where your customer purchases whilst reconciling with your accounts automatically. Real time tax is currently available for over 140 countries and has been developed to handle the most complicated of tax regulations including Brazil and India.
It doesn’t just have to be NetSuite’s tax engine you use, if the administrator prefers SuiteTax is integratable with other tax engines such as Wolters Kluwer, Sovos and more. No matter where you’re based, if you create a purchase order for a customer based in another country where the transaction will take place SuiteTax automatically adjusts to match their tax regulations, terms and even changes the language of text. Should they trade in multiple countries i.e. offices in France and one in the UK and want to replicate the order for their UK based offices, duplicating and changing the location will automatically make all the adjustments required, removing pretty much all the necessary manual labour.
Hanif Ismail the VP of Strategy & Product Management for Human Resources reveals SuitePeople and takes us through some of its new features. SuitePeople was released last year and is a HR specific application which already boasts over 600 customers! Developed to help enable growth, modernise HR and engages the workforce.
SuitePeople allows you to automate your workforce life-cycle whilst supporting HR in business and compliance. It gives you the ability to create job openings within a singular record, inputting all key information such as wage, targeted start date, experience, description and so on. Once created you can continues through the whole recruitment process with Taleo.
The new SuitePeople dashboard gives a quick snapshot of headcount, integrated recruiting, employee on-boarding and your payroll dashboard. The new payroll dashboard if fantastic for medium-large sized business or recruitment agencies that need to process a mass amount of wages. You’re able to see an overview of payroll balance and funds available for payroll ensuring there aren’t any discrepancies throughout the payroll process. SuitePeople will also be extended to product verticals as well such as manufacturing, wholesale and distribution, retail and more.
First mentioned 7 years ago at SuiteWorld 2011, SuiteAnalytics is finally in Beta and should be available for general release very soon! The functionality of SuiteAnalytics has been extended to with pivots, queries and customisable charts to give a concise view of data. To start analysing data you need to create a query and select some records. You can drill this all the way down to a customer level, access which cities are performing best or which discounts encourage the most sales.
SuiteAnalytics isn’t just for sales or SuiteCommerce, it can also be used with SuitePeople to better understand employee workloads, individual employee contributions and help analyse staff to revenue/sales contributions ensuring you get a data rich view of your workforce. There are plans to improve SuiteAnalytics to ensure its ready for general release as well as future plans, ensuring it continues to develop and offer transparent view of your business.
All SuiteAnalytics features are API enabled and prebuilt analytical applications will be available for customers. This means all those using SuiteSuccess could have prebuilt dashboards including KPI’s which may have been over looked by one business but common amongst others, utilising NetSuite’s strong customer base.
The Intelligence Suite combines machine learning with rich NetSuite data to revolutionise how businesses and users work. Machine learning is great for understanding pattern recognition, sales correlations, predictions and recommendations. The more data available the better the Intelligence Suite will develop for each individual business which means it can start advising when stock is expected to run out, advise what products to send in campaigns and truly customise the experience your customers receive.
There are 2 types of learning;
Supervised Learning – This involves a NetSuite user putting quiering into classes or answering simple questions such as “Is this person a customer”.
Unsupervised Learning – This takes a set of high quality data and categorises it without knowing in advance what the category might be. For example how do you segment customers and how might customers be alike so they can fall into the same marketing campaigns.
The data required for machine learning can be taken from NetSuite ERP, CRM, SuiteCommerce, SuitePeople or any NetSuite application which provides insightful data. There is also a handy intelligence assistant which occasionally notifies you with important information. The example shown was an employee tried filling an $800 meal under expenses which didn’t match the pattern of previous expenses due to the cost. This informs the administrator of the expense and offers the option to allow or reject the figure.
Next Gen User Interface
There is a new NetSuite user interface which is coming out soon and already being tested in Alpha. It’s a matter of time before Beta testing for this is available to NetSuite users and then general release. Take a look at some of the great screenshots below;
[/vc_column_text][vc_gallery type=”nivo” interval=”3″ images=”27031,27030,27029,27028,27027,27026,27025,27024″ img_size=”867×485″][vc_column_text]As you can see from the screenshots there’s a lot of new features in a much clearer, easier to digest design. These include new KPI’s, Bubble charts and an all new mega menu for easy navigation. Tied in with Intelligence Suite this new framework can suggest new KPI’s to monitor and pick the best form of display to feed this information to you, be it a graph, chart or any other.
Relive Day 3’s Keynote’s
If you missed the keynote’s from Day 3 or would just like to relive the action, the whole stream can be found below.