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Highlights from NetSuite SuiteWorld 2021

SuiteWorld is the biggest NetSuite event of the year conducted physically and virtually. NetSuite clients, potential customers, and partners participate in this event from the world over. NetSuite SuiteWorld 2021 was held in October 2021 in Las Vegas. It provided a remarkable networking opportunity for businesses of all sizes and from various industries.

The SuiteWorld conference was a great place to be in order to learn about NetSuite, and network with NetSuite providers, and existing as well as potential clients. It gave a chance for participants to receive live testimonials from existing customers. Besides this, product announcements were made at the conference and NetSuite experts shared key takeaways.

In light of the increased popularity of superheroes across the globe, the theme of the SuiteWorld conference 2021 was “Power Your Growth”. Various NetSuite features were represented by superhero characters. Key features included:

  • ERP as Captain Finance
  • Finance as Intangible Girl
  • Financial Planning as Forecasting Man
  • Inventory Management as Inspector SKU
  • Supply Chain Management as Doctor Cogs

Important innovative solutions were introduced at the SuiteWorld 2021 conference that had been designed to improve contemporary business practices. Key innovations included:

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  • NetSuite Suite Banking

Cash flow management is crucial for the successful running of a business. Effective cash flow management can result in a clear picture of the costs and revenues of a business and can ensure that a company has adequate cash to cover expenses while making money. NetSuite Suite Banking allows companies to have greater control over their cash flows and provides insights as far as the cash requirement is concerned. 

Suite Banking automates the accounts receivable and accounts payable processes and eliminates the need for manual labor to the extent that billing and invoicing are concerned. This reduces human error and improves efficiency. Suite Banking also helps improve bank reconciliation and expense management. 

Moreover, NetSuite has partnered with HSBC, one of the biggest global financial institutions. This integration will allow companies to use a digital wallet within NetSuite that will be operational globally. They can also access payment card services which will further assist them in payment collection and making payments. 

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  • NetSuite Analytics Warehouse (NAW)

The cloud-based Analytics Warehouse solution fetches data from multiple sources and analyzes it by leveraging the Oracle Analytics Cloud. It brings forward various patterns and unearths business insights that present new growth opportunities for businesses.

The NAW is an efficacious solution that facilitates business decision-making and helps determine potential revenue streams. NAW is a step beyond SuiteAnalytics, which delivers real-time reporting as well as metrics dashboards. NAW provides safe data transfer, eradicating the need for manual data integration. It also offers readily available role-based analytics. Additionally, it offers enhanced analytics using NetSuite and third-party data. NAW is a critical tool that empowers businesses to make more accurate forecasts and recommendations that are backed by data analytics.

  • NetSuite Advanced Customer Support (ACS) Playbooks

The ACS Playbooks is a collection of best practices and services that leverages NetSuite’s experience supporting various customer implementations. It is designed to assist customers with various business challenges, like managing timely project delivery while ensuring profitability and working with complex supply chains. 

Moreover, it gives users a tried and tested roadmap for business success as they touch various growth milestones, for instance, business acquisitions, international expansion, or going public.

  • NetSuite Developer Tools 

SuiteCloud Developer Tools offer an in-depth cloud customization environment. Whether new applications are being developed or existing NetSuite services are being enhanced, a session at the SuiteWorld 2021 revealed how uncomplicated it is to use developer tools. 

The importance of developer tools became noticeable after SuiteBundler was discontinued at NetSuite. SuiteBundler allowed businesses to customize processes from end to end. Furthermore, it enabled third-party applications within NetSuite. The discontinuation implied manual management of add-in features, which was a cause of concern for developers. 

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With developer tools, the issues arising from the discontinuation of SuiteBundler were eliminated. Additionally, not only is customization a piece of cake, but automatic migration with each NetSuite update also eases developers’ woes. 

Evan Goldberg, the founder, and EVP of NetSuite laid emphasis on NetSuite’s three-pronged strategy. In this technological age, businesses need to be able to achieve more with fewer resources, hence automation is critical. In this ever-changing environment today, insights are key to being able to make the right decisions. Lastly, agility is required for timely responses. NetSuite offers all three, and more, to fuel business growth.

The event was attended by a number of NetSuite partners who even gave product walkthroughs to the attendees that had come and participated. Folio3, the EMEA Partner of the Year 2021 was also present at the event and gave numerous key product walkthroughs to participating attendees. Folio3’s team of development experts was also available for a free consultation. With more than 15 years of experience designing and developing custom NetSuite solutions and having won multiple awards, the certified NetSuite Alliance Partner offers a one-stop digital shop to anyone who needs anything to do with the NetSuite platform. 

The end-to-end services offered by Folio3 include NetSuite customization, mobility, integration, implementation, and migration from other platforms. Having worked with more than 500 customers including startups and Fortune 500 enterprises, you can expect nothing less than an effortless NetSuite implementation.

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