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NetSuite Launches the Latest Tools to Power Growth with 17.2 Release

NetSuite Launches the Latest Tools to Power Growth with 17.2 Release

When it comes to the basics of its Cloud solution, Oracle NetSuite is always improving and adding new capabilities. NetSuite’s cloud-native ERP system saw major modifications with the introduction of version 17.2. There are more improvements in the update for product businesses than simply the new Inbound Shipment Management and Quality Management Modules, which are the most visible.

In reality, with the 17.2 updates, NetSuite is improving its current Bill of Materials capabilities, allowing product businesses to generate a more accurate and flexible Bill of Materials. Modern manufactures are available in a variety of forms and sizes. However, most of them don’t even produce anything themselves, preferring to concentrate on creating a fantastic product while delegating the grunt labour to someone else. However, regardless of who manufactures the product and where it is produced, the ability to develop and transmit an authentic and dynamic Bill of Materials (BOM) is a critical fundamental part of the product lifecycle.

If you’re a part of the product business industry, you’ll be very well aware of the ever-increasing competition. The only way to stay a step ahead of your competitors is to integrate the latest versions of NetSuite as they’re launched. Certified NetSuite partners like Folio3 help you keep up with the pace of the changing business trends and evolving technologies with their expertise in NetSuite integration, customization, and implementation.

Latest Features

  • Version 2.0 of the Electronic Invoicing SuiteApp enables the processing of incoming e-documents. Vendor invoices may be received via inbound processing and uploaded to NetSuite as incoming electronic document records. These records are then converted into vendor bills. Your NetSuite account may accept XML invoices provided by suppliers through email with the help of an email capture plug-in. If you’d want to double-check the received XML files, you may use a validation plug-in to do so. The number of e-documents ready to be generated, sent, and converted is now shown in a new Electronic Documents portlet. Another new feature is the ability to transmit outbound e-documents in bulk. You may now automate the delivery of e-documents regularly by deploying a script.
  • Managing journal entry approval is a breeze with the SuiteApprovals for Journal Entry SuiteApp! As long as you use SuiteApprovals’ customizability, you’ll be able to restrict access to journal entries to just those who need it. To control journal entries’ validation and approval routing, you may define approval rules that include criteria and an approval hierarchy.
  • Asset transfers may now be time-stamped by entering a Transfer Date in the relevant field on the Asset Transfer page. If you’ve enabled the Allow Future Date Depreciation option, you may select a future date. Before and after a transfer, the asset cost and depreciation may be accurately accounted for, thanks to the transfer date
  • You may post item fulfillments for the chosen line items on an order when additional line items cannot be picked because of inadequate inventory by using the partially-picked capability. In Shipping > Publish Item Fulfillment, you may find orders that have been partly selected and choose the ones for which you wish to post item fulfillments by searching for partially-picked orders.
  • You may now input item quantities in various units of measure when using mobile devices to pick up or receive orders (UOM). You can enter the item quantities into an order using a units picker, which shows on picking and receiving screens. You’ll see an icon that lets you add another units selector so that you may input a different unit amount for an item quantity. Each item record may have a single line item for each unit added to the record set up.
  • Inventory replenishment for main bins is now supported in NetSuite WMS Lite. Before generating replenishment plans, you must first specify replenishment amounts on your main bin records. Using mobile devices, you may perform and monitor the replenishment jobs from assigning the resultant inventory tasks.
  • Cycle counting is easier to plan when you have more freedom. It’s now possible to designate which users are in charge of counting inventories on the new Cycle Count Plan page.
  • SuiteCloud projects, including SDF SuiteApps, may be created using the SuiteCloud Programming Framework Command Line Interface (CLI) and your integrated development environment (IDE). You may also automate the validation and deployment of your projects by writing batch and shell scripts that use CLI commands.
  • In an SDF account customization project, you may now activate or disable NetSuite account features. You can import the existing feature configuration from NetSuite or create a new feature configuration in SDF.

Product Companies

With the redesigned Bill of Materials module, you can streamline processes to increase manufacturing efficiency to the highest level. With the new Quality Management module, you can ensure the delivery of high-quality goods while also lowering the cost of quality. With the new Incoming Shipment Management system, you can track, manage, bill, and accept inbound shipments. With the new Item Location Configuration feature, you may improve processing speed and ease of use while viewing, generating, and managing inventory items and locations.

Service Companies

New Perspective Change Order Management allows you to keep up with changing revenue standards and ASC 606 compliance while being cost-effective. Customers benefit from the enhanced setup of the new Advanced Project Profitability Report, which provides more precise project profitability estimates. Week-to-week timesheets have been redesigned to be more straightforward. Stronger controls have been included to reduce the likelihood of mistakes when planning future rate adjustments with new effective dates on Billing Rate Cards.

Global Financials

Customers using NetSuite OneWorld Multi-Book will have more control over their intercompany accounting due to the Advanced ICJE improvements. The new Multi-Book Balance Sheet and Multi-Book Income Statement reports can easily compare and reconcile financial data across several books. NetSuite Cash Management provides critical features for intelligent, accurate, real-time cash management while offering an outstanding user interface, user experience, and performance. NetSuite Cash Management is available as a cloud-based service.

Omnichannel Commerce

You can now manage Custom Content Types via the SuiteCommerce site administration tools, which have been improved. A framework for SuiteCommerce developers to build unique website apps or features that can be controlled via the site administration tools is provided by Custom Content Types (CCT). With a new Sitemap Generator for your SuiteCommerce online shop, you can improve your SEO results while increasing website traffic.

Multi-location Employee allows merchants that use SuiteCommerce InStore to expedite and simplify employee location setup, login, and identification while operating at several locations by using the Multi-location Employee functionality. Increased granularity in the monitoring of in-store cash transactions allows for more effective auditing and cash management procedures to be implemented. It is possible to monitor and manage customers and their transactions across many subsidiaries using the Multi-subsidiary Customers functionality.

Suite Cloud Platform

The new SuiteCloud Processors optimize throughput, reduce wait times, and set priorities for batch operations without requiring any human involvement. Its results in a 17% increase in utilization and a 98% decrease in typical wait times for scheduled script processing. Printing Custom Transactions and Journal entries from the core are made possible via Enhanced Advanced Printing, which also allows for the customization of PDF/HTML templates. It is now widely accessible that the SuiteCloud Development Framework (SDF) which makes it simpler for customers and partners to develop and deploy SuiteApps.

Suite People

SuitePeople, a new service from NetSuite, is now accessible to all clients, according to the company. SuitePeople integrates people data across the suite, allowing companies to control their key human resource operations fully. Staff may request time off, see personnel directories and organizational charts, track future vacation schedules and new workers, or publicly acknowledge outstanding performance with SuitePeople. SuitePeople provides managers and human resource professionals with the ability to simplify personnel information, new hiring, employee onboarding, promotions, and pay adjustments, all from a single platform.

These major improvements are intended to meet the growing requirements of manufacturing, distribution, and retail clients as they continue to expand and compete globally. NetSuite clients are constantly one step ahead of the competition because NetSuite effortlessly delivers two updates per year, including all modifications a business may need. Make sure you have a NetSuite partner on board to assist you in integrating the modifications as soon as they’re launched because that’s how you can sustain the top spot in the market!

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