Every year, NetSuite rolls out two major updates to help customers accomplish more with less effort. Though we’re about to enter February, we wanted to share some details about the 2024 NetSuite release updates.
Even though it’s a new year, businesses still deal with familiar challenges, like how to make more money, work more efficiently, and use resources wisely.
The NetSuite 2024 Release 1 will help you tackle these challenges and set you up for success in the coming year and beyond. This update introduces excellent AI capabilities that make the suite even more powerful. There are significant financial, supply chain management, and e-commerce updates, to name a few.
Curious about how to make the most of these new features? Keep reading for all the details on how to boost your business with the NetSuite 2024 Release 1.
The Power of AI & Generative AI Throughout the Suite
Even though many businesses are talking about using artificial intelligence (AI), a recent NetSuite survey found that many are still trying to figure out how to use it. In October, they asked more than 500 executives about AI, and 85% said it would be important for them in the next year. But when asked if they were currently using or testing AI, only 30% said yes.
NetSuite has launched a new tool called Text Enhance to help businesses get started with AI. This tool uses something called Generative AI across different parts of their software. It helps employees create and review content based on data in NetSuite.
For example:
- It can write product descriptions for invoices, websites, and point-of-sale systems.
- It helps create job descriptions and requisitions.
- It assists in drafting employee goals and suggesting measures for success.
- It can craft customer support communications.
This tool is designed to save employees time and make their work easier by using AI to generate content based on a few initial words. So, even if a business is starting to use AI, this tool can help them get going.
More Intelligence Added to the Invoice Capture Process
NetSuite Bill Capture is like an intelligent helper for dealing with invoices. Instead of typing in all the details manually, you can upload your invoices through email or by dragging and dropping them.
The system then uses AI (artificial intelligence) to determine what’s on the invoice, using OCR (optical character recognition) to read the text. The cool thing is that this technology is now even more innovative.
In the latest update, Bill Capture can understand more details on the invoice, like the PO (purchase order) number, memo, posting period, discount date, and custom segments. This makes sure that the bills it creates are more accurate and complete.
Also, it does something called a “three-way match.” It checks the bill against the purchase order and the receiving documents to ensure everything matches up. This helps avoid mistakes and keeps a clear record in case anyone needs to check later.
In the new version, using Bill Capture is more accessible, too. You can filter by vendor, where you uploaded the invoice and even the email source. This makes it more convenient for businesses to manage their invoices.
Boosting Your Finance Team’s Efficiency
NetSuite’s latest release focuses on boosting efficiency in routine financial tasks like planning, budgeting, account reconciliation, financial close, and reporting. One of the key offerings is NetSuite Enterprise Performance Management (EPM), which combines various solutions to help you automate processes and closely monitor your business’s current and future performance.
NetSuite EPM combines both new and existing tools, such as:
Planning Processes
NetSuite Planning and Budgeting enables businesses to create accurate forecasts and budgets quickly and easily. The latest version, NetSuite 2024.1, leverages AI through Intelligent Performance Management (IPM).
This feature uses predictive algorithms powered by machine learning to analyze plans, forecasts, and variations continuously. It identifies trends, anomalies, and correlations, providing valuable insights for finance teams to act upon swiftly.
NetSuite Profitability and Cost Management Reporting provides detailed insights into the profitability of different business segments, like customers and products. It helps finance leaders understand profit drivers better by combining data from the general ledger and other financial sources with operational systems.
Financial Close Processes
NetSuite Account Reconciliation automates reconciliations for various transactions, including AP, AR, bank and credit card transactions, intercompany transactions, prepaid accounts, accruals, and fixed assets accounts.
The update includes a new task management capability, improving the efficiency and accuracy of the reconciliation process. This feature provides a centralized platform for customizing activities and assigning tasks from the close checklist to team members.
Furthermore, NetSuite Close Management and Consolidation makes it easy for companies to meet regulatory requirements and internal governance standards. With a centralized platform, you can handle the consolidation and financial close process effortlessly.
Field Service Management
If your business involves sending workers out to different locations, you probably understand how tricky it is to coordinate everything between the office and those in the field. That’s where NetSuite Field Service Management comes in.
Introduced at SuiteWorld 2023, it’s designed to make things easier, save time for your employees, and help them finish more jobs quickly. This solution improves communication between the field and the office, making scheduling and sending workers out more straightforward.
It also automatically manages inventory and customer-owned assets, giving field technicians the information they need in real-time. In a nutshell, it’s all about making life simpler for everyone involved in field services.
NetSuite Supply Chain Management (SCM)
The NetSuite 2024 Release 1 includes updates for the NetSuite Supply Chain Management (SCM) Mobile apps, like Warehouse Management System (WMS), Ship Central, Manufacturing Mobile, and Quality Management (QMS).
Here are some improvements:
1. Warehouse managers can now turn off specific fields (like quantity or units of measure) in SCM Mobile apps to avoid mistakes when entering information.
2. System administrators can decide whether the app’s dynamic text, such as shipping rates in Ship Central, updates automatically or not.
3. Data tables that display pick or ship tasks for warehouse employees can now include links to images, work orders, or other information stored in NetSuite or another system.
Streamlining Sales and Billing Processes
In the latest NetSuite 2024 Release 1, some cool updates can make your work easier and keep your customers happy.
NetSuite Connector for Simphony Point of Sale (POS):
- This new feature helps automate things more, especially for businesses like restaurants and hotels.
- It creates a single summary of all the sales for the previous day, making it easy for these businesses to have the latest info and better reports.
Amazon Seller Central Connector:
- Now, NetSuite can sync the shipping labels you buy on Amazon.
- This means that the labels automatically connect to the correct order in NetSuite, helping warehouse workers process orders faster.
Shopify Connector:
- This feature provides more flexibility for those using Shopify instead of NetSuite to fulfill orders.
NetSuite Configure, Price, Quote (CPQ):
- This was introduced a year ago to make it quick and easy for salespeople and customers to build and price products.
- In the new release, you can also choose subscriptions when creating configurations. This is great for businesses to offer customizable products and services, opening up opportunities to sell more to customers.
SuiteBilling Updates:
- SuiteBilling is improving at helping you sell and bill for physical products and subscriptions.
- When you link inventory and subscription items, fulfilling a physical item in NetSuite will automatically activate the subscription.
- This means customers can order a product and its related service together and get just one bill instead of two. This makes things simpler for everyone.
These updates are designed to make your work more efficient and give your customers a better experience.
Final Thoughts
The latest NetSuite 2024 Release 1 is packed with exciting new features! Now, you can use powerful AI capabilities, like Text Enhance, for content generation. Plus, we’ve made invoice processing a breeze with improved OCR technology in Bill Capture. And everything we’ve just talked about in this blog.
If you’re curious to know more about these releases, feel free to contact us. Folio3 offers a free demo, so grab it now!
