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Top Takeaways from SuiteWorld 2022

It is always great how SuiteWorld, the largest annual gathering of Oracle NetSuite users and partners, brings the community together to learn, network, and be inspired by what’s possible with the NetSuite platform.

This year’s event was no different, with over 7,000 attendees from many countries who joined for four days of learning and celebrating how our customers and partners use NetSuite to accelerate their businesses.

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Before we jump to the takeaways from this year’s Suiteworld 2022 event, we recommend reading our blog on the top takeaways from last year’s event.

It is inspiring how Netsuite managed to bring the community together again and produce great content that is relevant and very practical.

Suppose you need to familiarize yourself with the word Netsuite or Suiteworld. In that case, it is an ERP software that runs your entire company, and Oracle created it.

Suitecommerce is a NetSuite eCommerce platform that helps retailers build and manage their online stores. It delivers retailers’ capabilities to design and customize their stores, process transactions, manage inventory, and ship products to customers. Suitecommerce also enables retailers to tap into NetSuite’s powerful merchandising and marketing capabilities.

That’s enough introduction. Let’s get to the good stuff now!

All that Happened at SuiteWorld This Year?

The excitement was all around the place. In short, it was a success. Even though the event is now ended, the moment the event got closer, the people from all around the world who are familiar with the Netsuite started asking about the top takeaways from this event, so we decided to make a blog post about it, and here are the highlights.

This year’s event was all about empowering modern businesses. In today’s digital age, companies need to move fast and be agile to stay ahead of the competition. They need to have the right tools and technologies in place to enable them to do this.

In order to stay competitive in today’s digital age, businesses need to be agile and have the right tools and technologies in place to enable them to move fast. They also need to be able to scale quickly and efficiently to meet the demands of their customers. Empowering modern businesses is essential for them to stay ahead of the competition.

Evan Goldberg, Oracle’s Executive Vice President of Cloud Engineering, said that NetSuite’s goal is to ensure customers can run their entire business on the NetSuite platform. He also announced new features and enhancements to the NetSuite platform to help companies to achieve this goal. Hang on. We are moving to the good bits. We know you are excited to learn. 

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Omnichannel Commerce

One of the most significant announcements at the event was the launch of NetSuite’s new omnichannel commerce solution, which will help businesses provide a seamless shopping experience across all channels, including online, in-store, mobile, and social.

The new solution includes features such as a unified product catalog, real-time inventory management, centralized order management, and a single view of the customer. It also has a new point-of-sale (POS) system that supports online and offline transactions.

Retailer Value

Scott Brenner, NetSuite’s Vice President of Retail Product Management, announced several new features and enhancements to the NetSuite platform that will help retailers drive more value from their NetSuite investment. Here are some of the highlights.

  • A new loyalty management solution that helps retailers create and manage loyalty programs
  • An enhanced order management system supports multiple fulfillment options, including in-store pickup, ship-from-store, and buy-online, pick-up in-store (BOPIS)
  • A new retail analytics solution that provides insights into key performance indicators (KPIs), such as customer lifetime value (CLV) and customer acquisition costs (CAC)
  • A revised suite of NetSuite applications designed specifically for the retail industry, including Retail Commerce, Retail Order Management, and Retail Merchant Solutions

NetSuite CPQ

CPQ (configure, price, and quote) is a module of NetSuite that helps businesses automate the process of creating and issuing quotes and orders. It enables enterprises to configure products, set prices, and create quotes quickly and easily. It was one of the major takeaways from the event. Here are a few of the NetSuite CPQ module includes features.

Product configuration – Allows businesses to configure products quickly and easily, specify product options, and set prices.

Quote management – Enables businesses to create quotes quickly and easily, track the status of quotes, and send quotes to customers electronically.

Order management – Allows businesses to create orders from quotes, track the status of orders, and manage inventory levels.

NetSuite SuitePeople Workforce Management

NetSuite’s new workforce management solution, SuitePeople Workforce Management, was also announced at the event. This cloud-based solution helps businesses manage their employees more effectively by giving them a single view of the employee lifecycle, from hiring to performance management to payroll.

The suite includes features such as:

An employee self-service portal: Allows employees to access their records, request time off, and view their pay stubs.

A performance management module Enables businesses to set employee goals and objectives, track employee progress, and give feedback.

A payroll module Helps businesses process payroll quickly and easily and provides employees access to their pay stubs and W-2 forms.

The new NetSuite platform is available on all devices, including laptops, tablets, and smartphones. It is also available in various languages, including English, French, German, Japanese, and Spanish.

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NetSuite AP Automation

Another major announcement at the event was the launch of NetSuite’s new Accounts Payable (AP) automation solution. This cloud-based solution helps businesses automate their AP processes, from invoice processing to payment approval. It includes features such as:

Invoice processing Enables businesses to capture invoices electronically, track invoices, and route invoices for approval.

Payment approval: Allows businesses to approve payments electronically, track payment status, and make payments quickly and easily.

ACH payment integration: Enables businesses to make payments via ACH (Automated Clearing House) transactions.

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The Ending Note

The world is changing, and most of us are aware of it. The dynamic of online business requires us to be more agile and intimate with the technologies that will shape how we do business in the future and the future of business itself.

NetSuite is on the edge of this change, and its annual user conference is an excellent opportunity to learn about the latest developments in the NetSuite platform. Thanks for reading, and we hope you found this post helpful. Be sure to check back soon for more NetSuite news and updates!

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