Are you making the most out of your NetSuite 2023 Release 1 enhancements?

With improvements to the Analytics Warehouse, financial management capabilities, supply chain management, and customer experiences, discover how you can leverage the latest features of NetSuite 2023 Release 1 to drive your business success

The new features and improvements included in NetSuite 2023 Release 1 are all intended to help businesses run more efficiently, provide outstanding customer service, and optimize their operations.

Streamlining Access to Business Insights with NetSuite Analytics Warehouse.

NetSuite 2023 Release 1 significantly upgrades the NetSuite Analytics Warehouse, reinforcing it as a  more comprehensive and powerful data analysis tool.

One of the major improvements in NetSuite 2023 Release 1 is the addition of new data sets that enhance analyses in areas like sales, inventory, financials, purchases, and support management. For instance, the new Cross Charge Journal data set enables finance teams to track cross charges between subsidiaries providing business services to each other. The Inventory Status Change data sets are also useful for manufacturers looking to track inventory attribute changes like item availability, quality inspection status, and work order status. These new data sets are refreshed daily and available for use.

Moreover, NetSuite Analytics Warehouse has expanded its collection of prebuilt analytics to include industry-specific dashboards and visualizations for professional services businesses, software vendors, and manufacturers. This helps businesses get started with data analysis quickly without the need to build data models from scratch.

NetSuite Analytics Warehouse also integrates seamlessly with other cloud applications like Salesforce, Shopify, and Google Analytics, providing a faster flow of data than previous integrations. Additionally, businesses can connect other applications through CSV files or spreadsheet imports, and the platform provides a REST-based interface for importing data from custom applications.

Enhancements Around Accounts Payable Automation, Subscription Billing, and More

NetSuite 2023 Release 1 brings improvements in its financial management capabilities with powerful tools to streamline financial processes by enabling finance leaders to do more with less.

One such enhancement is the simplified accounts payable automation feature, which allows companies to avoid the inefficiencies of manual data entry by uploading vendor bills via email. The bills are then scanned using AI/ML-based object detection and optical character recognition to extract relevant details, converted into digital text and matched to the purchase order.

The payment automation feature of NetSuite AP Automation is also enhanced with the addition of banking services from HSBC to enable faster and more accurate vendor payments made within NetSuite. Automated journal entries and an enhanced approval routing workflow eliminate the need for manual data entry and ensure that vendor details are correct.

Another improvement is the uplift at renewal feature, which automates the application of a percentage increase to a customer’s renewal pricing for subscription pricing options. This global invoicing preference helps to keep pace with inflation or the latest catalogue pricing.

Additional enhancements to the Rebates and Trade Promotions SuiteApp allow for automated rebate and trade promotion calculations on kits, assembly items, and standard inventory items. The update also includes improved capabilities around tax exemption, allowing companies to disable tax calculation where it is not required. For the not-for-profit segment, NetSuite 2023.1 improves capabilities around indirect cost allocation. Organizations can enter a provisional or agreed-upon rate for a custom segment and tag which direct costs apply to that segment, simplifying the cost allocation process.

Boost Productivity and Reducing Costs with enhanced Supply Chain Management Capabilities.

With the global supply chains recovering, companies must optimize their operations to meet increasing demand while navigating economic uncertainties. Keeping this in mind, NetSuite 2023 Release 1 enhances its supply chain management capabilities for users to get more out of their existing resources.

NetSuite Ship Central mobile application has added shipping functionality to the NetSuite Pack Station, allowing warehouse workers to consolidate shipments and choose the best carrier based on the delivery date or location type. This feature helps reduce shipping expenses and improve order fulfilment by streamlining the packing process and preparing orders for shipment. Operations managers can tailor fulfilment packing and shipping workflows to optimize their processes.

NetSuite Warehouse Management System (WMS) has introduced new features for picking, allowing warehouse staff to break up kit items for more efficient picking. This feature reduces labour costs and increases productivity. The new selection flows enable workers to mark partially picked orders as complete, allowing them to make the most of available stock when supplies are low. Additionally, pickers can mark a bin as empty, alerting replenishment workers to restock.

NetSuite Smart Count has made inventory counting easier and less disruptive, allowing employees to perform cycle counts without shutting down operations. The improved counting process helps companies maintain accurate inventory records, reducing errors and discrepancies.

Paves the Way to Enhanced Customer Experiences

As a backbone for most companies, enterprise resource planning (ERP) systems must provide a comprehensive view of customers and their interactions across channels. Keeping this in mind, the new enhancements on NetSuite 2023 Release 1 focuses on elevating customer experiences across multiple touchpoints.

One of the standout features of NetSuite 2023 Release 1 is Intelligent Recommendations which utilizes machine learning to suggest products that customers may be interested in purchasing based on their behavior, purchase history, and complementary item combinations. The feature is available to most accounts, including those with a limited transaction history and inventory size, increasing the potential for upselling and cross-selling.

The release also introduces two new recommendation algorithms, “Alternative Items” and “Buy Again,” which offer similar items to add to the order when the desired quantity of an original item is not in stock, and analyze customer purchase history to recommend items that tend to be repurchased but haven’t yet been added to the list. The system uses machine learning to refine its suggestions over time, providing a personalized experience to each customer.

NetSuite CPQ adds to the efficiency of sales processes by capturing complex customer requirements, ensuring accurate prices, and generating final quotes. The new dropdown helper feature on the ruleset maintenance page simplifies and accelerates the building of configuration rules, resulting in faster and less error-prone sales processes. Additionally, the integration between SuiteCommerce and NetSuite CPQ offers a consistent site theme, creating a seamless experience for shoppers.

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