As businesses around the globe seek to navigate the next year and beyond, creating efficiencies and visibility into financial operations, keeping employees engaged and navigating the new supply chain challenges will be more important than ever.
NetSuite 2020 Release 2, the second major platform upgrade of the year, delivers to more than 20,000 customers around the world the insights and capabilities they need to address these challenges. From employee management and supply chain innovations to financial and operational excellence enhancements and new developer tools, NetSuite 2020 Release 2 offers everything companies need to position themselves for future success.
Financial and Operational Excellence
- Invoice grouping enables the consolidation of multiple invoices into a single invoice that’s delivered to the customer, and it also allows payments accepted at the group level to be applied to individual invoices. This reduces manual grouping, ensures accurate invoices and improves cash flows by decreasing days sales outstanding.
- Bank reconciliations are streamlined with the added ability to automatically create and post transactions directly from imported bank data, thus greatly reducing the manual time to process and match your bank data to your books in NetSuite.
- Intercompany cross charge automation enables accounting teams to automatically post cross charge transactions between subsidiaries. This automation reduces the manual effort and accelerates the accounting period close process.
- You can easily net intercompany receivables and payables with a new feature that enables accountants and controllers to offset mutual intercompany open balances and auto-generate intercompany netting settlements. The result is fewer open intercompany transactions and reduced manual effort to manage open balances.
Continuous Employee Engagement
- SuitePeople Performance Management* provides HR leaders a central place to easily administer the performance review process that not only enables greater performance management efficiencies, but also helps employees stay engaged with goal creation, monitoring, measuring and recognition for achievements. Employees and managers continuously stay aligned on top priorities to maximize performance. It consists of two components: goals management and a review process.
1. Employees and their managers work together to create goals that are both meaningful to the organization and connected to the work that the employee does via the use of Performance Metrics. The goal progress can be automatically updated in real-time based on the employee’s contribution to the business’s actual results.
2. When it comes time for a performance review, relevant goals are automatically pulled in to provide meaningful context regarding the employee’s contributions over the review period, and to help the Employee and Manager more accurately reflect on past performance.
- Expense report credit card integration enables the population of NetSuite expense module expense lines directly from American Express corporate credit card accounts streamlining the process, increasing user adoption and reducing data entry errors.
- Automated controls and notifications on expense reports ensure compliance on company policies and contracts. This results in fewer unapproved overages and limits excess expenses.
Autonomous Supply Chain
- NetSuite’s new material requirements planning (MRP) capabilities for supply planning (available to customers who are using NetSuite Demand Planning) has been completely re-architected, featuring a dedicated planning repository that ensures planners can make decisions based on timely and consistent information. Planners can easily monitor, firm up or release orders for approval and aggregation; review and accept action/exception messages individually or in bulk; and pegging information provides planners full visibility into how demand is allocated to supply.
The planning workbench slices and dices data by product line, plan, location, user-defined item categories and groups. It highlights situations that require attention, helping to prevent both shortages and excess supplies, and provides what-if analysis capabilities for simulating multiple plans.
- Capabilities of Intelligent Predicted Risks are extended to include sales orders, providing users with greater insight into potential risks on goods not shipping on time. Purchase orders can be identified as being at risk and recommend alternate vendors based on new machine learning algorithms.
- Additional precision can be provided to supply allocation by allowing inbound shipments to be included into the allocation of supplies, in context with related purchase orders. Additionally, fill rate optimization allocates existing supply to satisfy as many sales order lines as possible based on the given supply.
Extending the Power to Customize and Integrate the Platform
- SuiteCloud adds a new records catalog that makes it easy to discover and view all standard and custom records and fields in your NetSuite account data model.
- You can efficiently manage and automate SDF projects across your development lifecycle with the open source, IDE-agnostic Node.js Command Line Interface (CLI) now available on GitHub and npmjs.com.
- Asynchronous execution support for SuiteScript Query and SuiteQL APIs makes it possible to work with significantly larger data sets with fewer timeouts.
- View account status in real-time with new Application Performance Monitor (APM) performance health dashboards. The rich visual environment provides at-a-glance overviews of key health indicators and flags potential system resource bottlenecks to proactively prevent stability and performance issues.
Read this blog to get more in-depth details on NetSuite’s platform enhancements.
Learn More About NetSuite 2020 Release 2
These are just the highlights; there’s much more in NetSuite 2020 Release 2 than can be covered in a single blog post. For more specifics on the complete list of new features, be sure to read the release notes and follow the industry-specific enhancements for:
- Wholesale Distribution
- Advertising, Media and Publishing
New to the release process? Learn more about it here.
Finally, be sure to request access to your Release Preview test account. There, you can preview and test how the new features will work with your own data, workflows and customizations.
*Available in North America only.