Technology indeed outgrows businesses every day. So for keeping the pace up with technological changes, every business requires an ERP software application that can dynamically approach the technological changes.
NetSuite updates its features twice a year and ensures a stronger system with undiminishing capabilities. This helps the NetSuite to stay as the most powerful ERP solution. The NetSuite release 2020.2 is expected to arrive soon. So, what would be exciting updates that NetSuite is setting up? Let's sneak a peek into the latest NetSuite release features and possible updates which would get released soon. This will help to gain better insights on the upcoming features and to make a pre-plan to accommodate the same.
What’s New in NetSuite 2020.2 Release
• Pre-built SuiteAnalytics workbooks for industry-specific analytics. It helps to gain a deeper understanding and business insights.
• Multi-subsidiary entity and functionality to streamline the intercompany management of customers and vendors.
• An easier way to view key employee milestones with employee timeline.
Feature Highlights by Industry
The following details the highlights of NetSuite release 2020.2 in industry-wise.
• The new supply chain control tower for better visibility.
• Advanced manufacturing production UoM, serialized components, and inventory status for Improving productivity and streamline day-to-day processes.
• New order guides, allergen statements, and consumption UoM, For Food & Beverage industry.
• Personalized catalog views for increased revenue and customer satisfaction.
• Added extensions for enhancing the SuiteCommerce Web-Store.
• Merchandise hierarchy enhancements to gain more efficiencies.
• Advanced project budgets: It helps to simplify and improve accuracy on project budgeting
• Rules-based revenue attributes: It enhances flexibility and revenue recognition at more granular levels.
• Multi-subsidiary entity functionality: To Simplify intercompany management of customers and vendors.
• Benefits on project budgeting: Improvements on project budgeting, ensure accuracy, and helps to monitor the actions efficiently.
• Project work back schedule: For the efficient Meeting of project deadlines.
• Project resource utilization target: To gain better insight into workforce utilization and ROI of billable resources.
• Supply chain control tower: Improving customer service levels with new supply allocation.
• Warehouse Management System: For the effective management of warehouse activities.
• New vendor prepayments: For gaining more business flexibility.
• Advanced banking data import: Manual and tedious bank reconciliation with advanced banking data import.
• Vendor prepayments: Gain more business flexibility.
• Advanced project budgets: Streamline and improve project budgeting accuracy.
Advertising, Media, and Publishing Companies
• Advanced project budgets: Improves project budgeting accuracy and monitor expenses.
• Project resource utilization target: Effective workforce utilization and ROI of billable.
• Billing rate card enhancements: Ensure enhanced process efficiency and client billing accuracy.
• Customizations benefits on REST web services (beta) for integration, OpenID connect for federated authentication and ES. Next for SuiteScript development.
• Localization of NetSuite applications.
• High and improved security.
• Create business applications harnessing the power of the SuiteScript and SuiteCloud Development Framework (SDF).
• SDF to facilitate deployment of SuiteAnalytics workbooks and datasets into the NetSuite account.
Enhancements and Upgrades in NetSuite 2020.2 Release
The following are the enhancements and updates added to each area of the NetSuite ERP application.
NetSuite 2020.2 includes the following enhancements to accounting features:
• New Accounting Preference for Advanced Revenue Management.
• Currency Exchange Rate Types.
• Balancing Segments Enhancements.
• General Ledger Impact Printing Enhancements.
• System Notes on Currency Record.
• Sequential Liability Now Generally Available.
• Sales Return Accounting (Beta).
• EMEA Localization Enhancements.
The following features are introduced under NetSuite authentication, which strengthens data security and access permissions.
• OAuth 2.0 Proof Key for Code Exchange (PKCE) Available for Confidential Clients.
• Deprecation of Google OpenID SSO and NetSuite Inbound SSO Features.
• OpenID Connect (OIDC) Relying Party-Initiated Logout for NetSuite UI.
• Embedding Sensitive Website Pages in an iFrame is Prohibited.
• Addition of Logout Entries to Login Audit Trail.
• New Design of Login Pages in NetSuite UI.
• Recent Changes in NetSuite Service Provider Metadata.
NetSuite banking is going to upgrade with outstanding benefits and features with this upcoming release of 2020.2 following are some of its highlights.
• Corporate Card Connectivity.
• Auto-Create Account Transactions from Bank Import.
• Manage Duplicates on the Match Bank Data Page.
• Financial Institution Parser Plug-in API.
• Banking Import History Page Improvements.
• Automatic Import of Bank Statement Files Through Enhanced SFTP Connectivity.
NetSuite Cloud Infrastructure
NetSuite 2020.2 includes the following enhancements to NetSuite cloud infrastructure.
• Traffic Health Now Evaluates More NetSuite Services.
• Data Center-Specific Domains Targeted for Deprecation in 2020.2.
NetSuite Employee Management
Forthcoming employee management features and updates with NetSuite release 2020.2.
• New Performance Management Feature.
• Multiple Direct Deposit Accounts in the Employee Center.
• New Department and Class Options in Employee Custom Restrictions.
• New Pre-configured Templates in Employee Change Requests.
• American Express Integration for Expense Reports.
• Expense Report Policies.
• Bonuses on Employee Timeline.
• Onboarding and Offboarding Plans Enhancements.
NetSuite 2020.2 includes the following enhancements to NetSuite Internationalization features.
• Intercompany Framework.
• System-Generated Representing Entities.
• Transaction Pairing.
• Introducing Worldwide Support for Phone Number Formatting.
• Manage Translations (Beta) Enhancements in NetSuite 2020.2.
• Record Localization Context API Available for Use in SuiteScript 2.0.
• Expanding Record Localization Context Support with New Record Types.
• New Translatable Fields Supported by SDF.
In NetSuite Mobile, the underlined enhancements added to the process.
• My Approvals Enhancements
NetSuite Order Management
NetSuite 2020.2 includes the following enhancements to Order Management features.
• Billing Account Flexibility with Draft Subscriptions.
• Monthly Recurring Revenue Workbook.
• Invoice Groups.
• Installment Billing Enhancements.
• Classification Fields on Subscriptions and Subscription Lines.
• Required Deposit Workflow.
• Dunning Letter Notifications for Grouped Invoices.
• Electronic Bank Payments Enhancements.
• Multi-Language Support for Return Authorization from Case.
NetSuite 2020.2 includes the following enhancements to project features and adds outstanding benefits to its features.
• Advanced Project Budget Enhancements.
• Project Revenue Recognition Enhancements.
• New Project Indicators Portlet on the Project Dashboard.
NetSuite Vendors, Purchasing, and Receiving
The following are some of the upgrades businesses can going to receive under NetSuite Vendors, Purchasing, and Receiving.
• Vendor Prepayment Approvals.
• Due Date on Vendor Bill Credits.
• Vendor Bill Variances for Service, Charge, and Non-Inventory Items.
• Vendor Prepayments Enhancements.
• SuiteApprovals Support for Vendor Bills.
Forthcoming taxation features and updates with NetSuite release 2020.2.
NetSuite User Interface
The businesses can benefit from the following features on the User interface.
• Critical Announcements in SuiteAnswers.
• Code Sample Highlighting.
• Deep Link Support in SuiteAnswers for OpenAir Customers.
The following are some of the upgrades going to add with the Commerce platform.
• Commerce Applications.
• Site Management Tools.
• Commerce Platform.
• SuiteCommerce InStore.
With the latest release of NetSuite 2020.2, the customers can avail of the following benefits and upgrades under SuiteAnalytics feature.
• Multiple Datasets in One Workbook.
• SuiteAnalytics Workbook Formula Builder Improvements.
• Analytics Portlet Supports Workbook Table Views.
• New Workbook and Dataset Details Panel.
• Enhanced Filtering Options for SuiteAnalytics Workbook.
The following are some of the upgrades going to add with the SuiteCloud platform.
• SuiteCloud SDK.
• SuiteApp Distribution.
• SuiteBuilder – Customization.
• CSV Import.
• SuiteFlow (Workflow Manager).
• SuiteCloud Development Framework.
SuiteApps (Bundles) Released by NetSuite
Following highlights the SuiteApps which you can avail with NetSuite release 2020.
• Accounting SuiteApps.
• Banking SuiteApps.
• Food and Beverage SuiteApps.
• Integration SuiteApps.
• Inventory Management SuiteApps.
Tips Before the Upgrade
Be prepared enough to receive the outstanding!!
• Before upgrading, make sure you are prepared enough to accommodate those changes.
• Prepare internally to advocate enhancements to your system.
• If you’re doubtful or not confident, test the same on your sandbox before deployment.
• Safeguards the success of the process in the Sandbox environment account after and before the upgrade.
• Shootouts the loopholes in the new environment through a thorough examination. They analyze the areas such as customizations, scripts, workflows, and integration prior to the new release.
You can only avail of these upgrades in the new release of NetSuite 2020.2.
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