2 Feb, 2023

How NetSuite 2023 Release 1 Aids Your Company Across the Board

We are about to embark on another year that fits under the ‘may you live in exciting times’ category. Whatever your business, you are probably dealing with the consequences of historically low unemployment, rapidly rising interest rates, and economic turmoil.  

All of this is causing businesses to tighten their human resource management, find savings wherever they can, and automate as many procedures as possible.  

NetSuite 2023 Release 1 is beneficial across the spectrum.  

Consistent Employee Engagement 

Customers are the most valuable and expensive resources of your business. Correct tools are needed to maximize employees’ output while providing them with the assistance they need to accomplish their tasks, clock their hours efficiently, and receive their compensation. A workforce management system helps to streamline scheduling, digitally record hours, automatically compute compensation, and pay employees appropriately.  

SuitePeople Workforce Management benefits finance, managers, and employees equally. The accounting department appreciates the automatic wage calculations and simple connection with NetSuite Payroll. Employees can now use any device to capture time and attendance, view their calendars, punch in and out, and seek shift changes.  

Customers also benefitted from the new features. workforce analytics assist organizations in matching labor supply to business needs and ensure appropriate number of workers is available to serve customers.

Do you have more complicated labor requirements, such as staff working on several tasks or for different clients, or in regulated scenarios, such as a driver who must rest a specific number of hours? Release 1 of 2023 has got you covered. Your employees can simply modify their status during the day and track their pay scale and working hours. A built-in wage rules engine assists you to calculate hours, overtime, and holidays automatically. This helps you to avoid overscheduling a worker — and perhaps violating regulatory obligations.  

Financial Acumen and Operational Excellence  

Respondents in the November 2022 CFO.com/ NetSuite survey were candid about the issues they were encountering - and the remedies they had in mind.  When economic conditions, cash flow, and essential staffing needs emerged as top worries of the respondents, CEOs particularly CFOs, expressed a preference for technology as a mitigation measure.  

For example, 83% of respondents anticipated severe recruiting needs in the initial half of 2023. So, what is the most effective strategy for addressing worker issues? Increase the use of technology. Almost three-quarters of business operators said they are investing in technology to eventually reduce the number of employees. 

Businesses are likewise looking for technology to help them save money doing more for less. NetSuite 2023 Release 1 assists finance leaders to achieve this goal by introducing significant, time-saving new features that provide greater automation and flexibility than ever before.  

Good financial team members are difficult to come by. But NetSuite 2023 Release 1 tackles this issue. It provides automation and standardization tools that allow experienced staff to focus on more important jobs.  

Businesses can now upload vendor bills to NetSuite by simply sending them to NetSuite. Before being matched to the relevant purchase order, emailed invoices are automatically scanned and filled with crucial details such as vendor name, PO number, items ordered, quantity, and pricing.  

With the new uplift at renewal functionality in 2023.1, subscription service providers save significant time by automatically applying a percentage price increase to a customer's renewal cost. Increments can be specified at the time of subscription creation or renewal and are flexible enough to determine a percentage uplift at the line-item level.  

Other advancements for finance teams in 2023.1 include:  

The Rebates and Trade Promotions SuiteApp may automate rebate and trade promotion computations on kits and assembly items in addition to traditional inventory items.  

Those that employ tax-exempt units can assign nexuses to a subsidiary, categorize it as tax- exempt, and forgo the assignment of a tax engine, essentially preventing tax computations on transactions involving that nexus.

Nonprofits can optimize indirect cost allocation by establishing a provisional or agreed-upon rate for a bespoke segment, such as a grant, and controlling expenses and allocations.  

Self-sufficient Supply Chain

Global supply chains are beginning to mend. According to Freightos, (operates a booking and payments platform for international freight, using a SaaS-Enabled Marketplace model) ocean freight prices have normalized, with the cost of shipping a container from China to the US West Coast down 90% from a year ago and the Asia-Europe route down 73%. While inventories of certain commodities, such as automobiles, continue to lag demand, many merchants started the holiday season with a surplus of inventory.  

Increase the productivity of your warehouse personnel while lowering shipping costs with new NetSuite Ship Central packing and shipping capabilities in 2023 Release 1. Distribute the Ship Central mobile application to warehouse workers, which adds shipping capability to NetSuite Pack Station.  

With NetSuite Warehouse Management System (WMS) 2023 Release 1, picking is also more efficient. Multiple staff can now pick kits depending on zones, with materials pooled for packaging. 

Furthermore, new NetSuite WMS picking procedures allow warehouse floor workers to mark partially picked orders as complete, which is useful if you wish to reserve some low-stock items for subsequent customers. Pickers might mark a bin as empty if there are insufficient products, damaged goods, or another problem. There is no more wasting time walking to empty bins, and replenishment staff are alerted when it is time to resupply. Bins can be blocked, and an alert given if they become unexpectedly empty or damaged.  

Other enhancements in 2023.1 for warehouse teams and manufacturers include: 

NetSuite Smart Count has been enhanced to include serialized and lot-numbered products, allowing for forward and back-tracing.

NetSuite's new Costed BOM Report SuiteApp gives a detailed summary of all expenses associated with creating assembly components, including material, labor, machines, setup, and overhead costs.

The Manufacturing Mobile SuiteApp now supports independent assemblies that do not have a work order connected with them.

In NetSuite Quality Management, QA teams can now create automatic inspection requests for items made by contract manufacturers.

Analytics Level the Field  

Small and medium businesses may now compete with major enterprise competitors in intelligent analyses of a wide range of data types. Thanks to the cloud-based NetSuite Analytics Warehouse.  

Analytics Warehouse is based on cutting-edge technologies, such as Oracle Autonomous Data Warehouse and Oracle Analytics Cloud. Customers may access over 90% of NetSuite transactional record types in 2023 Release 1 and strengthen their analysis with new data sets in areas such as sales, inventories, financials, purchasing, and support management.  

2023.1 also includes:  

An enhanced library of industry-specific dashboards and visualizations for professional services firms, software sellers, and manufacturers.  

Salesforce, Shopify, and Google Analytics are three of the most popular cloud applications.

Other programs, including legacy systems, can be linked using CSV files or spreadsheet import.

Improved Customer Experiences  

NetSuite 2023 Release 1 contains improvements to ensure that your clients' digital experiences meet or exceed their expectations across many touchpoints.  

Companies that want to create a great customer experience without increasing staff can rely on NetSuite 2023 Release 1's combination of CRM, CPQ (Configure- price-quote), ecommerce, inventory, and financial management solutions.  

Intelligent Recommendations gather information from purchase histories, transactions, customer behavior, and other sources to help you better understand your customers and create better product recommendations. Furthermore, automated suggestions are no longer restricted to SuiteCommerce web businesses. Intelligent Recommendations featured in NetSuite CRM opportunity, estimate, and sales order records in the 2023.1 release.  

NetSuite CPQ extends NetSuite's capabilities to allow organizations to capture complex client needs and verify that configurations are not just manufacturable, but that accurate prices and final quotations are provided. On the ruleset maintenance page, the 2023.1 release features a new dropdown assist that makes building configuration rules faster, easier, and less error- prone. Managers can also restrict CPQ Maintenance UI access to select individuals or groups based on job, firm, or department to provide a consistent look and feel for online consumers. 

Improving the Project Lifecycle  

While inflation may not affect service organizations as much as it does product companies, it is still an important component in 2023 planning. Interest rates and wages are putting pressure on the economy, while staff shortages may raise demand for outside aid. Professional services firms seeking to capitalize must enhance both operational efficiency and cash flow, whether to free up funds for employment, taking on new work, or other purposes. End–to-end visibility, accounting and invoicing flexibility, and fine-grained project control will also help.  

NetSuite 2023 Release 1 includes options for professional services firms wishing to free up finances for hiring to meet demand — or for any other purpose — such as an upgraded Project 360 Dashboard and project costing capabilities.   

Finance teams seeking to appropriately identify revenues and expenses over accounting periods, even during years-long engagements, may receive the insights they require with the Project Cost to Cost Percent Complete SuiteApp, as well as Advanced Revenue Management – regardless of project stage. Configure customer-specific rules that correspond with your company's accounts receivable processes and customer preferences, as well as the flexibility to create charges through project records or directly against a customer record, with NetSuite's charge-based billing.  

Simple Platform Development  

SuiteCloud Platform Sneak Peek 2023 Release 1 brings additional features to the Visual Studio Code Extension and other capabilities, including new REST records and Java 17 compatibility.  

SuiteCloud offers robust platform tools and technologies for customizing, integrating, expanding, and controlling your NetSuite Account. SuiteCloud was designed for software developers and technical administrators, and thousands of users use it to customize their accounts to get the most out of the Suite.  

Finally, customers find a new Visual Studio Code Extension and other capabilities in 2023 Release 1 of the SuiteCloud Platform, including eight new standard REST records, support for Java 17, and enhancements that make it easier to build and manage customizations and integrate with other applications.  

NetSuite has preserved the knowledge gained from tens of thousands of global installations over the last two decades into a set of leading practices. That provides a clear route to success and are proven to produce immediate revenue potential. NetSuite implementations are smart and start with sales and span the whole client lifetime, ensuring continuity from sales to services to support. Get in touch with Jobin and Jismi to learn more about NetSuite.