14 Mar, 2022

Sneak Peek for Distributors: NetSuite 2022 Release 1

Wholesale suppliers take up a room between manufacturing and retail and experience the effect of shifts in both industries. Suppliers have been struck by the increasing expense of materials and transportation and the scarcity of workers that’s influenced manufacturing and retail. Simultaneously, they have to give exceptional B2B online shopping experiences as it is the most chosen means for many to buy. 

In reaction to those trends, suppliers must enhance inventory levels to reduce the effect of increased price and also decipher how to profitably market and sell products online. NetSuite 2022 Release 1 constitutes various characteristics to manage supply chain capability and assists cross-channel sales.

Improving Warehouse Efficiency

The NetSuite pack Station mobile application permits the warehouse employees to select between pounds and kilograms when weighing packages, and  can view the packing directions before creating an order. Warehouse staff can also pack and unpack “ship as is” items in bulk. 

Warehouse automation put forward chances for obtaining efficiency for suppliers and the NetSuite Warehouse Management System (WMS) can aid. The new version of the WMS helps zone picking, where pickers are allotted to particular areas and items are then constituted prior to packing. This is perhaps the most effective method for some processes and it offers businesses that may utilize various picking techniques alternative options. 

Also, the WMS now totals items while scanning, instead of someone entering the amount when laying aside products, manual counting, or transferring inventory. Warehouse employees can also seek for and print item tags from a mobile device and administrators can deliver numerous pick waves with just a click. 

Ultimately, paperless wave filtering in the WMS offers staff an optical representation of every order and wave not presently being picked. That makes warehouse employees find tasks to begin and avoid duplicate picks. 

More Help to Manage the Supply Chain

Now supply chain executives can make custom views of the supply planning workbench, a page that presents supply and demand orders and keep them for further reference. They can replace the filters applied – such as item location and chosen distributor – and the items constituted in the workbench. Now they can also view item depictions, safety stock levels, and vendor details on that page. These latest views make it simple to decide the perfect order quantity to prevent both out-of-stocks and excess stock. 

NetSuite’s mobile manufacturing application should increase productivity in the warehouse with easier on-screen directions. Production executives can also utilize the app to substantiate quantities for production runs and activate or deactivate overproduction if they have excess supplies. The supply chain management app permits executives to attach or detach fields from standard data tables based on what’s significant to the work they do.

Inventory assignment is more difficult once you’ve included online mediums. The latest process permits purchasing heads to delve into the information of assigned demand. Clicking into assigned demand for any item reveal what it’s reserved for, comprising the channel and consumer, to accelerate quick and more detailed inventory decisions. 

Better Purchasing Decisions 

Even if the circumstances get harder, customer anticipations remain high and NetSuite’s latest vendor performance scores assist suppliers to attain them. When ordering products, customers can view the forecasted days early or late for a particular shipment, together with a confidence score. This score is on the basis of the distributor’s previous performance with that company. Purchasing workers can examine these details when they’re placing or approving orders to provide consumers with realistic delivery dates and optimize inventory on hand. It can also prove helpful in discussions with distributors. 

Reducing Inventory Waste

Some goods may require to be re-examined for quality before they’re incorporated in a customer order. These inspections could be activated by some scenarios, like if an item has been mended or hardly failed the first inspection. The latest inspection on-demand operation in NetSuite Quality Management activates quality assurance experts to perform these inspections on an expedient, timed, or repeat basis. 

Avoiding obsolete inventory is necessary when expenses arise. Supply chain administrators can now allocate and fulfill on the basis of the First Expired, First Out (FEFO) strategy instead of committing inventory, changing what was two steps into one. FEFO assures the oldest items are sold before their value declines and is managed by lot numbers that display the production date. The latest release also streamlines the process of allocating lots to these items.

Operations workers have access to an integrated report present forward and backward tracing of every lot. Also, there are new filters to organize this information so they can easily find the data they require. 

Keeping a Close Eye on Cash Flow

Cash flow has become a larger focus for distributors — and most other businesses — since the pandemic began. 2022 Release 1 put forward Cash 360, which displays finance departments their cash balance, AP, AR, and a six-month cash prediction in one NetSuite dashboard. Accounting or FP&A teams can include events like loans, asset purchases, or receivables factoring that will be added to the cash projection. Holding all this detail in one place makes leaders organize easily for potential shortfalls. 

It is simpler than ever to detect and pair credit memos and bill credits with invoices for intercompany transactions through tagging. This is chiefly valuable for enterprises that don’t have a full purchase order-sales order workflow set up for such transactions. 

 Increasing Employee Engagement and Retention 

Administrators learning the particular objectives of their reports is one way to enhance employee retention and modifications to Suite People Performance Management help with that. In the latest release, workers can take off unapproved or unessential goals, and they can view the history of updates for in-progress goals. 

A new manager digest provides managers monthly updates on their workers’ betterment toward goals and what they’re ahead or behind on.

Organizing performance analysis for a category of workers is quicker and more effortless with Suite People Advanced Scheduling. Rather than manually organizing reviews based on a work anniversary, administrators can now include all workers in a dataset that will automatically send requests for those reviews to administrators. This works for both annual reviews and 30-, 60- and 90-day check-ins with new workers. 

Drive Better Decision-making Through Analytics 

Suppliers must accept analytics to prosper today and they can obtain all types of latest insights with the recently released NetSuite Analytics Warehouse. This release offers more than 18  previously developed transaction types, six added dashboards, and prebuilt old datasets for work orders, inventory, and cost reporting. Now the data model also adds items and custom fields for organizations.

SuiteAnalytics Workbook users can make use of a new interface that helps to connect multiple datasets to a single workbook by dragging and dropping required links, without writing any code. This new user interface reduces the amount of time and resources required to evaluate business activities in regions like the budget to actual, forecast to actual, or planned to actual. 

Simpler Integration Management 

As suppliers began selling by their own eCommerce site and online mediums, they may utilize the NetSuite Connector so data can flow between those external systems and NetSuite. A new connector tab in NetSuite keeps every connector in one place for simpler management. 

Need to know more about the advanced features available in NetSuite 2022 Release 1. We are always ready to help you. Connect with Jobin & Jismi for any NetSuite related concerns.