17 Mar, 2022

Sneak Peek for Retailers: NetSuite 2022 Release 1

The term ‘labor’ is now upsetting merchants. According to NetSuite Release, there were 490,000 job opportunities in the warehouses and transportation industry in summer, and 611,000 job openings by October! According to the Department of Labour in the United States of America, there are much more warehouse employment opportunities than candidates. In 2018, each position received three to five candidates. 

The National Retail Federation predicts holiday sales would climb 8.5 per cent by 2020, while retail imports will surge almost 18 per cent. Overburdened retail warehouse workers are abandoning the sector. 

Retailers utilizing warehouse services know they must maximize productivity to manage both the flow of goods and labor churn. Those without warehouses are anxious to unleash income through flexible fulfilment, build a strong supply chain capable of responding to constant change, and keep cash flowing and the business growing. 

NetSuite 2022 Release 1 distributes the latest functionality developed to assist retailers to transform this pressure into profit.

A More Efficient Warehouse

Retailers that manage a warehouse can now allocate pickers to a particular warehouse zone with zone pick and combine capabilities in the NetSuite warehouse management system (WMS)​. Each zone’s allocated picker will get pick tasks particularly for that zone, which will accelerate the operation, prevent duplicate works and reduce congestion in any particular area of the warehouse. When all pick tasks are finished, warehouse administrators can combine them into a general staging area. This permits teams to choose various orders at the same time and then pack all of them vs. picking and packing every order separately. 

Single order zone picking instructions

Improvements to the WMS mobile application permits warehouse teams to finish more tasks, enhancing productivity. Warehouse employers can search and print item tags from any page on the mobile app, while pickers attain an optical representation of sales orders, transfer orders and waves that require picking. This assists them in rapidly discovering another task when one is finished – and making sure that no one else is doing it. The latest tally scan capability counts items as they’re scanned and now put into bin putaway, inventory transfers, and cycle counting. Warehouse administrators can deliver various waves simultaneously vs. delivering them one by one. 

The NetSuite Pack Station, which launched in 2021 Release 1, attained many improvements to help packing become more well organized. Employees can bulk pack and unpack ‘ship as is’ items, those often breakable items that are required to be packed individually. Users can now choose ‘ship as is’ for items that are fragile and have all been chosen, but each belongs to discrete orders. Earlier they have to choose ‘ship as is’ for each item separately. Along with that, now, before they pack an order, employees can also see an item’s packing guidelines. They can also rearrange weight units between pounds and kilograms while weighing packages. 

A Stronger Supply Chain 

Supply chain organizers can now make templates that decide the items added in, and the filters applied to, their Supply Planning Workbench. This one-page abstract also shows item description (in its Workbench complete view), safety stock (in the date-based view), and vendor details (in the supply detail view). 

These inclusions provide organizers more insight into the condition of supply and demand and permit them to view only the details most significant to them without toggling between different screens. 

In the supply chain snapshot, now there is more information around assigned needs and distributions through a hyperlinked pop-up. For example, if there’s a lack of inventory, the pop-up explains where inventory is bound without directing to another screen. 

Hence, fulfillment administrators and customer service in-charges attain a detailed view of supply-demand disparities and they can speed up distributions, and inventory organizers and customers view complete information of any influence from supply restraints. As more retailers employ limited supplies, the pop-up can aid them to assign those distributions in the best method possible. 

While initiating a purchase order, retailers can now view a vendor performance rating for every vendor that displays the order’s forecasted days early or late on the basis of previous performance, in addition to a confidence rating (1-100). Rather than clicking into each particular vendor record to evaluate previous performance, customers can utilize this at-a-glance view when determining which vendor to buy from in a retail market fraught with delays. 

Retailers can now customize the information displayed on the supply chain management (SCM) mobile application without any scripting. They can simply include columns to tables on the app interface to show areas like customer, rate, quantity committed, and location, based on their priorities.

Easier Inventory Inspections and Allocations  

The latest first expired first out (FEFO) assignment at fulfillment functionality makes it simple for operations workers to allocate lots to lot-numbered items. And now, they can utilize FEFO to both assign and ship in one process, terminating an additional step. Using this functionality, retailers can make sure they’re using inventory properly and reducing waste from expired items. 

A Full Picture of Cash Position 

Retailers confront a market in which many vendors are increasing prices, shipping rates continue to rise and most specialists suggest recurrent forecasting. The new Cash 360 dashboard provides a complete picture of the current cash position and projects cash flow six months out, with current NetSuite transactional details and projected collections and expenditures. Financial evaluators can include one-off events that affect the cash flow prediction, such as asset purchases, loans, or factoring receivables. They can then analyze the dashboard’s projections and look into any transaction for more information. 

The Cash 360 dashboard restores the process of making short-term cash flow predictions in spreadsheets or a third-party app. The outcome is greater time savings: rather than transferring data from one system to another, users now receive more precise cash flow predictions that are updated automatically. 

The latest functionality permits accountants to match a credit memo to an invoice, an advantage for retailers that operate some intercompany transferences but not sufficient to authorize a complete, automated intercompany netting workflow. This removes the complex process of manually spotting intercompany transactions and applying for credits, saving time and reducing the chance of misapplying credits. 

More Powerful Data Analysis 

Retailers can now reduce time wastage by connecting datasets together in a single Suite Analytics Workbook without a developer, Suite Scripts, or APIs. They might associate datasets like budgets vs. actuals; forecast vs. actuals; and planned vs. actuals. This functionality permits them to rapidly unite various datasets into a single workbook, comprising custom records, making one visualization for finer data-driven decision making. 

The NetSuite Analytics Warehouse gets more than 18  previously developed transaction kinds in this release, comprising transaction types for workers and banking functional areas. The three latest historical snapshot datasets constitute work orders, inventory, and expense reports, permitting managers to simply manage point-in-time analyses in these fields. There are also six latest dashboards, providing analysts more insight into metrics.  These inclusions reduce development rates and time, giving retailers new methods to evaluate their NetSuite data along with other data sources.

A Hub for Commerce Integrations

Managers can now effortlessly access the NetSuite Connector, through a ‘Connector’ center tab. There, they will see every NetSuite Connector page and settings in one location. 

Need to know more about the latest features and capabilities available in NetSuite 2022 Release 1. Connect with Jobin & Jismi for any NetSuite related queries