Everything you need to know about NetSuite 2024.1 update

The Oracle NetSuite 2024.1 release is a significant milestone in the world of ERP technology. It brings forth innovative solutions that address the evolving challenges faced by modern businesses. With AI-driven enhancements at its core, this update is crucial for organisations undergoing digital transformation. These enhancements redefine business accounting and operations by empowering strategic adaptation while providing maximum advantage in today’s competitive landscape.

The update strengthens financial management with robust EPM tools. NetSuite EPM (Enterprise Performance Management) connects planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes across the organisation. These innovations streamline account reconciliation and accelerate the financial close. They exemplify NetSuite’s investment in financial integrity and operational efficiency. This suite of tools is crucial for agile, informed financial stewardship.

• NetSuite Benchmark 360 helps organisations analyse key operational and financial metrics to understand performance compared to similar businesses in their industry and region. Metrics include Days cash on hand, Days sales outstanding, Days payable outstanding, Employee turnover rate, and Revenue per full-time employee.
• NetSuite E-Invoicing SuiteApp connects to national, international and government e-invoicing platforms directly from within NetSuite, helping customers meet global e-invoicing compliance.
• NetSuite Analytics Warehouse adds faster access with increased security with single sign-on, allowing users to log into NetSuite or NetSuite Analytics Warehouse with one set of login credentials.
• NetSuite Compliance 360 dashboard monitors changes to customers’ records, and sends alerts of data breaches, and internal user audits.
• NetSuite Bill Capture added intelligence to the Review Bill page with additional fields including PO number, memo, posting period, discount code and custom segments. Added filters for vendor, upload source and email source on the scanned vendor bills page.
• NetSuite Corporate Tax Reporting automates tax reporting processes and enables organizations with multinational operations to efficiently comply with new OECD country by country reporting (CbCR) obligations. With this new range of workflow, task management, and transfer pricing capabilities, finance teams can improve the speed and accuracy of tax reporting.

AI is the linchpin of NetSuite 2024.1 enhancements, reshaping enterprise functionality. It fuses with modules, ensuring intelligent operations and automated excellence. Such integration promises a transformative leap for business processes, bolstering efficiency. These AI enhancements position enterprises at technology’s cutting edge, ready for future demands. With AI at the core of NetSuite 2024.1, businesses can expect increased accuracy, streamlined workflows, and predictive insights that drive informed decision-making. The seamless integration of AI into various modules empowers manufacturing executives to optimise operations, reduce costs, and stay ahead of the competition. By harnessing the power of AI, NetSuite 2024.1 enables businesses to unlock new levels of productivity and innovation, paving the way for sustainable growth in the ever-changing business environments.

NetSuite Text Enhance is a powerful tool that takes your data and transforms it into meaningful communications with customers. With its advanced automation capabilities, it enables personalised messaging that boosts efficiency and relevance. Sales and marketing teams can benefit from data-driven outreach, allowing them to tailor their messages precisely to their target audience. Additionally, customer service teams can enhance their efficiency by utilising AI-crafted responses, resulting in significantly improved interaction quality. With NetSuite Text Enhance functionality, you can take your customer communication to the next level.

The 2024.1 update brings predictive analytics to the forefront of planning. It utilises AI for accurate financial forecasting and trend analysis. Such tools enable businesses to strategise with confidence, backed by data. They facilitate intelligent budgeting, responsive to market dynamics and internal goals.

The existing NetSuite Planning and Budgeting is now augmented with Intelligent Performance Management. NetSuite EPM also includes NetSuite Profitability and Cost Management Reporting, which provides detailed insight into which customers, products, and other segments of a business are most profitable.

AI transforms invoice processing, making it a model of efficiency. This feature extracts invoice data with heightened accuracy, reducing manual tasks. It revolutionises accounts payable, cutting down on errors and administrative burdens. Such enhancements signify NetSuite’s commitment to practical, everyday innovation.

• NetSuite Supply Chain Management mobile apps has additional configurability to tailor how Warehouse Management System (WMS), Ship Central, Manufacturing Mobile and Quality Management works in your business.
• With NetSuite WMS companies can use wave picking to let pickers ship and order after picking on wave rather than waiting to ship it until all waves have been completed.
• Manufacturers can calculate accurately the amount of time and labour it takes to complete a work order and identify shop floor bottlenecks with the ability to start, stop, pause and restart each step in the process in the Manufacturing Mobile app.
• The scheduling and completion of inspections for items can now be done with no inventory quantity in NetSuite.

Field service management is redefined with this update, focusing on efficiency. Enhanced scheduling optimises resource allocation, ensuring the right technician for each job. This module’s improvements showcase NetSuite’s dedication to service excellence and operational agility. It illustrates NetSuite’s prioritisation of a seamless, mobile-enabled workflow, crucial for modern field services.

NetSuite Field Service Management helps organisations improve the efficiency of field service operations by simplifying scheduling and dispatch, automating inventory and customer asset management, and increasing visibility with real-time data.

Sales and customer service see substantial improvements with new integration capabilities. These upgrades streamline customer interactions, from point-of-sale to ongoing engagement. They reflect NetSuite’s focus on a seamless, customer-first sales journey, pivotal for business growth. Sales reps and mangers can now find the lowest-cost shipping option that meets their needs for sales and transfer orders in NetSuite Ship Central.

• NetSuite restaurant and hospitality customers that use Simphony POS can now easily integrate with NetSuite by using the NetSuite Connector for Simphony.
• NetSuite CPQ now allows reps and customers to select SuiteBilling subscriptions when creating configurations. New capabilities in SuiteBilling streamline selling and billing of physical products and related subscriptions together.

NetSuite 2024.1 stands as a testament to continuous innovation. Businesses that strategically include this update will improve their productivity, operational efficiency, and industry competitiveness by understanding the release notes, investing in user training, and leveraging the new AI powered features.

You can download the Release Notes here

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