NetSuite 2023.1: New enhancements for analytics, manufacturing & project management
The first release for 2023 for NetSuite ERP contains a number of interesting new features and improvements for accounting, inventory management, manufacturing, project management and more.
This update offers automated accounts payable and enhanced expense management, which boost productivity and lower costs to your business. Companies can also remain on top of their tax requirements and reduce the risk of penalties by integrating tax compliance and reporting capabilities.
Here’s a look at what you can expect in NetSuite 2023.1 for manufacturing.
NetSuite 2023.1 highlights and new functionality
- Advanced Revenue Management Enhancements
- Electronic Bank Payments Enhancements
- Project 360 Enhancements
- Warehouse Management Enhancements
- Smart Count Enhancements
- Item 360 Dashboard Updates
Smart financials & operational efficiencies
For companies that offer subscription services, the new uplift at renewal feature in Suite Billing is a game-changer, allowing for automatic percentage price increases to be applied at renewal. This feature can be set during subscription creation or at renewal and is flexible enough to calculate percentage uplift at a line-item level.
Other notable enhancements in NetSuite 2023.1 for manufacturing, include the rebate and trade promotion calculations for all inventory goods, including kits and assembly items, are now automated by the Rebates and Trade Promotions SuiteApp. By streamlining the procedure, this feature saves time your team and lowers the possibility of mistakes. The method is also made simpler for individuals working with tax-exempt units because tax-exempt units can now assign nexuses to a subsidiary, categorise it as tax-exempt, and turn off tax computations on transactions. A provisional or agreed-upon rate for a special segment, such as a grant, can help non-profits improve their allocation of indirect costs and make it simpler to manage expenditures and spending.
NetSuite Smart Count
NetSuite 2023.1 Autonomous Supply Chain is the new release that will revolutionise the way warehouses operate.
With the new NetSuite Warehouse Management System (WMS), picking is more efficient, with the ability to pick kits based on zones and mark partially picked orders as complete. Additionally, NetSuite Smart Count has been improved to handle serialised and lot-numbered items, enabling traceability.
The new Costed BOM Report SuiteApp provides a comprehensive breakdown of all expenses related to producing assembly items, and the Manufacturing Mobile SuiteApp now supports standalone assemblies. Quality assurance teams can also create automatic inspection requests for items made by contract manufacturers.
Item360 Dashboard updates
The Item 360 Dashboard gives you access to all transactional data that is impacting the item, including related alerts, so you can stay on top of changes.
Within the dashboard, you can easily view item transaction details from multiple focus pages, including the Item Overview Page, Inventory Page, Purchasing Page, Manufacturing Page, and Sales Page. This gives you a single, centralised view of all the information you need to know about your items, making it easier than ever to manage your inventory and keep track of important changes.
This comprehensive overview enables you can make informed decisions and stay ahead of potential inventory issues. Item 360’s easy-to-use interface makes it simple to quickly assess the current status of an item and take action when necessary, allowing you to focus on other key areas of your business.
NetSuite Analytics Warehouse
NetSuite Analytics Warehouse is the ultimate solution for small and mid-sized companies looking to gain a competitive edge through insightful data analysis. With its industry-leading technology, including Oracle Autonomous Data Warehouse and Oracle Analytics Cloud, companies can now access nearly 90% of NetSuite transactional record types and expand their analysis with new data sets across various functions such as sales, inventory, financials, purchases, and support management.
NetSuite 2023.1 for manufacturing release features prebuilt industry-specific dashboards and visualisations for professional services businesses, software vendors and manufacturers. Direct connections to popular cloud applications such as Salesforce, Shopify, and Google Analytics can now be created, as well as the ability to connect other applications via CSV files or spreadsheet import.
Improved customer experience
With a combination of CRM, CPQ, e-commerce, and financial management solutions, the 2023.1 release is designed for professionals looking to streamline their business processes.
The new Intelligent Recommendations feature compiles customer data to provide deeper insights, while NetSuite CPQ simplifies the process of capturing complex customer requirements and generating accurate quotes. SuiteCommerce and SuiteCommerce Advanced now support Google Analytics 4 and ACH payments, further streamlining the customer experience.
Improved Project360 dashboard
The new release includes an improved Project 360 Dashboard and powerful project costing capabilities, which provide an accurate picture of revenues and costs over accounting periods. With the Project Cost to Cost Percent Complete SuiteApp and Advanced Revenue Management, finance and project teams can track the progress of the projects in realtime and make informed decisions.
Additionally, NetSuite’s charge-based billing allows companies to configure customer-specific rules and create charges through project records or directly against a customer record. You will gain a comprehensive audit trail, remove the manual effort required to extract and compute percentages, have precise and timely revenue numbers available, and be able to recognise revenue depending on exactly where you are in the project.
Overall, NetSuite 2023 Release 1 provides substantial financial advantages for businesses wishing to simplify their financial processes and boost productivity.
Full NetSuite 2023 Release 1 notes available here.
Take control of your business growth with NetSuite
NetSuite is a full, cloud-based enterprise resource planning (ERP) suite that gives organisations what they need to run efficiently and accelerate seamless scalable growth. Supporting 37,000 customers in 219 countries and territories worldwide, NetSuite has everything you need to grow, in one place, on a single cloud platform.
If you are considering an ERP solution, take a look at what we do, how we got here, and how NetSuite works. We have a proven track record of process expertise, and providing scalable cloud solutions. Our award-winning team helps you get the most value from NetSuite, so you can focus on what really matters – your customers, your people and your business.
We are here to answer your questions , so if you are ready use our NetSuite pricing calculator if you are considering NetSuite, or call us on 1800 155 683.
If not, then you can download some of our complimentary whitepapers/datasheets.