NetSuite 2023 Release 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.
Highlights & 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 2023.1 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 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.
The 2023.1 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.
Optimised 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.
Discover the latest updates in NetSuite 2023 Release 2.
Take Control of Your Success with Oracle NetSuite and OneKloudX
At OneKloudX, we understand that Oracle NetSuite has the power to transform businesses. That’s why our experts have helped countless companies harness that power and use it to their advantage.
We bring decades of business-process expertise and unmatched product knowledge to every engagement, ensuring that our clients get the most out of NetSuite. From implementations and customisation to integration and refinement, we’re here to help you streamline your back-end operations for maximum efficiency.