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NetSuite Innovative Functionality to Accelerate Business Growth

SuiteWorld 2021 Highlights

SuiteWorld announced new Oracle NetSuite features, trends and their forward-thinking vision for business success. Themed “Power your Growth” the event encouraged growth as NetSuite grows into new areas, with more scale and focus than ever before. Research reveals that NetSuite customers grow 3x faster and are amongst the most innovative in the world. Worldwide NetSuite has grown by 17,000 customers over the previous five years. This trend is set to continue as NetSuite Cloud ERP continues to invest in the latest innovations, enhanced functionality and products that meet the needs of the modern business.

“The latest updates to NetSuite help to reduce manual processes and ensure customers have timely, accurate data so they can make better decisions, quickly respond to market conditions and scale their organisations” said Evan Goldberg, EVP of Oracle Netsuite.

The new functionality featured at SuiteWorld 2021 are natively built into NetSuite ERP and is automatically available and always up-to-date.

Summary of the 2021 Business Superpowers for Growth:

  1. Automation Drives Velocity
  2. Insight Sees Behind Data
  3. Agility Ensures Adaptability

Automation

When companies are held back by outdated processes, they cannot react to change or grow. NetSuite is making it easier for companies with SuiteBanking. NetSuite SuiteBanking is the first cloud ERP to integrate into FinTech. With NetSuite SuiteBanking, you can increase forecasting accuracy, enhance more-informed decision making, and automate financial processes for better visibility of cash flow. In NetSuite SuiteBanking Machine Learning (ML) is employed to do heavy lifting transactional reconciliations and processing which increases productivity significantly. The advanced technology in NetSuite’s SuiteBanking includes: 

  • Accounts Payable Automation
  • Accounts Receivable Automation
  • Bank Reconciliation
  • International Payments
  • Cash Flow Optimisation and Access to Working Capital
  • Expense and Spend Management

Read more about the NetSuite SuiteBanking press release

New online payment capabilities enable links to secure payments pages so customers can view and pay by various methods including a credit or debit card, PayPal or other online payment methods. These can be embedded in email invoices and SMS messages for customer convenience, and easier transactions. Multi-subsidiary businesses can now consolidate the creation of purchase requisitions, purchasing and billing across subsidiaries to streamline customer accounting.

Data Insights

Evan Goldberg, the EVP of Oracle NetSuite, delivered a keynote speech this year about how data-driven insights can turn businesses into booming successes. Goldberg highlighted the stories of NetSuite customers thriving in the face of adversity, uncertainty and complexity of the pandemic.

  • NetSuite Analytics Warehouse: NetSuite Analytics Warehouse is a new analytics warehouse. It takes your data from Oracle Analytics Cloud and Oracle Autonomous Data Warehouse to find patterns and insights. This helps you enhance decision-making and find new revenue streams. Oracle Analytics is a cloud-native platform for analytics that can handle all aspects of the process—from ingestion, to modelling, to visualization. It’s proven to be secure and compliance-ready, so you can always rely on it. The Oracle Analytics tools help increase your company’s productivity. It starts on-premises or in the cloud and can be deployed as a hybrid strategy for increased flexibility. Embedded machine learning and natural language processing technologies help increase productivity and build a data-driven culture in organizations. Oracle’s Autonomous Data Warehouse is a new cloud service that does all the hard work of running a data-driven enterprise. It automates, provisions, configures, secures, tunes, scales, and backs up your data warehouse so you can focus on your business.

Key Benefits of bringing new data sources into the warehouse without code includes:

    • 25 pre-built connectors to major platforms like Google and Salesforce.
    • Can be used to manage data for storage, audit and compliance.
    • Trend Insights to organise and snapshot data from multiple systems.
    • Faster data analytics viewing with prebuilt dashboards and 40 visualisations that allow you to see your data in one place with drill-down summary details.
    • Enhanced Collaboration with the ability to auto-generate and export data into charts and summaries.
    • Self-service data analysis without relying on IT resources.

Learn more about NetSuite Analytics Data Warehouse

  • Analytics: With new 360 Dashboards, NetSuite customers are able to get a clear view of critical business functions. The dashboard consolidates rich data and functionality around key tasks, allowing enhanced insight, automation, collaboration, and streamlined day-to-day tasks for critical business functions like inventory, customers, projects, and cash flow.

Agility

  • Advanced Customer Support Playbooks: Companies can use the NetSuite ACS playbooks to address certain operational challenges, such as revenue recognition, project profitability, supply chain management, and other cross-functional processes. They also support key growth milestones.

“As businesses grow and face additional complexities, the way they operate must also evolve. We’ve taken insights gained from helping thousands of businesses grow and created prescriptive playbooks to share that knowledge with our customers. This will help them improve core business functions and get the most out of NetSuite. Whether a business wants to tighten up internal controls in preparation for an IPO or is looking for a better way to forecast and scenario plan, the playbooks support a wide range of business goals.” said David Rodman, SVP of Customer Success, Oracle NetSuite.”

Learn more about NetSuite ACS

  • Commerce: New intelligent product recommendations in SuiteCommerce leverage transactional and behavioural data to help organisations make personalised offers to website visitors. Predictions can be made based on what products are most relevant for each individual shopper. Additionally, new NetSuite Connectors provide seamless integrations with marketplaces such as Amazon and Walmart, third party logistics providers, and e-commerce platforms like Shopify. These tools enable customers to expand their channels in a way that will support business growth.
  • Platform and Infrastructure: New SuiteAnalytics workbook APIs enable programmatic access to a wide range of workbook capabilities to help developers create powerful BI applications for NetSuite. The new SuiteCloud Code Editor support helps developers build and manage NetSuite applications and customizations with Microsoft Visual Studio code editor.

NetSuite has also added two data centres in Sydney and Melbourne that leverage Oracle Cloud Infrastructure for improved availability, reliability, and performance of NetSuite in APAC.

  • Project Management: New invoice presentation templates give customers the ability to customize invoices to fit the client’s preferences. These new features will ensure timely payment of bills and improve cash flow. For support on purchasing projects, enhancements have been made so customers can create purchase orders from their project records and track all of the purchases, billing, and payments associated with a project. Organizations can use this tool to develop better project accounting and improve collaboration between purchasing and project purchasing at organizations.
  • Supply Chain: Inventory allocation enhancements enable supply chain planners to allocate inventory by gross profit or revenue. The improved ability to predict whether or not a given type of inventory will be available at a given location, so retailers can prioritize their stock to maximize profits.

Additionally, Smart Count is a new automated inventory counting system that can be set up to count your inventory automatically. A cycle count may be triggered by a preset event, a certain stock level, or a threshold of sales velocity. This counts products without interrupting the operations in the location, and it also reduces the time spent counting inventory. Furthermore, if set up correctly, Smart Count can reduce the risk of stock-outs and increase customer satisfaction.

Do you have questions about the new NetSuite advanced functionality?

On-premise ERP system customers are now facing the decision to undergo a multi-step transition, ring-fence the old ERP and buy a lot of bolt-on solutions for cloud, innovation and business requirements; or implement a modern ERP solution that really takes advantage of external data and advanced tools for growth, agility and sustainability.

The OneKloudX team is here to provide the information you need. If you are looking for a scalable cloud-based solution with a full set of production planning tools that have been designed specifically to meet the needs of modern companies, the experienced and accredited OneKloudX team is ready to help you. Contact the OneKloudX team on info@onekloudx.com.au or call 1800 155 683 to talk to a Senior NetSuite Consulting Team Member.

Do you want more information about NetSuite Cloud ERP?

You can take advantage of a few complimentary downloads about NetSuite for mid-market businesses if you are considering NetSuite for your business.