NetSuite Release 2022.1 new features

NetSuite 2022.1 adds cash flow and project dashboards, warehouse management controls

With NetSuite 2022.1 companies are reinventing themselves with “next normal” agile strategies to embrace change and uncertainty to meet customer demands with modern cloud technologies. It’s time to rethink your business from the ground up. With everything disrupted, returning to the old way of doing things means you’ll fall behind your competition. Modern enterprise resource planning (ERP) software can help you avoid the pitfalls. Here’s how.

Accurate and timely data is now table stakes when operating your business. A complete view of your business, from the ground up, is the key to digital transformation success. Oracle NetSuite has introduced new features in NetSuite 2022 Release 1 that helps you to:

• Understand your cash position and forecast from within the platform
• Improve project management visibility from a single dashboard
• Increase warehouse operational efficiency with the aid of mobile enhancements

NetSuite 2022.1 Financial Management

• NetSuite 2022 Release 1 streamlines your company’s cash flow management. The Cash 360 dashboard provides a real-time view of your cash position and generates fast and accurate near-term cash flow forecasts. With configurable dashboards, you can see receivables, payables, and available cash in real-time and make informed decisions about your company’s cash flow. You’re able to review current trends and a rolling six-month forecast for more informed decision making. The release improves forecast accuracy by combining multiple data points, like new funding sources, planned expenditures, billing schedules and sales forecasts, with open AR and AP transactions. Historical averages based on a customer’s own data are then applied to estimate collections and disbursements, improving forecast reliability.

• NetSuite lets you link inter-company orders between two companies so that finance and accounting teams can compare the purchase orders and sales orders from both companies and identify any discrepancies. With NetSuite 2022 Release 1, vendors can automatically link invoices with credit memos and bill credits — saving time and reducing errors when identifying inter-company transactions. No need to switch back and forth between accounting software.
  

NetSuite 2022.1 Project 360 dashboard

• Project managers can now manage all aspects of their projects, including financials and resources, within a single dashboard with SuiteProjects’ Project 360 dashboard. The new feature gives project managers visibility into critical information, including how they are performing against budget, consultant utilisation, focus pages for more detailed KPI views and actionable links to take corrective or proactive measures with the help of exception alerts.
• Project billing can be complex. Each customer needs different items, and even each project needs a unique invoice. Taxes, consultant expenses, and other details are required to make the payment process go smoothly. The invoice presentation templates let you configure exactly what each client or project needs in the invoice. Quick approvals and payments ensure that customers pay on time — and get their valuable work done quickly.

Netsuite 2022.1 warehouse management controls

• Oracle NetSuite ERP has doubled down on warehouse management software (WMS), integrating new features into NetSuite WMS. Zone pick and merge functionality will allow warehouse managers to efficiently assign pickers to zones that work best for their business. For example, a small e-commerce business might need to assign multiple pickers to a smaller space during peak selling hours, but it can also assign one picker to oversee a larger space with fewer products.
• Warehouse workers have increased capabilities to be productive with the new warehouse management system (WMS). The WMS can be used from any screen and has a new feature that makes it easy for workers to search and print sales order labels. NetSuite WMS also shows the status of picked orders and waves, and it introduces a new feature: paperless wave filtering. It’s also possible to release multiple orders in a single action.
• The NetSuite Pack Station now allows you to bag and ship items of varying weights. You can convert between kilograms and pounds as needed and add or remove products from the shipping order in bulk. Moreover, you can select the quantity of items to be shipped, including those which were previously shipped individually. As a result, your inventory management is more efficient than ever before.
• The packing operator now has the ability to check packing instructions before packing starts.
• You can now bulk pack and unpack “Ship As Is” items and select the quantity for bulk packing, and also have the option to bulk pack and unpack items that are shipped individually.

NetSuite 2022.1 manufacturing

• Supply planning workbench improvements allow Supply Chain Managers to create custom views of the supply planning workbench, a single page that shows supply and demand orders and save them for future reference
• New Vendor performance scores estimate how many days early or late orders for certain products will be based on historical performance.
• Production Planners are now able to click allocated demand to determine if purchase order supplies are dedicated to customer orders, work orders or transfer orders.
• Operations Managers can determine how to split up their available supplies by prioritising profitability, critical customers or sales channels.
• Warehouse Managers can change the fields displayed in data tables
• WMS supports tally scanning for put away, cycle counting and inventory transfers.
• Warehouse Managers can select multiple waves and release all of them in one action, search and print item labels, find picking status of orders and waves, all from a mobile device.
• For manufacturers without full workflows for inter-company transactions between subsidiaries, NetSuite now allows accountants to tag inter-company bill credits and credit memos for easy invoice matching and payment processing.
• NetSuite’s Quality Management (QMS) now allows companies to reinspect items on-demand outside of the standard inspection schedule through ad hoc, timed or repeat inspections.
• Operations teams can now get a consolidated view of all tracked lots, including forward and backward tracing. They can adjust the report with item and transaction parameters.
• First expired first out (FEFO) fulfilment helps businesses minimise wasted inventory by moving it before it loses some or all of its value. FEFO relies on lot numbers that include the production date, and it’s now easier to assign these numbers to items that need them. In this update, FEFO can also be used at fulfilment instead of just when committing inventory to orders, turning two steps into one.
• Easily manage commerce integrations through the NetSuite Connector for all external applications that are integrated into NetSuite in one place.

NetSuite 2022.1 Wholesale Distribution

• NetSuite’s mobile manufacturing app should boost efficiency in the warehouse with simpler on-screen instructions. Production managers can also use the app to validate quantities for production runs and enable or disable overproduction if they have surplus supplies. The supply chain management app allows managers to add or remove fields from standard data tables depending on what’s relevant to the work they do.
• Inventory allocation is more complex once you’ve added online channels. New functionality allows purchasing managers to dig into the details of allocated demand.

NetSuite 2022.1 Retail

• Your operations team can now use new FEFO allocation at fulfilment to assign inventory to lot-numbered items. This eliminates an extra step in the fulfilment process, decreasing waste from expired items.
• Cash360 is a dashboard that creates short-term cash flow forecasts in a centralised location. This saves time because users no longer have to move data from one system to another. The result is accurate cash flow forecasts that are updated automatically.

NetSuite 2022.1 for Professional Services

• Project managers can now easily monitor KPIs. Project 360 shows them exactly where their project is going and what needs to be done to fix problems. When a problem is identified, it can be addressed within the dashboard, rather than requiring tedious back-and-forth emails.
• Because project managers work by exception, NetSuite has added an array of indicators to help them. If a job is running over budget or behind schedule, the project manager can see exactly where the project is against the timeline and manage internal or external vendors and contractors right from the project record.
• Customised invoice presentation templates help you present the line-item format that each client requires. Each consultant and subcontractor gets their own time logs, providing clients with more information to process invoices. They can approve and pay invoices more quickly.
• NetSuite’s new Labor Allocation feature automatically captures and allocates time and labor expense to the correct internal program, project or grant. This reduces under-reporting of labor costs, allows you to more accurately report project profitability, and increases your company’s efficiency.
• Project Inter-company Cross Charge Request automates the creation of inter-company journals for services companies. This lessens error and improves speed.
• With one dashboard, NetSuite’s new Cash 360 view gives you a unified view of all your current and future cash positions as well as any projected inflows and outflows. You can run “what-if” scenarios, too, to get a more accurate idea of what will happen based on your current data. The tool also lets you see your cash flow by week.
• NetSuite’s new 2022 Release 1 enables a new capability called EAC (estimate at complete). With EAC, you always know how much a project will cost. You set a baseline and can track costs as they fluctuate over the life of the job. NetSuite’s updated reports and new tabs make it easy to analyse project costs and revenue.

NetSuite 2022.1 for Software

When multiple customers make payments in bulk, software businesses can take advantage of a multitude of pricing and billing options. These businesses need the ability to process payments quickly and accurately — depending on which price model they’re using and at what time of the month or year.

NetSuite 2022.1 Analytics Warehouse

• NetSuite 2022 Release 1 provides a new user interface to link multiple datasets in your workbook that you can drag and drop into place. Business users who are not developers will be able to link datasets together without needing developer resources.
• With this new interface, analysts can:

– More efficiently make use of datasets
– Create visualisations faster with multiple datasets
– Empower business users to create their own multiple dataset workbooks

• With NetSuite 2022 Release 1, NetSuite Analytics Warehouse delivers more prebuilt analytics, including:

– 6 more prebuilt dashboards for sales, order management, procurement, inventory, financials and customer growth
– 3 more historical snapshot datasets for work orders, inventory and expense reporting for fast, point-in-time analysis
– 18 more transaction types, with new transaction types for employee and banking ready for analyses
– Custom fields for entities and items are also now included in the NSAW data model