Oracle NetSuite have announced a series of product innovations the company says will help organisations run more efficiently. In addition to increasing the bottom line. The latest NetSuite innovations include an AP (accounts payable) automation solution that can increase the accuracy and speed of processing bills and making payments. A new CPQ (configure, price, quote) solution that helps accelerate and simplify the sales process. A new workforce management solution that can streamline scheduling, time tracking, and wage calculations. A new shipping solution that helps bring added efficiency to warehouse operations.
NetSuite has also introduced new automation and analytics. These can give organisations the insights and control to increase productivity and profitability. This is achieved by enhancing the financial, inventory management, manufacturing, and project management functionality within NetSuite.
New paths of profitability and growth
According to Evan Goldberg, founder and EVP, Oracle NetSuite “The economy is in transition. Businesses can look to the certainty of data to find new paths to profitability and growth.
To help our customers do this, we continue to extend the capabilities of NetSuite. The latest updates span everything from financial management to HR to sales processes. They’re designed to help our customers run their business in a better way and support their growth journeys.”
NetSuite has introduced new solutions to address the time-consuming and labour-intensive accounts payable (AP) process and grow sales. Deliver a seamless buying experience for customers, improve the efficiency of warehouse operations, and adapt staffing quickly to changing business needs.
A summary of the innovations
- NetSuite AP Automation: A solution that helps customers improve efficiency by making it easier and faster to process bills and pay vendors all from within NetSuite.
- NetSuite CPQ: A solution that helps customers enable sales teams to quickly configure, price, and quote (CPQ) complex products with complete accuracy directly in NetSuite.
- NetSuite Ship Central: A solution that helps customers optimise fulfilment operations, eliminate manual processes, and accelerate deliveries by empowering warehouse workers with packing and shipping capabilities on a mobile or kiosk device.
- NetSuite SuitePeople Workforce Management: A solution that helps organisations balance labour costs and profitability. The solution enhances employee engagement by simplifying and automating routine tasks such as shift scheduling, employee time tracking, and calculating wages. It can uniquely provide recommendations on optimising staff scheduling to help organisations achieve business goals.
- NetSuite Analytics Warehouse: The latest enhancements enable customers to simplify data management, accelerate time to insights, and provide access to more pre-built third-party data integrations and industry-specific content. NetSuite Analytics Warehouse is also now available to customers in Australia and the United Kingdom..
Automation and analytics
With new automation and analytics, organisations can enhance efficiency and profitability by consolidating data, automating tasks, improving inventory management, streamlining workflows, and simplifying rebate and trade promotion program execution.
- Data Residency: New data centres built on Oracle Cloud Infrastructure (OCI) help customers meet residency requirements and reduce latency by bringing NetSuite and data closer to customers. In the past year, NetSuite has opened 11 data centres in five new cities: Amsterdam, Newport, Osaka, San Jose, and Tokyo.
- Intercompany Netting: New intercompany netting capabilities automatically book transactions across subsidiaries to streamline the period close process.
- Inventory Management: Using NetSuite Warehouse Management System (WMS) and NetSuite Smart Count, customers can better manage inventory in unexpectedly empty bins in the warehouse. Once the bin is marked as empty, an inventory count is automatically triggered. And once the inventory is updated, the bin is made available again.
- Mobile Manufacturing: The enhanced mobile application for NetSuite Manufacturing streamlines work order flows and validations, improves usability, and reduces data-entry mistakes.
- Planning and Budgeting: New task management capabilities in NetSuite Planning and Budgeting. To help customers execute more efficiently and accurately by increasing visibility and automating tasks. Automatically recording activities related to those tasks. The enhanced version builder for scenario planning makes it faster to capture a range of budgets and forecast scenarios to quickly deal with change.
- Platform: New expansion of object support in REST simplifies integration with other systems. Meanwhile, Visual Studio enhancements for object management and project validation boost developer productivity. SuiteCloud developers can also enjoy a more modern development experience with the Graal runtime environment. NetSuite has also added the latest ECMAScript language features within SuiteScript 2.1.
- Quality Management: New quality management functionality delivers more flexibility by allowing unplanned, ad hoc inspections that enable companies to drive higher quality across their product lines.
- Rebates and Trade Promotions: New rebate and trade promotion management capabilities help save time and increase efficiency. Automating the creation, execution, accrual, and reconciliation of vendor and customer rebate programmes.
Enterprise Times: What this means for business.
NetSuite is seriously gearing its platform to take a larger share of the expected growth of digital commerce in the foreseeable future. Recently published research by Edge by Ascentials estimates that third-party sales through online marketplaces will add $1.3 trillion in sales over the next five years. Hence the various innovations and updates announced by NetSuite at the SuiteWorld event in Las Vegas were designed to deepen the functionality of the various tools. Innovations across the suite are expected to give customers the insight and control to increase productivity. As a result, enhance profitability and drive growth. The proof in the pudding will be the eating. The effectiveness of these various enhancements will be positive customer testimony with use cases and documented healthier revenues and margins.
