Crack Chick Image by Rosy / Bad Homburg / Germany from PixabayIn a series of five articles, NetSuite gave a sneak preview of what customers can expect in the NetSuite 2024.1 release. Written by product managers and supported by extensive release notes, this is another impressive release from NetSuite.

FSM and Supply Chain

Abby Jenkins, Product Marketing Manager, NetSuite; image from LinkedIn
Abby Jenkins, Product Marketing Manager, NetSuite

Abby Jenkins, Product Marketing Manager, revealed in a blog that the release adds field service management capabilities and new capabilities to its supply chain mobile applications. Announced at SuiteWorld 2023 following the acquisition of Next Technik. NetSuite Field Service Management is generally available and provides a comprehensive field service application integrated into the NetSuite platform.

The release also sees a huge number of improvements and updates to several mobile applications. Including NetSuite WMS, NetSuite Ship Central, NetSuite Manufacturing Mobile App and NetSuite Quality Management. The improvements include several functional updates that improve the usability of the mobile applications in all relevant areas of the business.

NetSuite FSM update (c) 2024 NetSuite)
NetSuite FSM update (c) 2024 NetSuite)

Jenkins summarised the update saying, “This, along with enhancements such as added flexibility to tweak manufacturing and fulfillment processes, will help businesses iron out kinks in their operations that generate time and cost savings.”

Platform updates

Erik Klein, Principal Product Manager, SuiteCloud Platform, revealed some of the platform updates this release has in his blog. With SuiteTalk REST web services, NetSuite is simplifying integration for developers and technical administrators. The new REST implementation consists of a Query Service that enables read-only, programmatic retrieval of NetSuite record data (available since 2019).

It is the extended record service which enables developers to manipulate all business data maintained in standard (native) or custom (user-defined) records using CRUD operations. Historically, this has only supported a subset of standard records.

In addition, SDN partners can now define customer-facing Terms of Service (ToS) for their commercial SuiteApp available in the in-product marketplace. Partners can force customers to opt into ToS before installing an application. Initially, partners can create a single-page application. The accompanying UI framework will be made available to a select number of SDN partners. This will be by request only but not to customers at this time. Details concerning general availability will be provided at a later date.

Finance focus

Rebeca Bichachi, Product Marketing Specialist, and Rami Ali, Sr. Product Marketing Manager, revealed improvements for several modules of NetSuite in their blog. As is usual, NetSuite has further strengthened the financial capabilities of NetSuite with this release.

NetSuite 2024.1 sees the availability of new capabilities under NetSuite Enterprise Performance Management. The solution is built on the very mature Oracle Fusion Cloud Performance Management offerings. In addition to NetSuite Planning and Budgeting, NetSuite has added Intelligence Performance Management (IPM). NetSuite IPM uses machine learning to monitor, analyse and surface trends, anomalies, biases, or hidden correlations.

The NetSuite EPM also has two applications to facilitate the period close. NetSuite Account Reconciliation automates the reconciliation process across the finance operation. In this release, a new task management feature provides a centralised platform to allow the allocation of tasks. Other solutions within EPM are NetSuite Close Management and Consolidation, NetSuite Corporate Tax Reporting and NetSuite Narrative Reporting.

Other enhancements within the financial system include the NetSuite Transaction Line Distribution SuiteApp. This can now distribute expenses from purchase orders, expense reports, credit card transactions. It also checks across benefitting subsidiaries or segments of the business. More fields are available on the Review Bill Page, which enhance the NetSuite Bill Capture intelligence.

NetSuite Benchmark 360 adds new metrics to help organisations analyse key operational and financial metrics against peers.

The additions include:

  • Days cash on hand
  • Days sales outstanding
  • Days payable outstanding
  • Employee turnover rate
  • Revenue per full-time employee

NetSuite E-Invoicing sees several updates:

  • Cancel Status for E-Documents in Outbound Transactions with Certification Plug-in
  • PEPPOL Template Support for SuiteTax
  • PEPPOL ID Lookup
  • Bypassing PO# Validation when Converting an Inbound E-Document into a Vendor Bill
  • Improved Outbound Template with JSON FreeMarker Validation
  • Network MR Enhancement
  • Sending Emails to Administrators for Accounts with more than 10 Administrators

NetSuite has also updated the NetSuite Analytics Warehouse with support for single sign-on and an option to increase the frequency of data synchronisation for nearer real-time insights.

Powering customer growth

Neil Lynch, Commerce Product Marketing Manager, revealed the updates around CPQ and Commerce functionality in an article. There is a new connector for Simphony Point of Sale (POS) and an improvement to the existing Shopify and Walmart connectors.

A new NetSuite Connector for Amazon Seller Central automatically syncs Fulfilment by Amazon (FBA), Merchant Fulfilled Network (MFN), and Seller Fulfilled Prime (SFP) orders. The connector also syncs shipping labels purchased on Amazon to NetSuite. Automatically linking the label to the relevant order in NetSuite, enabling warehouse employees to process orders faster.

Launched following the acquisition of the Verenia CPQ solution in 2023, NetSuite CPQ enables greater flexibility. An integration with SuiteBilling enables businesses to roll together customizable products and services to help increase customer spend. Analytics capabilities are enhanced, enabling firms to identify common options and trends. There is also the ability to combine products and subscription services into a consolidated bill. There are also improvements to the pricing capabilities.

Other enhancements include a shared interface for quotes in NetSuite SuiteCommerce and a new compliance dashboard to help organisations monitor customer record changes in real-time, potentially assisting in fighting fraud.

Last but not least, NetSuite continues to embed AI

Lisa Schwarz, Sr. Director of Product Marketing, revealed in her blog the new AI-powered features that NetSuite has rolled out with NetSuite 2024.R1. Leveraging the Oracle Cloud Infrastructure (OCI), NetSuite has embedded generative AI capabilities in context within several areas of the business. The NetSuite Text Enhance feature enables users to have a first draft of text created by AI across several use cases, including:

  • Create product descriptions for invoices, websites, and point-of-sale systems
  • Write job descriptions and requisitions
  • Draft employee goals and suggest measures for success
  • Craft customer support communications

NetSuite has also enhanced the NetSuite Bill Capture feature with support for more field capture (including PO number, memo, posting period, discount date, and custom segments). This reduces the manual effort for AP clerks, which is further enhanced with new filters to help teams improve searchability for bills by source and vendor.

As mentioned above, the new Intelligent Performance Management (IPM) to NetSuite Planning and Budgeting also extends the use of AI capabilities within NetSuite.

Enterprise Times: What does this mean

NetSuite has not yet issued a press release around NetSuite 2024.R1. But these blogs provide just a small section of what the update includes. The release notes (Available to those with a NetSuite login) provide a host of information about the new release across over thirty pages. For example, there are localisation improvements for Brazil, France, Portugal, Spain and LATAM within Suite Tax, which is also generally available. Users are also able to access a release preview (available to those with a NetSuite login) on request.

The updates with this release appear extensive, and the work on the mobile applications especially seems considerable. While it is sometimes difficult to differentiate what was already available within NetSuite and the enhancements provided within the release, it nevertheless makes the update impressive. What isn’t clear is how NetSuite has further enhanced the services around the platform with this update. Details of those improvements may well follow shortly.

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