The NetSuite 2022.1 release is now rolling out to customers worldwide, and it includes a wide range of enhancements and capabilities for organizations across multiple verticals. From nonprofits to retailers and service providers, NetSuite’s newest release is placing an emphasis on efficiency, visibility and traceability.
The full release notes are over 46 pages long — so to save you some reading, we’re condensing what we think are some of the most valuable features and enhancements.
Faster and easier billing
Most businesses offer a variety of pricing and billing options, like subscription- or consumption-based models. The new bulk customer payments feature helps manage this complexity by allowing multiple payments from different customers to be processed at once.
Increased visibility into cash position and projections
Another exciting new feature is NetSuite’s Cash 360 dashboard — a tool that provides an effective and simplified way to manage cash flow and billing in real-time. The Cash 360 dashboard uses NetSuite’s transactional data, projected collections and disbursements to provide accurate and comprehensive projections for companies that might be undertaking things like acquisitions or an IPO, or that are required to report to investors.
Improved warehouse efficiency
You’ve probably heard the phrase “supply chain issue” a lot more frequently in the past few years. The NetSuite 2022.1 release aims to help warehouse operations combat these issues through increased efficiency, allowing managers to define and assign workers to specific zones, eliminating redundant work and increasing flexibility for small and large volume orders with multiple products, among other new features.
Performance management tools to attract new talent
Likewise, 'labor shortage' is another term that's being used with increased frequency these days. NetSuite's new release aims to improve this by boosting employee engagement with the SuitePeople Performance Management tool. Some interesting new features include improved goal and performance management, and a new manager digest feature that allows managers to provide monthly updates on team activities.
Simplified project management
NetSuite is introducing another dashboard, Project 360, which allows project managers to work more efficiently in SuiteProjects. The dashboard centralizes all project-related information, including deadlines, resources and budgets; it also provides critical project analytics for KPIs, which can be customized for your specific project. NetSuite is also introducing a new invoice template that can be configured for each individual client or project requirement.
Additional Highlights By Industry:
- Vendor performance scores provide critical information on shipment delivery timelines, along with a “confidence score” to assess how accurate that time frame is. Learn more here.
- SuiteAnalytics dataset linking compares multiple datasets, like quota vs. sales by sales representative and budget vs. actuals, in a new, visual interface, without the need for SuiteScript. Learn more here.
- Improvements to the supply planning workbench allow production managers to select and apply filters to see only information relevant to their specific duties. Learn more here.
- First expired, first out (FEFO) allocation allows employees to assign lots to lot-numbered items, and allocate and ship in a single process. Learn more here.
- Estimate at completion (EAC) forecasting allows service companies to provide more accurate, up-to-date project cost projections. Learn more here.
- Online donation management lets nonprofits receive online donations, manage recurring donations and send tax receipts via their SuiteCommerce MyAccount. Learn more here.