Blog Credit: Lisa Schwarz, January 19, 2022 (NetSuite 2022 Release 1 Adds Cash Flow and Project Dashboards, Warehouse Management Efficiency and More | NetSuite)
We’ve been waiting almost two years to see just when and how this “new normal” thing is going to shake out, but it seems that — for the foreseeable future — being able to adapt to almost weekly opportunities and disruptions will continue to be necessary for growth in expanding markets.
Access to timely and accurate data, minimizing manual processes and improving operational efficiency and customer satisfaction have always been optimal; but now, they’re table stakes. New features in NetSuite 2022 Release 1 help you meet and exceed these goals, while also introducing functionality 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
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Understand Your Current and Future Cash Position
- NetSuite 2022 Release 1 includes the Cash 360 dashboard which enables you to effectively manage cash flow by providing a real-time view of their cash position and generate fast and accurate near-term cash flow forecasts. Cash 360 also simplifies cash management by providing a configurable dashboard that monitors receivables, payables, and available cash in real time to help businesses effectively manage cash flow. You are able to review current cash flow trends and a rolling six-month cash flow 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 automates intercompany accounting processes, making it easier for finance and accounting staff to identify and link intercompany purchase orders and sales orders. This saves time and reduces the risk of reporting errors. NetSuite 2022 Release 1 extends this feature by adding the ability to automatically pair vendor invoices with credit memos and bill credits
Efficient Project Management From a Single Dashboard
- The new Project 360 dashboard brings together all aspects of a project into a single workspace within SuiteProjects and gives project managers visibility into all project-related information — including all of the data needed to manage clients, project, resources and financials, helping project managers who oversee multiple projects deliver them on time and on budget.
The dashboard includes an overview of crucial information and KPI monitoring, such as actuals vs. budget and consultant utilization, as well as 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, with each customer or project potentially needing unique details on their invoices. The new, customizable invoice presentation templates allow you to configure exactly the line-item format that each client — or even each project — requires. Include granular backing sheets on time posted by each consultant, subcontractor costs and more. Clients get the information they need to pay an invoice, allowing for quicker approvals and payment.
Improved Warehouse Management Controls for Added Efficiency
- New features for NetSuite WMS include zone pick and merge functionality as part of single and multi-order picking processes. Warehouse managers can define and assign pickers to specific zones that work best for their business then merge them for staging, avoiding redundant work, limiting picker movement, increasing flexibility for both small and large order volumes, different product sizes and different numbers of pickers.
Added WMS usability and controls make warehouse workers more productive by adding the capability to search and print item labels from any screen and easily see the picking status of orders and waves. It also introduces paperless wave filtering and the ability to release multiple waves in a single action. The new tally scan functionality counts items as they’re scanned and includes bin putaway, inventory transfer and cycle counting tracking.
- The NetSuite Pack Station enhancements increase accuracy and efficiency with the ability to change weight units between pounds and kilograms as needed and also give the packing operator the ability to check packing instructions before they start packing. 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.
There’s Even More From NetSuite 2022 Release 1
This overview only scratches the surface of the new functionality and enhancements available in the latest NetSuite release. For a closer look at specific functionality in the new release, read the blog relevant to your industry or product interest below.
- Wholesale distribution
- Warehouse Management
- Human Resources
See the release notes for even more specifics. Most importantly, don’t forget to request access to your Release Preview test account. Nothing substitutes for hands-on access to see how all the new features will work with your data, workflows and customizations.
The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.