Blog Credit: Lisa Schwarz, January 18, 2023 (NetSuite 2023 Release 1 Delivers Added Efficiencies Across the Suite to Help Businesses Do More | NetSuite)
We’re entering another year that falls into the “may you live in interesting times” category. No matter your industry, you’re likely facing the implications of ongoing historically low unemployment, fast-rising interest rates, and global uncertainty.
All this is driving companies to more tightly manage human resources, find savings where they can, and automate as many operations as possible.
NetSuite 2023 Release 1 helps across the board.
Continuous Employee Engagement
SuitePeople Workforce Management brings improvements for finance, supervisors, and employees alike. Your finance team will appreciate automated wage calculations and seamless integration with NetSuite Payroll. People managers will save time with streamlined shift scheduling and improved communications. Employees can now easily capture time and attendance, view their schedules, clock in and out, and request shift changes, all from any device.
Customers also benefit. Workforce insights, like sales data, help businesses match labor supply to business demand so the right number of people are on hand to serve shoppers.
Got more complex labor needs where, for example, employees work on multiple tasks or for different clients, or in regulated situations, such as a driver who must rest a certain number of hours? 2023 Release 1 has you covered. Your people can easily change their status throughout the day and keep track of pay rates and hours worked by location and task. A built-in wage rules engine helps you automatically calculate hours, overtime, and holidays and avoid overscheduling a worker — and running afoul of regulatory requirements.
Achieve Better Business Results with NetSuite & Circular Edge
Grow and scale your business while gaining a competitive advantage with NetSuite’s best-in-class integrated cloud business software and Circular Edge’s expertise in NetSuite implementation, advisory, managed services and direct staffing. Let us show you how to leverage our direct staff pool of resources to realize better insights, organizational efficiency, increased profitability and improved relationships with your suppliers and customers – and ultimately take your business to the next level.
Contact Circular Edge today to learn more about our NetSuite consulting services.
Smart Financials & Operational Excellence
Good finance team members are hard to find. NetSuite 2023 Release 1 addresses that with automation and standardization capabilities that free skilled employees for more complex tasks.
With NetSuite AP Automation, companies now have the option to upload vendor bills simply by emailing them to NetSuite. Emailed bills are automatically processed to create digitized versions; populated with relevant details like vendor name, PO number, items ordered, quantity, and pricing; and matched to the corresponding purchase order.
Companies that offer subscription services will save significant time with the new uplift at renewal feature in 2023.1 that allows SuiteBilling users to automatically apply a percentage price increase to a customer’s renewal pricing. Increases can be set during subscription creation or at renewal and are flexible enough to calculate percentage uplift at a line-item level.
Other improvements in 2023.1 for finance teams:
- The Rebates and Trade Promotions SuiteApp can now automate rebate and trade promotion calculations on kits and assembly items, in addition to standard inventory items.
- Those operating with tax-exempt units can assign nexuses to a subsidiary, classify it as tax exempt, and skip the assignment of a tax engine — effectively disabling tax calculations on transactions for that nexus.
- Nonprofits can also improve their indirect cost allocation by entering a provisional or agreed-upon rate for a custom segment, like a grant, and control costs and allocations.
Autonomous Supply Chain
Maximize your warehouse employees’ time — and minimize shipping charges — with new NetSuite Ship Central packing and shipping capabilities in 2023 Release 1. Equip warehouse workers with the Ship Central mobile application, which adds shipping functionality to NetSuite Pack Station. Now, workers can identify multiple orders that are going to the same customer, then consolidate shipments, determine the best carrier based on delivery date or location type, and print the correct shipping labels on the fly.
Picking is also more efficient with NetSuite Warehouse Management System (WMS) 2023 Release 1. Kits can now be picked by multiple employees based on zones, with items pooled for packing. And, new picking flows in NetSuite WMS allow warehouse floor workers to mark partially picked orders as complete, useful if you want to reserve some low-stock items for other customers. Pickers can mark a bin as empty, whether due to insufficient quantity, damaged goods, or another issue. No more wasted time walking to empty bins, and replenishment workers are alerted to restock. If bins are unexpectedly empty or damaged, they can be blocked and an alert sent.
Other improvements in 2023.1 for warehouse teams and manufacturers:
- NetSuite Smart Count has been improved to handle serialized and lot-numbered items, which enables forward- and back-tracing.
- NetSuite’s new Costed BOM Report SuiteApp provides a comprehensive breakdown of all expenses related to producing assembly items, including material, labor, machinery, setup, and overhead cost
- The Manufacturing Mobile SuiteApp now supports standalone assemblies without an associated work order.
- QA teams can now create automatic inspection requests in NetSuite Quality Management for items made by contract manufacturers.
Level the Field with Analytics
Thanks to the cloud-based NetSuite Analytics Warehouse, small and midsize companies can match their large enterprise competitors when it comes to insightful analyses of a wide variety of data types.
Analytics Warehouse is built on industry-leading technology, including Oracle Autonomous Data Warehouse and Oracle Analytics Cloud. In 2023 Release 1, customers have access to nearly 90% of NetSuite transactional record types and can enhance their analyses with new data sets in areas like sales, inventory, financials, purchases, and support management.
2023.1 also delivers:
- An expanded collection of prebuilt industry-specific dashboards and visualizations for professional services businesses, software vendors, and manufacturers.
- Direct connections to three of the most used cloud applications: Salesforce, Shopify, and Google Analytics.
- The ability to connect other applications, including legacy systems, via CSV files or spreadsheet import.
An Enhanced Customer Experience
Companies laser-focused on delivering a top-notch customer experience without adding headcount can count on the combination of CRM, CPQ (configure-price-quote), ecommerce, and inventory and financial management solutions in NetSuite 2023 Release 1.
Intelligent Recommendations compile data from purchase histories, transactions, customer behavior, and other sources to help you better understand your customers and make smarter product recommendations. And automated suggestions are no longer limited to SuiteCommerce web stores. In the 2023.1 release, Intelligent Recommendations will be available in NetSuite CRM opportunity, estimate, and sales order records.
NetSuite CPQ adds capabilities to NetSuite that enable businesses to capture complex customer requirements and ensure that not only are configurations manufacturable, but also that accurate prices and final quotes are generated. The 2023.1 release includes a new dropdown helper on the ruleset maintenance page that makes building configuration rules quicker, easier, and less error-prone. And, managers can limit access to the CPQ Maintenance UI to specific individuals or groups based on role, company, or department and ensure a consistent look and feel for online customers.
SuiteCommerce and SuiteCommerce Advanced web stores now support Google Analytics 4 and ACH payments in the checkout flow.
Optimizing the Project Lifecycle
Professional services organizations looking to free up funds for hiring to meet demand — or any other reason — will gain tools in NetSuite 2023 Release 1, including an improved Project 360 Dashboard and project costing capabilities.
Finance teams looking to accurately recognize revenues and costs over accounting periods, even during years-long engagements, can gain the insights they need with the Project Cost to Cost Percent Complete SuiteApp, along with Advanced Revenue Management — no matter what stage of the project you’re on. And, with NetSuite’s charge-based billing, configure customer-specific rules that align with your company’s accounts receivable processes and customer preferences, complete with the ability to create charges through project records or directly against a customer record.
Platform Development Made Easy
Finally, in 2023 Release 1 of the SuiteCloud Platform, customers will find a new Visual Studio Code Extension and other capabilities including eight new standard REST records, support for Java 17, and enhancements that make it easier to build and manage customizations and integrate with other applications.
Discover How NetSuite 2023 Release 1 Can Help You
For more information on the full list of features and how to use them, check out the release notes(opens in new tab).
Most importantly, don’t forget to request your Release Preview(opens in new tab) test account for hands-on access to see how 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.
- NetSuite 2023