Your Golden Ticket to NetSuite Release 2024.1

A new year means it’s out with the old and in with the NEW…new NetSuite release that is! We release two major updates every year to help our customers do more with less, and the first for 2024 has officially arrived. 

Though it’s a fresh start, businesses continue to face many of the same challenges—how to increase cash flow, boost efficiency, and optimize resources, to name a few. These latest updates build on what the suite already offers to help you overcome obstacles and power up success for the year ahead and beyond.

NetSuite 2024 Release 1 brings innovative AI capabilities that help you get more out of the suite and key updates across financials, supply chain management, and ecommerce - just to name a few. 

Wondering how to maximize the value of all these new features? Read on below for more details and join us for a virtual event on January 24 where we’ll guide you through the upgrade process, how to plan for your upgrade, how it affects you, and more. You don’t want to miss it! Register here. 

Now, let’s zero in on some of the highlights:

Harnessing the Power of AI

Despite the constant buzz around artificial intelligence, many businesses are still struggling to figure out how to leverage it. NetSuite surveyed more than 500 executives in October and 85% said that increasing AI adoption would be at least somewhat important in the next year, with more than a third saying it would be “very important” or the “most important thing we’ll do.” And yet, only 30% of respondents were actually using or testing AI.

Here are a few ways the latest release helps customers jumpstart their use of AI:

Generative AI Throughout the Suite

Unveiled at SuiteWorld, NetSuite Text Enhance helps your employees create and review contextual and personalized content based on relevant NetSuite data. With NetSuite Text Enhance, you can produce relevant drafts based on a few starter words that describe intent. The tool can also review and quickly refine existing content. Together these capabilities save employees substantial time and effort.

Text Enhance can:

●  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.

More Intelligence Added to the Invoice Capture Process

NetSuite Bill Capture is an AI-assisted technology designed to save you from manually keying in invoices. You can upload invoices into NetSuite via email or drag and drop, and the system uses AI-based document object detection and optical character recognition (OCR) to automatically fill in bill record fields. The technology will also three-way match bills with associated purchase orders and receiving documents to ensure accuracy and a clear audit trail.

In the latest release, Bill Capture can recognize additional fields, such as PO number, memo, posting period, discount date, and custom segments added to the Review Bill page. In addition to greater flexibility to suit a company’s specific needs, these updates generate more comprehensive and accurate bills. NetSuite 2024.1 enhancements also enhance the Bill Capture user experience. Companies now have the option to filter by vendor, upload source, and email source on the Scanned Vendor Bills page. Check out our Tip of the Week later in this newsletter for more background on how to use Bill Capture optimally. 

Learn more about how NetSuite is harnessing the power of AI.

Boosting Your Finance Team’s Efficiency

Our latest release also offers new capabilities aimed at helping finance professionals be more efficient in completing routine financial tasks such as planning and budgeting, account reconciliation, financial close, and reporting.  

NetSuite Enterprise Performance Management

Over the last few years, we have unveiled a series of solutions that will help our customers automate processes and better monitor the current and future performance of their businesses. We’re bringing these technologies together with NetSuite Enterprise Performance Management (EPM), which will help you make strategic financial decisions that consider data from every part of your business. NetSuite EPM combines the power of both new and existing solutions, including: 

Planning Processes

• NetSuite Planning and Budgeting lets businesses quickly and easily produce accurate forecasts and budgets, model what-if scenarios, and generate analytical reports. NetSuite 2024.1 harnesses AI for improved forecasting, analytics, and decision support with the addition of Intelligent Performance Management (IPM), which uses predictive algorithms powered by machine learning to continuously monitor and analyze plans, forecasts, and variances. The system highlights the trends, anomalies, and correlations it finds so finance can assess and quickly take action on those insights.

• NetSuite Profitability and Cost Management Reporting gives detailed insight into which customers, products, and other segments of a business are most profitable. It gives finance leaders a deeper understanding of profit drivers and helps them make better decisions by combining data from the general ledger and other financial sources with operational systems.

Financial Close Processes

• NetSuite Account Reconciliation automates reconciliations for AP, AR, bank and credit card transactions, intercompany transactions, prepaid accounts, accruals and fixed assets accounts, and other balance sheet accounts through a direct link to your general ledger. Updates include a new task management capability that increases the efficiency and accuracy of NetSuite Account Reconciliation by providing a centralized platform to customize activities and assign tasks from the close checklist to team members.  

NetSuite Close Management and Consolidation helps companies comply with regulatory requirements and internal governance standards by providing a centralized platform for managing the consolidation and financial close process.

Learn more about the exciting updates to financials and reporting.

Field Service Management

If field services are a part of your business, you know how challenging it can be to have effective coordination and communication between the office and field workers. NetSuite Field Service Management, announced at SuiteWorld 2023, aims to mitigate these challenges to save employees valuable time and help them complete more jobs, faster.

The field management solution will help improve field-to-office communications, simplify scheduling and dispatch, automate management of inventory and customer-owned assets, and deliver real-time information to field technicians.

NetSuite 2024 Release 1 also brings updates across NetSuite Supply Chain Management (SCM) Mobile apps, including Warehouse Management System (WMS), Ship Central, Manufacturing Mobile, and Quality Management (QMS). These enhancements include:

• Warehouse managers can disable quantity or units of measure fields (inches or kilograms) in SCM Mobile apps to prevent errors when recording information.

• System administrators can control whether dynamic text in the app, such as shipping rates in Ship Central, automatically updates. 

• Data tables showing pick or ship tasks for warehouse employees can now link to images, work orders, or other information stored in NetSuite or another system.

Learn more about the updates to supply chain management, inventory management, and more.

Streamlining Sales and Billing Processes

New features in NetSuite 2024 Release 1 can make your workforce more productive and facilitate better customer experiences. For example, a new NetSuite Connector for Simphony Point of Sale (POS) fuels additional automation, while improvements to NetSuite SuiteCommerce and CPQ help provide the smooth online interactions both B2B and B2C customers expect.

The Simphony Connector will construct a single cash sale per location in NetSuite that represents all activity for the previous day. The result is that restaurants, hotels, and similar businesses can always access up-to-date information and benefit from better, deeper reporting.

In the latest release, the Amazon Seller Central Connector syncs shipping labels purchased on Amazon to NetSuite, automatically linking the label to the correct order in NetSuite. This can help warehouse employees process more orders faster.

The Shopify Connector also adds flexibility to support sellers that use Shopify instead of NetSuite to fulfill orders.

We announced NetSuite Configure, Price, Quote (CPQ) a year ago to give sales reps and customers the ability to quickly and accurately build and price configurable products. NetSuite 2024 Release 1 expands on these capabilities and allows customers and reps to select subscriptions when creating configurations. It’s powered by the SuiteBilling module, which lets businesses roll together customizable products and services that increase cross-sell and upsell opportunities to boost customer spend.

Plus, SuiteBilling is getting updates to help streamline the selling and billing of physical products and related subscriptions. Once you link inventory and subscription items, fulfilling the physical item in NetSuite will automatically activate the subscription and tie product details, such as the item serial number, to that service. This means customers can place one order for a product and service and receive a single consolidated bill instead of two separate ones.

Learn more about the updates to connectors, ecommerce, and CPQ capabilities.

Be sure to visit our Sneak Peek page or dive deep into the release notes.

NetSuite Bill Capture

Capture vendor bills quickly and easily with NetSuite Bill Capture. Over time, Bill Capture’s AI technology learns from user corrections, improving suggestions and further automating your payables processes.

Create Vendor Bills with Bill Capture in five easy steps:

1. Save your vendor bill in one of the approved file formats (PDF, JPEG, PNG).

2. Go to Transactions > Payables > Scanned Vendor Bills.

3. Upload the bill on the Scanned Vendor Bills page.

4. Review the bill to verify the information.

5. Once the bill has been verified and adjusted, if necessary, click [Create Bill].

Pro tip: If you are tasked with processing scanned vendor bills, set up your Reminders portlet to include Received Vendor Bills for Review. You can then easily find the bills you need to review.

LCS Company Passholders can visit MyLearn to learn more about NetSuite Bill Capture and AP Automation. Not an LCS Company Passholder yet? Create a free account to get an AP Automation Overview, and visit Customer Learning Cloud Support (LCS) to read more about the LCS Company Pass, including how you can explore free LCS content.

In-Person Events

Learning Lab: Houston

Monday, January 22, 2024

8:30 a.m. -1:00 p.m. CST

JW Marriott Houston Downtown

Register here

Learning Lab: Phoenix

Tuesday, January 23, 2024

8:30 a.m. -1:00 p.m. MST

Kimpton Hotel Palomar Phoenix

Register here 

Learning Lab: Salt Lake City

Thursday, January 25, 2024

8:30 a.m. -1:00 p.m. MST

Hyatt Regency Salt Lake City

Register here

Virtual Events

How AI Can Accelerate and Improve Financial and Operational Planning

Thursday, January 18, 2024

11–12 p.m. PT

Register here

Setting Up Matrix Items

Tuesday, January 23, 2024

11–11:30 a.m. PST

Register here

Unify Finance and HR For Better Business Agility

Tuesday, January 30, 2024

11–12 p.m. PT

Register here.

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