Key Features in NetSuite 2023 Release 1

  • February 7, 2023
  • Jhansi Rani
  • 0
Published On February 7, 2023
The latest version of NetSuite Accounting Software is 2023 Release 1. In the spring and fall of each year, NetSuite releases new versions that add new features and improve upon current functionality.

New Features in NetSuite 2023 Release 1

Financial & Operational Efficiency

AP Automation in NetSuite accounting software is further improved with the option to upload vendor bills by emailing them to the platform. The new uplift at renewal feature in SuiteBilling enables users to apply a percentage price increase to customer renewal pricing automatically. The Rebates and Trade Promotions SuiteApp has added capabilities to automate rebate and trade promotion calculations for kits, assembly items, and standard inventory items.

Employee Engagement

NetSuite SuitePeople Workforce Management simplifies multiple applications and spreadsheets with a unified solution for scheduling, time and attendance tracking, wage calculation, and a better experience for employees and managers.

Business Intelligence

NetSuite Analytics Warehouse provides access to more transactional records and enhanced analysis with new data sets in sales, inventory, financials, purchases, and support management. The collection of pre-built analytic materials has expanded to include industry-specific dashboards and visualizations for professional services, software vendors, and manufacturers. The new REST-based interface offers a dependable method for importing data into the Analytics Warehouse from custom applications.

Autonomous Supply Chain Operations

NetSuite Ship Central allows warehouse workers to pack and prepare orders for shipment in a single mobile application. The latest version of NetSuite WMS enables efficient picking by breaking up kit items. New picking flows allow employees to mark partially picked orders as complete. The Manufacturing Mobile SuiteApp supports standalone assemblies without a work order.

Project Management

Oracle NetSuite ERP Project Management offers the flexibility to define project budgets and costs and recognize revenue based on project completion. Project 360 Dashboard access is expanded to include roles beyond project managers, such as department heads and supervisors.

Customer Experience

Intelligent Recommendations’ automated upsell and cross-sell suggestions are now available in NetSuite CRM and SuiteCommerce. The new dropdown helper in NetSuite CPQ simplifies building configuration rules with a better user experience. SuiteCommerce and SuiteCommerce Advanced now support Google Analytics 4 and ACH payments in the checkout flow.

Platform Development

Eight new standard REST record types are now available for customers and partners to build integrated solutions connecting Oracle NetSuite ERP with external systems and applications. The SuiteCloud Extension for Visual Studio Code provides new capabilities for server-side validation of custom code modules, access and import of custom record instances, and comparing locally and account-hosted files.

E-commerce and Retail Management

  • Omni-Channel E-commerce

NetSuite accounting software provides a comprehensive solution for managing e-commerce, retail, and omnichannel operations.

  • Order Management

It automates the entire order management process, including processing, shipping, and returns. Point of Sale (POS) includes a powerful point-of-sale system for retail stores, integrating with e-commerce and inventory management systems.

  • Customer Management

NetSuite provides tools for managing customer interactions, sales, and service across multiple channels.

  • Marketing Automation

This includes marketing automation tools for targeted email campaigns, promotions, and cross-selling.

  • Inventory Management

NetSuite accounting software provides real-time inventory visibility and management, ensuring that products are available across all sales channels.

Inventory Management

  • Real-time Inventory Visibility

NetSuite provides real-time visibility into inventory levels and movements, enabling informed decision-making.

  • Multi-Location Inventory Management

It provides real-time inventory visibility across multiple warehouses, stores, and distribution centers.

  • Inventory Planning and Forecasting

It includes demand planning and forecasting tools, helping businesses optimize inventory levels and reduce waste.

  • Bin Management

Oracle NetSuite ERP provides fine-grained control over inventory locations and movements.

  • Barcode Scanning

This includes support for barcode scanning, streamlining inventory processes, and reducing manual errors.

Supply Chain Management

  • Demand Planning

It provides demand planning and forecasting tools, helping businesses optimize inventory levels and reduce waste.

  • Procurement

It automates the procurement process, including purchase orders, receipts, and vendor management.

  • Fulfillment

NetSuite provides a comprehensive solution for managing order fulfillment, including shipping, receiving, and returns management.

  • Supply Chain Visibility

It offers real-time visibility into the entire supply chain, from suppliers to customers, enabling informed decision-making.

  • Drop shipping

It supports drop shipping, enabling businesses to fulfill orders directly from suppliers and reducing the need for on-hand inventory.

Human Capital Management

  • Talent Acquisition

It includes tools for recruiting, screening, and onboarding new employees, streamlining the hiring process.

  • Time and Attendance

NetSuite provides real-time time and attendance tracking and management, reducing manual errors and improving accuracy.

  • Payroll Management

It automates payroll processing, including taxes, deductions, and payroll reports.

  • Benefits Administration

It includes tools for managing employee benefits, including open enrollment and benefit plan administration.

  • Performance Management

It provides a comprehensive performance management system, including goal setting, performance evaluations, and career development.

  • Succession Planning

NetSuite supports succession planning, helping organizations identify and develop future leaders and key positions.

  • Compliance

It ensures compliance with labor laws and regulations, reducing the risk of legal and financial penalties.

Customer Relationship Management

  • Lead Management

It provides tools for managing leads, from lead capture to conversion and follow-up.

  • Sales Force Automation

NetSuite automates the sales process, including opportunity management, forecasting, and reporting.

  • Customer Service

It includes tools for managing customer service, including case management, knowledge management, and customer portals.

  • Marketing Automation

It provides marketing automation capabilities, including targeted email campaigns, promotions, and cross-selling.

Business Intelligence and Reporting

  • Real-Time Analytics

It provides real-time analytics and reporting, enabling informed decision-making and continuous improvement.

  • Customizable Dashboards

NetSuite offers customizable dashboards, allowing organizations to view key performance indicators and metrics relevant to their business.

  • Ad Hoc Reporting

Organizations can quickly get the data they need to make informed decisions because of its capability to build ad hoc reports.

  • Predictive Analytics

It includes predictive analytics capabilities, helping organizations identify trends, forecast future performance, and make more informed decisions.

  • Data Visualization

It provides interactive data visualization capabilities, making understanding complex data sets and relationships easy.

Project Management

  • Project Planning

It provides tools for project planning, including project scheduling, resource allocation, and budgeting.

  • Task Management

Oracle NetSuite ERP offers task management capabilities, including task creation, assignment, and tracking.

  • Time Tracking

It includes time tracking capabilities, enabling organizations to track and report on project hours accurately.

  • Resource Management

It provides real-time visibility into project resources, enabling more effective resource allocation and utilization.

  • Project Status Reporting

It provides real-time project status reporting, enabling organizations to track progress and make informed decisions.

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