NetSuite 2022 Release 1 is just ready to hit the market with several key new features and capabilities. These value added features are likely to help software and development companies meet the evolving business demands. Before you need to knock on NetSuite consulting services to be informed about this latest update, here we are going to provide a detailed view of all the new offerings.
There is enhanced emphasis on performance, efficiency and traceability with the latest release of NetSuite. The new version comes with a whole array of valuable tools to deliver sharper insights into business operations, make performance management better and streamline payment processing and transactions.
What’s New with NetSuite 2022 Release 1?
All new NetSuite 2022 Release 1 offers several new features and capabilities that we will explore throughout this post. As one of the leading NetSuite consultants we consider it important to explore these features. Let's start by having a quick look at some of the key ones at a glance.
- The new NetSuite version offers Project 360 dashboard that can bring together diverse aspects of a software within a single workspace and ensure optimum visibility of all project data in one place. The new dashboard also provides invoice presentation templates to help send custom project invoices as per client needs.
- For businesses that often struggle to maintain adequate cash on hand for meeting the commitments and business goals, NetSuite now offers a Cash 360 dashboard. Thanks to this, businesses can stay updated in real time about their cash position. The dashboard can also predict the imminent cash flow requirements by using NetSuite transaction information, collection projections and under-process disbursements.
- There will be a new Warehouse Management System (WMS) with several inbuilt features for smooth and efficient warehousing. Some of the value added features that new WMS will have include capabilities to scan and pick zones. There will also be Pack Station capabilities to enable bulk packing as well as unpacking features for items that need to be shipped as they are.
The above mentioned new features and capabilities just represent a very limited exploration of the new NetSuite release. Several of these features will make you free from depending upon SuiteSuccess implementation. Let's explore the offerings of NetSuite 2022 Release 1 in more details below.
Billing Made Simple and Easy
This is a really exciting new feature to help software development companies to help process large chunks of customer payments. There are more numbers of pricing and billing options to help software development and IT companies to process batches of payments faster and more accurately at different points of time throughout the year.
The new billing feature is equipped to accommodate multiple payment and monetisation modes such as subscription, flat pricing, usage or consumption based payment, and other models. Thanks to the bulk payment processing, the software companies no longer need to spend a lot of time on particular invoices. Lastly, such streamlined and well orchestrated billing ensures optimum accuracy and more streamlined transactions.
Optimum Visibility of Cash Position and Cash Projection
For any growth driving IT company that needs to invest in new markets on a continuous basis, keeping a close tap on the present cash position and projecting the imminent cash needs are very important. The all new Cash 360 dashboard coming with the latest NetSuite release will help IT businesses remain in complete control over these two things. The Cash 360 for projecting cash flow requirements makes use of latest transaction data pertaining to NetSuite and the data corresponding to collection and disbursement projections for the company.
Performance Management Tools
Since in tech companies, the continuous shortage of skilled manpower remains a continuous concern, the NetSuite 2022 Release 1 addresses this with several key enhancements to its SuitePeople Performance Management module. You can always seek the aid of expert NetSuite consulting to have a better understanding of how these new tools work.
The key enhancements are immensely helpful in boosting employee engagement and improving employee retention. There is a completely new manager digest feature to deliver team developments updates on a month on month basis. The same feature will also give timely updates on various issues, success milestones and the status of the team in fulfilling the objectives.
Rich Data for Efficient Planning
While modern businesses irrespective of their niches understand the value of data, the role of rich data and data-driven insights are experienced by the software and IT industries most. The new feature of NetSuite that links multiple datasets of SuiteAnalytics with a new interface to deliver data driven insights in a visual manner can be very effective. Without needing to hire NetSuite development services with SuiteScript expertise for creating custom data visualisations, now businesses can take notice of relevant data and data driven insights just at a glance.
NetSuite 2022 Release 1 for Multiple Industries and Sectors
As of now, we have mostly explained the new capabilities and features of NetSuite 2022 Release 1 required by tech or software development companies. Many of these features will give you freedom from NetSuite integration services for integrating third-party tools and systems. Now we are going to explore the offerings of the new release for other industries as well.
Features for Wholesale Distribution Industry
The new NetSuite 2022 Release 1 comes with the following new features for the Wholesale distribution industry.
- Order picking made easy: NetSuite WMS provides comprehensive support for zone based picking of both single order and multiple orders. This new picking feature will boost the order picking speed by restricting movement of pickers within the warehouse and reduce the duplication of pick entries to a minimum.
- Robust reporting feature: There is a new consolidated reporting feature to help operations staff in tracing all order lots and accessing any lot information with ease. The new update also provides several new filters to make it easy for sorting the required information in times of necessity.
Read More: NetSuite for Wholesale Distribution
Features for Manufacturing Industry
The new NetSuite release comes with the following value additions for the manufacturing industry.
- Custom Views for Supply Planning: The new update allows the supply chain managers to access custom views of supply planning so that one comprehensive page can showcase all supply and demand orders and keep them accessible to the business managers for future planning.
- Meticulous Quality Inspection: The latest NetSuite update also brings a new Quality Management feature to allow repeated inspection of items as per customer demand besides the so-called scheduled inspection carried out on a regular basis.
Read More: NetSuite for Manufacturing
Features for Retail Industry
The all new NetSuite for ecommerce and retail features coming with the update include the following.
- Vendor confidence rating: The new update has come with a vendor performance scoring feature to evaluate each and every vendor based on their historical records of early or late delivery of orders. Based on this score each vendor is given a confidence rating in a scale from 1 to 100.
- First expired first out (FEFO) allocation: This new allocation feature added to the order fulfilment functionality makes the job of operations staff in the retail sector much easier. Thanks to this the staff can easily designate lots to items with the lot-number.
Read More: NetSuite for Retail Services
Features for Services Sector
Some of the valuable additions and features for the service sector coming with the new NetSuite release include the following.
- Custom invoice templates: The new NetSuite update will come with custom invoice generation templates to use the formats that every different service sector company requires.
- Project 360 dashboard: NetSuite 2022 Release 1 update competes with a consolidated project based dashboard within SuiteProjects to present data of different projects to ensure easy access to data by project managers.
Read More: NetSuite for Professional Services
Features for Nonprofit NGOs
The new NetSuite update also offers certain value additions and features for the nonprofit organisations and NGOs. Let's have a look.
- Easier donor payment processing: NetSuite now allows easy donor payment through a payment link in the website or email of the organisation. The same donations can also be categorised as per particular programs or as recurring ones.
- Easy pairing of credits: There is a new feature to help smooth pairing of credit memos within the company and all other bill credits. The feature is highly effective for financial and accounting management of companies that have nonprofit subsidiaries.
Read More: NetSuite 2022.1 Release 1 Notes
So, NetSuite 2022 Release 1 is pretty robust as an update of the globally acclaimed ERP and business automation system. It offers features and value additions pretty much for every major sector or industry. The release showcases how NetSuite continues to drive excellence through its ERP automation suites.