Summary: Oracle NetSuite 2022.1 version has just been released and we explain here key enhancements for manufacturers such as,
- Comprehensive supply chain workbench,
- Vendor performance scoring,
- Improved warehouse management,
- Cash 360 degree dashboard,
- First Expired First Out (FEFO) inventory protocol,
- Data linking interface for SuiteAnalytics, etc.
The worst of the pandemic seems to be over now and the manufacturing industry is gearing up for new growth opportunities. There are strong statistics to support the claim of continuous growth for manufacturers across the niches.
According to United Nation statistics the worldwide manufacturing industry production in comparison to the same quarter of 2020, achieved a sharp upturn in the last two quarters of 2021. Now nearly one and half months down the line in 2022, we are expecting this growth to plummet even higher.
But the key challenges like scarcity of workforce and slowed-down supply remained key challenges for the entire manufacturing industry. This is where advanced ERP systems can play a vital role. The new NetSuite 2022 Release 1 version comes with a range of enhanced features and functionalities to help manufacturers deal with this challenging reality much better. You can take advice from expert Netsuite implementation consultants to utilise the new Netsuite value additions for your manufacturing business operation.
If as a manufacturer you have already opted for custom NetSuite development to strengthen your ERP automation, many of your requirements can just be fulfilled with the new release. Let's try to understand here how the new version of the Netsuite manufacturing edition adds more value to the manufacturing industry.
Ability To Meet Evolving Demands
Netsuite for the manufacturing industry just a couple of years ago introduced a single comprehensive workbench for the supply chain to showcase the details of all orders including demand and supply. This provided operations staff the ease and flexibility to get a complete picture of all the components of the goods under production and the finished goods. Thanks to this feature manufacturers could make planned deliveries as per the schedule.
The present NetSuite 2022 Release 1 further incorporated several crucial enhancements to make this supply planning workbench play an even more effective role. Now, a manufacturing company no longer needs to hire NetSuite customization services to introduce business-specific filters for supply planning.
With the improved feature production heads and managers can make use of several relevant filters to access the most important data that they need for monitoring production.
To make things further easier, the new enhancement also provides an array of templates for different views. The production managers as per their priority can choose any view that suits their priority. This ultimately results in more informed and faster decision making to ensure supply as per the evolving demands.
"In the post-pandemic era, suppliers lost their reliability to a great extent. The new Netsuite vendor scorecard can help manufacturers choose the most reliable ones based on performance and previous records. "
The manufacturers are hell-bent on finding the most reliable suppliers who can help them meet the evolving demands. The new NetSuite vendor performance scoring feature helps them to make the right estimation about the precise delivery timing based upon the previous track record of the supplier. In the end, this helps manufacturers plan better and make timely purchasing decisions resulting in timely delivery.
Warehousing Get More Efficient And Result-Driven
For the manufacturing industry, the streamlined and planned warehousing capabilities of Netsuite are already well acclaimed. Now with the new 2022 Release 1 version of Netsuite manufacturing ERP offers a much improved Warehouse Management System (WMS) with extensive support for zone-based picking for all volumes of orders including single orders and multiple orders.
Because of this improved picking feature, there will be increased speed in picking orders as warehouse employees no longer need to waste their time picking duplicate items or running a helter-skelter within the warehouse for picking several orders. The new feature will guide them with a clear path to picking orders.
The new WMS of the Netsuite 2022.1 release also supports scanning the tally by simply allowing to count the items when they are scanned. The registering of the order picks further get easier when the warehouse managers can choose several waves and make a consolidated release for all. Just by using the connected mobile interface, the warehouse managers can check the order status in real-time.
Finally, when it comes to the packaging of goods, the new version brings some fresh enhancements to the NetSuite Pack Station, the packing system from Netsuite. For “Ship as is” items warehouse employees can pack or unpack in bulk volumes instead of selecting each “ship as is” item separately. Lastly, the new warehouse management system allows weighing by using both pounds and kilograms.
Get More Controls On The Cash Position
Having a clear view of the cash position and the required investment is crucial for manufacturing businesses worldwide. With the 2022 Release 1 version, Netsuite for manufacturing companies offers a new dashboard tool called Cash 360. The dashboard apart from displaying the current cash position of the company also gives a clear projection of the cash flow for the upcoming six months. The projection also comes with a graphic map showing the cash position every subsequent week.
On top of making the present and future cash position visible with such intricate breakup and details, it also allows adding financial events such as investments, loans or major purchases. This ensures providing a comprehensive view of any of the financial ups and downs with all relevant data and details.
Reducing Inventory Waste
Since for the manufacturers, the cost of materials continues to increase and makes the availability of goods more challenging than ever before, preventing wastage of components and materials is of extreme importance. This is where the NetSuite Quality Management comes as a key part of all new Netsuite manufacturing modules to keep a check on cost. The module further gets better and now allows companies to inspect and reinspect all items either on an ad-hoc basis or on a timely schedule or repeatedly.
Thanks to this added inspection capability the employees in Operations are now able to have a broader view of all items trackable through their respective lots and can trace items in both forward and backward directions. They can create reports by adjusting the items and the parameters of the transaction.
Another valuable feature that has been added to the new Netsuite inventory management is the First Expired First Out (FEFO) fulfilment protocol. The protocol allows for reducing inventory waste by forwarding the earlier registered items first for sale. This sequential movement of items as per their expiry date brings down the waste of goods to a minimum level.
Read More: How NetSuite ERP Solution Helps You To Run Entire Manufacturing Business?
Powerful Analytics For Rolling Out The Right Decisions
The growth-hacking manufacturing companies must satisfy the market demands without incurring a greater cost. This can only be achieved through powerful data-driven decision making powered by robust analytics. The Netsuite SuiteAnalytics is the apt tool businesses look up to for data-driven business insights.
Now the analytics engine with the new release has access to as many as one and half dozen transaction types. The new analytics also provides helpful historical datasets corresponding to expenses, work orders and inventory to add further fuel to the decision making process.
With the NetSuite 2022 Release 1 version, the SuiteAnalytics module offers us an easy to use and more engaging interface linking several different datasets. The new SuiteAnalytics interface brings down the required time and engagement for delivering data-driven insights about the business operation. This results in faster and more precision-driven decision making for different contexts.
Managing Third-Party Integrations Became Easier
Most manufacturers rely heavily on Netsuite Connectors to integrate their preferred apps or legacy software solutions with the Netsuite ERP automation system. The new Netsuite release makes this easier by allowing the business clients to track and manage all the connectors through just one interface.
With several simple, straightforward and crucial value additions and new features the new NetSuite 2022 Release 1 version brought a lot of flexibility and ease to every industry. Particularly for manufacturers, these new features and value offerings appear to have a long-ranging impact.
VNMT is one of the leading Netsuite Alliance Partners with a long track record of Netsuite implementation and development for the manufacturing industry players. If you want to have an in-depth understanding of all Netsuite offerings and how to make use of the new Netsuite features and value additions for your company, just drop us an email or message.