NetSuite Release 2024: The Ultimate Guide

Harnessing the Power of AI 

NetSuite is at the forefront of AI-driven business processes. 2024 Release One, NetSuite introduces a variety of AI-powered tools designed to enhance operations across finance, supply chain management, sales, marketing, and HR. From text enhancement and automation to easing the tedium of manual data entry in ERP, to enhanced predictive analytics in planning and budgeting, to automated payroll processing and billing, the new features introduced with this release will enable businesses to accomplish more while improving productivity and efficiency. 

According to a recent survey, 57% of executives seek to elevate their capabilities in forecasting, business analysis, and decision-making through the use of AI. The 2024.1 release features an advanced AI-powered tool called Intelligent Performance Management that utilizes state-of-the-art machine learning algorithms to continuously monitor plans, forecasts, and variances while identifying trends, anomalies, biases, and correlations and enabling finance teams to quickly assess and act based on these insights. 

Additionally, the 2024.1 release improves automation in NetSuite Bill Capture(opens in new tab), with added support for filtering by PO number, memo, posting period, and discount date on the Review Bill page. The new revenue recognition field map page enables users to create maps that track and display system notes instead of just using custom fields. MIBAR can assist you with the evaluation and implementation of these and other AI-driven NetSuite features, leveraging the power they provide to your business. Contact us today to learn more. 

Generative AI Throughout the Suite 

As artificial intelligence continues to transform business software landscapes, NetSuite has integrated AI-backed functionalities into its cloud ERP suite. These include generative AI tools that help users create contextual and personalized content throughout the system, such as writing product descriptions in the SuiteBilling module and generating text for invoices, e-commerce websites, and point-of-sale systems. 

 They also help businesses make data-driven decisions for growth with AI analytics and forecasting. One such tool is NetSuite Text Enhance, a generative AI writing assistant that helps employees save time by automating the creation of context-sensitive and personalized content using relevant NetSuite data. This helps streamline tasks such as drafting employee goals, crafting customer support responses, and creating job descriptions. 

 It even optimizes existing content, such as improving grammar and readability, by analyzing a few initial words. 

Other new AI-backed tools in the suite include NetSuite Configure, Price, Quote (CPQ) which enables sales representatives and customers to quickly assemble and price configurable products. It also helps increase cross-sell and upsell opportunities by enabling businesses to bundle customizable products and services with a single subscription.  

Lastly, the SuiteBilling module now supports Amazon Seller Central to simplify order processing and fulfillment by syncing FBA, Merchant Fulfilled Network, and Seller Fulfilled Prime orders with NetSuite inventory, invoices, and payments. 

NetSuite 2024.1 also brings a variety of other improvements, including a more user-friendly experience with Bill Capture by allowing users to filter by vendor, upload source and email source in the Scanned Vendor Bills page. Read more about these and other changes in the full release notes. 

AI for Finance 

In the world of Enterprise Resource Planning (ERP), NetSuite has firmly established itself as the leader. Its latest release, 2024.1, delivers groundbreaking AI functionalities embedded directly into the platform aimed at helping businesses kickstart their AI journey without having to worry about high costs and complexity. These features include text enhancement, invoice capture, and planning and budgeting. 

These new features automate routine financial tasks that typically require manual effort, empowering finance teams to focus on more strategic initiatives. For example, the 2024.1 release enhances NetSuite Bill Capture(opens in a new tab) with more field capture support, including PO number, memo, posting period, discount date, and custom segments, reducing the likelihood of inaccurate or incomplete bills that must be manually reviewed or edited.  

The 2024.1 release also provides enhanced compliance capabilities by allowing users to monitor customer record changes in real time, potentially assisting with fighting fraud. The 2024.1 release also integrates advanced analytics into planning and budgeting to empower CFOs with deeper insights into their business.  

Its Intelligent Performance Management feature utilizes predictive algorithms to continuously monitor plans, forecasts, and variances, identifying trends, biases, anomalies, and correlations to enable faster action on insight-driven decisions. 

AI for Marketing 

When it comes to AI, businesses want to leverage its capabilities throughout their core value streams. However, they are often hampered by the perceived cost and complexity of AI solutions. Oracle NetSuite 2024 Release 1 breaks down these barriers and brings the full potential of AI within reach. 

Across the suite, 2024 Release 1 delivers several AI-enabled tools that accelerate business processes, boost productivity, and enhance user experiences. For example, a new AI-powered text generation tool enables businesses to automate generating contextually relevant content for departments like HR, sales, and marketing.  

Consider automating the process of creating customized email responses for customers and prospects based on information from your supply chain, ERP, and CRM. Alternatively, consider assisting customer service staff by creating customized, automated responses to often-asked queries. 

Respondents to a recent NetSuite survey identified improved forecasting, business analytics, and decision-making as the top advantages they expect from AI innovations and the 2024.1 release delivers this capability through Intelligent Planning and Budgeting (opens in new tab).  

This AI-enabled feature helps users streamline the process of setting goals and establishing success measures and provides more accurate, predictive data analysis. Similarly, the 2024.1 release improves automation in billing by streamlining workflows in NetSuite Bill Capture through an enhanced AI-powered document detection and OCR engine. This feature also helps users refine existing content by correcting grammar and spelling errors as well as rephrasing for better readability. 

Exciting updates are on the horizon for NetSuite users with the upcoming release in 2024. Among the anticipated features, NetSuite Close Management and Consolidation stands out as a game-changer for streamlining financial processes. This enhancement promises to provide users with greater control and visibility over their financial close processes, ensuring accuracy and efficiency. 

Field Service Management  

This is another key area set to receive a boost in the 2024 release. Businesses relying on field service operations can look forward to improved scheduling, resource management, and customer communication tools within NetSuite. This update aims to enhance service delivery and customer satisfaction by optimizing field operations.

Sales and billing processes  

This section is an important one that is also in focus with the upcoming NetSuite release. The integration of advanced capabilities into these areas will empower organizations to manage their sales pipelines more effectively while simplifying billing procedures.These improvements are intended to help companies using NetSuite increase revenue and improve operational effectiveness. 

NetSuite Bill Capture  

One of the standout features of the 2024 release is NetSuite Bill Capture, a tool that automates invoice processing by extracting data from bills and populating it directly into NetSuite records. This functionality promises to save time and reduce errors associated with manual data entry, enabling finance teams to focus on more strategic tasks.