NetSuite’s newest offering, NetSuite 2024 Release 2, is packed with innovative tools to supercharge your business. Whether you’re managing finances, handling human resources, overseeing the supply chain, or running a warehouse, there are exciting new features to discover. NetSuite harnessed the power of artificial intelligence to make these tools even smarter.
We are confident that NetSuite 2024 Release 2 will revolutionize the way you work. NetSuite will streamline your accounting processes to optimize your warehouse operations, these new tools are designed to boost business efficiency and productivity. Don’t miss out on this opportunity to learn more about how NetSuite can help your business thrive.
NetSuite’s AI-Powered Financial Boost
NetSuite has consistently used the power of artificial intelligence to reshape business operations. The latest advancements focus on financial management and cash flow optimization. At the core of these improvements is NetSuite Bill Capture, an AI-driven tool that automates invoice processing, eliminating manual errors and saving time. This technology goes beyond basic invoice handling, accommodating complex scenarios like multiple company structures and vendor prepayments.
Complementing this is the NetSuite Analytics Warehouse, an AI-powered platform that transforms data into actionable insights. By combining information from various sources, including NetSuite itself and external platforms, the warehouse offers a comprehensive view of business performance. New features like order-to-cash and procure-to-pay analysis provide deeper visibility into cash flow, enabling businesses to identify potential issues and opportunities for improvement.
These AI-driven enhancements position NetSuite as a leader in financial management solutions. When simplifying regular operations, enhancing data accuracy, and providing actionable insights, NetSuite enables organizations to make educated decisions, optimize cash flow, and drive overall growth.
NetSuite Analytics Warehouse
NetSuite Analytics Warehouse is a powerful tool that brings together data from various sources, including NetSuite itself, Google Analytics, Shopify, and Salesforce. This central hub transforms raw data into actionable insights that can drive business growth. It merges information from different systems, and businesses gain a comprehensive view of their operations, allowing them to spot trends, identify issues, and make informed decisions.
NetSuite Analytics Warehouse introduces new ways to look at business data. It offers pre-built data collections, called “subject areas,” that focus on specific business processes.
These subject areas make it easier for analysts to explore and understand how different parts of the business are connected. For instance, the “order-to-cash” subject area combines data on customer payments, refunds, orders, and returns. This comprehensive view enables organizations to identify issues that may be impeding cash inflow. Similarly, the “procure-to-pay” subject area brings together information on purchases, payments, and returns to uncover potential cost-saving opportunities.
Key Enhancements in NetSuite
Subscription Billing Flexibility: NetSuite now allows businesses to charge customers upfront for services under a subscription model. This added flexibility, combined with the integration of CPQ, empowers businesses to offer more flexible pricing options and improve revenue management.
Accelerated Financial Close: NetSuite’s new interactive task management feature streamlines the financial closing process. By centralizing task creation, assignment, and monitoring, accounting teams can work more efficiently and reduce the time spent on manual tasks.
Expanded Financial Connections: NetSuite has expanded its connectivity to financial institutions, allowing businesses to connect with more banks and credit unions directly. This enhanced access to financial data improves reconciliation accuracy and provides valuable insights for cash management.
Empowered Workforce and Cost Management: NetSuite SuitePeople offers new tools to optimize workforce management. The integration with SimplyInsured simplifies benefits enrollment, while time tracking enhancements provide better visibility into employee activities. These features contribute to improved compliance, cost control, and employee productivity.
Increased efficiency across manufacturing, warehouse, and supply chain operations
NetSuite’s latest updates are designed to streamline operations across manufacturing, warehouse, and supply chain functions. Warehouse teams can now process orders faster thanks to new features in NetSuite Warehouse Management System (WMS) and Ship Central.
Managers can efficiently schedule stock replenishment tasks, ensuring shelves and bins are always full. The system also automates the selection of the most cost-effective shipping options, saving time and money.
For manufacturers, NetSuite offers new tools to control costs and manage inventory effectively. NetSuite Supply 360 provides clear visibility into inventory availability, helping production planners avoid component shortages. Available to Build helps determine production capacity based on current inventory levels.
Additionally, NetSuite Cost Variance Analysis offers a simple way to compare planned and actual costs, highlighting areas where savings can be achieved, or costs are spiraling out of control. These enhancements empower businesses to operate more efficiently, reduce costs, and make data-driven decisions.
NetSuite’s latest release is packed with exciting features and enhancements. To explore the full scope of improvements, dive into the Sneak Peek resource center or delve deeper into the detailed release notes.
