SuiteWorld, NetSuite’s annual conference, hit Las Vegas by storm September 26th through the 29th this year. Around 7,500 attendees, including some of the MIBAR team, joined in the fun, learning about all the powerful things NetSuite can do now—and what the future holds ahead.
NetSuite’s product leaders showcased new system capabilities and gave a deep-dive view into new features. This year’s theme “Full Suite Ahead” truly did not disappoint, as keynote speakers identified use cases and offered the real-world value that’s apparent in the NetSuite product line through a number of demos. It was noted that companies that utilize add-on modules within NetSuite see a 150% growth over the average customer. Along the same lines, product companies that adopt modules within SuiteSuccess realize growth five times faster than the average customer.
If these numbers got your attention, let’s talk a little more about the information that was shared at SuiteWorld 2022.
NetSuite Latest Functionality
A world of possibilities unfolded as leadership brought out the latest and greatest in the NetSuite world.
Verenia CPQ, a company NetSuite acquired earlier this year, is now functional within the NetSuite platform. NetSuite CPQ enables sales teams to configure, price, and quote (CPQ) complex deals. As a salesperson walks a customer through the possible options that have been validated to work together, NetSuite CPQ automatically calculates pricing and promotions in real time, ensuring the conversation can be converted into a quote and formal proposal in record time.
NetSuite CPQ also talks to the rest of the suite, flowing into a bill of materials process, which is then sent to NetSuite manufacturing models. These activities are also shown in NetSuite financials, as well.
NetSuite Ship Central
Ship Central was introduces as an “end-to-end shipping experience”, which gives warehouse employees the ability to pack and ship products from a mobile device or kiosk. This helps prevent inefficiencies, such as accidentally disregarding particular packing instructions and shipping products in multiple boxes when a single box would do just fine.
Ship Central groups products such as carton, pallets, or orders based on common criteria, such as carrier and address, so they’re sent in a single shipment. Workers can also print customizable labels, reprint labels, and change label information any time they need to. Finally, this solution offers carrier tracking numbers, so your team can track a shipment’s location in real time.
Ship Central talks to NetSuite’s inventory and order management tools, automatically updating orders in NetSuite the moment they’re fulfilled and shipped. At the same time, it ensures inventory levels, order statuses, and financial information are updated in real time.
NetSuite SuitePeople Workforce Management
It’s become harder and harder for companies to manage employees in ways that spur retention, but SuitePeople Workforce Management has been designed to change that. This solution was derived from the acquisition of Adi Insights, which is targeted at enhancing worker shift scheduling, time tracking, and wage calculation.
SuitePeople Workforce Management provides recommendations for staffing levels using forecasted customer demand, eliminating the need for cumbersome spreadsheets. Employees clock in and out using a digital interface, and managers have the ability to set up photo or fingerprint functionality for added verification.
This system automates wage calculations, which flow seamlessly into SuitePeople Payroll. This information then gets automatically updated in the NetSuite general ledger.
NetSuite AP Automation
NetSuite AP Automation was created to make the processing of invoices and paying of suppliers far easier and more efficient. Employees simply scan bills into NetSuite, which triggers the creation of bill records. Bill payments can then be made directly from NetSuite with embedded payment services from HSBC.
This system allows for smooth reconciliation, as it automatically imports bank and card data into NetSuite daily.
With the introduction of the aforementioned products, NetSuite framed benefits around four outcomes crucial to the success of nearly any company.
1. Optimize Cash and Profits
With an economic slowdown on the horizon, many leaders are looking toward automation as a way to cut costs. Since NetSuite is a unified business management platform that enables end-to-end automation of workflows, companies using this platform are at a distinct advantage.
2. Hire and Empower Employees
SuitePeople Workforce Management gives employees the necessary information and tools so they can do their jobs efficiently. Plus, managers have the ability to pivot when shifting business demands ensue.
3. Acquire and Grow Customers
Custom, configurable products often result in wasted time and effort that eat away at profitability, lead to lost sales, and produce frustrated customers. NetSuite’s platform prevents these problems by implementing preset rules that govern customization options. This ensures the engineering and operations teams always get buildable configurations.
The Configure, Price, and Quote (CPQ) tool is a great example of this. It can be accessed through NetSuite CRM, ERP, and SuiteCommerce. It can also be integrated with third-party CRM and ecommerce systems.
4. Create and Deliver Products and Services
Since NetSuite’s supply modules communicate with each other, they power more efficient operations. These solutions help products go from picking to packing to shipping seamlessly, all while lowering labor costs, boosting profitability, and facilitating faster shipments that delight customers.
Talk to the NetSuite Experts at MIBAR
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