The new year is now well underway, and with this turn of the calendar’s pages come some great releases from software providers everywhere. As NetSuite is known to do, the company has released a number of new features that are perfect for manufacturers. Here’s a look at some tools that can help you manage your supply chain challenges and make better purchasing decisions going forward.
When 2021 came to a close, the Manufacturing Purchasing Managers’ Index (PMI) had hit 61%, ushering in 18 consecutive months of growth. However, the PMI also indicated that manufacturers have to deal with ongoing supply and labor shortages—not to mention, sharply rising raw materials costs. With these obstacles in mind, manufacturers are seeking ways that more precisely forecast output, decrease supplies on hand, and automate the tasks necessary to complete their jobs. NetSuite 2022 Release 1 is here to help answer questions and solve pain points.
NetSuite Supply Planning Workbench
Initially, the supply planning workbench that was unveiled in 2020 was a one-page application that let users see supply and demand orders and gave operates teams the insight necessary to dive deeper into the minutiae where components and finished products reside in pipelines.
With 2022’s release on this project, production managers have the ability to select elements that are included and apply certain filters so they only see data that’s applicable to the work they manage. The new workbench displays essential information, including:
- Item descriptions
- Vendor information
- Safety stock
Overall, this new rollout is meant to give manufacturers more context about their inventories so they can make faster, more informed decisions.
View our NetSuite Supply Planning Workbench Demo to learn more.
Vendor Performance Scores in NetSuite
It’s not always easy to allocate inventory in ways that best serve the business—especially if you don’t have the right software platform in place. NetSuite plans to change any frustrations related to vendor performance issues by allowing operations managers to click into apportioned demand to better understand if supplies are being allocated to customer orders, work orders, or transfer orders. From there, leaders can then decide the best ways to distribute supplies because they’re able to prioritize based on financial success, critical customers, or sales channels.
Manufacturing Mobile App
Many of us have found our ways from our computers to our phones in recent times, and NetSuite has accommodated this change. The manufacturing and supply chain management (SCM) apps have seen significant increases in upgrades, allowing these technologies to be more productive and user-friendly.
The manufacturing app now has a much easier-to-use interface that allows floor supervisors to validate quantities for production runs. Additionally, they have the ability to enable or disable over-production if supplies are in excess. This helps companies keep an eye on inventory levels.
NetSuite Warehouse Management System (WMS)
The NetSuite WMS now supports zone picking for both single- and multi-order picks. With this strategy, pickers will be able to increase their speed because the WMS limits picker movement and helps minimize the duplication of picking paths.
This system is also supportive of tally scanning, allowing pickers to count items in real-time as they’re being scanned, instead of waiting for someone to perform batch data entry at the end of a shift.
As a note, NetSuite’s 2022 WMS gives warehouse managers the ability to select numerous waves and release them all in a single stroke, look for and print item labels quickly, as well as uncover the picking rank of orders and waves, all from the comfort of a mobile device.
NetSuite Pack Station
Although it’s still in its infancy, the NetSuite Pack Station got a lot of attention from the company since its release last year. The latest enhancements to this platform allow for:
- Bulk packing and unpacking of “ship as is” items
- Viewing of packing directives for items prior to packers beginning to pack
- Ability to change weight units between pounds and kilograms when weighing packages
Cash 360
This all-in-one dashboard shows manufacturers’ current cash positions, as well as cash flow projections for the coming six-month time period. The dashboard showcases an easy-to-understand graphing method, displaying expected income per week. Finance leaders can then choose to drill down on various elements, such as loans or large purchases, to get more accurate pictures of their forecasting futures.
Intercompany Transactions
Communication between departments is now much easier with NetSuite’s ability to label intercompany invoice credits and credit memos. With this process, it’s easier for accountants to match invoices. Additionally, controllers now have the ability to see intercompany account balances from a holistic point of view. In other words, NetSuite’s enhancements mean minimized manual data entry and review for transactions between subsidiaries, and accounting professionals now will likely be able to spot errors and fix them faster than they have been able to in the past.
NetSuite’s Quality Management
This system now gives managers the ability to reinspect items on-demand, even when they’re not in the scope of a standard inspection schedule. Managers can trigger inspections when items fail inspections and are subsequently repaired, or if something barely fails an initial inspection and just needs a second set of eyes.
All tracked lots, including forward and backward tracing, are now available to operations team members by way of a simple consolidated view. These reports can easily be adjusted to meet certain item and transaction parameters.
NetSuite’s Quality Management system also makes it easier to assign FEFO numbers, such as lot numbers that include production dates, making it easier to minimize wasted inventory by assuring it’s moved before it expires or loses its value.
NetSuite Analytics Warehouse
This platform’s newest release offers 18 additional prebuilt transaction types. With nearly 50% more transaction types than were available previously, as well as historical data sets for inventory, work orders, and expense reports, managers have a more robust solution by which to incorporate point-in-time analyses of their operations. This release also upgraded the available dashboard selection from two to eight.
SuiteAnalytics Workbook
It’s no longer a requirement for users of this platform to write code using the SuiteScript API. Instead, users can now link to multiple datasets, including custom records, by simply dragging and dropping the necessary links. Managers can add a number of datasets to their workbooks without needing to turn to developers to integrate their resources. This means less time spent on analyses and fewer resources needed to analyze business performance, allowing for better decision-making that’s based on real data.
NetSuite Connector
Now, users can manage and monitor all their connectors in a single place thanks to the new NetSuite connector tab, which gives access to external applications that are integrated with NetSuite
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Do you want to enjoy the significant gains that come with NetSuite’s new features? The experts at MIBAR can help you optimize NetSuite’s offerings so you can leverage new features like the ones covered above.
As a leading NetSuite partner, we’ve established a genuine methodology to help maximize every dollar of your ERP budget and ensure NetSuite is meeting your needs. Learn more about our NetSuite support and optimization services.
