The NetSuite 2023 Release 1 offers solutions for companies facing challenges of low employment, rising interest rates, and global uncertainty. SuitePeople Workforce Management offers benefits for finance, supervisors, and employees, including automated wage calculation, shift scheduling, and time and attendance tracking. Companies with complex labor needs can change employee status, track pay rates, and calculate hours worked with the built-in wage rules engine.
NetSuite AP Automation and the uplift at renewal feature in SuiteBilling saves time for finance and subscription service companies. NetSuite Ship Central and Warehouse Management System improve shipping and picking efficiency for the supply chain. And now, small and midsize companies can level the filed with large enterprises through the cloud-based NetSuite Analytics Warehouse. This platform offers 90% access to NetSuite transactional document types and novel data sets for analysis, along with prebuilt industry-specific dashboards and direct connections to popular cloud applications.
In other words, the dev team at NetSuite has been quite busy, and the updates that were recently released impact several facets of the company’s products—from HR to inventory management and everything in between.
Continuous Employee Engagement
SuitePeople Workforce Management helps leadership and employees alike by creating a seamless integration with NetSuite Payroll. Managers will enjoy a time savings when they’re scheduling shifts or need to communicate important information to their teams. Employees can now capture their time worked without extra steps, ensuring clock in, clock out, and requested shift changes can be viewed from any device no matter when they need to be seen.
Your customers will also reap the fruits of these efforts, as workplace information like sales statistics make it easier for leadership to match labor supply to your company’s demands, ensuring the right number of people are available to serve customers when business ticks up.
If you’re experiencing an increase in complexity as far as your labor needs go, 2023 Release 1 has you in mind. In situations where workers are tasked to deal with multiple projects for different clients, or when you have people working in regulated situations, like when a driver is required to take a break for a certain number of hours, the new release will take care of your company’s needs. With a native wage rules tool, it’s easier than ever to automatically compute time worked, overtime, and paid time off, ensuring work schedules are dispersed evenly and fairly and keeping your company in check with compliance requirements. Beyond that, your staff can easily change their statuses as the day goes on, ensuring easy tracking of pay designations and hours worked by area and role.
Smart Financials & Operational Excellence
It’s not easy to find good finance team members, but with NetSuite’s 2023 Release 1, automation and control features will free up skilled employees so they can work on more difficult tasks.
NetSuite AP Automation will let your company submit vendor invoices by simply shooting them to NetSuite via email. These emailed invoices are automatically turned into digital versions, populated with applicable specifics like vendor name and PO number, and coordinated with the appropriate purchase order.
If you happen to offer subscription services, your team will save a ton of time with the innovative uplift at renewal tool that was included as part of this release. Now, SuiteBilling lets your team automatically apply a calculated price increase to customers’ renewal agreements. You can set up these increases at the time subscriptions are created, or when it’s time for the renewal to occur, and they’re flexible enough to calculate percentage uplifts on a line-item basis.
In addition to this improvement, the Rebates and Trade Promotions SuiteApp is now capable of automating rebate and trade promo calculations on kits and assembly pieces, as well as standard inventory elements.
If you operate with tax-exempt components, you can now allocate nexuses to subsidiaries, classifying them as non-taxable, and skipping the assignment of a tax engine. This action basically disables tax configurations on transactions for that nexus.
If you’re a leader in the nonprofit world, this new release can also help you enhance your secondary cost allocations by allowing you to enter a provisional or agreed-upon rate for an audience segment, such as a grant, and control costs and allocations.
Autonomous Supply Chain
Improve your warehouse employees’ productivity and reduce shipping expenses with the new packing and shipping features included in the NetSuite Ship Central 2023 Release 1.
Give your workers access to the Ship Central mobile app, which integrates shipping into NetSuite Pack Station, enabling them to consolidate shipments, chose the best carrier based on delivery date or location, and print shipping labels on the spot.
Picking is also made more effective with the new Warehouse Management System (WMS) 2023 Release 1. Several employees now have the ability to pick kits depending on relevant zones, so items can be grouped for packing. Additionally, workers can mark partially picked orders as finished and alert replenishment workers to restock empty or damaged bins.
Other updates for warehouse teams and manufacturers include improved Smart Count for items with serial or lot numbers, a comprehensive Costed BOM Report SuiteApp, standalone assemblies in Manufacturing Mobile SuiteApp, and automatic inspection inquiries in Quality Management for items made by contract manufacturers.
Using Analytics to Level the Field
Small and midsized businesses can now stay ahead of the game in terms of data analysis thanks to NetSuite Analytics Warehouse. This cloud-based solution is powered by industry-leading technology like Oracle Autonomous Data Warehouse and Oracle Analytics Cloud, giving customers access to almost 90% of NetSuite’s transactional record types. In the 2023 Release 1, you can deepen your insights with new pieces of information that cover areas such as sales and inventory. Your finance, purchasing, and support management teams will also benefit from this greater data transparency.
This release also includes a comprehensive range of pre-defined dashboards and visualizations for various industries such as professional services, vendors, and manufacturing partners. There are now direction connections built into popular cloud applications like Salesforce, Shopify, and Google Analytics. Plus, this release now affords users the capability to link to other systems, including legacy platforms, using CSV files or similar methods.
Take Advantage of NetSuite 2023 Release 1 Features With MIBAR
2023 is just now under way, and NetSuite’s making a ton of strides to make its products as premier as possible. The improvements we mentioned above are just scratching the surface.
If you’re ready to enhance your company’s operations, we’re ready to help you get the job done! To stay on top of new NetSuite releases or to take advantage of new features, it’s important to have guidance from an expert NetSuite partner like MIBAR.
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. We assist businesses just like yours to identify areas of risk and inefficiency, rescue implementations, assist with NetSuite enhancements and improvements, provide support, training, and much more. Learn more about our NetSuite support services.