Enterprises across the globe are planning
to navigate business opportunities for the next year and beyond. Considering
the new business challenges more critical and crucial than ever, administrators
are moving ahead to have increased efficiency, enhanced visibility, and deliver
active engagements to the employees.
With NetSuite 2020 Release 2, businesses
can have the second major platform upgrade for the year with innovative
capabilities and insights to solve mission-critical challenges.
What’s Innovative with NetSuite 2020.2?
- With this new release, you can consolidate multiple invoices into
a single grouped invoice without much hassle. Not only it will help reduce
manual efforts but improves cash flow as well.
- Administrators in the banking industry can have streamlined bank
reconciliations with the added ability to automatically create, and post
transactions. Also, it will prompt automatic cross-charge transactions between
- It has come up with inventively engineered SuitePeople
Performance Management that allows employees and managers to work together to
create meaningful goals connected to the employees’ work. Moreover, you can
check the automatic update of goal progress based on business results.
- Material requirements planning (MRP) with NetSuite 2020 Release
2 is providing new tools for planners. It includes a repository with timely and
consistent information. Also, you can review orders, suggestions, and exceptions
before releasing or updating orders via a workbench.
- This new release with inventive capabilities will help ensure on-time
shipping of goods as one can see predicted risks included in the Sales orders.
Right from supply chain automation to
employee management enhancements and innovative tools, NetSuite 2020 Release 2
is offering everything to businesses to position themselves for unprecedented
growth in the future.
Highlights with NetSuite 2020.2 in:
- MyAccount Portal to improve customer satisfaction by offering
them complete visibility, accessibility to their accounts, and simple ways to
manage their subscriptions. One can view order history, modify subscriptions,
and pay invoices cost-effectively.
- Use SuiteAnalytics Workbook for Subscriptions with powerful
insights on recurring revenue, churn, upsell, downsell for existing, and
- Create subscriptions with greater flexibility and change billing
parameters, including billing schedule and billing terms before activating subscriptions.
- Re-architected NetSuite’s material requirements planning (MRP) capabilities
for supply planning. Customers using NetSuite Demand Planning can avail of such
an extensive feature. It offers a dedicated planning repository to ensure that
decisions are made on timely and consistent information.
- You can witness extended capabilities of Intelligent Predicted
Risks with the introduction of sales orders. With this, users can have greater
insights into potential risks on untimely shipping of goods; recommend alternate
- Inbound shipments are included in the allocation of supplies of
the related purchase orders. This additional precision comes with fill rate
optimization to allocate existing supply to satisfy maximum sales order lines.
- Website themes are managed to ensure that site stays updated
with every release and delivers an engaging e-commerce customer experience. Added
layout flexibility, ADA/WCAG compliance, enhanced mobile user experience, and
multi-language support are some of the newly added features.
- Optimized performance tools and automated alerts would help
comprehend visual data on your web store’s activity, performance, and let you
spot key areas of improvement.
- The new Merchandise Hierarchy Workbook allows businesses to
analyze items, inventory, sales, and fulfillment data with pre-built
customizable KPIs and reports.
- Now, you can have the ability to receive, transfer, and pick
goods within a location without bins. This would include both single-order and
multi-order picking at warehouses.
- This new NetSuite WMS would deliver advantages to smaller
warehouses via hand-held picking capabilities without the overhead of managing
- The new SuiteCommerce Sign Up extension allows you to quickly manage and approve new wholesaler customers’ registrations to purchase from your e-commerce store.
- You can consolidate multiple invoices into a single invoice
delivered to the customer via invoice grouping. Also, you can accept payments at
the group level to be applied to individual invoices.
- Project managers can make the most of NetSuite 2020 Release 2
via new notifications capabilities. It includes missing actual time, time to
approve, and expenses to approve capabilities to ensure efficient flow of
- The Work Breakdown Structure (WBS) now allows users to calculate
revenue budgets based on quantity and rates pulled in from rate cards, items,
and billing classes to achieve more accurate budgeting.
- Sequential Liability SuiteApp enables professional services
companies to get a unified A/R, A/P, and Cash in Bank report. It supports the
monitoring and paying off of vendor liabilities once the payment is received
from customers for the project transactions.
- NetSuite 2020.2 enables nonprofits to now create statements of financial position including funds, grants, or programs on a custom segment. Offering separate NetSuite licenses for NPOs, it delivers an automated process for auto-balance accounting entries by multiple dimensions and creating balancing segments by simply checking the balancing checkbox.
- With The NetSuite SuiteSuccess Social Impact Editions, non-profit
organizations can allocate labor expense costs to programs, projects, or grant
segments and analyze reports on total direct program or project costs.
- Streamlined bank reconciliations with the added ability of automatic
creation and posting of transactions directly from imported bank data help
reduce manual errors efficiently.
Advertising, Media, and Publishing
- You can avail of a full-featured content platform accessible
from NetSuite for document management and collaboration with pre-built
integration to Oracle Content and Experience (OCE). It allows you to upload
project-related files, search, collaborate & share project documents and
digital assets via a single, secured file.
- Advertising and Media companies can ensure compliance with policies
and contracts via automated controls and notifications on expense reports. This
helps businesses have fewer unapproved overages and mitigates excess
expenditure as well.
With the introduction of NetSuite 2020
Release 2, NetSuite users and administrators are going to experience robust
innovative capabilities fit for any global business with new
internationalization tools and processes. You can come across exclusive support
for worldwide telephone numbers, native India numerical formatting, and new tax
record types. Moreover, Access Management will help you ensure the right level
of access without overreliance ensuring better security of the accounts. Also,
you can check the account status with the new Application Performance Monitor.
These are merely glimpses of NetSuite 2020
Release 2 as a lot more is yet to be explored and explained. For more specific
industry-specific features and enhancements and deep dive into the new
automation, you can have an expert’s time.
For Detailed Information, Schedule a Demo