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 subsidiaries efficiently.

• 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: 

IT Services

• 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 renewing subscriptions.

• Create subscriptions with greater flexibility and change billing parameters, including billing schedule and billing terms before activating subscriptions.

Manufacturing

• 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 vendors.

• 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.

Retail

• 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.

Wholesale Distribution

• 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 bins.

• 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.

Professional Services

• 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 information.
• 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.

Non-profit

• 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