Every year, NetSuite releases two updated editions of the product, usually in the first and third quarters.
These releases bring new features and enhancements to NetSuite’s entire install base of 36,000+ customers, allowing all the customers to be on the same release, and by that, using the latest and greatest version of the software. This helps the NetSuite team to maximise development and get benefits of scale.
In the first quarter of 2022, this year’s Release 1 has been rolled out.
This guide will walk you through some new innovations across NetSuite 2022 Release 1 for different sectors.
What’s new
- The Project 360 dashboard unifies all elements of a project into a single workspace and offers project managers insight into all project-related data. New invoice layouts make it simple to personalize project invoices for each customer’s unique requirements.
- Make certain there is enough money on hand to fulfil company objectives and goals. The Cash 360 dashboard provides insights into your cash position as well as near-term cash flow forecasts based on NetSuite transactional data, as well as expected collections and disbursements.
- Improved warehouse operations, including increased tally scan capabilities and zone picking, are now available thanks to new WMS features. New Pack Station capabilities to bulk pack and unbox “Ship As Is” products, as well as simple viewing of packing instructions, help streamline order fulfilment processes.
Feature highlights for Software Companies
- Account receivable managers will no longer be required to deal with individual invoices using the new bulk customer payments function. In place of that, payments can now be grouped and processed from multiple customers in one step, saving users time.
- Labour costing allocation processes can now be automated with the ability to post labour costs to specific programs or projects that incurred the expense.
Feature highlights for Wholesale Distributors
- For single- and multi-order picks, zone picking is now supported in NetSuite WMS. This picking approach will improve picking speed by restricting picker movement in the warehouse and the creation of duplicate pick paths.
- Operations professionals can access a single, consolidated report that shows forward and backwards tracing of all lots. There are also new filters to help operations employees locate the information they’re looking for more quickly.
Feature highlights for Manufacturers
- Supply chain managers may now build their own views of the supply planning workbench —which is a single page that contains supply and demand orders— and save them for future reference.
- Companies can now perform ad hoc, time-based, or repeat inspections on-demand outside of their normal inspection schedule using NetSuite Quality Management.
Feature highlights for Retailers
- New vendor performance scores estimate how many days early or late orders will be based on that vendor’s historical performance, with a confidence rating (1-100) assigned to each of those predictions.
- New “first expired first out” (FEFO) allocation at fulfilment functionality makes it simpler for operations staff to allocate lots to lot-numbered items. It’s now possible for staff to use FEFO to both allocate and ship in one process, eliminating redundancy.
Feature highlights for Services companies
- New, customisable invoice presentation templates allow you to customise the line-item format to match the needs of each customer or project. Include additional documentation with your proposals on time, including detailed backing sheets from each consultant, subcontractor expenses, and more.
- Project 360 dashboard delivers a unified, project-centric “control panel” within SuiteProjects. This retrieves data from the entire Suite and organises and presents it in a workspace that is suited to the demands of busy project managers.
Feature highlights for Nonprofit Organisations
- Donations can be made quickly and painlessly online by way of a payment link that can be added to the organization’s website or email. Donations can also be set to recur and linked to particular initiatives or projects.
- It’s easier than ever to connect standalone intercompany credit memoranda and bill credits. This capability is especially beneficial for for-profit firms with a charity subsidiary.
Summary
NetSuite 2022 Release 1 is packed with new features that are sure to streamline processes and improve efficiency for a variety of users. Be sure to check out the release notes for more information on all of the new capabilities.
Feel free to get in touch with us to learn more about how we can help you take advantage of all the new features in the NetSuite 2022.1 Release.
