The NetSuite 2020 release has brought some additional features for NetSuite to make a better impact upon the businesses of its long list of customers. The new changes introduced are not limited to a single area of ERP, however, has been introduced across all areas of solution including accounting, administration, order management banking and others. Let introspect the changes being carried out by systematic arrangement of things.
Autonomous Supply Chain
The next intuitive feature added into NetSuite 2020.1 includes featured enhancement and coordination of supply chain management. The additional capability introduced in Supply Chain Tower enables it to provide intelligent predictions and simulations about order risk and recommended actions for the better optimized supply chain. The newly introduced SuiteAnalytics Supply Chain Workbook in NetSuite 2020 presents a better way to efficiently analyze supply chain complexities. The other features inculcate into them includes:
- The next important task appended by it in supply chain management is the automation of inventory reallocation when there is too much pressure over the supply allocation exception capabilities.
- Creation of automated work orders in order to optimize outsourced manufacturing operations while placing a purchase order during contract manufacturer activities.
- The new changes into NetSuite 2020.1 introduce ability to schedule automatic creation of fulfilment requests. It better streamlines the supply allocation with the help of predictive analytics to avoid any risk to deliveries due to delay by making suggestions.
- The new release of NetSuite has special modifications for Food and beverage companies where they will now ability to automatically shut down back ordered lines and have a complete overview to fill or kill candidate exceptions. The new guides are given capacity to add new orders to the guide.
The changes in the area of accounting begin with balancing transactions by segments. Another important feature incorporated by the NetSuite 2020.1 is intelligent cash management. The cash management feature has two different variables for the companies working within North America and companies working outside it. With the enhancement the North American companies from now on will able to take advantage of Bank Feeds SuiteApp allowing them to link their bank and credit card accounts and automatically imports transactions and account balances from financial institutions directly into NetSuite, providing real-time access to cash balances.
Whereas for the companies outside the US looking for their own framework devising to import financial transactions NetSuite in its 2020 edition has introduced the Bank Connectivity API. This API offers freedom to a developer to create their own API to NetSuite to Connect to any bank selected by them and streamline the data flow through the medium of Bank Feeds SuiteApp. The entire process there is hence supported by the rules engine powered by automated bank data reconciliation, resulting in improved matching and eliminating manual processes.
Improved Employee Engagement
The new release of NetSuite 2020.1 has better devised features under SuitePeople HR that provides a better insight into salary and experience data letting a manager to request to post employee change request with confidence. The further integration into the HR Suite of the bonus dispersal and pay feature the companies now can add up setup bonus types and targets, tracks historical payouts can enter current / future bonus types ensuring seamless flow to SuitePeople US Payroll.
Additionally, a HR can perform another important task of performing employee record bulk updates coordinating with effective dates to represent a review cycle or change occurred during a departmental re-structuring. The NetSuite 2020.1 has better advanced features for streamlining an employee exit process with better off boarding plans accordance to the due and scheduled termination date. The release of NetSuite 2020 makes it easier for CFO to forecast with the help of employees data from SuitePeople HR.
Project Lifecycles Enhancements and Optimization
There many new features are introduced to bring a project to better accomplishment and delivery by improving its project lifecycles. The primary changes in new release for project lifecycle include:-
- Now there is a better and simplified management of project finance and budget by the medium of improved tools and smarter analytics. The companies will now be able to dive into the aspects of cost fluctuations while adding and editing activities are carried out with respect to project budget.
- The automated cost calculations are added to boost accuracy in order to identify miscoded time or expenses. NetSuite further is added with capabilities to present system suggestions for updating time estimates in case the cost of a project increases abruptly.
- The new-modification into the project cycles offers better control over the duration of a bill. NetSuite analytics now supports time-modification requests and entries therefore bring transparency and visibility into the entire billing as well as project cycle.
Last and the most important feature added in into the NetSuite 2020.1 is financial and operational excellence through improved revenue trace features and audit trail offered together. Overall NetSuite 2020.1 release is more about integration and lesser code.