“What new technology does is create new opportunities to do a
job that customers want done.”
Tim O’Reilly
Businesses around the world have faced a slew of changes and challenges, forcing them to shift gears in a multitude of different directions through the outbreak of Covid 19. Navigating curveballs, organizations have remotely kept themselves agile with the robust use of technology, which has made pivot strategies not only easier to follow through, but stay future ready. Staying on top of ensuring accurate processes are followed through, and efficacy remains at an all-time-high, has been possible with empowering and enabling software as a service, constantly updated by pioneering cloud-computing companies like NetSuite. With its latest NetSuite 2021. 2 release, the technology giant positions itself as a leader focused on enhancements that will reduce manual efforts for users and help businesses streamline their everyday operations. Everything from deeper analytics, automations that accelerate growth and payment options, to innovative project management tools, and new functionalities, NetSuite 2021.2 release strategizes at lightning speed, to meet the evolving demands of your business.
Some of the overarching key highlights across the board to take note of in the new release scheduled are:
Seamless Project Lifecycle Management:
With the enhanced capability of making the project center one of the main screens for project managers to drive their key projects, lifecycle management gets more proactive and efficient. Purchase orders and vendor bills can be viewed from project task records, creating easy movement between transactions and navigation between project and their related expenses. The user can identify vendors and tag vendors to projects, helping managers keep a tight eye on cash flow. The payment link feature can support multiple payment methods and can even set a minimum payment percentage or amount.
Qualitative Data Mapping And Duplicate Detection For Imported Transactions:
In SuiteCommerce, you can now view online shopping behavioural data like clicks, visits, searches, quotes and page views from individual shoppers’ website sessions on NetSuite customer records. With pre-built reports and customizable KPIs, organizations can now view in-depth merchandise hierarchy, gross margins by item and inventory. Plus, you can quickly launch your website with more time spent tailoring the page to meet your targets than setting up the site. You no longer need to worry about the integrity of imported transactions with Duplicate Detection—upon import the software determines which numbering rule should apply to transaction according to a pre-defined set of rules, configured to suit your business. Once NetSuite validates whether a document already exists, users can choose to be either notified of duplicate transactions, or have them blocked from import and accounting.
Upgraded User Experience:
Take advantage of the Mobile module that simplifies expense entries, lets users easily add multiple attachments to expenses with the option to edit, and boosts efficiency for everyday banking processes. Automatically clear bulk transactions, bulk matching, while adding enhancements wherever required.
Automated Payroll:
Ease out the complexity of payroll calculations with the SuitePeople Payroll that sets up payroll deductions, and eliminates manual calculations that can often be riddled with errors. New functionality for US Payroll has further automated calculations for 401(k) plans, with rules-based formulas and ease of use that seamlessly updates the amount when an employee changes their contribution. What’s more, the new capabilities automated age matching calculation. (Reach out to Aarialife Technologies for Canadian Payroll for NetSuite)
Enhanced Wholesale Distribution And Inventory Management:
In order to ensure efficient inventory flow is maintained lot numbering needs to be accurate. With NetSuite, you can automatically generate and configure lot numbers, plus any other data that you may need. With NetSuite WMS (Warehouse Management System) workers can ship a pallet from a handheld device, ensuring cost effectiveness is maintained throughout the process. In addition, Supply Planning Workbench further allows planners to screen daily, weekly, or monthly, prioritizing inventory allocation to sales orders by gross profit or revenue. Smart financials which preserve data in past transactions and reports along-with ACH electronic payments make the entire process faster without the hassle of processing a credit-card fees.
Planning Simplified For Manufacturers:
Just in time for the impending holiday season, NetSuite customers can easily allocate inventory to orders with the highest revenue potential, while reallocating it to priority accounts. With the help of system-generated recommendations, you can focus on serving high value customers more efficiently. By viewing updates on Planning Workbench to get a better sense of demand and supply, planners can suppress rejected recommendation from before to accurately forecast ahead.
Tools For Industry-Wide Recovery For Non-profits:
Packed with new features that provide non-profits unprecedented financial transparency, teams can conveniently use enhancements to better manage funds and grants and deliver their respective mission seamlessly. The improved non-profit deployment model employs a new Update Verification SuiteApp, plus a set of scripts that simplifies updates to all non-profit SuiteApps. You can now customize performance review acknowledgments, manage current goals and status, plus customize fundraising role based on NetSuite Sales Center, that helps you peruse donor retention and fundraising efficiency.
Robust Tech Updates For Developers And Admins:
While available to all customers, the SuiteAnalytics Workbook API provides programmatic access to a wide range of Workbook capabilities, helping developers in creating powerful business intelligence applications. Users can also link multiple datasets to display relationships of interest, within pivot tables.
Upgrade With Tools That Enhance Productivity And Profitability Today:
As per Business Research Company, the professional services market is expected to achieve an annual growth of 7%, boosting industry-wide revenue from $5.4 trillion to $7.1trillion by 2025. A new procurement and requisitions feature makes it easier to consolidate purchase requisitions across subsidiaries. With projected profit margins like these, there’s reason enough to be excited about the upgrade.
About time you are future-ready and rearing to go!
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