Resource
New Release
Preview
NetSuite 2020.2 Sneak Preview
With the 2020.2 release of NetSuite’s business management platform right around the corner, Jayel Cloud would like to provide you with a quick summary of the new features and enhancements that will soon be available in your NetSuite account.
Twice a year, NetSuite’s phased product upgrades provide customers with improved functionality and usability. From mid-August through late-October, NetSuite will begin rolling out their 2020.2 release. For current customers and those looking at NetSuite for their next business management platform, the 2020.2 release promises to bring a wealth of useful new features and functionality designed to help you disrupt your industry. Below is a sneak preview of the new features included in the 2020.2 release.
What’s new on NetSuite 2020.2:
Multiple invoices can easily be consolidated into a single grouped invoice, reducing manual efforts and improving cash flow. Bank reconciliations are streamlined with the added ability to automatically create and post transactions. Automate cross-charge transactions between subsidiaries.
With SuitePeople Performance Management, employees and managers work together to create goals that are meaningful to the organization and connected to the work that the employee does. Goal progress is automatically updated based on business results.
Material requirements planning (MRP) provides new tools for planners, including a repository with timely and consistent information and a workbench to review orders, suggestions and exceptions before releasing / updating orders. Sales orders are included in predicted risks, helping to ensure goods ship on time.
Industry feature highlights for manufacturing, retail, services, software and cloud companies, and wholesale distribution.
New Feature Highlights for Manufacturers
NetSuite’s new material requirements planning (MRP) capabilities for supply planning (available to customers who are using NetSuite Demand Planning) has been completely re-architected, featuring a dedicated planning repository that ensures planners can make decisions based on timely and consistent information.
The capabilities of Intelligent Predicted Risks have been extended to include sales orders, providing users with greater insight into potential risks on goods not shipping on time. Purchase orders can be identified as being at risk and recommend alternate vendors based on new machine learning algorithms.
Additional precision can be provided to supply allocation by allowing inbound shipments to be included into the allocation of supplies, in context with related purchase orders. Additionally, fill rate optimization allocates existing supply to satisfy as many sales order lines as possible based on the given supply.
New Feature Highlights for Professional Services
A host of new project manager notifications allow project managers to take action and resolve issues quickly. The new notifications include missing actual time, time to approve and expenses to approve. The system “speaks” to the project manager about activities, project status and potential issues on a project. Indicators are built into the system and you can make exceptions based on the condition of these indicators. There’s also a recommended action that hints on how to resolve project issues.
You can now calculate revenue budgets based on quantity and rates pulled in from rate cards, items and billing classes to achieve more accurate budgeting. The Work Breakdown Structure (WBS) now allows users to save a template to more easily create future WBS budgets for similar projects. This is a real time-saver for companies that manage similar projects for numerous clients.
With the Sequential Liability SuiteApp, professional services firms gain a unified AR, AP and Cash in Bank report that supports the monitoring and paying off of vendor liabilities after receiving payment from customers for related project transactions. This helps controllers manage cash and maintain good vendor relationships, while also collaborating in real-time with project managers on AR and AP balances related to client work.
New Feature highlights for Software Companies:
Improve customer satisfaction by giving customers a simple way to view and manage their subscriptions. MyAccount Portal is a secure, cost-effective way to give customers full visibility and access to their accounts, allowing companies to manage their account information, view order history, modify subscriptions and pay invoices.
SuiteAnalytics Workbook for Subscriptions provides powerful insights on recurring revenue for existing and renewing subscriptions. Use the workbook template for out-of-the-box analytics on recurring revenue, churn, upsell, downsell and much more.
Gain greater flexibility when creating subscriptions. Easily change billing parameters, such as billing schedule and billing terms, prior to activation of the subscription. This helps to reduce the number of subscriptions abandoned in the system, as the billing account isn’t required until activation and offers flexibility to swap billing accounts if required, rather than having to start again with a brand-new subscription and billing account.
New Feature highlights for Wholesale Distribution
NetSuite WMS now includes the ability to receive, transfer and pick goods inside a location without bins, including single order picking and multi-order picking at warehouses. Smaller warehouses benefit from the efficiency of hand-held picking without the overhead of managing bins.
New grid order entry for item transfer orders ensures replenishments will take less time and effort to process.
You can now quickly manage and approve new wholesaler customers to purchase from your ecommerce store. With an improved form and flexible approval workflows, the new SuiteCommerce Sign Up extension lets you easily manage the registration and approvals of buyers from your ecommerce store.
Invoice grouping enables the consolidation of multiple invoices into a single invoice that’s delivered to the customer, and it also allows payments accepted at the group level to be applied to individual invoices. This reduces manual grouping, ensures accurate invoices and improves cash flows by decreasing days sales outstanding.
New Feature highlights in the SuiteCloud Platform
Make the NetSuite user and administrator experience feel local for any global business with new internationalization tools and processes. The release introduces support for worldwide telephone numbers, and native India numerical formatting and new tax record types. The manage translations environment improves translation consistency with more options for data re-use. Administrators can now directly edit parent translation strings that propagate properties to read-only child strings.
Improved administration of roles and permissions in Access Management by surfacing new views into the pre-configured administrator role in a streamlined interface and provide better visibility into all users associated with this role. This helps to ensure the right level of access is given to users without over-reliance on the administrator role when modeling other roles in your account and allows for better Access Management and account security.
With the IDE-agnostic Node.js Command Line Interface (CLI), NetSuite’s first-of-a-kind open source distribution publicly available on GitHub and npmjs.com, DevOps teams can create a wide range of possibilities to efficiently manage and automate SDF projects across the entire software development lifecycle using common Node commands.
Schedule A Free
NetSuite Consultation
NetSuite consulting or sevelopment services when you
need it as you need it.
need it as you need it.