Over the last 20 years, NetSuite has grown from a startup company all the way to a market-leading machine as the #1 Cloud ERP business software solution for a vast array of industries across the globe. This week, NetSuite 2020 Release 1 announced offerings of new features and functionalities to its nearly 20,000 NetSuite customers spanning over 200 countries. This latest release is bringing more upgrades than you can imagine with brand new capabilities for companies in manufacturing, retail, professional services, software, and more. NetSuite is proud to be delivering these new features that are designed to help customers effectively stay on top of their day-to-day tasks and ultimately help their businesses grow.
Netsuite 2020 Release 1 (NetSuite 2020.1) is serving up numerous benefits to companies across a multitude of industries, and it’s getting many NetSuite users excited for a big number of reasons. Below are some highlights of what’s new in the NetSuite 2020 Release 1, including new employee engagement features, global financial capabilities, improved tools and smarter analytics, and numerous enhancements to the SuiteCloud Platform; just to name a few.
Continuous Employee Engagement
- SuitePeople HR is providing new insights into salary and experience data, allowing managers to have the ability to make employee change requests with certainty.
- With the bonus dispersal and pay feature, organizations now have the ability to set up bonus types and targets, track historical payouts, and enter current / future bonuses that will stream seamlessly over to SuitePeople U.S Payroll.
- HR is able to perform employee record bulk updates with effective dates to reflect changes from a review cycle or changes resulting from a department re-org.
- Organizations can streamline employee exit processes with the new ability to create an offboarding plan and set tasks to be due for assignees based on the exiting employees’ scheduled termination date.
- The new SuitePeople Planning and Budgeting SuiteApp helps CFOs forecast growth with up-to-date employee data from SuitePeople HR and also eases setup, reduces manual data entry, and includes necessary permissions to run saved searches.
Autonomous Supply Chain
- Extended capabilities to the Supply Chain Control Tower now administer intelligent predictions and simulations on transfer order risks and recommended actions that will proactively optimize your supply chain.
- The new SuiteAnalytics Supply Chain Workbook provides a way to productively analyze supply chain imbalances.
- Meet delivery promises by automating the re-allocation of inventory when supply is constrained with new supply allocation exceptions capabilities.
- Optimize outsourced manufacturing operations by automatically creating work orders when placing a purchase order on your contract manufacturer activities.
- The ability to schedule automatic creation of fulfillment requests simplifies supply allocation while predictive analytics can determine what deliveries might be at risk for a delay and make recommendations.
- Food and beverage companies can now automatically close backordered order lines and view fill or kill candidate exceptions, and new order guides provide an option to automatically add new items to guides.
Intelligent Cash Management
- North American companies can take advantage of the Bank Feeds SuiteApp, which allows 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. For companies outside the U.S., or those looking to create their own framework to import financial transactions, NetSuite has introduced the Bank Connectivity API. This API allows developers to build their own plugin to NetSuite to connect to any bank they choose and access all the same data flows available through the Bank Feeds SuiteApp.
- An intelligent rules engine powers automated bank data reconciliation, resulting in improved matching and eliminating manual processes.
Optimizing Project Lifecycles
- Improved tools and smarter analytics simplify management of project budgets. Organizations can now easily see how costs are impacted when adding and editing activities.
- Automated cost calculations help to increase accuracy while miscoded time or expenses can now be quickly identified. What’s more, NetSuite now offers system suggestions for updating time estimates when unexpected costs arise.
- New time-modification enhancements provide better control of billable time, and NetSuite Analytics now supports time-modification requests and entries, improving visibility into changes.
More Integration, Less Code
Just like every NetSuite release, NetSuite 2020 Release 1 also delivers plenty of new features for developers, with numerous enhancements to the SuiteCloud Platform:
- The new REST API enables external applications to be securely integrated with NetSuite, and includes full support for custom records, expanded CRUD operations support and record collection filtering.
- The REST API also supports executable record actions, and a new API browser provides a visual overview of API structure and function.
- SuiteScript 2.1 also supports relative file path preferences, and the SuiteQL API enables the creation of fast and scalable applications, speeds up performance and improves efficiency.
- The new SuiteApp Marketplace introduces a modern, consumer-like experience, native within NetSuite, for distributing and consuming SuiteApps.
Financial and Operational Excellence
- Better revenue trace-through and an enhanced audit trail combine means improved visibility into how changes to subscriptions impact revenue, as well as more precise revenue recognition.
- NetSuite has added the ability to update and make bulk changes to subscriptions, which saves time and improves invoice accuracy.
- Improved visibility into contract revenue brings better insight into revenue allocation and increases an organization’s understanding of whether offerings have been fully billed or not.
- SuiteApprovals of requisitions provide nonprofits with tighter control of their spending, and the custom approval chain routes documents for review.
- Custom transactions allow organizations to create their own unique transaction types, such as pledge write-offs for nonprofits.
Industry and Platform-Specific Features
NetSuite 2020 Release 1 also adds enhancements for specific industries and the SuiteCloud Platform. Check out these posts to learn more about capabilities for:
- Food and Beverage
- Wholesale Distribution
- Advertising, Media and Publishing
The Full List of the Latest Features of The NetSuite 2020 Release 1
Whatever industry you may be in, there’s so much more in the NetSuite 2020 Release 1 than just what we’ve highlighted for you here. To read more about the details and specifics on the full list of the latest features of this release, be sure to check out the Release Notes. And if you’re new to the release process, feel free to learn more about it here.
As a certified NetSuite Solution Provider, we’re well-versed in managing and helping our customers optimize their NetSuite upgrades. Our team of experts can help you easily transition your own team onto the latest version of NetSuite, bringing you up to speed and allowing you to reap the benefits of the latest NetSuite features as soon as possible. To learn more about how CentriLogic can help your NetSuite system flourish, feel free to contact one of our experts here.
And for a quick skim of what your NetSuite support options are, check out our NetSuite Support Cheat Sheet. This valuable tool highlights the capabilities of all the top NetSuite support options to help you find the right solution that’s best-suited for your company’s needs.