NetSuite Helps SMBs Adapt to Change and Build for the Future
New innovations help customers enhance decision making, improve visibility, and unlock new growth opportunities
To help small and mid-sized organizations across industries adapt to change and build for the future, Oracle NetSuite today announced a series of new innovations within the NetSuite platform. The latest updates to NetSuite help organizations streamline and enhance financial, supply chain, and operational management, while also improving the employee and customer experience.
"It's been an overwhelming year of change and businesses have been forced to build for a new reality," said Evan Goldberg, EVP of Oracle NetSuite. "To help our customers navigate all of this change, we have introduced new innovations across the entire suite, from finance and ecommerce to HR and operations, to reduce IT complexity, streamline business processes, improve decision making, and enhance the customer and employee experience. The latest updates will help our customers gain real-time visibility into their entire business so that they have the agility and control required to successfully build for what's next."
The latest innovations within NetSuite include updates to help finance and accounting, supply chain and operations, sales and marketing, HR, project management, and IT professionals.
Finance and Accounting Professionals
- New Cash Management Capabilities: Help customers easily connect to thousands of financial institutions around the world. The powerful connections automatically import transactions and account balances directly into NetSuite. This helps finance leaders improve decision making through real-time insights into bank activity and also greatly reduces reconciliation time by automatically matching bank data with transactions.
- Accounts Payable Automation: Helps customers reduce manual efforts and streamline financial management by enabling finance teams to digitally manage workflows and automate entry of invoices, electronic payment processes, and scheduled payment runs.
- Transactions and Invoice Automation: Helps customers eliminate time-intensive and repetitive tasks by enabling finance teams to automate invoice grouping, intercompany cross charges, and the creation and posting of transactions.
- Better Budgeting: Helps finance teams automate the budgeting process, eliminate manual data collection, and reduce budgeting cycle times with a dedicated budgeting solution and added capabilities for revenue and expense projections.
Supply Chain and Operations Professionals
- Automated Fulfillment Capabilities: Help customers allocate inventory to optimize profit by automatically filling orders based on user-defined criteria such as lead time, shipping cost, or fill rate.
- Supply Planning Capabilities: Help customers align supply and demand by providingnew planning features for material requirements planning (MRP) and a dedicated repository that allows planners to easily monitor, release, and review orders.
- Intelligent Predicted Risk: Helps customers gain greater insight into the potential risks of goods not shipping on time. For example, machine learning algorithms can identify purchase, sales, or transfer orders that are at risk and provide alternative recommendations.
Project Management Professionals
- Expense Management Automation: Helps customers streamline the expense process and reduce data entry errors by populating expense lines directly from American Express corporate credit cards.
- Resource Planning Enhancements: Help customers improve utilization and resource planning by providing a unified view of project budgeting and assignments. Project managers will have the ability to identify skilled resources, view availability and conflicts, and check budgetary constraints to improve project profitability.
Administrators and Developers
- NetSuite Analytics Warehouse: Helps customers improve decision-making by aggregating multiple sources of data, leveraging interactive visualizations, predictive analytics and more. This new capability extends SuiteAnalytics through an integration with Oracle Analytics Cloud and Autonomous Data Warehouse.
- SuiteAnalytics Enhancements: Help customers build reports and analysis across the business by supporting multiple datasets in the SuiteAnalytics Workbook. Administrators and developers can take advantage of new pivot tables and advanced visualization capabilities to view sales performance, project status, and product stock and fulfillment.
- SuiteCloud Record Customization: Helps streamline controls for administrators and developers by providing a consolidated view into all standard and custom records. This new centralized view of mandatory field settings and access controls improves visibility of record-level customizations and their impact on the customer data model, while also ensuring consistent and secure functionality across all UIs and APIs.
- Application Performance Manager Dashboards: Help users quickly spot issues and find resolutions by providing a real-time view of account status through a new performance health dashboard. Administrators can view overall performance, flag system bottlenecks, and avoid disruptions for day-to-day end-users.
- Employee Onboarding: Helps customers create role-based onboarding checklists to engage new hires and get them productive faster. This helps ensure that all steps in the process are completed, from offer and employee orientation to payroll direct deposits and equipment ordering.
- SuitePeople Performance Management: Helps customers centrally manage and administer the performance review process. This improves the efficiency of performance management and increases employee engagement through active, real-time goal updates and monitoring.
- SuitePeople Payroll Enhancements: Help customers manage retirement plan deductions more effectively by facilitating compliance and automating employee and employer match contributions. In addition, NetSuite will continue to support CARES and FFCRA regulations to allow customers to benefit from these programs.
Sales and Marketing Professionals
- Ecommerce Site Management: Helps organizationsfoster more direct relationships with customers by providing site management capabilities that improve end-user experiences, monitor performance, and deliver deeper analytics.
- Online Self-Service Account Management: Helps organizations improve the customer experience while reducing sales and support activities. For example, the latest B2B features help sellers manage and approve new wholesale buyers and allow buyers to quickly and easily convert online quotes to sales orders, pay invoices, and process bulk purchases.
In addition to the latest product updates, NetSuite has also introduced Business Now, a resource guide designed to help businesses navigate the unknown and plan for what's next. It includes practical guidance, industry insights, and inspirational stories from businesses around the world, including HINT, LovelySkin, and T3 Micro, about how they are adapting to change.
To learn more about the latest updates and resources for businesses, tune into NetSuite Now On Air, a new virtual event series offering practical advice on today's most important business topics with NetSuite executives, industry experts, and customers. Over 80 hours of content will be available on-demand for free from October 6–30, 2020.
The following capabilities are available today in the NetSuite platform: cash management, transactions, and invoice automation; NetSuite planning and budgeting enhancements; automated fulfillment; supply planning; intelligent predicted risk; SuiteAnalytics enhancements; SuitePeople performance management; employee onboarding, online self-service account management; resource planning; and application performance manager dashboards.
The following capabilities will be made available in future platform releases: accounts payable automation; NetSuite Analytics Warehouse; SuitePeople payroll; ecommerce site management; expenses management automation; and SuiteCloud record customization.