It’s here! NetSuite release 2020.1 is rolling out their first release of the year, and it’s full of impressive functions and enhancements for the entire suite.
To help your organization make a smooth transition, our 5-star NetSuite team has come up with a list of features and noteworthy highlights that you won’t want to miss on this latest release. Here we go!
What is NetSuite’s New Release Process?
If you are new to the release process, NetSuite receives updates twice a year that will upgrade your system automatically in Q1 and Q3. NetSuite provides a release preview for your environment, resources to educate users, and a schedule that informs each user when their account is upgraded to ensure an informed, flawless transition. The start time for upgrades is based on your region (US 12am PT, APAC 9am PT, and EMEA 3pm PT).
Testing your personalized business data, customizations and workflows in your preview account is beneficial to identify possible issues. Make sure to request access to your NetSuite release test account as soon as possible.
Note: As you are preparing for your upgrade, integrations that connect to other applications outside of NetSuite will go offline during the upgrade process. NetSuite provides a 2-hour timeframe to complete the 2020.1 upgrade, but most have been completed in 30 minutes or less in the last release cycle.
Get On-Demand NetSuite ServicesNEW INDUSTRY ENHANCEMENTS
Wholesale Distribution:
Modern distributors need complete visibility into daily operations. As competitors like Amazon and other giants surpass billions of dollars in sales year over year, it is important for distributors to utilize the same technological advancements to stay afloat, meet the needs of their customers and continue to thrive in the marketplace. NetSuite 2020.1 provides advancements that power enhanced business oversight, fulfillment, quality management and performance.
NetSuite WMS:
The NetSuite WMS mobile SuiteApp has added improvements to barcode scanning, and printing adding greater efficiency inside the warehouse. With the new receiving interface, large amounts of inbound shipments are effortlessly received.
Order Management Enhancements:
Fulfillment requests are now automatically generated when the established ship date has been attained.
New Fill/Kill Backorder Management:
Automatically identify exceptions, close items that are backordered and control standing orders with the fill kill item exception.
New Route Management:
NetSuite’s new route management will automatically allocate the locations and delivery timeframe of a sales order based on the address.
Quality Management Application:
Manage a larger capacity of data, effectively speed up the sampling process, lower costs and quickly capture real-time information through the latest tablet application.
Intelligent Predicted Risks:
Determine upcoming risks and take recommended actions to prevent delayed allocation.
Supply Chain SuiteAnalytics Workbook:
Gain a better visibility of supply-demand inconsistencies with NetSuite’s new Manufacturing workbook.
Order Guides:
This new order guide module makes note of repeated order submissions and will aggregate items using the order guide flag to avoid time-consuming edits.
The SuiteCloud Platform:
2020.1 SuiteCloud platform updates are giving developers and administrators more options than ever to gain efficiency and productivity through updated tools in the SuiteCloud Development Framework and SuiteApp marketplace. SuiteScript 2.1 enhances the current version of ECMAScript and encompasses an array of new REST web services and SuiteScript APIs that stretch NetSuite to a new level.
SuiteFlow + SuiteScript 2.1:
The understanding of custom scripting is no longer required though workflow activities like data validations with the 2020.1 update and SuiteFlow is now expanding support for expense automation. On a similar note, SuiteScript 2.1 and Graal virtual machine technology is allowing NetSuite developers the ability to build apps and modifications with little code.
REST Web Services and API Browser:
REST web services allow businesses to securely integrate external applications with NetSuite for record actions, custom records, filtering and the ability to create, read, update and delete operations. Developers now have a visual outline structure with the latest API Browser.
Improved SuiteCloud Development Framework:
SDF expands developer productivity through SuiteScipt customizations that allow users to build and customize forms natively inside SuiteScript. As well as the latest open-sourced Node.JS Command Line Interface that assists to accomplish continuous integration, development, and improvements to the system.
SuiteApp Marketplace:
Visual enhancements and functionality allow for a more visual user experience for easier searching and purchasing SuiteApps.
Manufacturing:
As competition and complexity increase amongst every manufacturer year over year, it’s crucial to stay ahead with technology and the latest advancements. With 2020 Release 1, NetSuite persists to strengthen transparency and oversight over the entire operation with improved quality management, extended outsourcing options and NetSuite’s new mobile app for manufacturing.
Supply Chain SuiteAnalytics Workbook:
Gain better visibility of supply-demand inconsistencies with NetSuite’s new Manufacturing workbook.
New Manufacturing Mobile App:
With the touch of a button, personnel can easily submit information, update records, adjust inventory and add customizations from the shop floor.
Quality Management Application:
Manage a larger capacity of data, effectively speed up the sampling process, lower costs and quickly capture real-time information through the latest tablet application.
Expanded What-if Simulations and Predicted Risks:
Determine upcoming risks and take recommended actions to prevent delayed allocation. What-if simulations can be associated with potential risks to see how transactions might be impacted in the future.
Automatic Work Orders:
Update 2020.1 allows manufacturers to easily track inventory progress and consumption as NetSuite has set up automatic work order entries after placing a purchase order on contract manufacturer activities.
NonProfit:
Say goodbye to the labor-intensive, manual business processes and productively focus on the mission ahead. NetSuite 2020.1 has improved and automated vendor prepayments, workflow approvals, banking integrations, and budgeting to free up the finance department from error-prone tasks.
Automated Bank Data Reconciliation + Bank Feeds SuiteApp:
Instead of managing every single bank transaction, 2020.1 has streamlined the process by allowing businesses to automatically import transactions and balances from the bank directly into NetSuite without importing files. With the Bank Feeds SuiteApp, nonprofits can now link their accounts to automatically merge their banking information to NetSuite for better visibility into their business.
Check out the latest 2020.1 banking questions that NetSuite users are asking about the latest release.
Fixed Asset Management:
Gain complete visibility of fixed assets using a FAM Diagnostics dashboard to see the actions, corrections and health of fixed assets in real-time.
Vendor Prepayment + Auto-Apply Features:
For the first time, Vendor payments now have the option to be linked to a purchase order in the vendor prepayment form or purchase order form. On the same note, a new auto-apply feature provides the option to add automatic vendor prepayment features within the bills linked to a corresponding purchase order.
Enhancements to Expense reporting, Project budgeting, and Cost control:
Without adjusting or entering new expense categories, NetSuite users now have the ability to reassign the GL account that an expense report posts onto. Project budgeting improvements have made it easier for Nonprofits to manage their projects through a modifiable work breakdown structure at a cross-project level to watch costs, ensure accuracy and have a better view of how budgets are being used.
NetSuite 2020.1 also offers cost control improvements that will enhance user visibility into billing costs and gain control of approval processes with SuiteApprovals and SuiteApprovals Workflow.
Food & Beverage:
As the food and beverage industry experiences rapid growth and the constant change of consumer demand continues to rise, both small and large manufacturers require visibility, automation, and strategy to keep up. NetSuite 2020.1 offers a handful of new enhancements to benefit food and beverage manufacturers of any size to help support efficiency and accuracy.
New Mobile Application for Manufacturing:
With the touch of a button, personnel can easily submit information, update records, register completions, adjust and consume inventory and add customizations from the floor as it directly connects to NetSuite WMS.
Automatically determine start/end production dates:
NetSuite is now offering automatically calculated dates on workorders based off out-of-the-box manufacturing tasks.
NetSuite Quality Management Application:
The sampling process has just become faster and better than ever as the application has now been updated to take on larger amounts of data and a suite of new features for inspectors.
New Fill/Kill Backorder Management + Route Management:
Automatically identify exceptions, close items that are backordered and control standing orders with the fill kill item exception. Similarly, NetSuite’s new route management will also automatically allocate the locations and delivery timeframe of a sales order based on the address.
Order Guide Module:
With NetSuite’s 2020.1 release, the new order guide module makes note of repeated order submissions and will aggregate items using the order guide flag to avoid time-consuming edits.
Professional Services Companies:
In a new decade of constant change, professional services businesses need to push the boundaries of automation and stay current and integrated with the right technology in place. It is imperative that services companies operate with value-driven services, offer clarity with pricing and stand out from competitors utilizing the global market and artificial intelligence. Release 2020.1 offers improved capabilities to deliver greater visibility, smarter tools, improved analytics, and an expansion of global financials.
Tracking & Payout of Bonuses:
Services companies can now support bonus types to track incentive pay and employees can see the bonus opportunities ahead. Benefit from the seamless integration to SuitePeople payroll and a single source for financial and employee data.
Time modification enhancements:
With the new update, NetSuite Analytics now supports audit trails, entries, time modifications and requests to provide better oversight and management of billable time. Users can now edit entries submitted on an incorrect project with an audit trail.
Project Health Measurement:
Routinely assess the health of your projects with an automated forecast of key financial data to assist in the clarity and breakdown of records.
Automated Bank Data Reconciliation + Bank Feeds SuiteApp:
Instead of managing every single bank transaction, 2020.1 has streamlined the process by allowing businesses to automatically import transactions and balances from the bank directly into NetSuite without importing files. With the Bank Feeds SuiteApp, nonprofits can now link their accounts to automatically merge their banking information to NetSuite for better visibility into their business.
Check out the latest 2020.1 banking questions that NetSuite users are asking about the latest release.
Vendor bills:
Gain increased levels of accuracy with streamlined processes with vendor prepayments auto-applied to bills and with users now having the ability to be approved by employees.
Advertising, Media and Publishing:
Growing almost 20% over last year in digital ad spend, media and publishing companies are finding incredible opportunities for success. In order to remain influential and memorable in an ambitious marketplace, digital advertisers must deliver with adaptability, quality, speed, and preparation for change. Operating creatively in a rapid-changing environment is not an easy task, especially if the right tools are not in place. NetSuite’s 2020.1 release provides the business processes, functionalities, and automation publishing firms need to streamline back-office operations and monitor the health of their projects.
New Enhancements to Time Entries:
Billing for your time? With the new update, NetSuite Analytics now supports audit trails, entries, time modifications and requests to provide better oversight and management of billable time. Users can now edit entries submitted on an incorrect project with an audit trail.
Automated data calculation:
Routinely assess the health of your projects with an automated forecast of key financial data to assist in the clarity and the breakdown of records. Project profitability reports are better categorized, and forecasts/charges are now included for better visibility into project billing.
Bank Feeds SuiteApp:
With the Bank Feeds SuiteApp and a new plug-in involving open banking APIs, businesses can now link their accounts to automatically import their banking information to NetSuite for better visibility into their business. Learn more about 2020.1 banking as we highlight the latest supported financial institutions, banking improvements and FAQ for NetSuites updated version.
Bonus Tracking & Payouts:
Benefit from the seamless integration to SuitePeople payroll and a single source for financial and employee data. Advertising, media and publishing firms can now support bonus types to track incentive pay and employees can see the bonus opportunities ahead.
Retail
Consumers are driving the expectations of today’s retail experience. According to Forrester, a recent study shows that cross-channel shoppers spend more than 30% more than single-channel shoppers in the market today. Developing an effective omnichannel strategy to meet 2020 demands is vital in today’s marketplace. NetSuite empowers retailers to respond to high customer expectations and personalizes their experience to build loyalty and drive growth.
Intelligent Predicted Risks:
Delays in the delivery process are consistently an issue for retailers. Determine upcoming risks and take recommended actions to prevent delayed allocation with these new enhancements. What-if simulations can be associated with potential risks to see how transactions might be impacted in the future.
Order Management Enhancements:
Fulfillment requests are now automatically generated when the established ship date has been attained.
Automatic Work Orders:
Easily track inventory progress and consumption as NetSuite has set up automatic work order entries after placing a purchase order on contract manufacturer activities.
New Mobile Application for Manufacturing:
With the touch of a button, personnel can easily submit information, update records, register completions, adjust and consume inventory and add customizations from the floor as it directly connects to NetSuite WMS.
Quality Management Application:
Manage a larger capacity of data, effectively speed up the sampling process, lower costs and quickly capture real-time information through the latest tablet application.
No matter what industry you are in, these highlights are only a few of the latest features that greatly improve the functionality of NetSuite. Check out the full list of 2020.1 updates here.
Questions to ask yourself before the next update:
• What is the best way to prepare my business before the 2020.1 release?
• Are existing workflows, processes, customizations, and integrations working properly in a release preview account before being pushed to production?
• Need assistance testing and validating your existing processes?
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