NetSuite 2020.1 – New and Enhanced Features

NetSuite have announced the latest features that will be available in the highly anticipated NetSuite 2020.1 release. Enhancements will be across a number of areas of the system, such as financials, projects and supply chain management, as well as a number of industry specific enhancements.

NetSuite customers benefit from two major software updates a year, which occur automatically. This means that every business that is running on NetSuite always operates on the most up-to-date version of the software. So, take a look below and see some of the great new features NetSuite users will be able to utilise.

Supply Chain Enhancements

• NetSuite have enhanced the Supply Chain Control Tower to now include intelligent predictions and simulations on transfer order risks and recommended actions to further enhance your supply chain.
• In 2020.1, NetSuite have introduced the new SuiteAnalytics Supply Chain Workbook which allows you to effectively analyse supply chain imbalances.
• Automatically re-allocate stock when supply is constrained with new supply allocation exceptions capabilities, meaning you can ensure you meet promised deliveries.
• 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.

Project Lifecycle Enhancements

• NetSuite 2020.1 release brings with it improved tools and analytics to help manage project budgets, meaning you can easily see how costs are effected by adding or editing activities.
• Automatic cost calculations help to increase accuracy, as well as system suggestions for updating time estimates when unexpected costs arise.
• Newly introduced time-modification enhancements provide better control of billable time.

Financial and Operational Excellence

• Better revenue trace-through and an enhanced audit trail means improved visibility into how changes to subscriptions impact revenue, as well as more precise revenue recognition.
• Update and make bulk changes to subscriptions with NetSuite 2020.1, saving time and improving invoice accuracy.
• Contract revenue visibility has been improved, giving better insights to revenue allocation, and if offerings have been fully billed or not.
• Custom transactions mean your organisation can create unique transaction types.

In addition to these key additions to the core functionality of NetSuite, there are a number of new industry specific features, that will benefit businesses across a whole range of industries, including Software companies, manufacturers, retailers, food & beverage, wholesale distribution, services and non-profit. To find out which features have been added to cater for your specific industry, check out the sneak peak of the NetSuite 2020.1 release.

These are just some of the key features we have identified from the latest NetSuite 2020.1 enhancements, however there is a whole range of functionality that will be added to NetSuite with this release. Be sure to read the release notes before the update goes live. To find out when the latest updates from NetSuite will be added to your system, check the New Release Portlet and discover when you will have access to this.