What you need to know about NetSuite Release 2022.1....

Twice per year Oracle NetSuite releases upgrades to improve and enhance the functionality of the platform for its all users. Recently they announced the first preview of the NetSuite 2022.1 Release. 

Oracle NetSuite provides Release preview accounts to all its customers to allow them to test and experiment the new upgrades and changes to minimise any interference with the existing workflows. The upgrade is then done in phases which will run from February to April. 

In this blog we bring you some key highlights from the NetSuite 2022.1 Release. 

  • Release 2022.1 offers Project 360 dashboard that brings together diverse aspects within a single platform that ensures visibility of all project data in one place. The dashboard also provides invoice presentation templates to help send invoices to customers. 
  • New Warehouse Management System (WMS) brings value added features like capabilities to scan and pick zone which includes pack station capabilities to enable bulk packaging as well as unpacking features for items that need to be shipped as they are. 
  • For businesses struggling to maintain adequate cash on hand, NetSuite now offers a Cash 360 dashboard. Businesses can stay up to date in real time about their cash position. The dashboard can also predict the imminent cash flow requirements by using NetSuite transaction information, collection projections and under-process disbursements. 
  • Enhanced billing with a new feature for software companies now includes bulk customer payments and accommodates multiple payment and monetisation modes such as subscription, usage, flat pricing, or consumption-based payments. 

Key highlights for your industry 

Manufacturing Industry 

  • Improved Supply Planning Workbench can now help Production managers to select the items that are included and apply specific filters in workbench to see relevant information to the work they oversee. 
  • NetSuite’s new vendor performance scores estimate how many days early or delayed an order for certain products will be based on vendor’s historical performance, helping in more reliable and better planning and purchasing decisions. 

Retail Industry 

  • The new allocation feature first expired first out (FEFO) makes it easier for operations staff to assign lots to lot numbered items. Retailers can further ensure they’re using inventory appropriately and decreasing waste from expired items simultaneously. 
  • With the new Cash 360 dashboard retailers can now access full view of current cash position and projects cash flow six months out, using current NetSuite transactional data and projected collections and disbursements. The Cash flow dashboard replaces the process of creating short-term flow forecasts in spreadsheets or third-party app. 

 Wholesale Industry 

  • NetSuite Warehouse Management System (WMS) can now support zone picking, where pickers are assigned to specific zones and items which are then consolidated before packaging. 
  • The enhanced NetSuite Pack Station mobile app increased accuracy with the ability to change weight units and gives the packer the ability to check packing instructions. Warehouse staff can now bulk pack and unpack “Ship As Is” items and items are shipped individually. 

 Service Industry 

  • NetSuite 2022.1 updates competes with consolidated project-based dashboard within Suite Projects to present data of different projects to ensure easy access of data. 
  • Single point of project control with Project 360 dashboard delivers unified, project-centric and intuitive control panel with Suite projects which pulls data across the entire Suite to the workspace. 

Not for profit’s  

  • Donors can now make payments online via a payment link that can be added to organisations website or email. Donations can also be tagged or categorised to specific programs or initiatives or as recurring ones. 
  • Release 2022.2 introduces a new feature to help smooth pairing of credit memos within organisation and all bill credits. With easy pairing of credits this feature is highly effective for financial and accounting management of companies that have non-profit subsidiaries. 

Learn More About NetSuite 2022 Release 1 

This brief overview is only a snapshot of the latest release. NetSuite 2022 Release 1 introduces dozens of new features and enhancements. Read the release notes or tune in to the 2022 Release 1 podcast episode on  YouTube to learn more.                        

 If you need assistance during the upgrade process or want to understand some of the new features that may benefit your business,  please get in touch with our support team via support@annexa.com.au or by calling 1300 994 550.  

Annexa is a leading NetSuite partner with extensive experience designing and implementing comprehensive and customised business systems, including payroll solutions, financial management, warehouse management and ecommerce solutions.