The industry’s leading cloud enterprise resource planning event of the year, NetSuite SuiteWorld in Las Vegas, is over for another year. Thousands of people from around the world tuned into On Air and joined together in Las Vegas for the 10th annual NetSuite SuiteWorld conference held October 18-22, 2021. 

For the first time, NetSuite offered SuiteWorld in person and virtually through a new online experience. SuiteWorld delivered on its promise to enthral and educate people on new Oracle NetSuite highlights, new releases, the most recent industry news, and task their SuiteWorld topic this year, empowering us to develop past expected as NetSuite develops into new regions, with more scale and concentration than any other time in recent memory.  

Opening Keynotes 

 The opening keynote began with NetSuite founder and executive vice president Evan Goldberg talking about the superpowers that companies need to grow, saying, “We want to provide more superpowers to drive your business forward.” 

He followed by presenting the new normal, which he referred to as the dynamic multi-hybrid normal, joining him were top NetSuite customers executives experiencing growth amidst the difficulties of the pandemic. Evan emphasised that in the future, companies must grow and adapt to meet their customers and employees where they are. 

 NetSuite’s latest product updates 

 Gary Wiessinger, Oracle NetSuite SVP of Product Management, went center stage to introduce the NetSuite product updates and roadmap, detailing new endeavour aims to leverage automation, intelligence to help businesses grow more. 

 The key product highlights include: 

 NetSuite Analytics Warehouse: NetSuite Analytics Warehouse, an extension of NetSuite SuiteAnalytics, offers embedded real-time reporting and metrics dashboards, allowing users to enrich their reports with data from sources other than NetSuite on a single analytics platform. It has been built to assist clients in identifying trends and gaining insights from NetSuite and extra data to improve decision-making and develop their organisation.  

According to Goldberg, “This addresses several needs that our customers have told us that they have. They want to be able to pull that Suitedata into a warehouse to do snapshots. 

 Suite banking: SuiteBanking will combine automated accounts payable and accounts receivable procedures to assist clients in automating critical financial activities and gaining total visibility into cash flow. It will enable businesses to pay bills, send invoices, and receive payments all from within NetSuite. 

Links to secure payment sites – where consumers may see and pay their bills through credit or debit card, PayPal, or another online payment method – can now be incorporated in email bills and SMS messages, allowing enterprises to make it easier for customers to pay. 

Advanced Customer Support (ACS) Playbooks: The goal of ACS Playbooks is to assist clients in accelerating their return on investment. Customers may use the playbooks to handle operational difficulties such as revenue recognition, project profitability, and supply chain management, as well as cross-functional procedures such as quotation to cash.  

“As businesses grow and face additional complexities, the way they operate must also evolve. We’ve taken insights gained from helping thousands of businesses grow and created prescriptive playbooks to share that knowledge with our customers” said David Rodman, Oracle NetSuite SVP of Customer Success. 

Suite Cloud Code Editor: With the ability to source code control, peer code reviews, team development, and integrated debugging, SDF enables smooth team cooperation. Goldberg couldn't help himself from offering a sneak peek at what's in store for developers. He emphasised the most recent introduction to SuiteCloud Code Editor support helping developers build and manage NetSuite applications and customizations with Microsoft Visual Studio code editor. 

 Other Updates: 

  • New 360 Dashboards provide a focused work environment that collects the rich data and functionality throughout NetSuite, allowing users to improve insight, automation, collaboration, and streamline day-to-day chores around core company processes like inventories, customers, projects, and cash flow. 
  • NetSuite has also built two data centres in Australia – Sydney, and Melbourne – that use Oracle Cloud Infrastructure to boost NetSuite's availability, reliability, and performance for APAC clients. 
  • The new inventory allocation enhancements allow planners to prioritise inventory to sales orders and allocate stock more profitably by allocating inventory by gross profit or revenue, as well as more accurately predict availability at a given location – factoring in supply chain lead times, allocation strategies, sales channel allocations, and reservations – so that organisations can better prioritise inventory to sales orders and allocate stock.  

 Furthermore, Smart Count, a new automated cycle counting system, automatically starts cycle counts and tally scans depending on events, stock levels, sales velocity criteria, or on a schedule, all without disrupting site operations. 

It’s a wrap! Final thoughts… 

 All three big developments are noteworthy because they provide NetSuite with a huge competitive edge. Perhaps fewer future roadmap revelations were made as usual, but what was made was forward-looking. This was an excellent keynote with a diverse range of topics that did not disappoint. In conclusion, NetSuite has announced the newest superpowers it will bestow on clients to help them expand their businesses.  

Do you have questions on how these features and updates affect your business? Feel free to get in touch with us by calling us on 1300 994 550 to start the conversation.  

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.