NetSuite 2022.2 release

Adnan Patel, Marinka Rohlffs, Inah Bejec
| 8/16/2022
NetSuite 2022.2 release

Remote work – once just a dream for many – now has become a reality.

Metrics have changed, and company goals have shifted to increase efficiency and maximize productivity.

Efficiency and productivity – those two words describe the new features of the NetSuite 2022.2 release. Learn more about the new features and how they can affect a business.

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Smart Count

Companies conduct inventory counts to make sure that their inventory records are accurate. Most of the time, offices are forced to close so that the inventory is intact at the time of the count. In the retail business, closing up shop for a day means a loss of sales. Inventory counts done after business hours mean additional labor and overhead costs.

NetSuite released Smart Count, a new automated cycle counting solution that allows inventory count without freezing transactions in the location. It’s also designed for mobile devices for ease of use. Smart Count assists businesses in creating lists of items needing to be counted with predefined business rules and criteria and sets a trigger to count and check the accuracy of the bins if they fall below a set of reorder points.

Item 360 dashboard

NetSuite also released the Item 360 dashboard, which can easily provide visibility to all information related to inventory planning and management. It consolidates NetSuite data in a single dashboard to show relevant key performance indicators (KPIs), current transactions, stock levels and inventory count by current location, and alerts in one place. Businesses can proactively address inventory and supply chain issues that consume employee resources and might hurt the bottom line. Item 360 is available as a SuiteApp that all NetSuite customers can download.

NetSuite WMS

The NetSuite Warehouse Management System (WMS) now allows companies to fulfill service items as they would an inventory item. It will trigger an alert to the finance team so that it can prepare and issue an invoice to the customer for the service. This automation strengthens financial controls by improving invoice accuracy and limiting the number of people creating and handling invoices. In addition, users also can set up a workflow in which defective goods can be sent back to production automatically or flagged for inspection when marked as failed.

Rebates and Trade Promotions SuiteApp

This feature allows companies to easily define and accurately capture terms like duration, discount method, transaction qualifications, stackability, and more. Then, it automatically calculates rebate amounts on valid transactions by combining stackable promotions or selecting the optimal deal for each order. It also automates the settlement and reconciliation process, and transactions are accrued and posted to the general ledger when orders are invoiced. So companies can improve financial visibility as they keep track of estimated or pro forma claims and disbursements while accounting for returns and other deductions when issuing final payments.

Expense Commitment and Budget Validation SuiteApp

The new Expense Commitment and Budget Validation feature allows businesses to create a budget for a specific account, segment, or period combination and then validate purchase requests, purchase orders, and vendor bills against the budget. This is beneficial especially to not-for-profit company customers for which accountability is more important than profitability. It prevents overspending by issuing warnings when a transaction exceeds the budget. When a budget is not available, it allows for traversal to the parent account or segment to find available funds. With this feature, businesses have the capability to budget and report both revenue and expenses by accounts and segments, such as programs, departments, and grant and revenue types.

CRM Add-On SuiteApp

A company’s customer relationship management (CRM) platform should be the sales team’s central source of reliable intelligence for prospecting, forecasting, quota tracking, and managing renewals and upsells. Sales representatives will be able to prioritize tasks such as meeting with interested prospects or focusing on deals that require their immediate attention. Sales managers will be able to increase focus on providing support and resources to the sales representatives to close deals and make money. The marketing team also will be able to make sure that it is filling the team’s pipelines with qualified leads.

 

The CRM Add-On includes roles and dashboards for sales representatives, sales managers, marketing, and customer service. It also includes a new CRM Workbooks SuiteApp featuring 10 prebuilt SuiteAnalytics Workbooks focused on sales performance KPIs. It will provide built-in sales force automation, marketing automation, and customer service management leading practices, so the company’s CRM system users are equipped with the right tools and the right data at the right moment for their unique roles and responsibilities.

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NetSuite mobile application

Now, the NetSuite mobile application allows users to accomplish key tasks and access NetSuite data when on the move. The mobile app helps:

  • Manage expenses and attach copies of receipts
  • Track and manage billable time
  • Monitor KPIs with support for select home and employee center dashboard portlets
  • View, edit, and attach files to records
  • Log business calls and assign them to companies and customers

The app is available as a free download from the Apple App Store and Google Play and is ready for NetSuite customers to use as soon as they log in. All standard roles, including employee and advanced partner center, are supported.

These enhancements are available for testing when users request access to their release preview test account.

If you require further assistance to customize these enhancements to your account, reach out to us today.

Interested in learning more about the NetSuite 2022.2 release?

Contact us to hear about what it might look like to use Crowe to implement your NetSuite ERP system.
Adnan Patel
Adnan Patel
Principal, Oracle NetSuite Leader