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The Latest NetSuite Innovations and New Modules

As a leading NetSuite Alliance Partner, SANSA understands the transformative power of NetSuite’s cloud-based ERP solution. Over the past decade, NetSuite has evolved significantly, incorporating cutting-edge technologies like machine learning, mobile capabilities, and robust analytics engines. These advancements have empowered businesses to make data-driven decisions and streamline operations across their entire enterprise. SuiteWorld 2024 provided updates on innovative new features that enhance NetSuite’s already powerful core modules.

Modules to suit every business need

At the heart of NetSuite’s effectiveness lies its modular structure. Each module addresses specific business functions while sharing a unified database accessible to authorised users across the organisation. This approach eliminates silos and fosters a cohesive operational environment. The latest updates announced at SuiteWorld 2024 have further strengthened this interconnected ecosystem.

New modules and enhancements

  • NetSuite’s finance module goes beyond basic bookkeeping, handling accounts payable, accounts receivable, and general ledger management with ease. Recent updates include AI-powered bill capture for improved accuracy in scanning and mapping, as well as enhanced cash flow forecasting with the Cash 360 SuiteApp, now supporting instalment schedules. The introduction of interactive task management has streamlined financial close processes, making them more efficient than ever before.
  • The procurement process has received a significant upgrade with the introduction of SuiteProcurement. This new solution offers automated purchasing approvals, order creation, and invoicing, along with direct integration with major suppliers like Amazon Business and Staples. These enhancements provide improved spend control and visibility across the organisation, addressing the time-consuming and costly nature of indirect procurement for growing businesses.
  • For manufacturers, NetSuite continues to offer robust planning and execution capabilities. The newly introduced Manufacturing Shortage Reports, generated through the Supply 360 SuiteApp, provide real-time insights into potential production bottlenecks. The “Available to Build” SuiteApp offers real-time assembly capability insights, while enhanced warehouse management features, including automated bin replenishment, further optimise the manufacturing process.
  • Effective inventory control is crucial for businesses of all sizes, and NetSuite’s inventory module has been bolstered by AI-driven innovations. Improved forecasting accuracy through AI-driven demand planning helps businesses anticipate market trends more effectively. Automated stock replenishment prevents stockouts, while enhanced multi-location inventory visibility ensures optimal stock levels across all warehouses.
  • The order management module ensures smooth order processing from placement to fulfilment. Recent enhancements include AI-powered order routing for optimal fulfilment, automated shipping method selection based on cost-effectiveness, and integrated return and hazardous materials label creation. These features work in tandem to improve customer satisfaction and operational efficiency.
  • NetSuite’s CRM capabilities have been significantly enhanced by AI-driven insights. The Customer 360 dashboard now provides a holistic view of customer interactions, while AI-powered recommendations for cross-sell and upsell opportunities help businesses maximise customer value. Improved lead scoring and opportunity management features enable sales teams to focus their efforts more effectively.

Latest NetSuite innovations

SuiteWorld 2024 showcased NetSuite’s commitment to AI and analytics, with several exciting announcements. The NetSuite Analytics Warehouse has been enhanced with auto-insights and AI-generated visualisations, making data analysis more accessible and intuitive. The introduction of Oracle Analytics AI Assistant enables natural language data exploration, democratising data insights across organisations. In the realm of financial planning, generative AI capabilities for narrative reporting in Enterprise Performance Management promise to revolutionise how businesses communicate their financial stories.

One of NetSuite’s greatest strengths is its ability to integrate seamlessly with other business-critical applications. The newly announced NetSuite Connector for Salesforce exemplifies this, enabling real-time data flow between the two platforms and reducing data silos. This integration ensures that sales and finance teams are always working with the most up-to-date information, improving decision-making and operational efficiency.

The gradual rollout of the Oracle Redwood user interface promises a more intuitive and modern NetSuite experience. This update will bring natural language processing for easier navigation, customisable dashboards, and enhanced search capabilities, making the platform more user-friendly and efficient.

At SANSA, we’re excited about these latest NetSuite innovations and their potential to drive business growth. As a trusted NetSuite Alliance Partner, we’re here to help you leverage these powerful tools to their fullest potential. Whether you’re considering a NetSuite implementation or looking to optimise your existing setup, our expert team is ready to guide you every step of the way.

Contact SANSA today to learn how we can help you harness the power of NetSuite and grow your business.

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