Key features from NetSuite 2020 Release 1

One of the best features of working for a 100% Cloud company is that your customers get to benefit multiple times per year with feature updates, without the need to re-install or patch their systems.

NetSuite 2020 Release 1 comes with a plethora of new features, so I thought I'd summarise my favourite ones for you. Full release notes can be found here: https://netsuite.custhelp.com/app/answers/detail/a_id/90043/kw/2020.1

1) Bank Connectivity API

• For companies outside the U.S., or those looking to create their own framework to import financial transactions, NetSuite has introduced the Bank Connectivity API. This API allows developers to build their own plugin to NetSuite to connect to any bank they choose and access all the same data flows available through the Bank Feeds SuiteApp.
• An intelligent rules engine powers automated bank data reconciliation, resulting in improved matching and eliminating manual processes.

2) Automated Supply Chain Management

• Meet delivery promises by automating the re-allocation of inventory when supply is constrained with new supply allocation exceptions capabilities.
• Optimise outsourced manufacturing operations by automatically creating work orders when placing a purchase order on your contract manufacturer activities.
• The ability to schedule automatic creation of fulfilment requests simplifies supply allocation while predictive analytics can determine what deliveries might be at risk for a delay and make recommendations.

3) Project Management Enhancements

• Improved tools and smarter analytics simplify management of project budgets. Organisations can now easily see how costs are impacted when adding and editing activities.
• New time-modification enhancements provide better control of billable time, and NetSuite Analytics now supports time-modification requests and entries, improving visibility into changes.

4) Finance and Operations Excellence

• Better revenue trace-through and an enhanced audit trail combine to improve visibility into the impact of subscription changes on revenue streams and make revenue recognition more precise.
• NetSuite has added the ability to update and make bulk changes to subscriptions, which saves time and improves invoice accuracy.
• Improved visibility into contract revenue brings better insight into revenue allocation and increases an organisation’s understanding of whether offerings have been fully billed or not.
• SuiteApprovals of requisitions provide nonprofits with tighter control of their spending, and the custom approval chain routes documents for review.
• Custom transactions allow organisations to create their own unique transaction types, such as pledge write-offs for nonprofits.

5) More Integration, Less Code

• The new REST API enables external applications to be securely integrated with NetSuite, and includes full support for custom records, expanded CRUD operations support and record collection filtering.
• The REST API also supports executable record actions, and a new API browser provides a visual overview of API structure and function.
• The new SuiteApp Marketplace introduces a modern, consumer-like experience, native within NetSuite, for distributing and consuming SuiteApps.

If you'd like to learn more about how you can take advantage of these updates, please reach out to your dedicated NetSuite Account Manager.

Thanks,

Nish Veer | ANZ Senior Sales Manager 

Mobile: +61 414 379 611 | [email protected] 

Oracle Australia | 4 Julius Avenue | North Ryde NSW | Australia 2113