Sneak Peak: Discover New Innovations Across NetSuite with 2024 Release 1

Feb 15, 2024 | General Business

As a true cloud application, NetSuite delivers updates twice a year to all customers. Even better, most enhancements and new features are free.

The update is released to all NetSuite customers over a 3-month period. Each customer is assigned a date & time to update their production account, as well as a Sandbox account if they have one. Sandbox accounts are usually updated 7 days after the production account update. The new release portlet on each NetSuite customer’s instance will highlight the upgrade date.

Let’s explore what’s new for businesses to reach new heights with NetSuite 2024.1

Embedded AI across the Suite

Generative AI powers NetSuite Text Enhance to assist with creating and refining contextual and personalized content. AI predictive algorithms in NetSuite Planning and Budgeting make it easy to uncover trends, anomalies, and correlations. Additional invoice data captured by NetSuite Bill Capture improves matching intelligence to create more accurate vendor bills. Leverage prebuilt AI/ML models in NetSuite Analytics Warehouse to predict business outcomes and uncover insights

Optimize Business Performance

NetSuite Enterprise Performance Management increases productivity and visibility by bringing together financial processes from across the business with a connected set of solutions. Speed up the close with NetSuite Account Reconciliation and NetSuite Close Management, improve planning with NetSuite Planning and Budgeting and NetSuite Profitability and Cost Management Reporting, and streamline reporting with NetSuite Corporate Tax and Narrative Reporting solutions.

The Release Process

New features and functionality are released automatically to all NetSuite accounts twice a year — and most of them are free. Check out how the update process works.


Embedded AI Across the Suite

NetSuite Text Enhance is a prime example of how AI is embedded into daily tasks. By leveraging generative AI, this feature assists users in drafting personalized, context-aware content using relevant NetSuite data. Employees can then review and refine the initial draft, significantly accelerating their workflow.

NetSuite Bill Capture has also received enhancements, allowing for the capture of additional invoice data. This not only reduces the likelihood of bill creation failures but also minimizes the need for post-capture edits, streamlining the entire billing process.

The introduction of the Intelligent Performance Management feature in NetSuite Planning and Budgeting marks another milestone. This feature employs predictive algorithms driven by machine learning to continuously monitor and analyze plans, forecasts, and variances, ensuring proactive decision-making.


Smart Financials & Operational Excellence

NetSuite Enterprise Performance Management plays a pivotal role in enhancing business visibility and decision-making. This finance solution integrates financial and operational planning, automates account reconciliation, streamlines close processes, and improves tax and narrative reporting.

NetSuite Benchmark 360 enables organizations to analyze key operational and financial metrics, providing insights into their performance relative to similar organizations in the industry and region.

The NetSuite E-Invoicing SuiteApp facilitates direct connections to national, international, and government e-invoicing platforms within the NetSuite environment. This helps businesses comply with global e-invoicing mandates effortlessly.

NetSuite Analytics Warehouse adds a layer of efficiency with faster, more secure access through single sign-on, allowing users to seamlessly log into NetSuite or NetSuite Analytics Warehouse with a unified set of login credentials.


Create & Deliver Products & Services

NetSuite WMS introduces a time-saving feature for companies using wave picking. Now, pickers can ship an order after completing a single wave, eliminating the need to wait until all waves are finished.

Sales reps and managers benefit from NetSuite Ship Central, which helps them find the lowest-cost shipping option that aligns with their requirements for sales and transfer orders.

Manufacturers gain a more precise understanding of work order timelines and labor requirements with the Manufacturing Mobile app. This app allows them to start, stop, pause, and restart each step in the manufacturing process, facilitating better workflow management.

NetSuite Quality Management now enables the scheduling and completion of inspections for items with zero inventory quantity.


Customer Acquisition Simplified

For NetSuite restaurant and hospitality customers using Simphony POS, seamless integration is now possible through the NetSuite Connector for Simphony.

The NetSuite Connector for Amazon Seller Central automates the syncing of Fulfillment by Amazon (FBA), Merchant Fulfilled Network (MFN), and Seller Fulfilled Prime (SFP) orders, streamlining order management.

The Shopify Connector receives added flexibility, offering support for sellers using Shopify for order fulfillment.

NetSuite CPQ introduces the capability for reps and customers to select SuiteBilling subscriptions during configuration. SuiteBilling enhancements streamline the selling and billing of physical products and related subscriptions together.


Platform Development Made Easy

The introduction of generally available REST records facilitates secure integration with external systems and applications, enhancing NetSuite’s interoperability.

SuiteCloud Developer Network (SDN) partners can now define customer-facing Terms of Service for their commercial SuiteApps, providing greater transparency for users.

A limited-access version of single-page application (SPA) functionality is now available to a select number of SDN partners upon request, offering a glimpse into the future of platform development.

Learn how we can help you get ready for this release.

As NetSuite continues to evolve, its commitment to innovation and user satisfaction remains unwavering. The latest enhancements promise to elevate user experiences, boost efficiency, and keep businesses at the forefront of technological advancements. Connect with our team of industry experts to ensure a seamless transition and optimized performance during your NetSuite account upgrade.

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