2023.1 NetSuite Mass Update: 9 New Features That Make Us Happy

This year's first NetSuite release has a lot of surprises that can improve your shipping, capture more recurring revenue, reduce data entry load, and more.

SuitePeople Workforce Management

SuitePeople Workforce Management is a NetSuite add-on module that helps companies track and manage employee shifts, time, attendance, and wage calculations. And the NetSuite mass update provides customers access to this software and its handy features, including the following.

• Streamlined scheduling and hour-tracking, so you don’t need third-party applications and spreadsheets.
• Simplified time and attendance capture.
• Automated wage calculation.
• Integration with SuitePeople Payroll. The system no longer needs to import and export data into and out of NetSuite. Instead, it will post to the general ledger automatically.
• A mobile app that employees can use to view their schedules, request shift changes, and clock in and out of work.

Why are we excited about this?

Your company’s most valuable—and expensive—resource is its staff. So, you need to manage workers efficiently. The right HR tools can optimize employee output and offer the support your team members need to do their jobs, clock hours, and receive payment. 

This NetSuite add-on module eliminates manual processes, disjointed systems, and third-party solution costs. Essentially, it makes the business of employing people easier.

NetSuite SuiteBilling: Uplift at Renewal

SuiteBilling is a NetSuite module that helps companies manage subscription-based billing through features like automated rating processes, consolidated invoicing, and support for multiple pricing models. 

The 2023.1 NetSuite mass update has introduced a new uplift at renewal capability. It allows users to automatically increase prices by a specified percentage when a customer is up for a subscription renewal.

Why are we excited about this?

Recurring revenue can boost a company’s profits considerably. But some businesses may not consider it worth the time and effort to manage billing. However, the new SuiteBilling feature helps capture more revenue, making subscription-based billing possible for more companies.

NetSuite Analytics Warehouse: New Visualizations and Connectors

NetSuite’s Analytics Warehouse stores and displays analytics data from NetSuite and other sources. It also gives users thorough data analysis to help them make better decisions. The 2023.1 NetSuite mass update offers…

• Access to almost 90% of NetSuite transactional record types.
• New data sets in areas like inventory, sales, financials, support management, and purchases.
• More preconfigured, industry-specific dashboards and additional visualizations for professional services, software vendors, and manufacturers. 
• Direct connections to Salesforce, Shopify, and Google Analytics.
• The chance to connect with other applications through CSV files or spreadsheet imports.

Why are we excited about this?

The NetSuite Analytics Warehouse offers mid-sized companies access to the kind of in-depth data analysis that larger corporations enjoy. In fact, it comes with built-in data models, so you can start analyzing as soon as your system is connected. 

The new updates enhance the customer’s ability to examine data and hone business insights, which provides emerging businesses with better chances to succeed. 

AP Automation: Bill Capture

AP automation is a paid NetSuite module automates the accounts payable process, so you’ll no longer waste time and energy manually entering vendor bills into your system. The 2023.1 NetSuite mass update improves upon the original automation by…

• Allowing companies to upload vendor bills through email, thus reducing the data entry load. This functionality also means users no longer have to drag and drop individual invoices. Instead, they can send them to NetSuite directly, and the system will scan the invoice and fill in fields, making the process much more efficient.
• Letting users pay all bills from within NetSuite. They can use an ACH transfer, outsourced tech printing, or a virtual payment account. 
• Adding an approvals process that provides one more accountability layer for any a vendor or bank record changes. This feature reduces the risk of fraudulent account creation.

Why are we excited about this?

Accountants are scarce in some places, and many companies are making do with current staff. This product makes the accounting process more efficient, so businesses don’t need as many financial experts.

Project 360 Dashboard

Businesses use the Project 360 SuiteApp to get a 360 view of critical metrics, reports, project statuses, and resources from SuiteProjects. In the past, only project managers have had access to this feature. However, the 2023.1 NetSuite mass update has provided more dashboards for a wider variety of users. Now, department heads, supervisors, COOs, and more can access and analyze data using Project 360.

Why are we excited about this?

The more people who can access information, the easier it is to identify problems. And projects stay on on-time and within budget when issues are solved early. So, this update will help our clients mitigate disasters before they ever happen. 

NetSuite CRM: Intelligent Recommendations

The Intelligent Recommendations tool came out last year. It uses machine learning to examine customers on micro and macro levels and suggest items they might want to buy. 

Before the 2023.1 NetSuite mass update, the software only gave recommendations for SuiteCommerce web stores, sales orders, and estimates. And businesses could only use it for accounts with extensive inventories or many historical transactions. 

Now, companies can use Intelligent Recommendations on the opportunity record within the NetSuite CRM. It analyzes sales orders, opportunities, and estimates. It also gives sales reps quicker access to helpful information, which boosts their chances for cross-selling and up-selling. The software includes the following recommendation algorithms…

• An Alternative Items setting—This feature suggests similar products to customers when the items they want aren’t available.
• A Buy Again setting—NetSuite automatically analyzes customer purchase histories and notes which items they purchase regularly. Then, Intelligent Recommendations can suggest frequently bought products as they shop. The system also hones these recommendations through machine learning, analyzing how often customers buy specific products to better support their purchase cycles.

Why are we excited about this?

Intelligent Recommendations allow businesses to increase revenue in the simplest way possible—by doing nothing. And it works! This feature has benefited many of our clients. And we expect the new capabilities to increase their income even more. 

So, word to the wise, eliminate manual intervention whenever possible, especially in processes that drive revenue and enhance the customer experience. 

NetSuite CPQ: Rule Configuration Helper and System Access

NetSuite CPQ is a paid add-on module that allows users to accurately configure, price, and quote (CPQ) goods and services for their customers. It also produces 3D product visualizations and automates sales proposal generation.

The 2023.1 NetSuite mass update added the following features…

• A new dropdown helper that allows you to quickly set accurate configuration rules.
• The ability to limit CPQ Maintenance UI access based on role, company, or department. So, only authorized users can change configuration.

Why are we excited about this?

NetSuite CPQ makes sales processes more efficient. It uses a configurable rules engine for customization and pricing, eliminating the use of price books and spreadsheets in setting quotes. 

This new update makes it much easier to set and maintain rules for manufacturing. And we’re always happy with new ways to automate a process—because automation allows midsized companies to better compete with giants. 

NetSuite Ship Central

Ship Central is a standalone SuiteApp that improves upon the NetSuite Pack Station and helps you pack and ship orders, provide oversight, and control costs. With the 2023.1 NetSuite mass update, it features…

• New roles and dashboards for the following.
• Ship Central Manager
• Ship Central Mobile Operator
• Ship Central Packing Operator
• The ability to identify multiple orders belonging to a single customer so you can consolidate them and save on shipping costs.
• Excess shipping cost control. Ship Central finds your best shipping rate based on delivery date or location.

Why are we excited about this?

Shipping can be an expensive production step if not managed correctly. But, if you can control it, you can decrease production overhead and minimize unnecessary fulfillment costs. And that can significantly impact your bottom line.

This SuiteApp offers new tools for shipping management that can streamline your process like never before. 

Smart Financials and Operational Automation

NetSuite has designed its financial functionalities to tackle mundane and repetitive tasks and allow accountants to focus on more strategic projects. The 2023.1 NetSuite mass update furthers this goal by offering the following.

• Rebates and Trade Promotion SuiteApp—This application automates rebate and trade promotion calculations. And the update expands the feature to include kits and assembly items instead of just standard inventory items. It also allows users to adjust a sales transaction’s price or quantity without rebuilding a promotion.
• SuiteTax Nexus Level Tax Exemptions—This application allows users to skip tax calculations on transactions for which sales tax isn’t required. Therefore, companies can use the same system to operate tax-exempt and tax-registered organizations.
• Indirect Cost Allocation—This feature allows nonprofits to enter provisional or agreed-upon rates for a custom segment, like a grant. Then, the tool automatically calculates indirect costs and posts them to the custom segment monthly.

Why are we excited about this?

These new features save time and money. And who wouldn’t love that?

The entire point of NetSuite is to make business processes faster and more efficient so companies can grow. And the 2023.1 NetSuite mass update has plenty of new functionalities that further this goal. Schedule with a SuiteDynamics NetSuite consultant if you want to know more about them and how they can benefit your company. We can help you customize and implement the perfect NetSuite ERP for your business. Call today.

We pull information from NetSuite material, SuiteDynamics experts, and other reliable sources to compose our blog posts and educational pieces. We ensure they are as accurate as possible at the time of writing. However, software evolves quickly, and although we work to maintain these posts, some details may fall out of date. Contact SuiteDynamics experts for the latest information on NetSuite ERP systems.