NetSuite 2024.1 Update Highlights: Explore New Features That Offer a Competitive Edge
Your NetSuite ERP is changing for the better! Discover how SuiteDynamics can help your company access new tools that streamline business and boost profitability.
Imagine your NetSuite Enterprise Resource Planning (ERP) system as a living, breathing member of your team. Just as a co-worker learns new skills, the software grows and develops as NetSuite releases automatic upgrades that keep your business on the cutting edge of ERP technology.
The next release, the NetSuite 2024.1 update, will occur over several weeks. Therefore, the NetSuite system you know will change soon, offering bigger and better features to help your company surpass its loftiest goals. If you don’t get to know the new system, you could miss out on significant tools that revolutionize the way business works.
We know you’re already overwhelmed with daily operations, and the 2024.1 release notes make for difficult reading. We’ve pulled information from the notes, the 2024.1 sneak peek, and the NetSuite 2024.1 Release podcast to create a quick highlight guide for the update.
Read through our summary and discover new tools available to your organization. Then, schedule a consultation with SuiteDynamics experts to discuss integrating newly announced or upgraded modules and SuiteApps into your system.
Artificial Intelligence Integration
Artificial intelligence has been one of the primary drivers in the software game for a while. In fact, 53% of IT professionals have sped up their AI rollouts over the past two years, according to IBM research.
Naturally, the main story regarding the NetSuite 2024.1 update involves the integration of artificial intelligence across the system. AI has changed the landscape of nearly every industry, so it’s no surprise that NetSuite would incorporate this technology into its ERP software. During this upgrade, you’ll see three new AI features.
1. NetSuite Text Enhance
Users can now use generative AI to draft personalized customer support, human capital management, and description content that incorporate NetSuite data. For example, Text Enhance can use stored information to write:
- Product and job descriptions
- Employee goals
- Customer support messages
This feature also corrects spelling and grammatical errors, allowing workers to write faster and better.
2. NetSuite Bill Capture
The NetSuite Bill Capture feature uses AI technology to save time on routine tasks. The software scans invoices and automatically extracts information for your bill record—no manual data entry required. It then matches the scanned invoice with related purchase orders and receiving documents to ensure accuracy.
The NetSuite 2024.1 update boosts the feature’s flexibility by including new Review Bill Page fields, such as custom segments, PO number, memo, posting period, and discount date. The Scanned Vendor Bills Page also allows users to filter information by vendor, email source, and upload source.
3. NetSuite Planning and Budgeting
NetSuite’s Planning and Budgeting module now features Intelligent Performance Management (IPM), which uses predictive algorithms and machine learning to manage plans, forecasts, and variances. Finance departments can use the software to gain the following insights.
- Forecast Variance and Bias: The deviation between historical scenarios and real outcomes.
- Predictions: The likelihood that your company will fulfill a target forecast.
- Anomalies: Unusual data patterns that differ from expectations.
Schedule a consultation with SuiteDynamics experts if you want these AI-enhanced features but don’t currently have the supporting software. We’ll ensure you get the right tools to become an industry powerhouse.
NetSuite Enterprise Performance Management
Another significant feature of the NetSuite 2024.1 update is the new NetSuite Enterprise Performance Management (EPM) rollout. NetSuite has been adding enterprise-grade applications to its ERP system for years. Now, it’s bundling them under the EPM, connecting various processes such as planning, reporting, budgeting, forecasting, account reconciliation, and financial close.
The EPM includes the following features, some of which arrived with the NetSuite 2024.1 update.
- NetSuite Planning and Budgeting: Uses machine learning to make forecasts, spot trends, and analyze variances to boost decision-making.
- NetSuite Profitability and Cost Management Reporting: Offers profitability insights regarding customers, products, and business segments.
- NetSuite Account Reconciliation: Automates the reconciliation process. The 2024.1 update has created a centralized platform for this feature that admins can use to assign tasks from the close checklist.
- NetSuite Close Management and Consolidation: Assists compliance using a centralized platform for managing consolidation and financial close.
- NetSuite Corporate Tax Reporting: Automates tax reporting and features tools that help multinational companies comply with regulations. Overall, it improves reporting speed and accuracy.
- NetSuite Narrative Reporting: Adds context to financial statements by including narrative writing with the data. The feature helps stakeholders better understand the information.
Contact SuiteDynamics experts to discuss how the new EPM can boost your company’s asset planning and management and maximize your resources.
NetSuite Field Service Management
You may have heard about this new application at SuiteWorld 2023. If not, NetSuite Field Service Management facilitates communication between the main office of an installation, maintenance, or general service company and its field workers, making the workflow more efficient.
New with the NetSuite 2024.1 update, the software allows office staff to create orders and dispatch them to specific technicians. The module’s scheduling board also helps leadership manage jobs easily, filtering them by factors such as region, labor costs, and job type. Users can then modify job schedules with a simple drag-and-drop and then track project progress in real time.
NetSuite Field Service Management also features a mobile app where field workers can get job alerts, check their schedules, view customer and asset histories, get job site directions, and update product inventory.
Schedule a free consultation with SuiteDynamics experts to learn how NetSuite Field Service Management can increase communication among your staff members, making them more productive and your company more successful.
SuiteApps and Mobile App Upgrades
Many of the app improvements included in the NetSuite 2024.1 update focus on improving reporting capabilities and tweaking current processes to boost efficiency. The upgrades are as follows.
- NetSuite Transaction Line Distribution: Now takes expenses from purchase orders, checks, expense reports, and credit card transactions and distributes them across the segments and subsidiaries they benefit.
- NetSuite Benchmark 360: Has additional metrics that help analyze performance. These metrics include:
- Days sales outstanding
- Days cash on hand
- Employee turnover rate
- Days payable outstanding
- Revenue per full-time employee
- NetSuite Electronic Invoicing: Allows users to comply with global e-invoicing mandates by connecting to government, national, and international e-invoicing systems within NetSuite.
- Compliance 360 Dashboard: Offers real-time viewing of customer record changes and tracks the exporting, printing, and searching of those records.
- SCM Mobile Apps: The NetSuite 2024.1 update applies various improvements across Supply Chain Management mobile apps, including Manufacturing Mobile, Ship Central, Warehouse Management, and Quality Management.
- Capability to turn off quantity or units of measure fields.
- Capability to turn off dynamic text automatic updates, boosting app speed.
- Capability to link pick or ship task data tables to stored images, worker orders, or other info.
- NetSuite Manufacturing Mobile App: Allows manufacturers to accurately calculate the time and labor a work order will require and identify bottlenecks. It also automatically removes bill of material components from inventory and can store work instructions.
- NetSuite Ship Central: Now displays residential order warnings to help avoid surprise fees and fines and identifies low-cost shipping options. It also allows users to opt for shipping insurance and set preferences for specific subsidiaries or locations.
- NetSuite Warehouse Management: Allows wave-picking users to set maximum and minimum order limits for waves and ship after each. It also creates fulfillment tasks for return bin items and tracks individual items or lots as they move from bins in one location to another. Finally, it allows users to skip specific screens, customizing the app to their workflows.
- NetSuite Quality Management: Facilitates inspections for items without inventory quantity, such as machinery and packing accessories. It allows users to assign different quality statuses to lots or serial numbers in a given inspection. It triggers quality inspections using completed NetSuite Advanced Manufacturing work orders or production results. Additionally, managers can use the app to choose which orders generate certificates of analysis.
Contact SuiteDynamics experts for SuiteApp and mobile app customization, implementation, and configuration. Our team will ensure you get the functions you need to optimize business operations.
NetSuite Module Upgrades
The NetSuite 2024.1 update also includes module adjustments that boost usability and convenience. These upgrades are as follows.
- NetSuite Analytics Warehouse: Has improved user access and now only requires a single set of login credentials for NetSuite and NetSuite Analytics Warehouse. Users can also refresh standard and custom data more frequently and enjoy insights from new data sources like inventory and payroll.
- NetSuite CPQ: Now allows customers and sales reps to generate quotes for services and products. The NetSuite 2024.1 update has also added an analytics tool so users can track configurable product trends.
- NetSuite SuiteBilling: Offers end customers the ability to request goods and services in the same order and receive a single bill. It also allows sales and marketing departments to schedule automatic percentage price increases and create uplift pricing templates.
- NetSuite SuiteCommerce: Offers end customers the ability to manage or complete quotes, orders, reorders, and payments in one step, streamlining the sales process.
SuiteDynamics experts can customize and implement any of these modules so your company can enjoy all the new 2024.1 update features. Contact us to discuss your company needs.
How the NetSuite 2024.1 Update Will Work
The NetSuite 2024.1 update is the first of two major upgrades that will occur this year. All customers will receive upgrades over three months. Watch the video below to see how it works.
Get the NetSuite ERP You Need—Now!
The 2024.1 NetSuite update changes the NetSuite ERP system in exciting ways. It offers AI technology, streamlined billing, consolidated tools, and other features that make daily operations a breeze.
You’ll automatically have access to some new features as soon as your upgrade completes—but not all. You’ll need specific modules and SuiteApps to access every functionality on this list.
We understand how galling it feels to know the perfect software tool exists but have no access to it. SuiteDynamics experts can integrate any module or SuiteApp into your NetSuite ERP and fully equip your company to beat the competition.
Tell us about your pain points and needs, and our team will ensure you get the right software to solve any issue.
Disclaimer from NetSuite: The preceding is intended to outline general product direction. It is intended for information purposes only and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remain at the sole discretion of Oracle Corporation.
