NetSuite 2021.2 Release Overview & Key Features by Industry

NetSuite offers regular updates at consistent intervals. It is during this period that we must be looking for significant upgrades and excellent localization capabilities. The crucial modules are upgraded as expected, and this impacts a lot of NetSuite customers.&nbsp;NetSuite 2021.2 release<strong>&nbsp;</strong>has a lot of advantages to

• Software Companies

• Wholesale Distributors

• Manufacturers

• Retailers

• Service-Based Enterprises

• Non-Profit Organizations

Developers and administrators will gain from these updates as well. As updates roll out until October 2021, NetSuite users need to access their dashboards for the latest features. The following sections detail the enhancements in this year’s release.

NetSuite Upgrade 2021.2 - Overview

As business leaders continue to navigate ongoing challenges, the latest version of NetSuite offers a revitalizing solution. A comprehensive offering of relevant and precise data is emphasized this time around. Those seeking to reduce costs while boosting productivity will find these updates especially appealing.

We have segmented these enhancements into three primary categories for your convenience.

1. Financial Automation Enhancements in NetSuite 2021 Release 2

• Simplified Payments: This latest upgrade introduces considerable flexibility in payment options. Customers receiving invoices via email will find an integrated payment link, simplifying secure transactions with multiple payment choices. Partial payments are also recorded accurately by the platform. Enhancements to SuiteCommerce's 'My Account' area further streamline ACH payment processes for vendors and suppliers.

• Reduced Manual Input: One of the standout features of this finance automation upgrade is the direct matching of cleared invoices with corresponding bank records, significantly minimizing the need for manual data entry and verification.

• Unified Subsidiaries: The current version of NetSuite caters effectively to subsidiary needs. The enhanced software consolidates purchase requests, ensuring that purchase orders are processed appropriately, irrespective of the creating subsidiary. It also supports seamless inter-company account managing.

2. Updates in Inventory Management for NetSuite 2021.2

• Revenue Mapping with Inventory: Retailers and wholesalers can now improve inventory allocation by associating it with sales orders through gross profit or revenue mapping.

• Streamlined Warehouse Management: Orders can now be expedited using mobile technology. Adjustments, such as adding or removing cartons, enable multiple shipments to be sent to the same address, thereby optimizing shipping costs. However, orders cannot be dispatched until they are complete.

• Enhanced Customization: Customization options allow users to assign unique identifiers and codes to products. The manufacturing and shipment dates contribute to a more structured order fulfillment process.

3. Employee Engagement Features in NetSuite Upgrade 2021.2

• Automated 401(k) Plans: The SuitePeople module is now equipped with formulas and calculations to align team members with their 401(k) plans. Any changes in contribution amounts will also trigger automatic updates.

• New Retirement Plans: The upgraded matching criteria allow employees over fifty to contribute to retirement plans, with automated suggestions that comply with IRS regulations.

NetSuite Release Timeline and Industry Advantages

Having reviewed the key snapshots, let’s delve deeper into the NetSuite release timeline and its benefits across different sectors.

I. Highlights for Software Companies

• Bulk Subscription Management: This feature automates the activation and deactivation of multiple subscriptions simultaneously. Companies can filter data to pinpoint items needing attention, making it easier to manage numerous accounts efficiently.

• HSBC Integration: Foreign exchange rates from HSBC are now incorporated into the NetSuite platform. The API facilitates automatic updates, enabling businesses to manage transactions effectively.

• Updated Banking Processes: With the introduction of payment links in invoices, customers can effortlessly complete payments using various options. The system maps payments to the relevant bank accounts, improving subsidiary management.

• Performance Management Improvements: Reviewing performance is now more straightforward, with stakeholders receiving necessary insights and recommendations to expedite the process. Employees can access feedback without the need for multiple acknowledgment forms, allowing them to track task and goal progress based on performance.

II. Features for Wholesale Distributors

• Intelligent Inventory Management: Warehouses can now customize their management techniques by assigning lot numbers. As a NetSuite Alliance Partner, suggestions for automating inventory management can enhance productivity. With lot numbers assigned, items are easily identifiable, speeding up order shipments.

• Inventory Forecasting: The intelligent NetSuite software now observes customer purchasing behaviors and alerts you about popular products, enabling better inventory management and timely restocking.

• Quality Certificate Generation: The updated templates facilitate the creation of quality analysis certificates, promoting transparency regarding product quality for customers.

III. Advances for Manufacturers

• Enhanced Supply Planning: New features assist in assessing demand and allocating resources effectively for manufacturing. The software provides detailed data over various time frames, aiding informed decisions for purchase orders.

• Master Production Schedule: A comprehensive production schedule can be created, overseeing every level of the manufacturing workflow while monitoring supply requirements.

• Stock Availability Predictions: These updates facilitate predicting when products will be available. The software considers lead times and supply allocation strategies to estimate availability accurately.

IV. Innovations for Retailers

• Website Automation: The new feature allows for easier integration of automation within your website, running in the background to ensure business operations remain stable. SuiteCommerce can now be installed with a simple click.

• Customer Behavior Insights: Understanding customer interactions with your platform is enhanced. SuiteAnalytics and CRM now track various purchasing behaviors and keyword searches, leading to deeper insights into consumer preferences.

• Expanded Marketplaces: The upgraded version can integrate seamlessly with numerous marketplaces, such as Walmart and Amazon, as well as with e-commerce platforms like Magento and Shopify. SuiteConnector facilitates efficient data transfer across applications.

• Advanced Inventory Management: New scanning capabilities enhance inventory management through automation. The system updates inventories automatically when items are scanned, notifying whenever products are removed. The mobile manufacturing app reinforces serial tracking and enables real-time shipping assessments.

V. Enhancements for Service Industries

• Project Status Overview: Project managers can now easily track project completion and statuses, empowering quicker decision-making and resource allocation to meet deadlines effectively.

• Project Managers as Decision Makers: With SuiteApprovals, project managers can now approve or reject project-related decisions and expense reports with a single action.

• Improved Subsidiary Management: This update enhances how entities manage purchase orders and track receivables specific to each entity. Overspending and transaction oversight are streamlined, ensuring accurate bank account mappings.

VI. Features for Non-Profit Organizations

• Tailored Fundraising Techniques: Real-time metrics on donor engagement and fundraising efficiency are now accessible via an updated dashboard.

• Refined Budgeting Plans: Enhanced mapping of expenses versus revenue aids in monitoring and aligning budget allocations for ongoing fundraising efforts.

• Simplified Payments: Non-profit organizations benefit from integrated payment links and multiple options for receipt of donor funds while ensuring every transaction is recorded for future reporting.

VII. Highlights for Developers and Administrators

• SuiteTalk REST services have seen improvements, making third-party application integrations simpler.

• SuiteCloud services now support Microsoft Visual Code for enhanced development experiences.

• SuiteCloud Developmental Services has been upgraded to monitor project life cycles effectively.

• Country-specific SuiteApps can now be created thanks to this release.

• The integration of intelligent account workbooks with top-notch applications is now easier.

• ANZ localization is achievable, allowing businesses to set and maintain vendor records for Australia and New Zealand.

• New SuiteApp verification processes enhance the customization experience, with automatic alerts sent to administrators for any blocked updates.

• The automation of receiving client data, even without bank matches, provides businesses with organized payment methods.

The NetSuite 2021.2 release promise is substantial, offering opportunities for various industries to streamline processes and enhance functionality. Keeping abreast of these updates can unlock significant improvements for your organization.