One of the most valuable aspects of NetSuite’s Enterprise Resource Planning (ERP) system is its automatic updates. Twice a year, the platform receives significant upgrades that affect nearly every part of the system, from connections and integrations to SuiteApps and modules. These updates introduce new features designed to improve user efficiency and productivity, and they don’t require manual intervention.
However, due to the extensive nature of these upgrades, it’s crucial to understand how they modify the system to avoid potential difficulties in operating your NetSuite instance in the future.
While NetSuite has provided information about the updates, we recognize that you may not have the time to review every detail. We’ve compiled a summary of the key highlights from the Sneak Peek and Release Notes for NetSuite 2024.2. By examining this summary, you can quickly get a sense of what’s coming and prepare your team accordingly.
Our experts are available to answer any questions you may have about the specific modules and SuiteApps mentioned in the summary. We can help integrate them into your existing system.
As a NetSuite partner, Azdan collaborates with NetSuite to customize and implement NetSuite ERP systems. We can assist your company in identifying the upgraded features that best align with your business needs and develop solutions that maximize their value. Schedule a free consultation with our team to explore how our expertise can help you streamline your operations and enhance your company’s efficiency.
Standout Features
While every feature in a NetSuite release enhances user experience, some updates are particularly exciting and eagerly anticipated by customers. Azdan CEO Jake Kleiner has highlighted three features from the 2024.2 release that he believes will be most appreciated by our clients.
1. Advanced Revenue Management and Prepay with Drawdown Integration
This feature integrates prepay and drawdown functionality with Advanced Revenue Management (ARM), enabling users to recognize revenue for prepayments and usage. Customers can pay upfront for services and receive refunds for any unused portions.
This feature, previously absent from NetSuite’s ARM module, can now enable you to manage installment plans, payments, usage, and prepay elements more accurately. This will greatly enhance forecasting, cash application, and revenue recognition.
2. New CRM Limited Access User Role
The 2024.2 release introduces a new user role option for CRM system access. Companies can utilize this role to grant employees access to sales, CPQ, marketing, and support functions while maintaining control over permissions for various tasks.
Rather than needing a General Access User role, you can now use a more cost-effective Limited Access User role. This role still enables your staff to engage with sales functions such as CPQ and sales and marketing campaigns, representing a significant enhancement.
3. Payment Automation Enhancements
The new release also includes enhancements to the Payment Automation SuiteApp version 4.0, such as:
- Support for the Multi-Subsidiary Feature
- Vendor Prepayment Support
- Payment Status Tracking
- Automated Recording of Monthly fees
- Ability to Reprocess Payments
You can now allow users to easily check payment statuses. The payment reprocessing will be a game-changer, as it can automatically retry failed payments without requiring manual intervention.
Azdan’s team can implement any of the modules and SuiteApps associated with these features to help your company fully benefit from the 2024.2 release. Simply let us know your specific needs, and we will design solutions tailored to your business’s success.
3 New Manufacturers SuiteApps
The NetSuite 2024.2 Release offers three new SuiteApps built to assist manufacturers in managing costs and lessening supply shortages.
1. Supply 360
This SuiteApp arranges work orders by location and date and collects the data in a table so you can compare it to existing and ordered inventory. You can organize the information by assembly, component, or work order.
2. Available to Build
This application measures final assembly and subassembly manufacturing components so users can decide what they can offer customers with available stock.
3. Cost Variance Analysis
This SuiteApp generates a report emphasizing lower-than-expected expenses in green and higher-than-expected expenses in red so you can quickly compare planned and actual costs for work orders. It also displays variances in dollars and percentages.
Module & SuiteApp Upgrades
Module Upgrades
- SuiteBilling: New features for subscription billing include prepayment functionality and integration with CPQ.
- SuitePeople: A new platform for providing employee health insurance with automatic payroll deductions and general ledger postings.
- AP Automation: Automated vendor payments for U.S. subsidiaries and automatic capture of banking fees.
- Bill Capture: Upgraded matching technology and additional subsidiary, vendor, and location mapping logic.
- Analytics Warehouse: Additional dataset collections for order-to-cash, procure-to-pay, and account analysis.
- Warehouse Management System: Automated stock replenishment, improved restocking request filtering, single-scan serial number recording, and failed pick identification.
- Account Reconciliation: Interactive task management for financial-close checklists and automatic calendar switching for new-year reporting.
- Quality Management: Advanced controls for inspection completion, transaction type and parent transaction selection, and inspection progress monitoring.
SuiteApp Upgrades
- Bank Feeds: Expanded bank connectivity with a new financial aggregator.
- Transaction Line Distribution: Automated distribution of accounts receivable transactions.
- SuitePeople Workforce Management: Break completion reminder and new data fields for time clock.
- SuiteTax: Recording taxes between subsidiaries and tax liability payments.
- Cash 360: Improved AR and AP forecasting with installment schedules.
- Rebates & Trade Promotions: Forecasted tiers for tiered rebates and rebate agreement calculations for purchase transactions.
- Compliance 360: More forms for audit documentation and findings, customizable activity portlets, file attachments, and audit result exportations.
- Ship Central: Automated selection of cheapest shipping option, expanded label printing options, and return label printing.
- Warehouse Management Mobile App: Complete planned cycle counts from start to finish using the mobile app.
- Supply Chain Management Mobile: Color-coded data tables, organized printers, and file/image upload capabilities.
- Manufacturing Mobile: Automated lot and serial number population, integration with Lot Auto Numbering SuiteApp, and badge swiping enforcement.
- Material Requirements Planning: Combined minimum order quantity and lot size, extended demand planning horizon and purchase lead time, and separate filters for firm and unfirm supply orders.
- Supply Planning Workbench: Separate filters for firm and unfirm supply orders.
Azdan experts can assist your company in incorporating any of these SuiteApps into your existing system and guarantee their compatibility with your current customizations. Arrange a free consultation with the team to explore your company’s objectives and the technology necessary for your business to succeed.
Conclusion
The NetSuite 2024.2 Release provides innovative tools to enhance your business efficiency and quality, enabling you to outshine your competitors. However, these advantages are only accessible if you have the required modules, SuiteApps, and mobile applications.
To ensure you don’t miss out on these transformative features that can streamline your operations and simplify your work, the Azdan team can seamlessly integrate any modules or SuiteApps into your system, including those affected by the 2024.2 release.
Schedule your free consultation today to discuss your company’s specific needs and goals. We are committed to assisting you in achieving market leadership and optimizing your business performance.
