Oracle NetSuite 23023.2 Release Key Highlights and the Impacts to Your Business. DataOngoing

The NetSuite 2023.2 Release includes new features for supply chain management, account reconciliation, and guided learning. In today’s challenging economic environment, businesses must be more productive and efficient than ever. NetSuite’s second 2023 release helps businesses achieve this goal with several features and training resources.

We have compiled the highlights from the NetSuite podcast linked below and how this impacts your business!

Here are a few things to know first:

  • Customers can receive the updates between mid-August and the end of October.
  • Customers can prepare for the updates by learning about the new features, trying them out in a release preview account, and reading the sneak peek blogs, release notes, and training videos.
  • Rami Ali, Senior Manager of Product Marketing at NetSuite, shared the new capabilities in NetSuite 2023 Release 2 related to automated account reconciliation and transaction matching.
  • Matt Weisner, Master Principal Solution Consultant at NetSuite, discussed the current state of supply chains and how new features in NetSuite can help customers address current challenges.
  • Chris Mead, Senior Program Manager for Learning Experience at NetSuite, discussed how Education Services helps customers at different stages of their journey with NetSuite.

Oracle NetSuite, NetSuite Podcast

Automated Account Reconciliation Solution with Transaction Matching, Financials in the NetSuite 2023.2 Release

NetSuite account reconciliation is an easy-to-use solution that automates the process of comparing NetSuite ERP financial transactions with external statements. It automates the reconciliation process for accounts payable, accounts receivable, bank and credit card transactions, prepaid accounts, accruals, fixed asset accounts, intercompany transactions, and other balance sheet accounts.

The end goal is to ensure increased accuracy and a faster close.

NetSuite Account Reconciliation seamlessly integrates with the rest of the NetSuite ERP system, ensuring a real-time view of financial data. It also offers a number of features that make it stand out from the competition, including:

  • Automates the entire general ledger reconciliation process in a single workspace.
  • 20+ pre-built templates and formats to help accounting teams accelerate the reconciliation process and improve consistency.
  • An auto-match engine that can match millions of transactions in minutes.
  • Unlimited transaction matching at no additional cost.
  • Unlimited document storage for supporting documents.
  • A flux or variant analysis module to help identify and investigate discrepancies.
  • Integration with the period-end reconciliation process eliminates the need for manual export and import.
Image Courtesy of NetSuite.Com

Benefits of Automating Account Reconciliation

Automating account reconciliation can help businesses in a number of ways, including:

  • Strengthen internal controls and compliance.
  • Easy to scale.
  • Reducing the dependency on manual intervention, making the process more efficient, and reducing the workload on accountants.
  • Increasing the accuracy of financial data and reporting.
  • Freeing up accounting teams to focus on more value-added work and strategic activities.
  • Reducing the risk of errors and fraud.
  • Speeding up the financial close process.
  • Enhancing the accuracy of financial statements and reporting.

Furthermore, processing bills and paying invoices will be easier than ever. The new release features updates to the Bill Capture, Vendor Invoice Distribution, and AP Automation features. NetSuite users will now also enjoy increased visibility into revenue and cash forecasts using the upgraded Cash 360 dashboard and gain access to the SaaS metrics dashboard.

Overall, NetSuite Account Reconciliation is a powerful solution that can help businesses automate their account reconciliation process and reap a number of benefits.

Other NetSuite 2023.2 Release Notes

—Supply Chain Management Mobile

Weisner highlights the following key challenges facing supply chains today:

  • Lack of collaboration and communication between supply chain partners.
  • Labor shortages and the need for automation.
  • Businesses are shifting away from traditional sourcing strategies.

Furthermore, he discussed how NetSuite’s new supply chain features can help customers address these challenges, such as:

  • WMS enhancements that improve visibility and collaboration.
  • Shift Central enhancements that help businesses optimize their labor force.
  • Manufacturing Mobile enhancements that improve efficiency and accuracy in the manufacturing process.

NetSuite’s supply chain features are particularly well-suited for businesses that are looking to localize their supply chains, develop alternate suppliers, or vertically integrate their supply chains.

We believe Weisner’s point about the importance of redundancy in the supply chain is particularly relevant in the current economic environment. With inflation and other macroeconomic risks on the rise, businesses need to be prepared for disruptions to their supply chains. By having multiple sources for their products and suppliers, businesses can reduce their risk of being unable to meet customer demand.

—WMS Mobile

  • Switch Roles: New features in WMS mobile allow workers to switch between roles with access vs. logging out and back in. and use wave templates to optimize picking.
  • Pick instructions: This new feature allows businesses to assign pick tasks better to the correct people, notify pickers of special instructions for orders, bulk pick task assignments, and wave templates with more features to help drill down into what needs to be picked together and at what time of the day.
  • Save Mobile Configurations: There will now be an option to Save or Save and Update App on the configuration page—flexibility to save multiple page elements and sub-tabs separately.
  • Dynamic IP Addresses for Printers: Safely add up to 100 IP addresses (or a range of) to your mobile printer safe list.
Image Courtesy of NetSuite.Com

—Ship Central

  • Improved rate shopping and international shipping support right inside the Ship Central interface.
  • Shop for the best shipping rate.
  • Create international shipping and return labels.
  • Will ship orders packed from ERP and WMS workflows.

—Smart Count

  • The GS1 barcode support allows businesses to limit data entry and collect all relevant information with a single scan.
  • Low inventory levels or high transaction rates can trigger event-based counts.
  • Settings within the product are becoming more flexible.
  • Tweak counting and account for variances that work best. —i.e., ignore a serial or lot number until a variance is detected.
  • Operators will move faster with these features.

—Work Order Traveler SuiteApp

  • Allows businesses to extend routing records, add work instructions, and print richer travelers.
  • It helps businesses improve the communication and coordination between workers in their production process.

The Work Order Traveler Suite app can help reduce errors, improve communication, and streamline production by providing workers with a comprehensive document that includes all the relevant information for a work order.

—Education Services

Education Services offers various resources to help customers learn and use NetSuite, including on-demand training, advisors, tailored training events, and a certification program.

  • Chris highlights the new MyLearn platform, which makes it easier for customers to find and take the training they need. He also shared the new NetSuite guided learning feature, which is a powerful in-app tool that can help users of all levels get the most out of NetSuite.

Additionally, Chris shared the upcoming Education Services offerings at Sweet World 2023, including:

  • Free workshops on relevant, popular, and valuable NetSuite topics.
  • A learning lab stage with subject matter experts presenting on various topics.
  • Advisors who can help customers with training planning and other needs in education services.
  • A “try Education Services” area where customers can learn more about the Explorer Pass and other free training options.

How the NetSuite 2023.2 Release Impacts Your Business

Use NetSuite’s new features and training resources to your advantage:

  • Businesses can use NetSuite’s new WMS mobile features, pick instructions feature, and improved rate shopping and international shipping support to improve warehouse efficiency and reduce costs. Every step removed from the pick path in the warehouse is time savings that add up over a shift, a day, and a year.
  • Smart Count allows for one data point vs. entering multiple data points separately.
  • Improve production efficiency and quality: Businesses can use NetSuite’s new Work Order Traveler Suite app to improve production efficiency and quality.
  • Increase employee productivity: NetSuite’s new MyLearn platform and guided learning feature can help businesses increase employee productivity by making it easier for employees to learn and use NetSuite.
  • Reduce errors: NetSuite’s new pick instructions feature, improved rate shopping, and international shipping support can help businesses reduce errors.
  • Save money: NetSuite’s improved rate shopping, international shipping support, and GS1 barcode support in its Smart Count can help businesses save money on shipping costs and inventory counts.

NetSuite’s new features and training resources can help businesses be more productive and efficient in all areas of their operations. By taking advantage of these new resources, businesses can improve their bottom line and compete more effectively in today’s challenging economic environment.

Specific examples of how businesses can use NetSuite’s new features and training resources to their advantage:

  • A retail company can use NetSuite’s new WMS mobile features to improve picking accuracy and efficiency during peak holiday seasons.
  • A manufacturing company can use NetSuite’s new Work Order Traveler Suite app to improve the efficiency and visibility of its production processes.
  • A logistics company can use NetSuite’s improved rate shopping and international shipping support to save money on shipping costs for its customers.
  • A wholesaler can use NetSuite’s GS1 barcode support in Smart Count to improve the accuracy and efficiency of its inventory counts.

By taking advantage of NetSuite’s new features and training resources, businesses will improve their productivity and efficiency, reduce costs, and increase profits.

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