Oracle, a Fortune 500 company (Rank 91, 2022), hosts an annual conference called SuiteWorld. This conference is all about NetSuite – Oracle’s ERP (Enterprise Resource Planning) | CRM (Customer relationship management) system. SuiteWorld, hosted in Las Vegas for three days, is the largest yearly gathering of NetSuite developers, vendors, and users.
One learns about new products and gets the inside scoop on the latest trends and innovations. The conference also features keynotes by executives at Oracle NetSuite; including Evan Goldberg, Founder & Executive Vice President, and Gary Wiessinger, Senior Vice President, Product Management.
If you didn’t make it this year or just need a recap, we have summarized the key takeaways and the latest innovations to look forward to below!
SuiteWorld Top 6 Key Takeaways
First, we will highlight the six key takeaways from SuiteWorld 2022.
- NetSuite emphasizes becoming a comprehensive, all-in-one solution for businesses.
- “With an economy in transition, businesses can look to the certainty of data to find new paths to profitability and growth. To help our customers do this, we continue to extend the capabilities of NetSuite.” – Evan Goldberg, Founder, and EVP of Oracle NetSuite.
- “The latest updates span everything from financial management to HR to sales processes. They’re designed to help our customers run their business better and support their growth journeys.” – Evan Goldberg, Founder, and EVP of Oracle NetSuite.
- “Suiteness” is a new term by Wiessinger for the awesomeness synergy of the Suite(vision), specifically NetSuite.
- The Learning Suite Cloud and the importance of training ultimately improve ease of use.
- A SuiteAnswers expansion so that users can access more videos and have more support.
- NetSuite Guided Learning is like having a teammate while learning step by step on the job.
The latest Innovation Introductions
Next, we have listed below a summary of the latest innovations that NetSuite will introduce.
#1 NetSuite AP Automation
AP automation solution increases the accuracy and speed of processing bills and making payments. Embedded financial services can speed up bill capture, approvals, and payments, giving you more time for decision-making and optimization. Combine the power of AI, OCR, enhanced approvals, 3-way-match, vendor onboarding, and powerful dashboarding to save time, money, and frustration
Pay with ACH, check printing service, or the new HSBC virtual credit card to pay vendors that received 1% cash back to reduce overhead costs. Plus, increase AP by 55 days (more flexibility in managing cash flow). This innovation can automate the check printing service, allowing AP or accounting teams more productivity and decreasing processing costs.
#2 NetSuite CPQ
CPQ (configure, price, quote) solution accelerates and simplifies the sales process. It can automate and streamline your sales processes, eliminate bottlenecks, and ultimately increase your profits.
NetSuite’s new CPQ solution helps your sales and customer service staff build and sell complex products via a customized configuration that works for you and the client.
Beyond getting pricing right, CPQ can update other records in the system. This includes correctly configuring BOMs and routings to ensure manufacturing operations run smoothly.
#3 NetSuite SuitePeople Workforce Management
Workforce management solution streamlines scheduling, time tracking, and wage calculations, helping organizations balance labor costs and profitability. SuitePeople Workforce Management provides a single solution that lets you create employee schedules, track hours, and calculate wages.
#4 NetSuite Ship Central
This is a shipping solution that brings added efficiency to warehouse operations. Mobile pack station, is a newer features that compliments outbound shipping to save time and increase fulfillment rates while increasing reliability.
#5 New Automation and Analytics Tools
AI is something that NetSuite is using to enhance the learning of the platform. This allows the platform grows to a specific user’s preference. “For example, with AP automation, reading the PDF bill and entering the data for you, in the appropriate fields, and continuously learning to do it even better.” – Gary Wiessinger, SVP of Product Management.
Excellent Links/References:
https://mobile-magazine.com/articles/oracle-netsuite-announces-its-latest-series-of-updates
SuiteWorld 2022 Sponsors
Avalara – Automated tax compliance
Celigo – Fintech-fashion automated processes
Netgain – Accounting
Others: Deloitte Digital, Boomi, Caravel + Partners BPM, floQast, Merchant e-solutions, Pacejet, RFSmart, SPS commerce, Versapay.
Thank you for reading! We would love to speak with you if you need help solving any of your NetSuite challenges. As experts in and users of NetSuite, we understand the complexities involved in fully integrating and automating NetSuite with your existing business systems. We have built some incredible tools like this one: https://dataongoing.com/nlite/
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