The business world never stops, and new opportunities and challenges arise all the time. That's why Oracle NetSuite is always releasing updates, aiming to keep up with market transformations and, at the same time, bring innovations.
Thus, Oracle NetSuite users always have access to the latest ERP technology, in addition to frequent improvements, such as... recently announced enhancement to Analytics Warehouse.
Traditionally, Oracle NetSuite provides two major annual updates, one in each semester, in addition to ongoing optimizations.
See below what's coming in the Oracle NetSuite 2022.2 update!
Updates Overview
Oracle recently announced that the 2022.2 update for Oracle NetSuite is designed to help business leaders protect their bottom line by improving their organization's efficiency.
To that end, it brings new features and functionalities to help them proactively manage their inventory, automate tasks, minimize human error, and adjust their budgets.
With this, the 2022 version 2 update positions NetSuite to help you develop insights and focus on what is within your control, thus conveying the confidence needed to help you prepare for the future.
What's new in the Oracle NetSuite update?
Among the new features already announced by Oracle, the following are worth highlighting:
Smart Count: New mobile app for inventory optimization.
With the 2022 Release 2 update, Oracle NetSuite introduces the Smart Count mobile application, designed to help retailers perform accurate inventory counts without interrupting operations.
He does this by introducing an automated, real-time counting feature, which allows his employees to initiate a cycle count of portions of his inventory without needing to freeze transactions where the counting is being performed.
This new feature includes an alert system that notifies inventory counters that new events (for example, an online purchase) are occurring for the product being counted.
In addition, the application has administrative rules that guide accountants on what to do in these situations.
There is also intelligence to change the counting frequency of specific products based on predefined criteria (e.g., item value). An example of this is triggering a count whenever a product's stock level falls below a certain reorder point or target.
This helps ensure that new orders for the item are only placed when its stock level is truly low.
Finally, the update also introduces the Item 360 dashboard, which simplifies inventory planning and management.
It consolidates inventory data in NetSuite, displaying information such as relevant KPIs, current transactions, stock levels, inventory counts by location, and alerts in a single dashboard.
This helps you proactively resolve any inventory and supply chain issues that could negatively impact your company's bottom line.
Smart finance and budgeting to increase profits.
The new Rebates and Trade Promotions SuiteApp will help maximize profits and minimize manual accounting tasks.
In short, this SuiteApp automatically and accurately applies discounts and commercial promotions to all valid transactions and centralizes and automates the creation, execution, accumulation, and reconciliation of discount programs for suppliers and customers.
With the new SuiteApp, creating and managing contracts is easy. Your team can easily define and accurately capture terms such as duration, discount method, transaction qualifications, and much more.
Starting with the 2022.2 update, NetSuite will automatically calculate discount values, combining cumulative promotions when applicable, or selecting the best offer for each order, so that customers can be sure they are getting the best price.
Finally, companies can use enhanced financial reporting and analytics capabilities to track estimated or pro forma claims and disbursements, in order to better account for returns and other deductions when issuing final payments.
New CRM dashboards, features, and reports to enhance your customer experience.
The Oracle NetSuite update includes the CRM Add-On, which offers enhanced sales automation, marketing, and customer service management capabilities.
The CRM add-on introduces new features and dashboards for sales representatives, sales managers, and marketing teams, providing these professionals with access to real-time sales and lead data and empowering them to better serve current and potential customers.
Finally, the new Oracle NetSuite update offers greater visibility into lead and sales activities with forecasting and 10 pre-built SuiteAnalytics reports. This allows you to track sales performance metrics and KPIs, such as quote-to-sale conversion, opportunity forecasting, and won versus lost opportunities.
This not only eliminates the time needed to design and prepare reports, but also minimizes the risk of human error.
Conclusion
After two tumultuous years due to the Covid-19 pandemic, the business world is facing new challenges, such as rising inflation, labor shortages, and ongoing supply chain disruptions.
When faced with uncertainty, a leader's priority is to manage the business efficiently, focusing on both robust results and revenue growth.
This means that now is the time to proactively manage inventory to focus on high-margin items, contain labor costs by automating tasks and minimizing human error, and adjust budgets to control spending in the face of rising prices.
The updates provided by Oracle NetSuite 2022 Release 2 can help you with all of these challenges. The system will serve as a functional database to develop insights and focus on what you can control, instill confidence, and prepare for the future.
Remember that Oracle NetSuite is a 100% cloud-based solution, so updates automatically reach all users worldwide!
Did you enjoy learning about these new features?
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