NetSuite is bringing new and exciting features in its latest release, 2023.1. Set to be released on March 16th, the update will enhance the platform’s capabilities to better the needs of all its users. New features will help improve inventory management, financial management, customer relationship management, and lots more.
If you’re an existing NetSuite user and would like to find out exactly what to expect, stick around. In this article, we explore the 2023.1 release notes and provide our guidance on how to prepare for the update using your preview test account.
New features with NetSuite 2023.1
Here are some interesting items we think will be most valuable in NetSuite’s latest release:
Intelligent Item Recommendations
Using AI algorithms to display product recommendations to sales reps and online shoppers, the Intelligent Item Recommendations feature will soon be available to NetSuite users. NetSuite accounts that have the Customer Relationship Management or Website features enabled will be able to take advantage of this feature come the 2023.1 update.
Intelligent Item Recommendations will enable sales reps to view and choose from item recommendations as they create opportunity records for prospects or customers. The AI algorithms that calculate these recommendations will use data such as:
- what the customer bought in the past
- what other customers with similar transaction history bought in the past
- what other items were bought by customers who bought a specific item
- items in the same account that have similar names, descriptions, and categories
NetSuite AP Automation improvements
AP Automation was launched at SuiteWorld last September – and NetSuite are already adding to its capabilities! The manual entry of vendor bills takes time and is prone to errors. Automating the entire bill capture process through AP automation is the way to go.
With 2023.1, NetSuite AP Automation will allow you to upload vendor bills simply by emailing them into NetSuite, which are then automatically processed to create digitised versions. There will also be the added flexibility of being able to edit subsidiaries, swap lines between items and expense tabs, as well as adjust taxes and shipping cost total amounts.
But there’s more. Finance teams can also take advantage of the following features with NetSuite 2023.1:
- The SuiteBilling feature now includes the ability to automatically apply a percentage increase to a customer's renewal pricing.
- The Rebates and Trade Promotions SuiteApp has been expanded to include the automation of rebate and trade promotion calculations for kits and assembly items, in addition to standard inventory items.
- Those operating with tax-exempt units can now assign nexuses to a subsidiary, classify them as tax-exempt, and skip the assignment of a tax engine, disabling tax calculations on transactions for that nexus.
Warehouse Management updates
The NetSuite Warehouse Management System has been updated to improve efficiency in the picking process. With the 2023.1 update, floor workers will be able to mark partially picked orders as completed and mark a bin as empty, whether due to insufficient quantity, damaged goods, or other issues. This eliminates the need for workers to walk to empty bins, and alerts replenishment workers to restock. Additionally, if bins are unexpectedly empty or damaged, they can be blocked, and an alert will be sent.
Other improvements for warehouse workers and manufacturers include:
- The NetSuite Smart Count feature has been expanded to include the ability to count serialized and lot-numbered items.
- The Costed BOM Report SuiteApp provides a detailed overview of all expenses associated with producing assembly items, including costs for materials, labour, machinery, setup, and overhead.
- The Manufacturing Mobile SuiteApp has been updated to support standalone assemblies without an associated work order.
- The NetSuite Quality Management system enables quality assurance teams to create automated inspection requests for items produced by contract manufacturers.
So, how can you prepare for NetSuite 2023.1?
Alongside the updates mentioned above, NetSuite 2023.1 contains a host of exciting new enhancements, which can be found in the official release notes here. With many planned updates coming to NetSuite on March 16th, we recommend your business takes action to ensure you’re fully prepared.
In order to do so, don’t forget to request your Release Preview test account for hands-on access to the 2023.1 release. This will enable you to see how new features will work with your data, workflows, and customisations.
We recommend that a preview account is used for testing as soon as possible, giving you ample time to fix any teething issues before the update drops. Remember, March 16th is the current release date.
For official guidance on preparing your NetSuite application for testing, be sure to use the instructions shown on the Oracle Help Centre. Alternatively, reach out to our team of experts at Nolan Business Solutions. As accredited NetSuite partners, we’re always happy to help.