NetSuite 2020.1 Release – Top New Features

NetSuite 2020.1 version was released a few months back. Here are some of the key features of this release. In this article, we have focused on the key features of this major release of Oracle NetSuite in 2020.

Enhanced Banking Connectivity

Now banking data can be automatically updated in your NetSuite account with direct bank connectivity. The smart matching engine continuously matches bank data to transactions in NetSuite. Overall this will reduce the reconciliation time.

Enhancements to SuitePeople HR

NetSuite SuitePeople HR gives you new insights into Employee salary and experience data, allowing managers to make employee change requests with ease. New variable pay options capability enables better compensation management with payment flowing seamlessly to SuitePeople Payroll.

Enhancements to Supply Chain Control Tower

Supply Chain Control Tower now provides smart predictions on transfer order risks and recommended actions that optimize your supply chain.

Streamlined billing for global billing operations / multi-subsidiary customers

Companies with global billing operations and multi-subsidiary customers benefit with streamlined billing from a single customer record and more clear view of customer relationships. They now have better revenue trace-through and an extended audit trail means improved visibility into how changes to subscriptions impact revenue, as well as more clear revenue recognition. This is especially useful for software companies with operations across multiple geographies.

Enhanced visualization for merchandise hierarchy

With enhanced visualization features of the merchandise hierarchy tree it is easier to manage complex or larger hierarchies. Users can also easily manage outsourcing processes with vendors or suppliers for the production of manufactured Items and automate related work order processing and payables. 

SuiteAnalytics Supply Chain Workbook

The new SuiteAnalytics Supply Chain Workbook facilitates a path to efficiently analyze supply chain imbalances.

Manufacturing mobile application

The new manufacturing mobile application increases shop floor productivity and helps to facilitate a paperless shop floor.

New Route Management Functionality

New route management functionality facilitates the setup of routes and the automatic assignment of route & stop information on sales orders.

Improvements in WMS Mobile app

NetSuite’s WMS mobile app now supports GS1 barcoding standards, making warehouse shipping and receiving operations more efficient.

Improvements in Project Profitability & Billing

Project profitability accuracy increases with additional metrics cost and billing forecasts.

Billable time can be controlled in a greater way with new time modification enhancements. You can now automate the project budgeting cost calculation based on the resources assigned. Cost graphs change dynamically as budgets are entered, modified, and differentiated against actual transactions. 

REST Web Services

REST web services facilitate external applications to securely integrate with NetSuite. It includes support for custom records, extended CRUD (Create, Read, Update Delete) operations, Record Collection filtering, and executable Record Level Actions.

SuiteScript 2.1

The latest SuiteScript 2.1 programming language now supports the latest version of ECMAScript standards, allowing developers/Consultants to build powerful applications with low code.

Conclusion

We hope that this article on the NetSuite 2020.1 release helped you understand the key features of this release. Please give us your feedback in the comments below. Connect with our consultants to know more or evaluate the implementation of these features in your NetSuite implementation.