Navigating the NetSuite 2024.1 release

Oracle NetSuite releases new features and functionality automatically to NetSuite twice a year. This latest release, 2024.1, is tailored to streamline operations, empower businesses, and foster growth by integrating cutting-edge technologies seamlessly within the NetSuite ecosystem. From AI-driven insights to robust payment processing solutions, NetSuite 2024.1 is poised to revolutionize the way organizations operate and thrive in today’s dynamic landscape. Our team of software engineers and industry experts compiled a list of updates and enhancements we believe will be most valuable to companies currently using NetSuite.

To learn about previous releases, you can read our NetSuite 2023.2 and NetSuite 2023.1 blogs.

NetSuite 2024.1 brings forth a suite of AI enhancements aimed at streamlining processes and empowering businesses to achieve more with less manual effort. This latest release integrates three powerful AI tools within NetSuite, catering to various aspects of business operations. Below are the AI advancements included in this release:

• NetSuite Text Enhance: NetSuite Text Enhance introduces generative AI capabilities into various tasks across the suite, facilitating the creation of personalized, contextually relevant content using pertinent NetSuite data. In this release, Text Enhance significantly enhances the efficiency of customer service, HR, and marketing teams by generating product descriptions, crafting job requisitions, drafting employee goals, and refining existing content.
• NetSuite Bill Capture enhancements: The 2024.1 release enhances NetSuite Bill Capture’s capabilities to capture additional invoice data efficiently. AI-based document detection and optical character recognition enable the system to automate the invoice capture process, minimizing errors and manual data entry. Enhancements include the addition of fields to the Review Bill page. Improved user experience is also delivered with added filtering options by vendor, upload source, and email source on the Scanned Vendor Bills page.
• Intelligent Performance Management feature: The Intelligent Performance Management feature within NetSuite Planning and Budgeting revolutionizes financial analysis by employing predictive algorithms powered by machine learning. This feature empowers finance teams to continuously monitor and analyze plans, forecasts, and variances, enabling faster action based on insights derived from forecast variance, bias, predictions, and anomalies.

NetSuite Pay emerges as a powerful SuiteApp within the NetSuite 2024.1 release, revolutionizing payment processing for businesses. Tailored specifically for NetSuite users, NetSuite Pay offers a comprehensive payment processing solution, enabling seamless acceptance of credit card payments online, over the phone, at the point of sale, or through various digital payment methods—all while ensuring PCI-compliant data security. With the NetSuite Pay SuiteApp, businesses can enjoy simplified payment processing and enhanced efficiency within their NetSuite ecosystem.

NetSuite Pay streamlines payment processing through transparent pricing and a user-friendly application and onboarding process. Clients can seamlessly navigate through application and onboarding procedures embedded within NetSuite. This integration ensures flexibility in accepting credit card and ACH payments across eCommerce, point of sales, and accounts receivable channels directly within NetSuite. Moreover, NetSuite Pay expedites collection times by automating click-to-pay invoices integrated into native workflows, eliminating the need for tedious reconciliation processes. Robust security measures are in place to safeguard payment processing, ensuring the safe handling and protection of sensitive credit card data through tokenization compliant with PCI DSS standards.

Below are the key features and benefits of the solution:

• Online payments– Simplifies the process of receiving your money and helps reduce the number of manual processes.
• Payment methods management– Lets you choose the methods of payment you accept including types of credit cards and ACH.
• Improved processing time– Payments are processed automatically with little to no need for human interaction.
• Payments by email– Use Payment Link to enable your customers to remit payment by clicking the payment link in an email.
• Enhanced integration– NetSuite Pay integrates with the Customer Center, SuiteCommerce MyAccount, SuiteCommerce Advanced MyAccount, and SuiteCommerce Advanced Webstore.

NetSuite Ship Central is a robust SuiteApp designed to streamline order fulfillment processing, allowing users to manage shipping operations efficiently from their location using a tablet or kiosk device. With support for multilevel packing, users can pack items into cartons and transfer them onto pallets, enhancing the efficiency of shipping processes. NetSuite 2024.1 introduces several enhancements to Ship Central, further empowering users to optimize their shipping operations. Below are a few of the enhancements included in this release:

• Adding insurance to shipments: Users can now include carrier insurance for shipments through the new Add Shipping Insurance system rule.
• Adding delivery confirmation through the app: The new Set delivery confirmation of shipments system rule enables users to select a delivery confirmation type for each shipment.
• Viewing package codes for packaging selection: Users can now view the list of package codes from the carrier and change packaging for single-package shipments on the app. The estimated shipping cost reflects any rate adjustments based on the chosen package code.
• Shop for rates on the NetSuite UI: On the NetSuite UI, users can choose different shipping rates or methods from the list obtained through their NetSuite ShipEngine account, providing flexibility in selecting the most suitable shipping options.
• Shipping preferences per subsidiary: Users with multiple subsidiaries can now create and assign shipping preference records for each subsidiary, enabling customization of shipping preferences based on unique subsidiary requirements.
• Support for FedEx Ground Collect with third-party billing: The Shipping Preference page now includes the option to enable third-party billing for FedEx Ground shipments, displaying relevant tags for estimated shipping costs and shipping labels.

NetSuite’s new release, 2024.1, introduces enhanced capabilities aimed at optimizing financial tasks for finance professionals, including planning, budgeting, account reconciliation, financial close, and reporting. This release consolidates enterprise-grade applications from Oracle under NetSuite’s new Enterprise Performance Management (EPM) offering. NetSuite EPM integrates planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes across the organization, enhancing business visibility, decision-making, and finance team efficiency.

• Plan better with AI-driven analysis: NetSuite EPM combines solutions like NetSuite Planning and Budgeting with Intelligent Performance Management (IPM), leveraging predictive algorithms to offer deeper insights into trends and correlations, alongside detailed profit analysis.
• Streamline the financial close: NetSuite EPM includes solutions like NetSuite Account Reconciliation, automating various account reconciliations, and NetSuite Close Management and Consolidation, ensuring compliance with regulatory requirements through automated data processing.
• Contextualize reporting with automation: Solutions like NetSuite Corporate Tax Reporting automate tax reporting processes, while NetSuite Narrative Reporting adds context to financial data with narrative writing alongside financial statements, facilitating collaboration for streamlined reporting processes.

In addition to the features listed above, NetSuite 2024.1 brings a series of important enhancements across various functionalities, aimed at improving efficiency and user experiences. Below are just a few other enhancements included in this release:

• Favorites feature in Sales Orders: Users can now mark up to five favorite items in customer and item drop-downs, streamlining data entry during sales order creation. This feature, specific to account and role, enhances efficiency by allowing frequent items to be readily accessible.
• Manufacturing Mobile App enhancements: The manufacturing mobile app received various enhancements to include features such as UPC code scanning, backflushing components at the BOM level, capturing time-related information, and viewing work instructions.
• Field Service Management: Recently released, Field Service Management simplifies scheduling, dispatch, inventory management, and real-time data visibility for field service operations. Features such as work order creation, technician dispatch, and mobile app functionality streamline operations, boosting productivity and first-time fix rates.
• Improved Capabilities in NetSuite Analytics Warehouse: With single sign-on access, faster data refresh rates, and a new financial analysis subject area, NetSuite Analytics Warehouse offers enhanced speed, security, and insight into financial data, facilitating better decision-making.
• Expanded transaction line distribution support: In addition to vendor bills and credits, the Transaction Line Distribution SuiteApp now supports expense distribution from purchase orders, expense reports, credit card transactions, and checks across various business segments.

Excited to leverage the powerful enhancements in NetSuite 2024.1 for your business? Whether you’re ready to dive in and start using these new features or want to explore further, Rand Group is here to help. As a trusted NetSuite Partner with a track record of successful implementations and ongoing support, we’re dedicated to helping businesses thrive with NetSuite. Reach out to one of our NetSuite experts today to discover how you can leverage the latest innovations in NetSuite 2024.1 for your organization’s success.