September 2020 NetSuite Product Updates

NetSuite is constantly updating and making improvements to its suite of products. Below is a listing of the September 2020 NetSuite Product Updates which range from the new Performance Management add-on to a new SKU for development accounts.

New SuiteSuccess SuitePeople Performance Management

NetSuite has released a new Performance Management add-on that extends the capabilities of SuitePeople. Performance Management helps employers better track employee goals and administer performance reviews.

Goal management allows employee ownership of goals and collaboration with managers on setting goals. Once managers approve goals, employees can update their goals to show the progress towards meeting those goals. Goal management is also integrated with other NetSuite applications such as CRM and PSA in real time. For example, if one of an employee’s goals is to win 10 new customers, the performance metric will display in real time the data from CRM to show how many customers the employee has won since the start of the goal.

The new performance review functionality allows you to define performance review questions and rating scales and then create performance review templates. Once these have been created, performance reviews can be assigned to individual employees with a designated reviewer. The performance review functionality is also fully integrated with the goal management functionality to show how employees have performed against their goals. Once reviews have been completed the data can be searched and reported on.

New SuiteSuccess Planning and Budgeting Standard Edition

NetSuite Planning and Budgeting enables organizations of all sizes to develop budgets, financial planning, reporting, and ad hoc data analysis. Previously, there were two editions offered – Starter and Premium Editions. Effective September 15, 2020, the Starter Edition is discontinued and a new Standard Edition has been created which includes more functionality than the Starter Edition. The Standard Edition provides a dedicated budgeting solution with added capabilities for revenue and expense projections.

New SuiteSuccess AFA, Food & Beverage, and Health & Beauty Standard Editions

SuiteSuccess editions are designed to include everything that a standard company would need in specific industries. In reviewing the SuiteSuccess offerings, NetSuite discovered that there were some modules in the Apparel, Footwear & Accessories, Food & Beverage, and Health & Beauty SuiteSuccess editions that were not being used by customers. In response to that, NetSuite removed those modules and repackaged the standard editions to make them more affordable to customers. These changes are effective September 15, 2020.

New Sandbox and Development Account License SKUs

A sandbox account contains a replica of your live NetSuite production account including configurations, customizations, and data and is used for testing purposes. A development account has the same features and SuiteApps as your company’s production account but does not include your company data. Development accounts provide more flexibility in developing customizations without affecting the day-to-day use of sandbox accounts for user testing or training. Development accounts will no longer be included with a sandbox license. Development accounts will still be available but must be purchased as a standalone license. This change is effective September 8, 2020.

Questions about NetSuite Product Updates?

If you have any questions about the changes and enhancements listed above, our team of certified NetSuite experts can help. Contact a Rand Group representative to answer your questions today.

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