Exploring the Latest Features and Enhancements in NetSuite 2024 Release 2
The NetSuite 2024 Release 2 update brings a host of new features and improvements designed to enhance the user experience across various functionalities. This update boasts a ton of great new enhancements, updates to customer accounts will roll out between August 16 – October 26. Let’s break down some of the key updates and improvements in this latest release.
Accounting Enhancements
NetSuite’s 2024 release introduces significant advancements in financial management. Enhanced financial reporting capabilities now offer more granular insights and customizable options, enabling businesses to tailor reports to their specific needs. The introduction of AI-driven predictive analytics helps identify trends and anomalies, providing proactive financial insights that drive better decision-making.
Advanced Revenue Management in Configuration Mode: This new mode allows you to configure Advanced Revenue Management (ARM) without affecting your current revenue recognition process.
ARM and Prepay with Drawdown Integration: This feature integrates ARM with the new Prepay with Drawdown feature, allowing for accurate revenue recognition for both prepay and usage elements.
Account Setup and Maintenance
New CRM Limited Access User Role: This role provides access for Sales, CPQ, Marketing, and Support activities while restricting non-included functionalities.
New Read-Only User Role: This role grants limited access for viewing or approving reports, suitable for managers needing oversight without performing advanced tasks.
Commerce Updates
As eCommerce continues to grow, NetSuite 2024.2 offers new tools to help businesses scale their online operations. Enhanced site management features, better integration with payment gateways, and advanced analytics provide a seamless and scalable eCommerce experience. These improvements enable businesses to offer a superior customer experience while managing growth effectively.
SSL Support for Promotional URL Domains: Ensures secure domains for promotional URLs, adhering to industry standards.
SuiteCommerce InStore Enhancements: Background processing enhancements and fixes with phased release notifications.
Customer Relationship Management (CRM)
Customer relationship management (CRM) receives a boost with integrated AI capabilities. These enhancements allow for more personalized customer interactions and better lead management. Additionally, new customer experience tools provide deeper insights into customer behavior and preferences, helping businesses tailor their offerings and improve customer retention.
Restrict Access to External Case Response Page: Enhances security by enabling or disabling access to external case response pages.
NetSuite Customer 360 Page: This page offers a comprehensive 360-degree view of customer information, providing actionable insights and tracking customer interactions and financial data.
Employee Management Enhancements
NetSuite’s workforce management tools get a significant upgrade, focusing on employee engagement and productivity. The new release introduces advanced scheduling features, better time tracking, and enhanced HR analytics. These tools help businesses optimize workforce deployment, improve employee satisfaction, and reduce administrative burdens.
Post Consolidated Payroll Batch Totals to the General Ledger: Streamlines payroll management.
SuitePeople Workforce Management Enhancements: Various improvements to workforce management capabilities.
Inventory Management
Inventory management sees a major overhaul with this release. New features include more robust inventory tracking, real-time visibility into stock levels, and improved forecasting tools. These enhancements ensure that businesses can maintain optimal inventory levels, reduce carrying costs, and improve customer satisfaction through timely order fulfillment.
Warehouse Management and Supply Planning Enhancements: Significant updates to streamline inventory and supply chain management.
Quality Management and Smart Count Enhancements: Ensures higher accuracy and efficiency in inventory control and quality management processes.
Manufacturing Enhancements
The NetSuite 2024.2 update introduces significant improvements in the manufacturing sector. These updates are designed to streamline manufacturing workflows, improve accuracy, and provide better financial control.
Restrict Copying Bills of Materials to an Assembly: Prevents errors and ensures consistency in manufacturing processes.
Cost Variance Analysis SuiteApp: Now available to help analyze and manage cost variances effectively.
Order Management
Order Management module enhancements in 2024.2 are geared towards optimizing order processing, reducing errors, and providing a more seamless experience for managing orders and payments. Delivering advancements to improve the efficiency and accuracy of managing customer orders.
Subscription Management Enhancements: Improvements in subscription rating, pricing detail, and the introduction of new metrics.
Electronic Bank Payments Enhancements: Improved payment processes, particularly for Brazil.
SuiteAnalytics
SuiteAnalytics gets a bit of a face lift with enhancements of analytical capabilities for users. These updates are designed to ensure users can continue leveraging powerful data insights while adapting to the evolving data management landscape. With these enhancements, SuiteAnalytics aims to provide more robust and flexible analytics solutions, empowering businesses to make data-driven decisions with greater precision and efficiency.
Upcoming Removal of the NetSuite.com Data Source: Users are advised to prepare for this change by exploring alternative data sources.
SuiteCloud SDK and SuiteScript
Equipping developers with advanced tools to streamline their development processes, this update includes new releases for various SuiteCloud tools, such as extensions for Visual Studio Code and WebStorm. These releases enhance the development environment’s flexibility and functionality. Additionally, new SuiteScript modules like N/pgp and N/scriptTypes/restlet are introduced, providing expanded scripting capabilities. With the planned removal of the Ext JS Library in 2025.1, developers are encouraged to adapt to these new tools and modules to ensure seamless transitions and continued innovation in their NetSuite customizations.
SuiteCloud Tools Updates: Upcoming releases of various SuiteCloud tools, including extensions for Visual Studio Code and WebStorm.
New SuiteScript Modules: Introduction of N/pgp and N/scriptTypes/restlet modules, and removal of the Ext JS Library in 2025.1.
Taxation Updates
The NetSuite 2024.2 release delivers important enhancements to the taxation module, focusing on improving compliance and localization for global users. Key updates include significant improvements to SuiteTax. These changes are designed to streamline tax processes, ensuring accurate and efficient tax calculations and reporting. By integrating these updates, NetSuite aims to support businesses in navigating the complexities of international tax regulations with greater ease and confidence.
SuiteTax and Legacy Tax Enhancements: Various localization enhancements, particularly for Brazil and Spain.
User Interface Enhancements
The latest release also focuses on improving the overall user experience. A redesigned interface, faster navigation, and more intuitive workflows make it easier for users to perform their tasks efficiently. These enhancements reduce the learning curve and increase user satisfaction.
New Redwood Experience Theme: Enhances the overall look and feel of the NetSuite interface.
Text Enhance: Expanded AI capabilities to assist with writing tasks across nearly 200 fields in NetSuite.
Vendor, Purchasing, and Receiving
Aimed at optimizing procurement workflows and vendor management, we see improvements to the Bill Capture feature, which streamlines the entry and management of vendor bills, and updates to SuiteProcurement, enhancing the overall efficiency and accuracy of purchasing processes. These updates are designed to simplify procurement tasks, reduce errors, and improve the accuracy and reliability of vendor interactions. By leveraging these enhancements, businesses can expect a more seamless and efficient management of their procurement and vendor operations.
Bill Capture and SuiteProcurement Enhancements: Improvements to streamline procurement and vendor management processes.
NetSuite 2024 Release 2 introduces significant enhancements and new features aimed at improving efficiency, security, and user experience across multiple functionalities. Whether you’re managing accounts, inventory, or customer relationships, this update offers valuable tools and improvements to help optimize your operations. Make sure to explore these new features to fully leverage the capabilities of NetSuite 2024.2.
Remember to always refer to the NetSuite website for more information regarding the specific features and details of the 2024.2 release. For more details, check out the NetSuite 2024.2 Release notes.
Log in to your dashboard and check out the new release portlet to learn more about your upgrade date, see sneak peeks, and more regarding the new NetSuite release. Contact us with questions.