Oracle NetSuite continues deploying significant upgrades to critical modules and supporting international growth through further localization capabilities. Out of the hundreds of new features and enhancements, we selected four we think you should know about. Additionally, if you want to learn more about the new features, you can check NetSuite’s New Release 2023.1 Sneak Peaks.
If you are already a NetSuite customer, since the NetSuite upgrades are on a rolling basis, starting in January 2023 through April 2023, you may or may not have been upgraded yet. Log in to your dashboard and check out the new release portal to learn more about your upgrade date, see sneak peeks, and more regarding the new NetSuite release.
NetSuite Release 2023.1 Highlights
Our Big Bang Expert selected the following improvements:
- Intelligent Item Recommendations
- AP Automation
- Nexus-Level Tax Exemption
- SuiteBilling: Subscription Management
1- Intelligent Item Recommendations
In order to provide product recommendations that your consumers are likely to be interested in and purchase, Intelligent Item Recommendations uses machine learning to understand your customers better and provide scalable insights. These tailored suggestions are based on data from several sources, such as client behavior, complimentary item pairings, transaction correlations, and purchase history. This can increase sales, improve customer loyalty, enhance customer experience, allow for better inventory management by promoting high-margin products, reduce overstocking, and save a ton of time.
New Intelligent Processes
Two new recommendation algorithms are also included in this edition for usage with NetSuite CRM or SuiteCommerce. When the specified quantity of an original item is not in stock, the “Alternative Items” algorithm suggests comparable goods to add to the order. On the other hand, the “Purchase Again” algorithm examines the customer’s purchase history. Items that frequently get repurchased but aren’t yet in the item list on the opportunity, estimate, or order can be suggested via intelligent recommendations.
2- AP Automation
Reduced Manual Work
Manually inputting vendor bills as part of the accounts payable (AP) procedure is not efficient. It takes a lot of time, is definitely error-prone, and can lead to risks of fraud and expenses: it is a liability. This is why the bill capture process is now automated. With version 2023.1, AP automation has been significantly enhanced by allowing businesses to upload vendor bills simply by emailing them to NetSuite. From now on, a journal entry is automatically generated in NetSuite when a payment is made to a vendor, without the need to manually enter anything. AP automation improves accuracy by reducing the risk of errors in data entry, increases efficiency by speeding up the process, allows better cash flow management by allowing businesses to gain real-time visibility into AP processes, and improves supplier relationships by paying suppliers on time.
3- Nexus-level Tax Exemption (Option to Deactivate Tax)
This new update offers the option to deactivate tax computation for businesses and subsidiaries that are tax-exempt in situations where they are not obligated to compute and report taxes. Alternatively, bypassing assigning a tax engine to a subsidiary and allocating nexuses effectively disables tax computations on transactions for that nexus, making it much easier for companies to register both tax-registered and tax-exempt entities. It ensures compliance since tax laws are complex and constantly changing, reduces the chance of errors of manual work, improves efficiency with increased controls, and provides better visibility to identify areas for improvement and help make informed decisions about your tax strategy.
4- SuiteBilling: Subscription Management
Subscription and Renewal Operations Automated
Businesses with subscription pricing choices must automate their renewal and new subscription procedures to reduce administrative strain and human errors. SuiteBilling is a billing and revenue solution offered by NetSuite that enables businesses to streamline their billing processes and manage their revenue recognition and financial reporting. That being said, SuiteBilling users can automatically add a percentage increase to a customer’s renewal fee with the uplift at renewal functionality in NetSuite 2023.1.
At the time of subscription creation or renewal, percentage increases can be selected and either default to the percentage uplift from the subscription plan or be predetermined at the line-item level. This is especially useful if you want to stay up with inflation and make sure that subscription is available to your business with minimal effort. It allows better scalability and integration with other NetSuite modules, as it seamlessly integrates with other NetSuite models, such as CRM (Customer Relationship Management), ERP (Enterprise Resource Planning), and eCommerce, providing a complete end-to-end solution for businesses.
Other Notable Features
Please note the following features have been excluded for brevity. The full detailed release notes are available here: NetSuite 2023.1 Release Notes
- ACH payment method for the Checkout Flow
- SCM – Planning and Allocations
- Japan Localization, Japan Fixed Assets Reports
- SCM Mobile Enhancements
- WMS Enhancements
- Fixed Assets Management Enhancements
- ERP SuiteProjects -Status and # Complete Enhancements
- Period Close Checklist for Advanced Revenue Management (ARM)
- Ship Central
- Manufacturing Mobile
- Quality Management
If you need any help testing and validating your current processes, including customizations, scripts, workflows, and integrations for NetSuite 2023.1 or any future releases, please get in touch with a Big Bang NetSuite consultant.
How to Update to NetSuite 2023.1
The NetSuite 2023.1 release adds promising new features that continue to improve in critical areas for NetSuite users. If you would like to read all the new releases coming to NetSuite, please download the NetSuite 2023.1 Release Notes. With so many new features, you may be questioning where to start, what you can do to prepare, how you should test the latest release, and more to ensure that your organization and systems are ready for the upgrade. Should you need help, contact us.