You probably don’t have time to read the huge 100-page release notes document. We have curated the top NEW Features that should not go unnoticed, whether you are a user or an administrator.
1 – SuiteAnalytics beta
NetSuite introduces the SuiteAnalytics Workbook beta as a preview for a new analytical tool. This new tool will lead to the enhancement of the searching and reporting capabilities by allowing users to “create highly customizable workbooks that combine queries, pivot tables and charts using a unified metadata layer” (NetSuite 2018.2 Release Notes). This tool has been designed to simplify the process of creating complex workbooks and adds multiple joints features. Big Bang ERP is currently testing it out!
2 – Merchandise Hierarchy and Inventory Statuses
The second major NetSuite release of the year also includes enhancement to commerce merchandising features. The new Merchandising Hierarchy feature consists of a reporting structure under which sales and inventories of products are tracked and managed. “It enables users to analyze sales, purchase, and inventory status data that is rolled up by hierarchy categories”. The Merchandising Hierarchy is especially useful to retailers as they can benefit through better performance visibility, understanding of consumer demand, and more effective merchandise and sales planning. This new feature allows for a better control over stocks and more flexibility of the goods because users are able to create their hierarchy easily. Another important advantage of the merchandise hierarchy is the “enhanced user experience requiring less training and simplified setup and maintenance“.
3 – Engineering Change Orders.
The 2018.2 NetSuite Release takes into consideration all activities, including Supply Chain Management Enhancements. One specific new feature to note within the Supply Chain Management V4.0 is the Engineering Change Order feature. It allows users “to document changes to Bills of Materials” in a specific record with the possibility to add approval workflows by generating engineering change order records.
4 – Enhancement to Period Close Accounting
Some companies need a more tailored solution to record entries in “the general ledger for income statement closing and consolidation journals” which is why the NetSuite 2018.2 release has offered an easier way to automate posting period end journals: The Period End Journal Entries feature. A “Create Period End Journals” task is now included in the Period Close Checklist which will be customizable based on accounting preferences and subsidiary preferences.
5 – Automated In-Transit Payments
You can now set up Automated In-Transit Payments for better cash management. With this feature, you will be able “to track when payments to vendors are in process” and get “real-time information about ledger balances for Cash and Accounts payable”.
6 – Fulfillment Process Optimization
With the new release, “NetSuite WMS now supports the Intercompany Cross-Subsidiary Fulfillment feature for NetSuite OneWorld”. Optimize your process and get more visibility on all orders and returns originating from all your multiple subsidiaries.
7 – Expense Reports Enhancements
You can get more flexibility in expense reports submission with the ability to ‘Save for Later’ for custom approvals. Moreover, the 2018.2 Release will make it possible for users to “view expense report search results showing individual line items without having to disable the Combine Detail Items on Expense Reports Preferences”. All changes that will make the whole expense report experience easier.
More by NetSuite
Check out the video and PDF link below for information from NetSuite themselves… but if you’ve made it this far, you already know the highlights.
Video NetSuite 2018 Release 2 Feature Highlights Overview
NetSuite 2018.2 Release Notes
Want to read more… a lot more? Read the 100+ page release notes from NetSuite.