In the Zone

NetSuite October Update

We are excited to share the latest innovations and updates from Oracle NetSuite ERP that rolled out in October 2024. As always, these updates are designed to enhance the financial and business management aspects of your business whilst at the same time deliver greater efficiency, intelligence, and automation.  

Some of the highlights of the NetSuite new features and improvements are as follows: 

1. New user interface (UI):  

Codenamed Redwood, the new UI is here! It is a simple common-sense UI which NetSuite has always maintained. The new UI builds on this approach and brings a clean, new and still common-sense screen design and user experience. The new UI purports to make finding the most relevant data much easier.  

2. Enhanced AI-Driven Insights for Financial Forecasting 

NetSuite has further enhanced its AI-powered capabilities for financial forecasting, leveraging predictive analytics to give businesses even more accurate forecasts. The upgraded algorithms now provide deeper insights into cash flow, revenue trends, and cost management that help finance teams make informed strategic decisions. 

Key Highlights: 

• Improved AI-based revenue recognition predictions 

• Advanced forecasting models for better inventory management 

• Predictive analytics regarding cash flow to improve financial stability 

3. Advanced Automation for Procurement and Supply Chain 

In October 2024, NetSuite released powerful updates for its supply chain management features. These enhancements focus on streamlining procurement workflows and increasing automation throughout the supply chain, helping businesses minimize manual intervention and reduce errors. 

Key Highlights: 

• Automated purchase order generation based on real-time inventory data 

• Intelligent supplier selection recommendations 

• Enhanced tracking for supplier performance and shipment status 

4. New User Experience for Financial Close 

NetSuite ERP has revamped its financial close module, providing a new, intuitive user interface that simplifies the closing process. The new interface is designed to reduce the time and effort spent on month-end and quarter-end financial close activities, ensuring accuracy and compliance. 

Key Highlights: 

• Real-time status tracking of closing tasks 

• Automated journal entries with built-in validations 

• Centralised workspace for collaboration among accounting teams 

5. Expanded Integration with Popular eCommerce Platforms 

NetSuite’s seamless integration capabilities have been extended to support more eCommerce platforms. Businesses can now leverage a wider range of connectors, simplifying the flow of data between NetSuite ERP and their preferred online sales channels. 

Key Highlights: 

• New connectors for emerging eCommerce platforms 

• Enhanced support for multi-currency and multi-language transactions 

• Streamlined inventory synchronisation for online and offline sales channels 

• NetSuite Connector for Salesforce 

6. Improved Customisation for Industry-Specific Needs 

NetSuite continues to expand its customization features for industry-specific workflows. In September, the ERP now offers pre-configured templates and tailored dashboards for various industries such as retail, manufacturing, and professional services, reducing the need for heavy custom development. 

Key Highlights: 

• Pre-built dashboards for industry-specific KPIs 

• Enhanced customisation options for workflows and reporting 

• Faster implementation time for industry-specific setups 

7. Strengthened Data Security and Compliance 

As part of the ongoing focus on data security and regulatory compliance, Oracle NetSuite has introduced stronger encryption protocols and compliance tracking tools. These updates ensure that businesses remain compliant with evolving global regulations while protecting sensitive data. 

Key Highlights: 

• Enhanced encryption for financial and customer data 

• Automated regulatory compliance tracking for different regions 

• Multi-layered security controls for increased protection 

8. Enhanced Mobile Experience 

The mobile experience for NetSuite users has been upgraded, making it easier to manage key business operations on the go. This update provides a more responsive design, improved navigation, and new mobile-specific functionality for key modules. 

Key Highlights: 

• Optimise mobile dashboards for financial reporting 

• Real-time updates on inventory and order statuses via mobile 

• Streamlined approval workflows for expense reports and purchase orders 

9. Ask Oracle:  

This new button will make natural language requests possible and give you meaningful insights without technical expertise. Using this AI-driven feature will allow you to type something like “all orders over $5000 in NY with an open status” to immediately see results. No need to create a saved search! Other examples included asking if there was enough inventory to launch an upcoming marketing campaign, and another asking for insights as to what may have contributed to a recent spike in sales. 

Custom NetSuite Dashboards  

Introducing Steve Hart from Heart IT. Heart IT specialises in making the complex simple.  As a manager, It is all about having access to the right information on a regular basis - preferably daily.  It is this information that allows managers to steer the business appropriately. 

Steve's business (Hart IT) can provide analytics for any function (Finance, Sales, Manufacturing, Logistics) – he can also provide integration to multiple data sources at once ( whether the data lives in the cloud, spreadsheets or on-premises server.  Over 100s of pre-built connectors and REST API are available to ensure that you are covered.  

Should you want more information please feel free to browse his website or contact Steve directly: https://hartit.io/dashboards