NetSuite has excited users this week after releasing a sneak peek of its business management suite Version 2018 Release 1, also known as NetSuite 18.1.
All of NetSuite’s customers will ‘seamlessly get updates’ for the new release and we’ve digested the data into a nice and easy highlights list to show exactly what you can expect.
What’s new?
Whenever there’s a new release, the first question on everyone’s lips is ‘what’s new?’ NetSuite’s latest software is no different. The latest system will allow users to:
- Use Multi-Subsidiary Customer to provide a clear view of customers across multiple subsidiaries, enabling you to eliminate duplication.
- Gain detailed control and a comprehensive view of the worldwide inventory demand and supply via the Supply Chain Snapshot function.
- Launch new webstores quickly using SuiteCommerce Standard.
- View Global Financials, SuiteCloud Platform and other industry feature highlights for retail, software, services, advertising, manufacturing, media and publishing, general business, wholesale distribution and nonprofit organizations.
One of the main benefits of the software update, according to NetSuite Project Manager for FilterEasy, Charles Boyer,is the enhanced security on offer for administrative and other privileged roles.
“There are some nice things coming,” said Boyer. “The enhancements to CSV imports and enhancements to order management and reporting are being well-received in the C-Suite here. Those are things that will provide a good starting basis for reports that have been requested for some time.”
Feature highlights
With a range of new functions, the release will benefit businesses in different ways. Take a look at our table below to see how the latest update will affect your sector.
| Sector | Feature highlights |
| Manufacturers | ● Gain detailed control and a comprehensive view of the worldwide inventory demand and supply via the Supply Chain Snapshot function. ● Benefit from more flexibility and better usability with customizable Bill of Materials (BOM) components and revisions. ● Streamline your order management by centralizing order entry and simplifying all intercompany transactions. |
| General business | ● Improved flexibility, productivity and improved performance, ensuring compliance with revenue recognition regulations. ● Ability to reduce costs using intelligent transaction matching rules. |
| Software and internet companies | ● The Advanced Revenue Management function includes improved performance, ensuring compliance with revenue recognition regulations. ● Introduce enhanced flexibility in a multi-book environment by activating each subsidiary separately. ● A single, unobstructed view of customers is available using Multi-Subsidiary Customer, eliminating duplication. |
| Service companies | ● Increased control of projects and flexibility with the new Resource Allocation Grid Filters. ● A Project Profitability Reporting which is both flexible and powerful and produces accurate forecasts by including Sales Orders as future revenue. ● Speed-up Charge-Based billing project set-up and reduce errors by including all resource-related data. |
| Retailers | ● The new Fallback solution allows you never to miss a sale if the Point of Sale system is offline. ● Cross Subsidiary Fulfillment processes orders more efficiently in a global environment. ● Launch new webstores quickly using SuiteCommerce Standard. |
| Nonprofit organizations | ● Speed-up Charge-Based billing project set-up and reduce errors by including all resource-related data. ● A flexible and powerful Project Profitability Reporting which includes accurate forecasts by including Sales Orders as future revenue. ● Weekly Timesheets with a modern user interface provides a streamlined and intuitive experience. |
| Global financials | ● Intelligent transaction matching rules help to reduce operational overhead. ● Fulfill additional local regulatory requirements for China, Japan, Malaysia and Thailand. |
| Advertising, media and publishing companies | ● More flexible and control over projects using the new Resource Allocation Grid Filters. ● Increased power and flexibility for Project Profitability Reporting, including more accurate forecasts with Sales Orders as future revenue. ● Faster charge-based billing project set-up to help reduce errors by including all resource-related data. |
| Wholesale distributors | ● The landed cost capability in the Inbound Shipment Management function helps to track inventory valuation accurately. ● Streamline your order management and efficiently process order in a global environment with Cross Subsidiary Fulfillment. ● Increase commitment, efficiency and order fulfillment using the New Inventory Status feature. |
| SuiteCloud platform | ● Major increase in processing power which enables the parallel processing of scheduled scripts with no extra charge for an additional SuiteCloud processor. ● Execution of workflow actions on an item sublist line, without coding, enabled thanks to more sophisticated workflow customization. ● User experience is enhanced, with faster sandbox refreshes and zero downtime. |
We’re looking forward to its release!
