The New-Look Oracle NetSuite: What Has Changed?

Unpack the latest additions and enhancements to Oracle NetSuite

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The New-Look Oracle NetSuite: What Has Changed?
CRMWFONews Analysis

Published: October 5, 2022

Charlie Mitchell

Oracle NetSuite aims to provide “next-level” visibility and control across the entire business.

How? By offering a suite of cloud-based applications, including financial, ERP,  HR, CRM, and eCommerce solutions. Businesses of all shapes and sizes – in many sectors – harness these.

In doing so, NetSuite users can access customer, operational, and accounting data from anywhere, at any time, and on any device.

Yet, the applications available within Oracle Netsuite are continuously evolving. Indeed, the vendor launched several new additions and updates in the last week alone. These included the launch of:

  • NetSuite CPQ (Configure, Price, Quote)
  • NetSuite Ship Central
  • NetSuite AP Automation
  • NetSuite SuitePeople Workforce Management
  • Enhancements to NetSuite Analytics Warehouse

Discover more about each below, including the perspectives of Evan Goldberg, Founder and EVP of Oracle NetSuite.

Introducing NetSuite CPQ

NetSuite CPQ supports sales teams by offering a platform to quickly configure, price, and quote (CPQ) various complex offerings with accuracy.

It does so by following customizable business rules, streamlining sales processes, and eliminating the need to double-check and rework orders.

The solution couples with NetSuite CRM, ERP, and eCommerce solutions to enable dynamic pricing and connect workflows to kickstart the journey from sales to delivery.

Sharing his thoughts, Goldberg said:

NetSuite CPQ will help our customers quickly configure their product offerings and generate accurate proposals so that they can streamline revenue processes and improve overall business outcomes.

Other exciting features of NetSuite CPQ include guided selling tools, a proposal generator, and an eCommerce integration.

The latter will simplify product configurations and allow eCommerce teams to access pricing, products, and quotes from various solutions.

Unveiling NetSuite Ship Central

NetSuite Ship Central allows organizations to optimize warehouse operations, cut manual processes, and speed-up customer deliveries through a mobile application.

To do so, it provides features for picking, packing, and shipping products.

These include the capability to quickly locate deliveries, which warehouse workers can do by scanning orders or viewing shipment lists. They may also combine shipments and work across many carriers.

In doing so, companies can consolidate shipments, tweak shipping routes, and customize workflows to meet customer needs and business demands.

After making this point, Goldberg added:

Ship Central provides intelligence and insights to further optimize the fulfillment process, decreasing cost and increasing customer satisfaction.

With the solution, warehouses may also print and reprint labels, track orders in real-time, and build new shipping workflows to support unique requirements.

Finally, NetSuite Ship Central will become generally available – across the globe – in November 2022.

Getting to Grips with NetSuite AP Automation

NetSuite AP automation embeds banking services into cloud ERP systems, simplifying the bill paying and processing experience.

These services come courtesy of HSBC and enable users to automate the bill capture process, using AI to create a billing record based on previous entries. It then prepopulates fields and presents a side-by-side view of the actual bill, so teams can quickly review and approve.

A matching feature ensures that the bill routes to the best-placed personnel for this approval process, with automated reminders to avoid late payments.

Other features will also help avoid overpayments, duplicate payments, and fraud.

Discussing these benefits, Goldberg stated:

By simplifying and automating the entire bill payment process—from data capture to payment and reconciliation – NetSuite AP Automation helps businesses streamline and improve a key operation, empowering AP teams to operate more efficiently and ultimately reduce costs.

NetSuite AP Automation provides ACH, check, or virtual credit card payment options. For the latter, an intelligent rules engine matches and reconciles charges while flagging discrepancies for review.

Finally, the solution comes with a SuiteBanking Center, which offers complete visibility and transaction control. It also tracks real-time balances for HSBC online accounts.

The Launch of NetSuite SuitePeople Workforce Management

NetSuite SuitePeople Workforce Management streamlines staff scheduling, automates wage calculations, and tracks attendance rates across the business.

Moreover, it bolsters engagement by giving employees the autonomy to manage their shifts from a mobile app. Indeed, users may view their schedules, clock in and out, and request shift changes.

The solution also pairs with cloud-based payroll and financial systems. In doing so, companies can connect shift forecasting, wage calculations, and attendance rates to an additional data source, enabling more innovative scheduling strategies and trend analysis.

Sharing why Oracle chose to enter the WFM space, Goldberg said: “With SuitePeople Workforce Management, organizations can quickly adjust staffing to align with changing business conditions. They can also ensure they accurately pay their employees and meet compliance requirements.

This addition to SuitePeople reinforces our commitment to helping our customers increase employee engagement, which in turn positively impacts the bottom line.

The new NetSuite tool also makes wage calculations and tracks operational KPIs, allowing managers to make data-driven decisions and maximize employee performance.

Discover more about NetSuite SuitePeople Workforce Management by reading our article: Oracle Dives into the Workforce Management Space

New Features for NetSuite Analytics Warehouse

NetSuite Analytics Warehouse is an oven-ready data warehouse and business intelligence solution for Oracle customers, which is now available in the UK and Australia.

To celebrate, Oracle has released a wave of updates to help businesses manage masses of data, accelerate time to insight, and improve business-wide decision-making.

First is a new Custom Attribute Mapping Editor, which simplifies custom data transfers to various departments across the enterprise.

Then, there are 12 new dashboards – with pre-built analytics capabilities – that surface relevant metrics across business functions. These include customer growth and financials.

In addition, Oracle has introduced 15 data snapshots for historical analysis – for teams such as finance, sales, and more – alongside bundles that make exporting content from the solution easier.

Sharing his thoughts, Gary Wiessinger, SVP of Product Management at Oracle NetSuite, stated that the tool enables “customers to combine NetSuite data quickly and easily with external data sources to improve data management and analytics.

By centralizing data on one platform, we can help our customers identify new insights and drive efficiency and productivity across their business operations.

Final additions include enhanced access to third-party data sources – including a new Shopify integration, alongside deeper connections with Google Analytics and Salesforce.

Users may also access more sector-specific content for retail, services, software, and more.

Elsewhere at Oracle…

Despite economic uncertainty and a looming recession, Oracle is growing fast. Indeed, the vendor recorded a 50 percent year-on-year increase in its total cloud revenue last quarter.

Moreover, Oracle estimates its annual cloud revenues will exceed $20BN in 2023.

To achieve such lofty forecasts, it has entered into an exciting partnership with Microsoft to make its Oracle database services available on Azure.

Also, it has not been shy regarding AWS, with the vendor keen to poach AWS clients.

During its latest earnings call, Oracle seemed confident in meeting this aim and pushing its growth further, despite recent layoffs.

 

 

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