Sneak Peek: Key Features and Highlights of NetSuite 2024.2

Background

The latest NetSuite release, 2024.2, is here, and your NetSuite environment has likely been upgraded during September. In this article, we provide a sneak peek into the most interesting features introduced in this release, highlighting enhancements that can help you optimize your business processes.

Finance &  Accounting

The new release brings significant enhancements in financial management and compliance:

• Advanced Revenue Management in Configuration Mode: Safely configure revenue management settings without disrupting ongoing processes.
• Transaction Line Distribution Enhancements: Improved flexibility for detailed financial reporting.
• Tax Liability Payment Transactions (SuiteTax): Simplified tax payments with new transaction types, enhancing compliance and accuracy.

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Inventory Management

Efficient inventory tracking and planning take center stage in this release:

• Mismatch Resolution: Quickly identify and resolve inventory discrepancies with improved tools.
• Extended Demand and Procurement Planning: Plan up to 10 years for procurement and 3 years for demand, ensuring long-term accuracy.

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Manufacturing

Manufacturing operations receive thoughtful upgrades aimed at reducing errors and enhancing cost visibility:

• Restrict Copying BOMs to Assemblies: Prevent errors by restricting the automatic copying of Bills of Materials.
• Cost Variance Analysis SuiteApp: Analyze and manage production cost discrepancies more effectively.

Order Management

Subscription management and billing features have been significantly improved:

• Prepaid Usage with Monthly Consumption: Flexible subscription billing options enhance predictability for customers.
• Saved Search Enhancements: Greater capabilities for SuiteBilling records, making reporting more comprehensive.
• Subscription Total Contract Value Metrics: Detailed metrics provide insights into subscription revenue and growth.
• Fulfillable Items with SuiteBilling: Streamlined integration of product fulfillment and billing.

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CRM

Enhancements in CRM tools make customer management more efficient and secure:

• New Limited Access User Role: Grant tailored access for focused roles, improving efficiency and data security.
• Read-Only User Role: Provide view-only access to ensure data integrity while enabling informed decision-making.
• Customer 360 Page: A consolidated view of financial and transaction data simplifies customer interactions and insights.

SuiteAnalytics

Enhanced analytics tools make reporting more flexible and accessible:

• Export Pivot Tables to Excel: Easily export data for further analysis in familiar formats.

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User Interface

A modernized user interface ensures smoother navigation and usability:

• Redwood Experience Theme: A sleek and visually appealing interface refresh.
• Collapsible Sections: Maximize screen space and improve navigation efficiency.

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SuiteScript

Key updates to technical features ensure smoother integrations and enhanced capabilities:

• External Suitelet URLs: Updated URL formatting to prevent broken links.
• N/Random Script Module: Simplifies random number generation for developers.

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Did you know that?

Here are some additional insights about NetSuite’s release process:

• Release Timeline: NetSuite releases occur in four phases, typically from mid-July to mid-October for the .2 release.
• Release Preview Access: You can request early access to the Release Preview environment via Setup > Company > Release Preview, allowing you to test new features before the upgrade.

Ready to make the most of the new features?

Novutech's New Release Accelerator Pack helps your business be fully prepared for NetSuite 2024.2, enabling you to leverage the latest updates for increased efficiency and growth. Contact us today to schedule a quick call and learn more.

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