Coming in NetSuite 2023.1
While it feels like NetSuite’s 2022.2 Release is just behind us, NetSuite has started to introduce the 2023.1 Release, which is due to hit accounts from March onwards. NetSuite has released its release notes document, including a variety of valuable functionalities, which can provide the functionality to continue to grow and utilise your NetSuite footprint.
NetSuite provides bi-annual upgrades to all its customers as part of its package, allowing you to take full advantage of new features, system enhancements, and mandatory updates. – Make this a wee “tips” box on the blog page?
At 3EN, we have selected our "Top Picks" from the NetSuite Release Notes, which we think will be beneficial to our client base as well as NetSuite users across the globe. But before we start reviewing some of the exciting new features, something to note is that HMAC-SHA1 will no longer be accepted for TBA integrations as of NetSuite 2023.1.
If you’re unsure if you have prepared for this, please reach out to your Account Manager, and we can give you some assistance!
Now onto the Enhancements and New Features…
Subscriptions
Subscription Management: Uplift Percentage at Renewal
SuiteBilling users have a new global Invoicing preference, Define Percentage Uplift for Subscription Lines. When you select this preference, NetSuite automatically applies percentage price increases to a customer's renewal pricing.
On the Renewal tab of the subscription plan, SuiteBilling users can now define the default percentage of renewal uplift. When a new subscription is created, the default value acts as a template for the default renewal settings. When the subscription renewal is created, the price plans are automatically updated.
Subscription Setup: Minimum Amount and Maximum Amount Fields
SuiteBilling users can use the new Minimum Amount and Maximum Amount fields on the Price Plan record to set an overall minimum and maximum per charge period. If the value computed through the tier setup is below your minimum or above your maximum, then these values will be utilized instead. This feature offers flexibility to set an overall minimum and maximum value that will be charged to the customers but allows the tier structures to be calculated separately.
Please Note: Only when Advanced Subscription is enabled, the minimum amount and maximum amount fields are added to the price plan record.
Intelligent Recommendations
The Intelligent Item Recommendations feature uses artificial intelligence algorithms to calculate and display product recommendations to sales representatives and web store shoppers. From 2023.1, this feature can be enabled in all NetSuite accounts that have the Customer Relationship Management or Website features enabled and can now also be used on Opportunity Records (whereas only Sales Orders and Estimates were available in the past).
The two new intelligent recommendation types are:
Buy Again – these are specific to each customer and are based on whether items are bought regularly by the customer. If the customer bought an item only one time, recommendations are based on whether the item is bought regularly by other customers.
Alternative Items – these are specific to an item already selected and show intelligent recommendations of alternatives to the item based on the similarity of the item name, description, and category.
Both Buy Again, and Alternative Item recommendations are available on sales orders, estimates, and opportunity records, as well as SuiteCommerce Websites.
These features will enable your sales team to proactively sell relevant items, and offer alternative items to your client base at each stage of the sales process. It’s another step in the ladder of ensuring you are making the most of the data collated in your system for the benefit of your business!
Inventory Management – Item 360 Dashboard
The Item 360 Dashboard SuiteApp provides a real-time and concise overview of an item’s current status. The SuiteApp lets you view all current transactional data that is impacting the item along with related alerts that help you make informed decisions. It drills down to item transaction details from the following focus pages:
Item Overview Page
Inventory Page
Purchasing Page
Manufacturing Page
Sales Page
Item 360 Dashboard
The Item 360 Dashboard can help your business make informative, quick decisions regarding stock management and control, and sales trends, to ensure you are capitalising on the opportunities of your current market.
SuiteAnalytics
NetSuite has added some additional functionality to SuiteAnalytics, resulting in a more efficient and seamless experience for the user.
Previously, you could not modify filters on the Analytics portlets added to your personalized dashboard. Now, you can filter the data shown in your Analytics portlets and modify filters applied from the Workbook UI. This means that the report you view on your personal dashboard can display results based on your needs.
If you work with workbook visualisations, you can add measure-based filters to Chart and Pivot Table Visualisations, which will remove any columns, rows, bars, or lines that do not meet the selected criteria.
While we have only selected a handful of features, we think would be beneficial, NetSuite 2023.1 comes with a host of enhanced functionality, such as a wide selection of new SuiteApp (Bundles), Improved Global Search functionality, and Advanced Revenue Management Enhancements. We strongly feel that each of our clients should make the most of what is offered to them through the upgrade.
If you have any questions regarding NetSuite Release 2023.1, or any other functionality within NetSuite, we would be more than happy to hear from you and offer our support. Please get in touch with your Account Manager here at 3EN, or if you haven’t yet been introduced to us, contact us at engage@3en.cloud.