Navigating NetSuite Upgrades and Updates with Expert Consulting Support

June 6, 2024
Keyboard with 'update' button, representing NetSuite upgrades and updates with professional consulting assistance.

If you're a NetSuite user, you're probably aware that NetSuite delivers two product releases a year via automatic updates to all users, bringing new capabilities and enhancements to the platform. 

Each upgrade and update is designed to improve the user experience, increase efficiency, and provide new features that help businesses to grow. 

NetSuite upgrades and updates are essential to ensure your business stays up-to-date with the latest features and functionality.

In 2022, NetSuite released several upgrades and updates that provided new capabilities and enhancements to the platform. These updates included improvements to the user interface, new functionality for financial management, and enhancements to SuiteAnalytics. 

NetSuite users can expect similar updates and upgrades in the future as the platform continues to evolve and improve.

Whether you're a new or long-time NetSuite user, staying up-to-date with the latest upgrades and updates is critical to ensure you take full advantage of the platform's capabilities

By regularly checking for new features and functionality, you can streamline your business processes, improve efficiency, and stay ahead of the competition.

Understanding NetSuite Upgrades

If you are a NetSuite user, you will be familiar with the regular upgrades and updates that NetSuite releases. These upgrades are essential to ensure your NetSuite system is up-to-date with the latest features, bug fixes, and security patches. 

In this section, we will provide an overview of the NetSuite upgrade process and the various resources available to help you prepare for an upgrade.

By following the upgrade process and utilizing the available resources, you can ensure that the upgrade does not impact your business processes and that you are taking full advantage of the latest NetSuite features and functionality.

1. Upgrade Process Overview

NetSuite upgrades are typically released twice a year and automatically applied to your account. The upgrade process involves several stages, including a release preview, release notes, and customer-scheduled maintenance.

2. Release Notes and Documentation

Before each upgrade, NetSuite releases detailed notes and documentation outlining the new features, bug fixes, and security patches included in the upgrade. These release notes are essential for understanding the changes in the upgrade and how they may impact your business processes.

3. NetSuite Release Preview

NetSuite also provides a release preview period, during which you can test the new features and functionality before the upgrade is applied to your account. 

During the release preview period, you can access a preview account that allows you to test the new features and functionality in a sandbox environment. This preview period is a valuable resource for ensuring that the upgrade will not impact your business processes.

4. Customer-Scheduled Maintenance

If your account has already been moved to a NetSuite data center built on Oracle Cloud Infrastructure (OCI), scheduling and rescheduling your NetSuite upgrade will be done using Customer-Scheduled Maintenance. 

This feature allows you to schedule your upgrade at a convenient time for your business and ensures that you have adequate time to prepare for it.

Exploring NetSuite Updates

If you are a NetSuite user, you know how important it is to stay up-to-date with the latest features and enhancements. NetSuite delivers two product releases a year via automatic updates to all users. Each release brings new capabilities and enhancements to NetSuite.

Latest Features and Enhancements

The latest NetSuite release, 2024.1, includes a range of new features and enhancements, such as the ability to filter information by vendor, email source, and upload source in the Scanned Vendor Bills Page. 

Additionally, the update boosts the flexibility of the Review Bill Page fields by including custom segments, PO number, memo, posting period, and discount date.

Update Frequency and Schedule

NetSuite releases updates twice a year, and the update process is fast and easy. Even if you have customizations or added integrations, the updates are automatically applied to all users. 

NetSuite also provides a Customer-Scheduled Maintenance feature for users whose accounts have already been moved to a NetSuite data center built on Oracle Cloud Infrastructure (OCI).

Sandbox Account Updates

If you have a Sandbox account, you can test the new features and enhancements before rolling them out to your production account. This lets you ensure your customizations and integrations are compatible with the latest release.

New Release Impact on Customization

It is important to note that new releases may impact your customization. Before updating to a new release, you should review the release notes section of the Help Center Weekly Updates for a list of the changes made in this build of the release notes. 

You should also test your customizations in a Sandbox account to ensure they are compatible with the new release.

NetSuite for Various Business Operations

NetSuite is a comprehensive cloud-based solution that offers a range of tools to help businesses streamline their operations, including finance and accounting, inventory and warehouse management, customer relationship management, e-commerce, and order management. 

1. Finance and Accounting

NetSuite's finance and accounting features are designed to help businesses manage their financial data more efficiently. 

With NetSuite, you can automate financial processes, such as accounts payable and receivable, general ledger, and financial reporting. You can also set up custom workflows to match your business processes, ensuring that all financial transactions are properly recorded and tracked.

NetSuite's finance and accounting tools also provide real-time visibility into your financial data, allowing you to make informed decisions based on accurate and up-to-date information. 

With customizable dashboards and reports, you can easily monitor key financial metrics, such as revenue, expenses, and cash flow.

2. Inventory and Warehouse Management

NetSuite's inventory and warehouse management features are designed to help businesses optimize their supply chain operations. 

With NetSuite, you can track inventory levels in real time, manage multiple locations, and set up automatic reorder points to ensure you never run out of stock. You can also set up custom workflows to match your business processes, ensuring that all inventory transactions are properly recorded and tracked.

NetSuite's inventory and warehouse management tools also provide real-time visibility into your inventory data, allowing you to make informed decisions based on accurate and up-to-date information. 

Customizable dashboards and reports let you easily monitor key inventory metrics, such as stock levels, turnover, and lead times.

3. Customer Relationship Management

NetSuite's customer relationship management features are designed to help businesses build stronger customer relationships. 

With NetSuite, you can manage all your customer interactions in one place, including sales, marketing, and customer service. You can also set up custom workflows to match your business processes, ensuring that all customer interactions are properly recorded and tracked.

NetSuite's customer relationship management tools also provide real-time visibility into your customer data, allowing you to make informed decisions based on accurate and up-to-date information. 

Customizable dashboards and reports allow you to easily monitor key customer metrics, such as customer satisfaction, retention, and lifetime value.

4. E-commerce and Order Management

NetSuite's e-commerce and order management features are designed to help businesses sell online and manage their orders more efficiently. 

With NetSuite, you can create and manage your online store, including product catalogs, pricing, and promotions. You can also manage all your orders in one place, including order processing, fulfillment, and shipping.

NetSuite's e-commerce and order management tools also provide real-time visibility into your sales data, allowing you to make informed decisions based on accurate and up-to-date information. 

Customizable dashboards and reports will enable you to easily monitor key sales metrics, such as revenue, conversion rates, and average order value.

Download the Salary Guide to compare average salaries of top NetSuite ERP professionals.

NetSuite's Role in Enterprise Resource Planning

Enterprise Resource Planning (ERP) is the process of integrating and managing various business functions such as finance, human resources, supply chain, customer relationship management, and more. 

ERP systems provide businesses with a comprehensive view of their operations, allowing them to streamline processes, reduce costs, and make informed decisions.

ERP System Fundamentals

ERP systems are designed to automate and integrate business processes, providing decision-makers with real-time information. They help organizations manage resources efficiently, reduce manual work, and minimize errors. 

ERP systems are typically modular, allowing businesses to choose which modules they need based on their requirements.

NetSuite ERP Features

NetSuite ERP is a cloud-based ERP system that provides businesses with various features to manage their operations effectively. 

NetSuite ERP includes modules for financial management, order management, inventory management, supply chain management, human capital management, and more. These integrated modules provide businesses with a single source of truth for their operations.

NetSuite ERP also includes customization, reporting, and analytics features, allowing businesses to tailor the system to their specific needs and gain insights into their operations.

Enhancing Efficiency with NetSuite ERP

NetSuite ERP helps businesses enhance efficiency by automating processes and providing real-time information. 

For example, NetSuite ERP can automate the order-to-cash process, reducing manual work and errors. It can also provide real-time inventory information, allowing businesses to optimize inventory levels and reduce stockouts.

NetSuite ERP also gives businesses a unified view of their operations, allowing them to make informed decisions based on accurate and up-to-date information. This can help companies to reduce costs, improve customer satisfaction, and increase revenue.

NetSuite ERP is a powerful tool for businesses looking to streamline their operations, reduce costs, and make informed decisions. 

With its comprehensive features and cloud-based architecture, NetSuite ERP is an excellent choice for businesses of all sizes and industries.

Technical Aspects of NetSuite

Understanding the technical aspects of NetSuite is essential for businesses that want to take full advantage of the platform's capabilities. 

By leveraging the SuiteCloud infrastructure, Oracle Cloud Infrastructure (OCI), and NetSuite's AI and machine learning capabilities, businesses can build and deploy custom applications that automate and optimize their operations, driving innovation and growth.

1. SuiteCloud Infrastructure

NetSuite's SuiteCloud infrastructure is designed to provide a flexible and scalable platform for businesses of all sizes. It includes various tools and services that enable developers to build and deploy custom applications on top of the NetSuite platform.

SuiteCloud includes a suite of development tools, including SuiteBuilder, SuiteFlow, SuiteScript, and SuiteTalk

These tools enable developers to build custom workflows, scripts, and integrations that can automate business processes and extend the functionality of the NetSuite platform.

2. Oracle Cloud Infrastructure (OCI)

NetSuite is built on top of Oracle Cloud Infrastructure (OCI), which provides a secure, scalable, and reliable platform for running cloud-based applications. 

OCI supports high-availability enterprise-grade applications, disaster recovery, and advanced security features.

OCI provides a range of services NetSuite uses, including computing, storage, networking, and database services. These services are designed to work together seamlessly, providing a high-performance platform for running NetSuite and other cloud-based applications.

3. NetSuite's AI and Machine Learning Capabilities

NetSuite includes a range of AI and machine learning capabilities designed to help businesses automate and optimize their operations. These capabilities include predictive analytics, anomaly detection, and intelligent automation.

NetSuite's AI and machine learning capabilities are built on top of the SuiteCloud infrastructure, which provides a flexible and scalable platform for developing and deploying custom AI and machine learning models. 

This enables businesses to leverage the power of AI and machine learning to drive innovation and improve their operations.

Optimizing Business Performance with NetSuite

Upgrading your NetSuite platform is crucial for optimizing business performance. NetSuite upgrades provide new features and functionalities to help businesses improve their efficiency, productivity, and profitability. 

In this section, we will discuss how NetSuite upgrades and updates can help you optimize your business performance.

Performance Management Tools

NetSuite provides various performance management tools to help businesses monitor and optimize their system performance. 

These tools enable businesses to identify and address performance issues before they become major problems. With NetSuite's performance management tools, you can:

  • Monitor system performance in real-time
  • Identify and diagnose performance issues
  • Optimize system performance through code optimization, process optimization, and other techniques

Advanced Analytics and Reporting

NetSuite's advanced analytics and reporting capabilities enable businesses to gain deeper insights into their data and make more informed decisions. 

With NetSuite's analytics and reporting tools, you can:

  • Analyze data in real-time
  • Create custom reports and dashboards
  • Visualize data through charts, graphs, and other visualizations

Customization and Integration Solutions

NetSuite's customization and integration solutions enable businesses to tailor their NetSuite platform to their unique needs. 

With NetSuite's customization and integration solutions, you can:

  • Customize your NetSuite platform to meet your specific business requirements
  • Integrate NetSuite with other systems and applications
  • Automate business processes and workflows

Overall, upgrading your NetSuite platform is essential for optimizing your business performance. With NetSuite's performance management tools, advanced analytics and reporting capabilities, and customization and integration solutions, you can streamline your business operations, increase productivity, and improve profitability.

NetSuite for Industry-Specific Solutions

NetSuite offers industry-specific solutions to help businesses in various sectors streamline their operations and increase efficiency. 

Whether you are in the manufacturing, retail, commerce, or service industries, NetSuite has a range of features and tools to meet your needs.

Manufacturing

NetSuite provides a comprehensive solution for manufacturing companies to manage their operations on a unified platform. 

Its suite includes production planning, inventory management, and quality control features. This integration offers real-time operational visibility, enabling quick response to market demands.

A key advantage of NetSuite's manufacturing solutions is the management of complex bills of materials (BOMs). The system efficiently handles multi-level BOMs, tracks revisions, and manages engineering change orders (ECOs).

Additionally, NetSuite supports lean manufacturing practices, helping businesses minimize waste and boost operational efficiency.

Retail and Commerce

NetSuite's solutions for retail and commerce are designed to seamlessly manage both online and offline sales channels. 

The platform includes order management, inventory management, and customer relationship management (CRM) features. Its omnichannel support ensures a cohesive shopping experience for customers across all sales platforms.

A highlight of NetSuite's commerce solutions is the capability to manage intricate pricing and promotions. Businesses can create customized pricing and promotional rules based on various criteria, such as customer segments, order sizes, and product categories. 

Moreover, NetSuite's support for multiple currencies facilitates global sales operations.

Service Industries

NetSuite offers specialized solutions for service industries, including professional, consulting, and software services. The platform features project management, resource management, and time and expense tracking, ensuring comprehensive project oversight.

One standout feature in NetSuite's service industry solutions is its handling of complex billing and revenue recognition. Users can establish customized billing rules based on project milestones, time and materials, or fixed-fee contracts. 

NetSuite also supports industry-specific revenue recognition standards, such as ASC 606 and IFRS 15, ensuring compliance and accurate financial reporting.

Download the Salary Guide to compare average salaries of top NetSuite ERP professionals.

NetSuite's Ecosystem and Community

NetSuite's ecosystem and community are essential components of the platform's success. The company has created a robust partner network, developer community, and user base that all work together to improve the platform's functionality and user experience. 

In this section, we'll explore the different aspects of NetSuite's ecosystem and community and how they contribute to its growth and success.

SuiteApps Marketplace

NetSuite's SuiteApps Marketplace is a central hub for NetSuite users to discover and download third-party applications that integrate with the platform. 

The marketplace offers a wide range of SuiteApps, from automation tools to industry-specific solutions. With over 400 SuiteApps available, users can find the right solution to meet their unique business needs.

Developer and Partner Network

NetSuite's developer and partner network is a community of experts who work together to create innovative solutions for NetSuite users. Developers can leverage NetSuite's SuiteCloud platform to build custom applications and integrations that extend the platform's functionality. 

On the other hand, solution providers offer consulting and implementation services to help users get the most out of NetSuite.

User Experience and Customer Success

NetSuite places a strong emphasis on user experience and customer success. The platform is designed to be intuitive and easy to use, with features like drag-and-drop customization and real-time dashboards. 

NetSuite also offers a range of customer success programs to help users get the most out of the platform, including training and certification programs, support services, and a user community forum.

Planning and Budgeting with NetSuite

NetSuite offers a comprehensive solution for budgeting and financial planning. It uses your financial data to facilitate company-wide and departmental planning, with modeling capabilities, approval workflows, and reporting within one collaborative, scalable solution.

With NetSuite's planning and budgeting solution, you can streamline your budgeting process, reduce budget cycle time, and eliminate manual errors. You can also manage your fixed assets and revenue recognition processes efficiently, ensuring compliance with accounting standards and reducing manual errors.

Budgeting and Financial Planning

NetSuite's budgeting and financial planning solution is designed to streamline your budgeting process, reduce budget cycle time, and eliminate manual errors. 

With NetSuite's budgeting and financial planning solution, you can create detailed budgets, compare actuals to budgets, and analyze variances. You can also create multiple scenarios to model different outcomes and perform "what-if" analyses.

Fixed Assets and Revenue Recognition

NetSuite's fixed assets management and revenue recognition solutions are designed to help you efficiently manage your fixed assets and revenue recognition processes. 

  • Fixed assets management solution: Lets you track your assets, calculate depreciation, and perform asset transfers and disposals. 
  • Revenue recognition solution: This allows you to automate your revenue recognition processes, ensure compliance with accounting standards, and reduce manual errors.

Compliance and Regulations

NetSuite upgrades and updates are designed to help you stay compliant with the latest regulations and requirements. 

Whether you need to manage tax compliance or comply with government regulations, NetSuite has the features you need to stay on top of your compliance requirements. 

Here are some of the ways NetSuite can help you stay compliant:

Electronic Invoicing and Tax Compliance

NetSuite's SuiteTax feature allows you to manage your tax compliance requirements in one place. 

SuiteTax is a fully integrated tax engine that can handle complex tax scenarios, including multi-jurisdictional tax compliance, tax calculations, and tax reporting. 

Using SuiteTax, you can automate your tax compliance processes and reduce the risk of errors and penalties.

NetSuite also supports electronic invoicing, which can help you comply with regulations that require it. Automating the invoicing process can also help you save time and reduce errors. 

NetSuite supports electronic invoicing in multiple formats, including XML, EDI, and PDF.

Government Regulations and Reporting

NetSuite provides built-in reporting features to help you comply with government regulations and reporting requirements. These features allow you to generate accurate and timely reports that comply with government regulations. 

NetSuite supports multiple reporting formats, including PDF, Excel, and CSV.

In addition to reporting features, NetSuite can help you comply with government regulations by providing built-in workflows and audit trails

  • Workflows: Help you automate processes and ensure all steps are completed according to regulations. 
  • Audit trails: Help you track changes and document all actions.

Conclusion

NetSuite upgrades and updates are essential for businesses to stay competitive in the ever-changing market. 

With each update, NetSuite adds new features and functionality that help businesses streamline their processes, increase efficiency, and improve their overall bottom line. 

Businesses must stay up-to-date with the latest NetSuite upgrades to take full advantage of these benefits.

To ensure a smooth upgrade process, businesses should work closely with their NetSuite provider and follow best practices for upgrading. This includes testing the upgrade in a sandbox environment, creating a data backup, and communicating the upgrade with all stakeholders.

Atticus Solutions' Salary Guide can help businesses navigate the complex world of NetSuite upgrades and updates. 

By downloading the guide, businesses can gain valuable insights into industry trends, salaries, and hiring practices. This information can help businesses make informed decisions about their NetSuite upgrade strategy and maximize their investment.

Overall, NetSuite upgrades and updates are crucial to any business strategy. By staying up-to-date with the latest features and functionality, businesses can improve their operations, increase efficiency, and achieve their goals.

Download the Salary Guide to compare average salaries of top NetSuite ERP professionals.

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