OPENWORLD 2017 | Leveraging on Oracle resources, NetSuite adds more functionality

October 5, 2017 - 3:01 PM

SAN FRANCISCO, CALIFORNIA — Over a year after the acquisition by Oracle and leveraging on the software giant’s resources, NetSuite, a leading provider of cloud-based financials – ERP, was able to accelerate growth and product innovation, and strengthen its commitment to customers and partners.

“As one of the fastest growing financial management systems before it was acquired by Oracle, NetSuite has since been able to invest even more resources into our company, our product and our infrastructure to promote our customers’ success,” said Jim McGeever, executive vice president Oracle NetSuite. “Today’s announcements signal our ongoing commitment to maintaining our lead in the industry.”

At this year’s Oracle OpenWorld 2017, new product features for services and product companies, NetSuite announced the release of SuiteSuccess industry solutions for nonprofits, IT VARs and solution providers.

The introduction of SuiteSuccess to NetSuite partners, and the launch of a new data center in the Chicago area, all reflect the importance and support of Oracle’s considerable global resources.

New functionality for services companies

This year, NetSuite is delivering several new product enhancements for services companies. The profitability reporting features allow companies to easily define their profitability criteria and reports with a new design experience, ensuring services companies always have real-time intuitive, accurate views of their projects.

There’s also a new change order management features, as well as Billing Rate Card effectivity dates that allow services companies to keep on top of their dynamic business environment, reducing errors and improving both accuracy and service delivery to the customer.

Capturing information in a seamless and easy manner from the field is key to an efficient service organization. New streamlined and intuitive UI for Weekly Timesheets, as well as improved time off management ensure a better, more timely capture of information. Providing real-time information on projects equips managers with the insights needed to make critical resourcing decisions on projects.

All these new features for services companies are also designed to keep pace with the evolving revenue standards and ASC 606.

New features and functionality for product companies

In addition, NetSuite is delivering several new features and functionality for manufacturers, distributors and retailers that provide customers with advanced capabilities to help sustain future growth plans. Modern manufacturers often have their items produced in many different locations, perhaps globally, and in some cases by contract manufacturers. The enhanced Global Bill of Materials (BOM) functionality allows users to manage BOMs separately from the items they are associated with, drastically reducing the overhead on engineering teams.

Each item can now support multiple BOMs that can be specific to a location should companies have locations that source components locally. Additionally, each BOM can be attached to multiple end SKU’s, enabling manufacturers to sell the same item under different brands without the need to manage multiple redundant BOMs when changes are required.

A new quality management system allows companies to define inspection plans that dictate how an item is to be tested, along with acceptable parameters where dimensions and additional product details might be recorded. Inspection requests are then triggered automatically and added to a queue to make sure nothing is missed.

Should an item fail one of the tests, a workflow driven disposition process ensures that the necessary corrective actions are taken. The enhancements also include role-specific dashboards for quality managers, engineers, and inspectors along with a tablet-driven UI for front-line workers.

The new Inbound Shipment Management module allows customers who order large quantities of product, perhaps from multiple vendors, to consolidate multiple purchase orders into a single container to simplify future tracking and status updates. Upon receipt, a single scan can receive all of the items in the container.

General availability of SuitePeople

With the general availability SuitePeople, which NetSuite claim as the most flexible and unified cloud core HR offering. The enterprise software provider is the first and only cloud ERP suite to give businesses a single platform to manage mission critical business processes across ERP, Customer Relationship Management (CRM), Professional Services Automation (PSA), omnichannel commerce and now HR.

Prospective and existing NetSuite customers can now use SuitePeople to enable employees to request time off, access employee directories and organizational charts, monitor upcoming vacation schedules and new hires or publicly recognize good work. SuitePeople weaves people data throughout the suite, giving businesses complete control over their core HR processes.

SuitePeople also helps empower managers and HR professionals to streamline employee information, new hires, employee onboarding, promotions and compensation changes.

More planning and budgeting functionality

Furthermore, the release of the new Planning and Budgeting Cloud Service (PBCS) product, NetSuite gives customers sophisticated financial planning and budgeting capabilities across lines of businesses with flexible and customizable deployment options.

Oracle NetSuite PBCS facilitates both company-wide and departmental financial planning with modeling capabilities, approval workflows and reporting within one collaborative scalable solution. With PBCS, customers can reduce planning cycle times, improve forecast accuracy, centralize the budget with forecast and actual information in one place, and drill across the budget and forecast to see the impact on business performance with “what if” analysis and flexible modeling in an intuitive user interface.

Oracle OpenWorld 2017, an annual conference for developers, partners, end-users and customers, was held at the Moscone Center in San Francisco, California from October 1 to 5.