What is New For Manufacturers in NetSuite 2021 Release 2

Innovations across NetSuite 2021 release 2 bring more features especially for software companies, wholesale distributors, manufacturers, retailers, services companies, non-profit organizations, and admin and developers. The new functionalities in NetSuite 2021 Release 2  enable companies to enhance their efficiency, customer satisfaction levels, and expense management.

Benefits for Manufacturers

Manufacturing is the process of adding values to raw materials and turning them into products. It includes many processes from raw material collection to shipping of final goods. The shortage in parts, components, materials, or labor during the manufacturing process leads to a threat in the industry. So in a complex environment like this, manufacturers need better visibility into their suppliers and access to the right data to optimize the operation and make better decisions. NetSuite 2021 release 2 offers several key enhancements for manufacturing companies that boost planning capabilities, create more flexible supply chains, and further automates processes.

Key Features for Manufacturers Are:

1. Autonomous Supply Chain.
2. Frictionless Inventory Management.
3. Smart Financials and operational Automation.

Autonomous Supply chain

New functionality allows planners to map and prioritize inventory allocation to sales orders by gross profit or revenue. The new functionality enables the planners to predict when an item will be in stock and available at any given location. For that planners take into consideration supply chain lead times, any supply allocation strategies, sales channel allocation, and reservation. It also helps to determine the changes of reallocating orders and how that impact will affect the allocation of other transactions. 

A flexible planning workbench is available for users which helps to accurately sense plans and demand supplies. Date-based views of planning results are available for the users, for making accurate forecasts and they are capable of suppressing previously rejected recommendations from the planning engine.

The Supply Planning Upgrade Guide is another advantage of  NetSuite 2021 release 2.It helps the administrator to upgrade existing NetSuite supply planning accounts by enabling new Material Requirements Planning (MRP) and Master Production Schedule (MPS) capabilities.

Frictionless Inventory Management

Frictionless inventory management is more beneficial for warehouse associates. It offers more flexibility in packing and optimizes the shipping costs. NetSuite Warehouse Management System (WMS) extended the scanning functionality in inbound operations, enhancing the accuracy and efficiency of inbound operations.

For better management of inventory, a lot numbering system makes it  efficient and accurate. An automatic generation of the lot numbers is another feature, where the users can generate lot number format for an item,  if there are additional inventory details they are capable of making custom lot fields.

Certificate of analysis is automatically generated for customers ensuring that all the specifications mentioned in the order fulfill and satisfy all the testing criteria. The NetSuite Manufacturing mobile app now supports serial tracking which users can either scan or manually enter.

Smart Financial and Operational Automation

Online payment portal is one of the trending features of the new releases. Here manufacturers can email invoices to customers that link directly to the online payment portal which enables the customer to view their bill and pay it using any method like a debit card, credit card, or any other payment method. Depending on the rules you set, customers can pay part or full and NetSuite automatically records the payment accordingly.

Users can consolidate purchase requisitions across subsidiaries, besides purchasing and billing. Purchased items are always under the target subsidiary. NetSuite automatically cross-charged to cross-subsidiary transactions, to balance ledger and intercompany transactions.

The accounting preference tab comes with new preference settings which allow the users to select that changes made on COGs or asset accounts reflect only in future transactions entered in the system. So it saves the past transactions data more accurately.

Are you interested in implementing NetSuite in your company? Jobin & Jismi is a true expert in NetSuite services. Connect with us for more details.