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The NetSuite 2023.1 Quick Guide

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Author: Tom Pearce Sales Marketing Coordinator

We are past the start of the new year, which means we are finding our footing and life is moving back to normal. This also means there are some very exciting new opportunities on the horizon for us to present to you, and NetSuite has already delivered on one of them.

NetSuite is kicking off the new year by showing us several updates to improve business processes already. They have brought out the sneak peak of NetSuite 2023.1, and we at Caravel are excited to break down the highlights and explain what you can expect us to be implementing this year. If you want to learn more about any of the following, feel free to check the home screen of your NetSuite portal. Learn how to start with the 2023.1 update by reaching out to your Project Manager.

With improved CRM, CPQ, inventory management, data-based recommendations, and more, this first update of 2023 is packed with new tools for your business.

Improving Personnel Management:

NetSuite’s 2023.1 brings with it several tools that will improve tracking productivity while alleviating some of the stress of adjusting wages. Your team can now automate wage calculations with a NetSuite Payroll integration, allowing you to easily capture schedules and adjust wages based on a more accurate review of hours worked.

Utilizing this feature will also open more opportunities to improve customer satisfaction. You will be able to track workforce insights—such as sales data—to learn and follow trends to guarantee you have the scheduled staff to ensure customer satisfaction.

Another interesting element is a more complex employee time tracker. NetSuite explains that this will be beneficial for industries that need to track employee time more specifically. For example, it can track how much time an employee in an office setting puts toward projects and clients, or how much time an employee in a driving industry is traveling before their mandatory rest period. Employees will be able to easily adjust their status and have it accurately tracked to make billing easier, as well as maintaining safety regulations for truck drivers. NetSuite has an article that breaks down more of the impressive opportunities with this tool here.

Simplified Financials:

In the NetSuite 2023.1 update, vendor billing will be simplified by applying automation. NetSuite AP Automation is a new feature that allows you to upload your vendor bills with an email to NetSuite to be processed automatically. Then, a digital version is created and all the important details (vendor name, PO number, items ordered, quantity, pricing, etc.) are populated and matched to the correct purchase order.

If you offer subscription-based services to your customers, this release permits you to easily adjust and plan for percentage changes to apply to any of your subscribers. Learn more about these and some other interesting new features for rebates, nonprofits, and more here.

Warehouse and Shipping Efficiency:

The new NetSuite Ship Central is going to save your warehouse employees time and money. This update allows your warehouses to track if there are multiple orders going to one customer, consolidate, and efficiently ship the orders, thus reducing the number of shipments to a single location. It can even help you improve your order picking process.

With the NetSuite Warehouse Management System update, you can even section your warehouse into zones and allow multiple employees to pick order items based on zones, then pool items together for packing. Teams will be able to easily mark orders as partial or complete while also tracking empty bins or damaged goods in their sections to expedite restocking. There are some other very helpful updates for warehouse teams like improved smart counts and reports that you can read about here.

Improving Your Customers Experiences on Multiple Levels:

Utilizing the NetSuite 2023.1 update aims to not only improve your internal business processes but also to assure you are providing your customers and end users with the best service possible. With improved CRM, CPQ, inventory management, data-based recommendations, and more, this first update of 2023 is packed with new tools for your business. We can’t wait to help you learn and implement these features to help expand and optimize your business. To start, reach out to your project manager. If you haven’t started with Caravel yet and want to learn more about how we can help integrate these new features to serve your business, we are always ready to talk.

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