Netsuite 2024 release 1: meet some of the new updates

Last week, NetSuite, the leading platform in ERP and business software, announced the launch of Release 2024.1. This update promises a series of features and improvements designed to boost efficiency and productivity for businesses, with a focus on the integration of Artificial Intelligence (AI) into its core modules.

In this article, we'll highlight some of the most significant innovations of NetSuite 2024 Release 1 and explain how these features can benefit your business.

As one of the most important cloud-based ERP software solutions in the industry, Oracle NetSuite understands the importance of adaptability in an increasingly dynamic and competitive world. This awareness allows its more than 37,000 user companies to maintain visibility and control, making informed decisions to pave the path to success.

For this reason, some of the key innovations of the platform revolve around current technological trends. Let's take a look at some of them:

Empowering the platform through AI technology

Since the emergence of generative AI like ChatGPT since late 2022, these tools have become an added value that has helped increase productivity in virtually every sector, including business management. NetSuite 2024 Release 1 incorporates a series of new features that harness the power of AI to help users save time and effort.

One of the most notable innovations is NetSuite Text Enhance. This feature uses AI to help users create and review content based on NetSuite data. For example, it's now possible to automatically generate email drafts, reports, or product descriptions. It can also assist users in reviewing and improving existing content.

Another new feature that leverages AI is the enhancement of NetSuite Bill Capture. This feature - currently limited to users in the United States - uses AI to recognize more fields on invoices, ensuring that are captured accurately.

DRIVING FINANCIAL EFFICIENCY

Financial teams are responsible for a myriad of critical tasks, from planning and budgeting to financial closing. NetSuite 2024 Release 1 includes a series of new features designed to help them be more efficient.

One of the standout innovations is NetSuite Enterprise Performance Management (EPM). This feature combines the planning, budgeting, and reporting capabilities of NetSuite into a single solution. This makes it easier for financial teams to create accurate and comprehensive reports that can be used to provide clearer insights into their company's current state and make more informed decisions.

Another very useful new feature for financial work is Intelligent Performance Management (IPM). This feature uses AI to analyze plans, budgets, and variations, providing financial teams with information to make better decisions.

STREAMLINING SALES AND BILLING PROCESSES

In 2023, billing to suppliers and end customers were one of the main uses of NetSuite for most Tekiio customers. Recognizing the importance of these processes for any company, NetSuite 2024.1 has been released with a series of new features aimed at simplifying and improving the customer experience in these areas.

One of the most notable innovations is the new connection of NetSuite with Simphony POS. This connection automates the flow of data between NetSuite and Simphony POS, making it easier for retailers and restaurants to manage their sales. At Tekiio, we have gone even further and as part of our expansion process in Spain, we have designed a solution that deepens this connection with a specialized link in the hotel industry.

Another new feature that helps companies simplify their sales and billing processes is the redesign of NetSuite SuiteCommerce. This feature includes new features that help companies create more attractive and functional e-commerce websites.

Other highlighted novelties

In addition to the aforementioned innovations, NetSuite 2024 Release 1 includes a series of other new features that can be useful for companies of all sizes.

One of these features is the new NetSuite Field Service Management solution. This helps companies improve communication and efficiency of their field teams, such as sales or field correspondent teams.

Another innovation is the update of the NetSuite Supply Chain Management (SCMS). app. This includes new features that help employees manage their inventory and orders more efficiently and without the need to carry a larger device like a laptop.

Finally, it is important to note that unlike other ERP systems, NetSuite aims to keep its entire base on the same version, so between March and May, they will be receiving this update, which usually takes place overnight and takes approximately 3 hours to complete.

Take full advantage from NETSUITE 2024.1

NetSuite 2024 Release 1 promises to be a launch that will help NetSuite users maintain their position as leading companies in their sectors, as well as being an alternative for users of other ERPs such as SAP, Acumatica, Odoo, QuickBooks, or Microsoft Dynamics who are looking for an enterprise management system that allows them to scale with their company.

Whether you use NetSuite or not, at Tekiio we are experts since 2008 in implementing, developing, and supporting this platform. Our global presence (North America, LATAM, and Spain) and the more than 200 satisfied customers are the main proof of our work and confidence in the #1 cloud ERP.

We invite you to subscribe to our blog to discover how to unleash the full potential of NetSuite and stay informed about the latest business and tax trends.

Alternatively, if you would like to receive a free demonstration of NetSuite 2024.1, you can leave us a message in our form, where our sales team is ready and eager to assist you with any inquiries you may have.