What’s new in NetSuite 2016?

NetSuite, the industry’s leading provider of cloud-based ERP software suite, recently announced Version 2016 Release 1 of business management suite.
Let’s take a look at what NetSuite has in store for its Version 2016:
  • More powerful and flexible revenue recognition capabilities.
  • New capabilities empowering commerce and retail companies to streamline and optimize order entry and fulfilment.
  • New flexibility for vendor management and multi-book accounting with NetSuite OneWorld.
  • General Availability of SuiteSegments including key enhancements.
  • Industry feature highlights for manufacturing, retail, services, software and Internet companies, and wholesale distribution.
Improvements for Retailers:
  • New intelligent order allocation engine fulfills orders from anywhere in a timely manner delighting your customers.
  • New accounting and reporting capabilities enhance real-time inventory visibility enabling you to measure and manage product profitability.
  • New usability improvements enable you to stay ahead of the curve by managing expected increase in your sales order volume.
More features for Software and Internet companies:
  • Advanced revenue recognition capabilities for compliance with rev rec standards using less effort.
  • Advanced financial reporting with multi-book consolidation optimizing global financial close.
  • Improved contract renewals simplify the complexities surrounding contract renewals enabling better customer service.
All new feature for Manufacturers:
  • New intelligent order allocation engine fulfills orders from anywhere in a timely manner delighting your customers.
  • New grid order entry for item transfer orders ensures replenishments will take less time and effort to process.
  • Improved vendor credit line simplifies credit limit compliance while doing business with global vendors.
  • Enhanced fixed assets management capabilities ensure compliance with IFRS.
Latest features for Service companies:
  • New project resource management enables tighter control of projects while optimizing resource utilization.
  • Enhanced flexibility to time and material charge based billing enables billing by units such as hourly, daily, weekly.
  • Improved vendor credit line simplifies credit limit compliance while doing business with global vendors.
New features for Wholesale Distributors:
  • New intelligent order allocation engine fulfills orders from anywhere in a timely manner delighting your customers.
  • New grid order entry for item transfer orders ensures replenishments will take less time and effort to process.
  • Improved vendor credit line simplifies credit limit compliance while doing business with global vendors.
  • Enhanced fixed assets management capabilities ensure compliance with IFRS.
What’s new with SuiteCloud Platform?
  • New SuiteScript 2.0 for an improved development experience.
  • Improved GRC capabilities ensuring more visibility and control.
  • Enhanced SuiteSegments for smarter analysis and intelligent insights.

For more details on the advancements and capabilities in NetSuite OneWorld, read here.

About Ambit: Ambit Software is a certified NetSuite Solution Provider with extensive experience in implementing NetSuite across diverse verticals. For more details on Ambit’s NetSuite practice, click here.

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