2024 is well and truly here, and it’s time to optimise your tech stack for the year ahead. Having identified your year-end pain points from 2023, you are ready to start exploring options to address those things for an even more productive 2024.
There are various new features that have recently become available in NetSuite, and now is the perfect time to take advantage of the ones that could help you. In this post, we will look at the NetSuite features that are helping companies address problems that they encountered last year. Read on for some top tips on how to make the most out of your NetSuite ERP in 2024.
Review The Lesson Learned From 2023
Make sure you have identified and quantified the issues you faced last year. This is a team effort that should involve leadership from different departments. Perhaps there was too much reliance on spreadsheets from warehouse staff, or too many manual processes for the accounting department.
Take note of the areas that could be improved. Be thorough, as this will instruct you on what could be useful moving forward.
Carry Out a NetSuite Health Check
With the main problems identified, you are ready for a more technical assessment. Evaluate the issues identified in the previous section, trying to identify the underlying issues and explore where improvements could be made. Once you do this, you can start looking for a path forward.
Investigating third-party software could be a feasible solution to many issues. NetSuite is a comprehensive business software, but many businesses still integrate one or more third-party programs to supplement its functionality.
Explore software solutions available and look for reliable NetSuite integrations from trusted NetSuite Partners like Celigo for optimal performance. It can be helpful to work with a professional NetSuite Consultant on this stage to get the best possible results.
Core NetSuite Features to Improve Your Business in 2024
Now that you have explored what you learned from 2023 in detail, and identified some third-party solutions to help, it’s time to delve deeper into what NetSuite itself can do. There are many existing features, and new ones, that can play a part in addressing the problems that held you back last year.
With NetSuite you have a near-infinite number of automation possibilities that span every facet of your operations. Common business processes where automation can help include:
- Processing and fulfilment.
- Closing the books.
- Reporting and analytics.
If you have departments that are bogged down in manual processes, explore options for new automation. One new arrival for 2024 is Accounts Payable (AP) automation, ensuring only authorised transactions get paid via a new approval routing feature.
Reports and Dashboards
NetSuite is famed for its reporting capabilities, but many fail to use these features to their full potential. By providing full visibility for stakeholders into KPIs, goals, and other financial operational data, you can streamline operations and improve decision-making. With the right approach, you could:
- Set up custom dashboards.
- Automate reports.
- Schedule the send reports.
If your team struggled with accessing information in 2023, this is something to work on. And upgrades to NetSuite Enterprise Performance Management (EPM) now provide more insight into profit-driving initiatives and tax management capabilities for even more streamlined processes.
Closing and Reconciliations
Did a lot of hours get wasted closing the books and managing reconciliations in 2023? NetSuite has many tools that may be able to expedite these processes through automations, workflows, integrations and streamlined processes within the software.
For example, NetSuite has the capability to automate tasks like:
- Invoice approval.
- Expense-report processing.
- Purchase-order matching.
By exploring these capabilities further, you can optimise your financial close to save time and reduce errors. And new features in NetSuite account reconciliation, bill capture, electronic invoicing and more can bring about even great improvements.
NetSuite has dozens of modules that expand the functionality of its core ERP and CRM capabilities. With more experience on the platform, users often identify additional modules that could give their business the increased functionality it needs.
Take an honest look at what you’re getting and what’s missing, and explore additional NetSuite modules to see how they could help. There is a strong chance you will find add-ons that could address specific, consistent challenges that your team has faced in 2023.
If you haven’t heard about generative AI, it’s time to come out from under your rock. This new technology has taken the world by storm in virtually every industry, and NetSuite has implemented new AI-powered capabilities across their suite to allow greater efficiency and more data-driven decision-making.
For example, AI can now monitor and analyse financial forecasts and plans via NetSuite Planning and Budgeting. And, in Bill Capture, AI can offer support in categorising expenses based on historical data. There are plans to implement a growing number of AI-backed functionalities into NetSuite in the future, so this is something to keep an eye on and prepare for.
Training and Support
If you are truly looking to get the most out of NetSuite in 2024, one important consideration is training. Internal employees who don’t feel confident in the use of NetSuite will never make full use of its capabilities. Ensure you offer adequate training to team members to avoid missing out on key efficiencies and functionality.
It’s important to tap into the right resources for training. Consider the options for consultants and other sources of training and support for you and your team. By getting everyone up to speed with the things they can do with NetSuite, you set yourself up for success using the platform in 2024.
NetSuite has made many announcements of the new features described above for 2024. Additionally, there has been a prominent theme of aiming to “do more with less”. This outlines the goal of trying to help NetSuite users make quick, reliable progress, capitalise on efficiency gains, and gain a competitive edge over competitors not using the platform.
If you are uncertain about how to streamline growth for your business using NetSuite in 2024, contact a professional consultant or advisor to help. These experts have years of experience and up-to-date training in the latest developments with NetSuite. It is always wise to seek expert support when looking to make the most out of transformative technologies for your business.
Why choose Eventura to deliver your NetSuite Project?
As an official NetSuite solution provider, we have successfully delivered countless NetSuite implementations and integrations. Our expert team of business analysts, developers, consultants, technicians and support staff can guide you through your entire project, from initial scoping through to implementation and on-going support. We also offer a wide range of Managed IT Services, so we can help you deliver your project in its entirety.
We believe that NetSuite offers its customers a comprehensive suite of products that can digitally transform their businesses, replacing a range of disparate systems and software with one unified solution to business management.
If you would like to speak to one of our NetSuite experts, you can request a free call back here.