NetSuite 2024 Release 2 offers transformative features for NetSuite users that can greatly enhance the finance, operations, inventory management and supply chain of retail and eCommerce. Here’s an in-depth look at why upgrading to this release is crucial, illustrated with specific retail or eCommerce operations:
Enhanced Financial Management of Retail and eCommerce
Seamless Vendor Prepayments:
Benefit: Simplifies and automates the management of vendor prepayments, reducing manual errors and saving time.
Application – Seasonal Demand: When preparing for high-demand periods like the holiday season, a retail chain can efficiently handle advance payments to suppliers using NetSuite. This ensures timely fund transfers to secure early shipments, reducing the risk of stockouts and keeping shelves stocked with popular items.
Transparent Payment Tracking:
Benefit: Real-time visibility into payment statuses with a visual tracker.
Application – Payment Monitoring: The accounts payable team at a retail chain can use the visual tracker to monitor payment statuses across multiple store locations. If a payment is pending or failed, they can quickly resolve the issue, maintaining smooth supply chains and strong vendor relationships.
Compliance with Local Tax Regulations:
Benefit: Supports electronic invoicing in compliance with the NFS-e Nacional standard in Brazil.
Application – Compliance: Retail chains can generate compliant electronic invoices for services such as store maintenance or logistics. This ensures all transactions meet national tax regulations, helping avoid penalties and ensuring smooth operations in the local market.
Multi-Subsidiary Payment Support:
Benefit: Consolidates payment transactions across multiple subsidiaries in CNAB 240 files.
Application – Payment consolidation: A retail chain with subsidiaries across different regions (subject to regional availability) can streamline its financial processes by consolidating all payment transactions into a single CNAB 240 file for bank submission. This ensures accurate and unified financial reporting across the entire organization.
Streamlined Operational Management of Retail and eCommerce
Comprehensive Quality Management:
Benefit: Generate inspections including parent transactions and enjoy a user-friendly interface.
Application – Inventory Inspection: Store managers can conduct quality inspections on incoming inventory shipments and link these inspections to the original purchase orders using NetSuite. This provides a comprehensive view of product quality and supplier performance, ensuring that only high-quality products reach the shelves.
Advanced Inventory Management with GS1 Support:
Benefit: Automatically updates inventory with detailed GS1 barcode information.
Retail Operation Example: Warehouse staff can scan GS1 barcodes on incoming shipments, and NetSuite will automatically update inventory records with details like lot numbers, serial numbers, expiry dates, and quantities. This improves inventory accuracy and management, ensuring better stock control.
Efficient Work Order Handling:
Benefit: Manage multiple work orders or operations simultaneously.
Retail Operation Example: In a retail distribution center, employees can use NetSuite to manage multiple packing and shipping operations at once. This reduces downtime and accelerates order fulfillment, ensuring that stores are well-stocked and customer orders are processed promptly.
Optimized Business Processes of Retail and Online Store
Integrated Billing and Fulfillment:
Benefit: Consolidates billing for subscriptions and physical items.
Application – Subscription billing: A retail chain offering a subscription service for monthly product deliveries can use NetSuite to manage both the billing and the fulfillment of the initial welcome package. This ensures customers receive consistent and reliable service, enhancing satisfaction and loyalty.
Advanced Order and Shipping Management:
Benefit: Enhanced shipping functionalities for better order management.
Application – Offline and Online Order: Store managers can use NetSuite’s enhanced shipping functionalities to manage online and in-store pickup orders more effectively. This ensures accurate order processing and timely deliveries, leading to higher customer satisfaction and repeat business.
Industry Benchmarking with Benchmark 360:
Benefit: Compare performance metrics against industry standards.
Application – Performance Benchmarking: The corporate office of a retail chain can use Benchmark 360 to compare key performance metrics like revenue per square foot and inventory turnover against industry standards. Identifying areas for improvement allows the chain to implement targeted strategies, boosting overall performance.
Accurate Bill Processing:
Benefit: Improved logic for matching scanned bills to the correct subsidiary, vendor, and location.
Application – Accounts Payable Automation: Accounts payable clerks can scan supplier invoices, and NetSuite will automatically match these to the correct subsidiary, vendor, and location. This speeds up processing time, minimizes errors, and ensures timely payments, enhancing the efficiency of the accounts payable department.
Conclusion
NetSuite 2024 Release 2 is designed to empower retail and eCommerce with advanced tools and functionalities that streamline financial operations, enhance order processing and inventory management, and automate payment processes. By implementing the latest release, your retail chain or online store can achieve greater efficiency, improved inventory accuracy, and higher customer satisfaction. Upgrade to NetSuite 2024 Release 2 today and stay ahead in the competitive retail and eCommerce landscape.
Don’t miss out on requesting your Release Preview test account to get hands-on access to the latest advancements in NetSuite.
We invite you to join our NetSuite 2024.2 release announcement session to explore the extensive updates in NetSuite 2024.2. Our experts will walk you through the new features and demonstrate how they can seamlessly integrate with your existing data, workflows, and customizations. Visit our NetSuite 2024 Release 2 blogposts for a deeper dive.
Don’t miss out on requesting your Release Preview test account to get hands-on access to the latest advancements in NetSuite.
