Zoning in the manufacturing industry highlights some of the problems managers face that put them in great competition with suppliers, retailers, and distributors. NetSuite took notice of these problems as well and has prepared a custom release package, NetSuite 2022.1 Manufacturing, that will equip manufacturers with the tools and insights, they need to address the challenges.
With the current workflows, manufacturers are finding it difficult to compete with issues of oversupply of materials, undersupply of workers, also, inflation affecting the price of raw materials. Despite the challenges, manufacturers are determined to find out how they can improve production predictions, increase productivity through automating more, and lessening any inventory left in stock rooms.
To make this work, NetSuite 2022 Release 1 (NetSuite 2022.1) is set to overcome the challenges for customers with advanced features that will improve their overall competitive performance.
Get a complete scope of the 2022 NetSuite Release updates by downloading the notes below, and see what is in store for your business’ growth.
Currently, the Supply Planning Workbench is being used to display supply and demand orders and access details on finished good components. This helps manufacturing companies with the availability of resources and the ability to have modifications. The operations team access these details and improve production planning since the parts and materials can be checked and verified to ensure they are ready for delivery based on the date set. Adjustments can also be made at any stage based on any changes in the demand. This customization will especially help customers in the food and beverage industries, as the features of the release increase the efficiency of business processes when dealing with suppliers.
Taking it to another level, the improved Supply Planning Workbench in NetSuite 2022.1 (NetSuite 2022 Release 1) will provide customers with more insights for faster business processes and more informed decisions. When selecting items in the application, managers can now apply filters that only show related information to the role they direct. This filtered information would also provide more relevant descriptions of the item, vendors, and information regarding any oversupply that may exist.
Operation managers can better determine how best to split up their available supplies using the new prioritizing functionality in 2022 NetSuite Release 1. The key is to allocate inventory based on what is best for the business. The new solution allows production planners to do more with the ‘Allocated Demand’ feature; specifically, they can allocate their supplies to relevant orders (customer, work, or transfer) based on the new customization. For available supplies, they can be better allocated by prioritizing either profitability, critical customers, or sales channels.
Supply quantities can now be easily validated and controlled for production runs using the new application updates in NetSuite Manufacturing and Supply Chain Management (SCM) apps. For the manufacturing application, the designs have been made simpler and provide a more intuitive user interface. With this update, production managers can validate the quantities needed for production runs. The app also has an ‘Enable / Disable’ feature to aid in controlling over-production. If there are any extra supplies, the inventory levels can be controlled by this new app feature.
The updates to the Warehouse Management System (WMS) app offer better zone picking, tally scanning, and searching capabilities. For zone picking, the app updates increase the speed at which the product is found in the warehouse by accommodating both single and multi-order picks. These reduce the time in movement it takes workers to search for and scan items. This especially benefits workers who use different methods of picking to reduce any repetitions or duplications of pick paths and have a better flow with zone picking.
Warehouse workers will be able to simultaneously scan and count items for put-aways, cycle counting, and inventory transfers with the ‘Tally Scanning’ update. With this update, they no longer need to manually enter numbers for each item, since there is more accuracy in tallying. In addition, when finding the ‘picking status’, managers have an improved searching experience since they can now choose more waves to be released at one time. This customization also saves time when searching for, and printing labels which are all done on the mobile app.
NetSuite 2022 Release 1 has launched the Cash 360 app, an all-in-one financial management dashboard. It shows the company’s cash position as required, either in weekly insights or predictions for 6 months, all mapped on clear graphs/charts. Manufacturing financial managers use this tool for strategic planning, workflow accuracy, and auditing current inventory for improvements or savings. The app has an ‘Event’ feature that allows managers to add any large purchases, investments, or loans that the company decides to take. Each event is easily accessible, and the data can be analyzed to make smart financial decisions to further improve the cash position.
Bills and credits can now be tagged by companies that do not have a full workflow on the new NetSuite App update. This makes it easy for accountants to match invoices for intercompany transactions. The foundation for this update was the ‘Intercompany Netting’ feature in 2021 Release 2 which reduced the human input and potential errors for subsidiary-related transactions. NetSuite further enhances the view of the intercompany account balances.
To ensure manufacturers maintain the best quality throughout the production process, the new release now supports on-demand inspections in the NetSuite Quality Management app. These can be set up for certain times or as necessary in addition to the standard set schedule. Triggers are also built-in to send alert messages to workers of any failed inspections and repairs that need to be reinspected.
The 2022 release updates the NetSuite Analytics Warehouse app to help manufacturers devise more tactical and strategic decisions to meet the demands of the industry. From maintaining low costs to satisfying customers, NetSuite provides the data and analytic tools to help to make better decisions. The release offers an overall 50% increase in analytical capabilities with the 18 new transaction types that are already developed and ready for use, as well as new dashboards. The two existing dashboards are the foundation of this new solution, along with 6 new dashboards for business insights. NetSuite Analytics Warehouse also offers ‘Point-in-Time Analysis’ from reports created from past data sets for inventory, work orders, and expense reports.
o improve business performance, the SuiteAnalytics app has updated the user interface, now there are more allowances and multiple datasets all on a single platform. The newly designed interface accommodates a drag and drop feature for needed links and users can also link multiple datasets of custom records. The permission boundaries for analyzing multiple data sets have been removed; now no coding in SuiteScript API nor developer resources are required first. Less time and resources are spent on analysis with this new feature. Now managers can better measure the business performance for the budget, forecast, or planned data to the actual more efficiently.
There’s a lot more to discover with NetSuite’s new release and the advantage it offers to manufacturers to make ambitious moves and overcome challenges with the supply chain and purchasing decisions.
Keep an eye out for the live updates in the production Account to get a chance to test before changes are made to the LIVE account.
Let ERP Buddies handle all the tech support needed to test these updates in your Sandbox Account. This way there is no interference with your existing workflows. Click Here to touch base with a consultant.