NetSuite 2024.2 Brings New Supply Chain, Subscription Billing, HR Features

The NetSuite Podcast

Learn more about NetSuite 2024 Release 2: https://bit.ly/3W7y8vS Cohosts Ian McCue and Megan O’Brien delve into NetSuite 2024 Release 2, with several guests joining to cover the latest and greatest features included. To start off, Lisa Schwarz, senior director of product marketing at NetSuite, gives an overview of the second release of 2024 [1:29]. She covers some of the most exciting updates in 2024.2 and what customers can expect. Tanios Boudames, product marketing manager for NetSuite SuitePeople, joins next to give a breakdown of new capabilities in NetSuite’s human resource management system [11:46]. Peter Bouyonan, an industry solution advisor at NetSuite, delves into the new supply chain and manufacturing features [24:48]. Lastly, Jessica Turnpenny, group manager of product management at NetSuite, goes over new SuiteBilling capabilities and how they will help subscription businesses [37:41]. Follow Us Here: NetSuite 2024 Release 2 Homepage: https://www.netsuite.com/portal/products/newrelease.shtml Oracle NetSuite LinkedIn: http://bit.ly/NetSuiteLI Facebook: http://bit.ly/NetSuiteFB Instagram: http://bit.ly/NetSuiteIG Twitter: http://bit.ly/NetSuiteTW #NetSuite #NetSuiteERP #NetSuiteSuitePeople -------------------------------------------------------- Episode Transcript:

00;00;00;00 - 00;00;23;08 Hey NetSuite Podcast listeners. Thanks for tuning into this episode breaking down our newest NetSuite release. I’m Ian McCue, senior content marketing manager at NetSuite and I’m joined by NetSuite’s business and finance editor Megan O'Brien. The summer means it's our second product release of the year and that NetSuite 2024 Release 2 is packed with a bunch of awesome new features. 00;00;23;10 - 00;00;50;19 Absolutely. NetSuite 2024.2 brings new functionality across SuiteBilling, SCM mobile and Manufacturing mobile, and SuitePeople, as well as new suite apps to help businesses run their supply chains more efficiently. We have four different guests breaking down the latest capabilities in detail and explaining how they benefit you. And if you're looking for more, our sneak peek release blogs are now live on NetSuite.com. 00;00;50;22 - 00;01;16;19 See the links in the description of this episode to check this out. Stay tuned because we have a lot of exciting updates that you won't want to miss. You're listening to the NetSuite Podcast where we discuss what's happening within NetSuite, why we're doing it, and where we're heading in the future. We'll dive into the details about the software and the people at NetSuite who are behind all the moving parts. 00;01;16;21 - 00;01;41;22 Unknown We'll also feature customer growth stories discussing the ups and downs of running a company and how one integrated system can help your business continue to scale. Kicking us off is Lisa Schwarz, senior director of product marketing at NetSuite. Lisa will provide a quick preview of what's new in 2024 Release 2, including an updated user interface that customers can now try out for the first time. 00;01;41;25 - 00;02;13;00 She also gives a refresher on how all our customers receive the update and what they can do to prepare for it. So, Lisa, we have a few guests joining us to dive deeper into the latest functionality in NetSuite 2024 Release, 2. But could you give us a quick overview of what's new? Absolutely. So we have a slew of new supply chain and manufacturing features ranging from NetSuite WMS to some of the mobile applications, as well as some hot new suite apps related to supply chain. 00;02;13;03 - 00;02;36;11 Unknown We'll be diving into the new SuiteBilling capabilities, which is our subscription management and billing solution. And finally, you'll hear about some of the new things going on with our HR solution, SuitePeople. So what's one feature in this release that you're kind of especially excited about or maybe see as a big win for our customers? Wow. That's a tough one. 00;02;36;11 - 00;03;02;06 It's like, you know, picking your favorite child or, you know, they're all special in their very own ways. From a practical point of view, it's great to see the evolution of Bill Capture, which we continue to fine tune the ML models that help increase the accuracy for matching the invoices to your NetSuite record. 00;03;02;08 - 00;03;39;13 So that's increasing productivity for our users. There's also Ship Central, our packing and shipping solution. With this release, there's some great new functionality to automatically find the best shipping rates, which is pretty cool so that’s saving users time but also money. So those are great. But I actually wanted to talk about a feature that's included in the release, but it's an early release status, so going into that a little bit. 00;03;39;15 - 00;04;05;05 What we're going to be doing with this release is to start to roll out some of the new Redwood UI elements to NetSuite. Users may have heard about this already from Oracle, which they have all their applications using this or you actually may have seen it in some of the Oracle applications that we make available to NetSuite users like Planning and Budgeting or Analytics Warehouse. 00;04;05;08 - 00;04;37;06 Those two solutions have already the Redwood UI design system applied. So what you're going to see in NetSuite are changes like fonts, icons, and colors applied to various pages. There's no functionality changes, no changes to workflows. It's strictly an aesthetic, you know, user interface change. One thing to note and to understand is that this new UI won't be turned on by default. 00;04;37;09 - 00;05;01;11 You'll need to go in and change the preference settings to do that, but your admin can usually do that. It's a great way just to start to become familiar with this. We're going to see more pages updated over the next few releases with more of the design elements applied and at some point it will become the default UI of NetSuite. 00;05;01;14 - 00;05;27;04 But it's just starting and that's what I think is really exciting. Yeah, very cool stuff. And if someone wants to learn more about Redwood UI and maybe, you know, what might be might be changing a little bit, just an appearance in NetSuite. Where could they go to learn more about that? As usual, with all the stuff in every new release we'll have details in the release notes. 00;05;27;06 - 00;06;07;16 But we're also planning to start rolling out over the next few months some added communications and tools that users can use to become familiar. So you should be seeing some blogs on this. We're actually trying to line up a speaker for the podcast at some point soon down the road. So lots more to come on this. Awesome. And I wanted to quickly touch on kind of the logistics of the NetSuite release for any new listeners, any customers who have maybe not been through this before or those that maybe just need a refresher. 00;06;07;16 - 00;06;35;18 So how does NetSuite deliver all these new features that you covered to users? Yeah, it's actually still to this day, as many times we've been doing it, it's still super cool to watch it from the other side of getting it applied. The process and everything. But to remind everybody, we do two releases a year, all of our customers, which right now we're at 38,000+ customers receive the updates. 00;06;35;21 - 00;07;13;04 Everyone is on the same release using the latest and greatest version of NetSuite. So this is our second update of the year. With the release, accounts will be updated between mid August through July. That's the span of the rolling upgrade window. Each customer is assigned a date and a time that their NetSuite account will be updated. The date and the time of your update will be published in the new release portlet on your NetSuite dashboard and your NetSuite admin will also get an email with this information. 00;07;13;07 - 00;07;48;11 If for some reason this time doesn't work for your company, you can change the date and time of the update via the CSM tool within NetSuite. Again, something pretty fast and easy that your admin can do. So on the day of the update, you do not need to install or do anything. Everything is automated. Accounts will go offline during the update time, which is scheduled for about a four-hour period, but most of the updates happen in 60 minutes or less. 00;07;48;14 - 00;08;09;02 And it sounds like there's not a whole lot for customers to do, which is obviously a good thing. But what can customers do to prepare for this update? Yeah, like I mentioned, this is all automatic, but we definitely encourage users to become familiar with what's in the release and to try it out in a release preview account. 00;08;09;04 - 00;08;43;28 So while accounts are updated automatically and all customizations that you may have done to your account come over with the update, it's great to test things out using your own data, workflows, integrations, and customizations just so there are no surprises. I know I don't like any surprises, so for those of you who are not familiar with the release preview account, this is a special test account test environment that clones your production account with the new release functionality in it. It's free. 00;08;44;05 - 00;09;12;24 Unknown You just need to have your NetSuite admin requested, but definitely encourage to, as we used to say, test drive before you go live. And other than this podcast, how else can customers learn more about 2024.2? Yeah, lots of ways to engage and learn more. So the first thing you can do is read about this sneak peek blogs. 00;09;12;28 - 00;09;37;04 You can read about the enhancements in the sneak peek blogs on NetSuite.com, as well as the release notes. The release notes go into a ton of details on each of the new features and capabilities. There's also training videos that are made available in SuiteAnswers that you can watch on selected new features and enhancements. 00;09;37;06 - 00;10;06;04 Another way, we encourage you to talk with your account manager about what's new, kind of what they're recommending you. You may want to pay a little special attention since they know your environments a little bit more. So engage in some conversations with your account manager. We've got some upcoming webinars that you could also, if you know, kind of seeing is more of your thing rather than reading. 00;10;06;07 - 00;10;37;03 So we have a new release features webinar coming up actually just a few days after this webinar—this podcast goes live so you can sign up to watch that to participate in that webinar July 24th. Or if you can't make that it's available, it will be available to watch on demand. And there's also another follow-up webinar coming up in early August about release readiness. 00;10;37;05 - 00;11;03;10 So this is a little different webinar. It's not going to go into details on the actual features, but more about giving you tips on how to get ready for the release, like using the release preview account, which I just mentioned, creating test plans. And then there's also an opportunity to learn about some of the services that we have available that you may want to look at to help with release readiness. 00;11;03;12 - 00;11;38;08

And then last but not least, you know, we've got SuiteWorld coming up. So that's happening in Las Vegas, September 9th through the 12th. We've got over 200+ sessions, seminars, hands-on learning and training that cover a lot of the new capabilities, not only from this release, 24.2, but also from the previous release, 24.1. So lots of different ways to learn about the release depending upon your, you know, how you like to learn and get up to speed on things. 00;11;38;11 - 00;12;05;13 Well, lots of cool and exciting stuff to look forward to there. So thanks for walking us through it, Lisa. Thanks again. Happy to. SuitePeople, NetSuite’s human resource management solution, saw several new features in NetSuite 2024 Release 2. Joining us to discuss how these updates will help companies better manage their workforce and associated costs is Tanios Boudames. 00;12;05;13 - 00;12;33;22 Product marketing manager for NetSuite SuitePeople. For those who are not aware of NetSuite’s HR solution SuitePeople, could you give them an overview? Yeah, of course. So SuitePeople is part of NetSuite’s DNA, right? It works seamlessly with the rest of the platform. It's NetSuite's comprehensive human resources management system. So it's designed to streamline, automate a lot of the complexities that HR 00;12;33;23 - 00;13;20;16 Teams and processes kind of face. And it offers a robust set of tools for managing core HR business processes. That's like keeping employee records, running payroll, providing benefits, understanding performance of different teams, scheduling and optimizing workforce scheduling and planning, and really by integrating with the NetSuite ecosystem and being a part of it, you can really enable your business to better manage your workforce by having real-time insights, by having real-time analytics that drive better decision making because SuitePeople is with NetSuite on the same platform and it really allows customers to better understand how they can manage their workforce and optimize it. 00;13;20;19 - 00;13;47;24 And all of this is leveraged because again it's connected to NetSuite. So we can connect to SuiteAnalytics, SuiteProjects, into all the different products that NetAuite offers. And in terms of SuitePeople itself, diving deeper in, in terms of what the modules and products are that we sell, we have US payroll, we have HR administration, we have workforce management, then we have performance management. 00;13;47;26 - 00;14;21;06 So these are really covering the key areas that HR folks are going to be looking for in terms of providing HR functionality to their business. And this helps really provide a unified solution for finance and HR. And one solution with NetSuite. Well, why is it important to have a finance and HR system that is unified? Yeah, so there's really three areas that I always think of when it's when it's having a unified solution, especially when it comes to two really key lines of business like finance and HR. 00;14;21;09 - 00;14;43;19 The first is collaboration, right? It's being able to understand when you want to make changes to your workforce, you want to either hire people or you want to maybe readjust learning or reskill employees or understand where you need make shifts in the workforce in terms of scheduling and teams is understanding how you can collaborate as a HR person with finance or vice versa. 00;14;43;25 - 00;15;29;00 Understanding the budget, understanding the costs from the finance side, and then understanding things like the goals of performance. The really HR information location, how you can readjust workforces to be optimized to improve revenue performance of the business. The second is having actionable insights. And this kind of goes on the collaboration is not just being able to talk to each other, but also as a finance person or as a HR person being able to pull up dashboards, things like headcount analysis, things like performance across teams or across individuals or across products, being able to forecast different aspects with workforce management, being able to understand, okay, I need like three people here at this at this 00;15;29;00 - 00;15;54;22 job site for this season, right? Because it's going to be very busy. We need more staff. So being able to have those actionable insights from across the business, whether it's coming from projects or whether it's coming from the HR side as a finance person is really important. And that's what SuitePeople provides with the unification of it being together, And the last having the data integrity—data integrity and data privacy. 00;15;54;22 - 00;16;17;27 So everything is in one solution. You're not having to import data sensitive data like employee data across different solutions. It's all within NetSuite, all protected. So this helps with the privacy, the security aspect, and integrity. You're not having a duplication of data, right? There's one source of truth. You go to NetSuite, you check an employee record, you check the financials, etc. All of it is within one system. 00;16;17;27 - 00;16;49;15 So that's really the power of having a unified in those three, those three elements, really. How has the product grown to support NetSuite Financial customers over the years? Yeah, so SuitePeople really started out with payroll and HR. And we've grown and added performance management and workforce management and really grown alongside with our customers. I mean, now we process 6 billion annually in payroll transactions across thousands of employees. 00;16;49;17 - 00;17;18;23 We're really very much ramping up as we'll see in this update around workforce management and around providing a more complete HR solution for our customers with things like benefits offering and benefits solution. So, it's very much improved with financials as well and NetSuite Financials to offer deeper analytics reporting features that help understand workforce costs, productivity, products for locations. 00;17;18;23 - 00;17;47;01 Right. Being able to understand where the demand is from the business and that comes from things like compensation, planning, performance management, and understanding the whole aspect of your business. And at the same time from an employee side is we've really grown to offer employees more of the self-service capabilities. So this is allowing them to get the information that they need at the time that they need it without having to go to HR. 00;17;47;03 - 00;18;11;00 Unknown Without having to bother or really distract business folks from focusing on more impactful tasks to ask for things like a payslip or to ask for things like time off or schedule around that. Right. So workforce management allows for that. We have the self-service portals in in HR to allow you to access payroll slips, etc. Right. Let's get to the good stuff. 00;18;11;02 - 00;18;43;08 What enhancements are coming to SuitePeople in 2024 Release 2? Yeah. So for workforce management, we have two really key enhancements coming and one of those is around being able to track to multiple time fields, right? So this is going to allow businesses to understand not just by, for example, a location or a team or a product, but to be able to dive even deeper into how employees are spending their time, where are the labor costs coming from? 00;18;43;10 - 00;19;26;03 For example, you are running, let's say, a coffee shop, right? Where are your employees spending the most time? Cleaning, making the coffee, talking with customers, whatever it may be. Being able to log those times across multiple time fields now allows you to understand where maybe you need more support. For example, another is like a contracting business, right? Where you have multiple people working on building a house, people who are doing the platform, the foundation, the concrete, who are building, the paint, the electrical, all the different stuff that you have within a project, being able to map across how many hours are being spent on which item, on which project, on which task is really 00;19;26;09 - 00;19;52;18 impactful for our customers now being able to use that and to map to different fields. And the second is around really enabling compliance for our customers. So being able to ensure that employees take their full break. So this is like a early break prevention enhancement where employees now will take their full break and cannot clock back in until their break is completed. 00;19;52;18 - 00;20;24;24 And this is important for a lot of states that will penalize businesses if employees don't take their full half an hour, hour, whatever the regulation is. So this is a this is really powerful enhancements for the workforce management product we offer customers. And then from an HR administrator viewpoint, we now have a benefits partner so we now can offer customers benefits, enrollment, and brokerage services through our benefits partner, Simply Insured. 00;20;24;24 - 00;20;49;06 Unknown And all of this is within NetSuite. So it's all within the NetSuite interface. Employees don't have to go outside of NetSuite to sign up and to enroll in and benefits. And, at the backend, the payroll is deducted. So any costs that come from an employee signing up for a benefits plan, they can see that reflected automatically in their in their payroll as a deduction. 00;20;49;06 - 00;21;09;06 Unknown And then from a financial standpoint, you can see as a finance person, the GL showing the costs of how much benefits costs, how much each plan even is costing the business, and being able to optimize. Are a lot of employees using this plan? No, but it's also costing a lot. Okay. Maybe we should look at offering other plans for employees. 00;21;09;06 - 00;21;43;12 So that's the two big enhancements or three I guess two for workforce management and one for as a new partnership with benefits that we have in 24.2. How does this help businesses monitor and track rising labor costs? Because that's a that's a huge issue for our customers. Yeah. So for SuitePeople, especially with the workforce management, I'll talk on that because this is really where, as I was saying earlier, it's going to provide visibility into so many different components of the workforce—when they clock in, where they're clocking in to, where they tracking their time to. 00;21;43;12 - 00;22;06;03 So being able to understand the different components of expenses, wages, overtime, anything that they're spending extra time on. So being able to identify cost trends and being able to budget and forecast ahead. So saying, okay, these projects are taking our employees way longer. Or these tasks or this assembly line or this product is taking double the time that it should. 00;22;06;03 - 00;22;42;16 And now we're accruing overtime, let's put more employees on that or maybe let's adjust how we're moving forward as a business and a business strategy for that product or project or offerings and services. Right? So it's going to help businesses really dig down deeper into what labor costs are affecting their growth. And this can happen from so many different fields that are that are within NetSuite of time fields and being able to map to those as an employee when you clock in and being able to say what you're doing at certain hour and time is going to really help businesses monitor and track where their labor costs are. 00;22;42;18 - 00;23;04;20 Now, how do these enhancements help employees and perhaps also help businesses? Anything that you might have not have mentioned so far? Yeah, so I've talked a lot about businesses and the organizational side of it with finance and HR. For employees, there's a lot of great enhancements with this. I mean, it's going to provide a lot greater transparency and access to their HR. 00;23;04;21 - 00;23;45;09 Information. So, for benefits, for example, being able to have that that solution as a business to offer to your employees so that they can access health benefits through their employer is really empowering to them. They're going to be able to enroll and access and view different plans all within NetSuite. Right. So that's really impactful. And again, all the self-service that comes with SuitePeople, right, being able to have the self-service to understand what your pay is, understand where maybe you need to update some personal information to reflect accurately, and being able to request time off, understand your scheduling and schedule within workforce management. 00;23;45;09 - 00;24;10;02 All great, really empowering aspects and enhancements for employees. From the business standpoint, a lot of this, again is streamlining the processes across HR and finance. So what you're doing from the workforce management standpoint with the time fields is understanding, okay, people are clocking in, they're aligning their time to certain tasks and projects. From a finance standpoint, where do we want to adjust the budget? 00;24;10;02 - 00;24;35;17 Where do we want to move forward in terms of adjusting how our workforce is operating from teams to products to focus? Right. And all of this is just really helping HR become more strategic in terms of how they operate and allowing finance to get to gain greater visibility in terms of the costs and how the workforce is operating so they can better optimize budgets and really grow revenue. 00;24;35;19 - 00;25;06;20 NetSuite by Oracle, the number one cloud financial system, is everything you need to grow all in one place. Financials, inventory, HR, and more. Make better decisions faster so you can do more and spend less. See how at NetSuite.com/pod. Next, we have Peter Bouyounan, an industry solution advisor at NetSuite. Peter will walk through the biggest new supply chain and manufacturing features in NetSuite 2024.2, explaining how they can help businesses reduce costs and increase productivity. 00;25;06;22 - 00;25;32;19 So, Peter, to start, could you just share what are some of the key goals for manufacturers when it comes to production? Sure. One of the key goals in the manufacturing process is really to optimize the inventory levels. What I mean by that is to produce enough to meet your demand without having a lot of excess. So, at the end of the day, you're maximizing output with minimal waste.

00;25;32;21 - 00;26;00;29 And for a lot of manufacturers, what they're trying to do is ensure steady flow of raw material and components. You know, they're trying to streamline their process and just make sure their production time is reduced. They just need the flexibility to be able to adapt to any changes from the demand, like what their customers are demanding or even from production requirements. 00;26;01;01 - 00;26;38;24 And I know in this Release 2024.2, there's some new functionality around aligning supply and demand in NetSuite. Could you could you tell us a little bit more about what we what we've added to support that? Yeah, a couple things actually. Supply planning updates, we've done and there's three new SuiteApps to support that as well. With the supply planning, that's going to give customers the ability to increase their accuracy and control of the supply planning quantities, their minimum order quantities, and their lot sizing. 00;26;38;25 - 00;27;09;12 It's combined now to ensure proper quantities are ordered. So it’s really merging the two together. So there's options there that they have at the end of the day that supports the right number of products and raw materials that are available. So that update is done to the supply planning. And then we have a few new SuiteApps that's going to support them as well. 00;27;09;14 - 00;27;47;22 There's NetSuite Supply 360. That's essentially just viewing the manufacturing component requirements when you get the work order, you get you get a visibility of the ability to review the levels of component inventory for upcoming work orders. So that's going to give you a better way to plan as well. It's, you know, Supply 360, so you're getting to see the whole 360-degree view of your manufacturing and the components that are required. 00;27;47;24 - 00;28;09;13 In addition to that, that really complements it as well, is Available to Build. So that's going to give you a view and it gives customers answers to see how many more of an assembly can be produced. It's based on the current inventory, so they're able to see that inventory and then they can see how many we produce. 00;28;09;13 - 00;28;35;00 A lot of times you see those requirements from customers as they have a work order and have certain raw material quantity and they can produce more than what's required since visually, if you can see the machinery is working right. Once you have a set up and you start working, you don't want to stop just because you supported the work order, right? 00;28;35;01 - 00;28;57;01 You have enough to do a work order, but you can go ahead and continue having available to build. You can see that perhaps you can run a little bit more and have that in stock if necessary, as opposed to just shutting down. And then now you have this raw material sitting. So that helps most customers in that regard. 00;28;57;01 - 00;29;24;27 And then very important aspect of everything is the cost, right? So we have a cost variance analysis that's going to take actual cost versus what you planned. So if you have a work order and you know what your planned cost is, now you can run a report to see what that variance and see the actual cost. And that's going to help customers identify, you know, where the actual cost landed. 00;29;25;00 - 00;29;52;20 Are they up or are they down? Great. Yeah, lots of exciting stuff there. And how can our customers access these new SuiteApps? So in general, the SuiteApps are either on the tab or, what I do typically, is search on the global bar for SuiteApps and you can see, view, browse, search for these apps and install them or they can go to SuiteApp.com in the marketplace. 00;29;52;20 - 00;30;19;03 You know, they can visit that in a lot of times if they're already, you know, NetSuite customers, those users can have access directly from the NetSuite instance. And these are at no cost to customers. Right. And are there any modules they need to have in place to access these SuiteApps? So the SuiteApps that we just discussed, those three: Supply 360, Available to Build, and the Cost Variance Analysis are actually free to download. 00;30;19;05 - 00;30;36;21 There is a prerequisite for them. It’s Work Orders & Assemblies. And just keep in mind that you can you can check with your account manager and they can they'll help you navigate through it as well. So let's shift gears a little bit and talk about the production process itself and how NetSuite plays into that. 00;30;36;22 - 00;31;04;19 So NetSuite has done a lot of work to make production and warehouse processes executable directly from a mobile device. Could you tell us about new enhancements in this release when it comes to mobile functionality? Just want to go back a little bit about mobile. Mobile apps, they support multiple efforts our customers have been asking for. For one, it's paperless and it's physically flexible, hence the mobile aspect of it. 00;31;04;21 - 00;31;47;02 But you're not tied down to having a desk station for every workstation. And that's why we're putting so much effort into our mobile applications. The SCM mobile, what we've done is put printers that can be grouped into print groups that's going to allow the user to select a printer based on a print group preference so that the user will see a list of printers based on the group they selected. That's going to help them, you know, quite a bit to not be tied down to a specific printer, but then they can select which printer they want to print to. 00;31;47;04 - 00;32;18;10 Hence since it's mobile. In addition to that with the SCM Mobile, you have condition based coloring so you can color data tables and rows. That's going to give the user a quick way to distinguish rows of data. Right. So if you got order released, that may look, you know, could be in green. If the work order is in process, it could be yellow. If it's planned, it’s in red. 00;32;18;17 - 00;32;47;19 Just to kind of give you a little bit of visual of what it would look like. And then the Manufacturing Mobile. So the enhancement there is that employees now can clock in and clock out with their badge. So that will provide actual machine and labor time on a specific operation on a step. And then Manufacturing Mobile as well has a GS-1 barcode. 00;32;47;21 - 00;33;19;23 So that's an enhancement to allow you to scan a lot or a serial number. And a big one that our customers have always been asking for is to have like an auto-generate lot or serial number and that's a SuiteApp and it's integrated with the Manufacturing Mobile as well. The third one I mentioned was the quality management and so the capabilities for that. 00;33;19;25 - 00;33;50;20 Unknown Inspection has been enhanced. It's going to give the user more control with like a parent transaction on inventory inspection so they can perform on-demand inspections. This includes like inventory quantities and decimals. And then that's very helpful for a lot of our customers in the food and beverage industry as well. And then there's compliance control, visibility of inspection results. 00;33;50;22 - 00;34;22;21 So that's all going to be it's more of visual information on hand. And then lastly with that is the ability to navigate between inventory transaction and inspection queues. So you're you have now both as well. Great. And could you remind everyone where they can where they can access these mobile apps and if they if they cost anything and what NetSuite modules customers may need to have to use them. 00;34;22;24 - 00;34;47;07 Yeah. So mobile apps in general are available on any iOS or Apple products or Android devices. You know, you can search for NetSuite and download the app. So it's, in general, high level to get the mobile app. But the manufacturing mobile is actually a free bundle. It does require Work Orders & Assemblies. So there is a prerequisite for that. 00;34;47;09 - 00;35;19;18 Unknown The SCM mobile, it's really is a framework which Manufacturing Mobile is built on. But to use the functionality within, you need a manufacturing module license. And then the quality management is also a licensed bundle. And that will require inventory management. So the mobile application is available through the SCM Mobile as well. And then one other area I want to touch on is Ship Central. 00;35;19;18 - 00;35;49;14 So Ship Central helps businesses fulfill orders with packing and shipping functionality. What's new with Ship Central in this release to make those packing and shipping processes even easier? Yeah. So again, I want to go back just a little bit from the last fiscal year. Ship Central in general adds real-time integration to partial shipping carriers. These features, like they give you real time rate shopping. 00;35;49;17 - 00;36;18;27 It's integrated shipping labels. You could do address validation to make sure that you were capturing the right address with, of course, the ability to void labels as well. So that was an enhancement that we've done in the past. And now what we've done, we've got usability improvements. So we added more to this functionality we had with Ship Central, and now you can automatically select the cheapest shipping method. 00;36;19;00 - 00;36;47;20 Instead of having a list and trying to figure out yourself, it will provide you that information. Print return labels. So if you have anything that came through, as we talked about just a minute ago in regards to the quality management and if you see something that needs to be returned, that can be done with the same carrier that came in, or you can choose a different carrier as well. 00;36;47;23 - 00;37;13;22 It depends on the cost factor for you. You can create, print, you can create and print hazmat labels. So those are great, especially for the United States Postal Service or DHL. You know, they have their own standards. So being able to do that, you can comply with their standards and operators can pack items by searching and grouping orders with the wave number. 00;37;13;25 - 00;37;41;01 So that makes it really convenient. Awesome. And how can our customers access Ship Central? What do they need? Or how can they take advantage of some of these new capabilities? Ship Central is great because actually if you have WMS, it would be included with it. Okay. But it's not reliant on NetSuite WMS. So it can be used with or without WMIS and it can be a standalone. 00;37;41;04 - 00;38;10;13 Well, lots of exciting stuff here, Peter, and I appreciate you walking me through it. Thanks to you. Thanks for your time. Now let's take a deeper dive into the enhancements around NetSuite SuitteBilling in 2024 Release 2. We have Jessica Turnpenny, group manager of product management at NetSuite, joining us next to cover how several new pieces of functionality and in NetSuite SuiteBilling will help ease subscription management. 00;38;10;16 - 00;38;52;18 We hear that subscription based business models are becoming increasingly popular. Many businesses benefit from the recurring revenue and increased growth and profitability. But what are some of the challenges that businesses face when they're trying to manage subscription revenue and billing models? Subscriptions have tons of advantages, but when you start having high volumes of recurring billing, it becomes unmanageable unless you're able to automate it, and especially if you have complexities around contract modifications and it becomes really hard and cumbersome for teams to manage all of those changes and make sure that it's accurate and as well. 00;38;52;18 - 00;39;23;12 Revenue recognition for subscription billing is very specific and so it can also be really hard for revenue teams to make sure that the way that they're recognizing their subscription revenue is accurate. And all of those things become more complicated with subscription billing because you're billing in a recurring way, not just a single one-off invoice. So yeah, it can be hard, especially at high volumes. For those who are new to NetSuite or could use maybe a little bit of a refresher. 00;39;23;14 - 00;40;02;16 Can you share some information about SuiteBilling? What is it and what does it do? So SuiteBilling is NetSuite’s subscription billing module. And what SuiteBilling does is it really simplifies and automates the management of subscription billing for our customers. The module supports one-time, recurring, and consumption or usage based billing. So we support flat, tiered volume based pricing, you know, time based discounts, free trials, you know, all of the complex sort of ways that you can price in a subscription model. 00;40;02;16 - 00;40;27;13 And we try and simplify that for you to be able to configure it using subscription plans. You can make that really easy to get up and running in a repeatable and accurate way. We automate all of those recurring type subscription invoice bulk runs for you so that can all be automated. It doesn't have to be triggered in any way. 00;40;27;16 - 00;40;55;12 We also have a really powerful rating engine that supports the proration associated with contract modifications as it has a really deep integration into our Advanced Revenue Management module. So it also seamlessly integrates with that module and automates all of your revenue recognition for your subscriptions. So it's a really powerful subscription billing product. We hear a new feature is coming. 00;40;55;12 - 00;41;41;09 To Suite Billing in release 2024.2. What can you tell us about it? So in 2042.2, we are releasing our prepay with drawdown feature, and that feature will allow our customers to receive a pre-payment for whatever specified amount and then be able to draw down or consume that prepayment across multiple subscription lines within that subscription. So you could take a prepayment for a set amount and then as your customer consumes whatever subscription products you've sold them, as they consume those, it burns down the prepayment. 00;41;41;11 - 00;42;10;19 Now, how would customers be invoiced in cases like this? So they're invoiced for the prepayment upfront. And then subsequent invoices, they see how that prepayment is consumed or burned down, and they also see what's left of that prepayment. So that initial invoices is that upfront payment and then subsequent invoices are more communications on how that's being consumed. 00;42;10;22 - 00;42;39;02 Unknown What's exactly the added benefit of being able to record prepayment within SuiteBilling? So being able to record those prepayments allows our customers to speed up cash flow. You have an upfront prepayment and but you get the advantage of consumption billing. So traditional usage based or consumption billing is billed in arrears as it's used. And customers really love that model. 00;42;39;02 - 00;43;07;18 So you get the advantage of that consumption based model, but you reduce the risk by having the upfront cash flow. So you have that prepayment in hand and then it can be reupped or you can recharge that prepayment at any time. So it does give customers that reduced risk with the great, you know, consumption-based model. And perhaps the most important question, how soon will customers be able to use this feature? 00;43;07;20 - 00;43;35;03 It is being released in our 2024.2 NetSuite release. It's all very exciting. Plenty of new capabilities for our customers to look forward to in 2024 4.2. And the best part is they can access this new functionality and start reaping the benefits right now. For sure. I really appreciate how the new features cut across so many areas. 00;43;35;06 - 00;43;55;09 Financials and accounting, supply chain manufacturing, HR, There's something here for so many different roles across a variety of companies. And a quick reminder, if you want to dive deeper into any of the new functionalities we cover today, we have links to our release blogs in the description of this episode. Thank you so much to all our guests for joining us today. 00;43;55;11 - 00;44;16;27 Thank you to all you listeners tuning in. I want to shout out our editing team over at Oracle, who does such a great job, and we are incredibly grateful for them. Don't forget to rate for view and subscribe for more episodes just like this one. 00;44;16;27 - 00;44;30;24 Tune in for developments, stories, and insights into the benefits of one integrated system to help you run your business.