Businesses of all shapes and sizes face pressure to elevate their customer experience without increasing expenses—more than 40% of CFOs have cut back on capital spending or other costs, according to a recent joint survey from the Federal Reserve and Duke University. This presents sales and marketing teams with a challenging mandate, but technology can provide a major assist in delivering on this goal.
New features in NetSuite 2024 Release 1 can help make your workforce more productive and facilitate better customer experiences. For example, a new NetSuite Connector for Simphony Point of Sale (POS) fuels additional automation, while improvements to NetSuite SuiteCommerce and CPQ help provide the smooth online interactions both B2B and B2C customers expect.
New NetSuite Connector for Simphony POS
NetSuite restaurant and hospitality customers that use Simphony POS—one of the most popular systems in the industry—can now more easily maintain accurate data and find insights they need to make better decisions by using the NetSuite Connector for Simphony. New in 2024 Release 1, the Simphony Connector will construct a single cash sale per location in NetSuite that represents all activity for the previous day The result is that restaurants, hotels, and similar businesses have up-to-date information and get access to better reporting.
Making it easier to sell and manage subscriptions
A year ago, the introduction of NetSuite CPQ gave sales reps and customers themselves the ability to quickly and accurately build and price configurable products. NetSuite 2024 Release 1 adds to these capabilities to meet the needs of a growing list of companies that have expanded their business models to include both products and services components, as reps and customers can select subscriptions when creating configurations. This functionality, powered by the SuiteBilling module, lets businesses roll together customizable products and services to help increase customer spend.
Companies can also use NetSuite CPQ to track trends among configurable offerings with the module’s new analytics tools. They can view the popularity of different options, such as material, features, components, and add-on items, with easy-to-understand metrics and charts. This feature helps purchasing managers predict upcoming demand and order the right items.
Additionally, new capabilities in SuiteBilling streamline selling and billing of physical products and related subscriptions. Once you link inventory and subscription items—for example a modem and internet service subscription—fulfilling the physical item in NetSuite will automatically activate the subscription and tie product details such as the item serial number to that service. This improvement also means customers can place one order for a product and service instead of two separate ones and receive a single consolidated bill.
In 24.1, sales and marketing can also automatically schedule percentage price increases monthly or annually, such as at renewal. These teams can also create uplift pricing templates, further cutting down on manual work required to manage subscriptions.
Other 2024.1 enhancements for products and services companies
- NetSuite SuiteCommerce now features a shared interface for quotes—which your customers can quickly turn into sales orders—reorders, and payment to make the process more intuitive. Buyers can complete any of these actions in one step instead of multiple screens, making for a simpler and easier process.
- A new Compliance 360 dashboard helps you monitor any changes to customer records in real time. In addition to edits, the dashboard also tracks exported, printed, and searched customer records and who took what actions. This can alert organizations to and help them understand the impact of a data breach and also make it easier to audit internal user activity.
Learn more about all the updates in NetSuite 2024.1
This is simply a short summary of some of the game-changing features in NetSuite 2024 Release 1. Read more about what is in the release on our Sneak Peek page or dive deep into the release notes (opens in new tab). Most importantly, don't forget to request your Release Preview (opens in new tab) test account for hands-on access that will show you how new features will work with your data, workflows, and customizations.
The preceding is intended to outline our general product direction. It is intended for information purposes only, and may not be incorporated into any contract. It is not a commitment to deliver any material, code, or functionality, and should not be relied upon in making purchasing decisions. The development, release, timing, and pricing of any features or functionality described for Oracle’s products may change and remains at the sole discretion of Oracle Corporation.
