NetSuite ANZ Newsletter
Message from our NetSuite Executive Director
Now, more than any other time, we've been hearing directly from you, our customers about your businesses; how you are dealing with the current disruptions, handling rapid change and adapting with innovation. It's been very encouraging overall, with some taking the time to re-align their strategies. This special eNews is our chance to respond, and to update you on the NetSuite space at Fusion5.
When I started promoting the benefits of cloud technology a few years ago now, we had an uphill journey of proving that what NetSuite promised would be worth its weight in gold. I recently penned a blog about how our business systems should enable change and help us to adapt. As part of the NetSuite community, I hope it's a welcome relief for you to agree and share these thoughts, as the reward for your forward thinking is being realised.
With eCommerce quickly becoming the main trading platform for most, I can pass on that development of the CX and UI of this module and the whole of NetSuite has not slowed down! Quite the opposite, rolling out these enhancements will likely to be announced at the next NetSuite global event.
Although SuiteConnect has moved in the NetSuite calendar, we've been looking into expanding our Connect Events to provide more accessible contact with you all - and we'd be keen to hear your thoughts on this change here.
With the pace of cloud technology and online business accelerating, we are looking to take teams through our strategic roadmap and the stairway to success model that NetSuite enables. If you've been central to building out the NetSuite capabilities in your company, then this may be right for you, so please reach out.
NetSuite's newly appointed Director of channels for ANZ, Tony Field, has started in the last month. Tony will have a focus to bringing the latest vertical-specific features that are being developed to the modules of finance, supply chain manufacturing and eCommerce to the region. So there are some exciting releases to look forward to!
As always we are here to provide support and continue to partner with you through all seasons of working life - so do reach out if you'd like to chat.
Delivering Projects in a Pandemic
With the current Covid-19 situation, the project delivery landscape has moved rapidly to running projects virtually, moving away from physical joint team on-site meetings and workshops. Now, more than ever, the reasons for needing a stable and modern business solution are more critical for businesses needing new distributed technology up and running quickly, and finding time and resources to educate their people on how to use it without the ability to do so in a classroom style for hands on support is the challenge.
In order to continue to deliver projects in a new working environment, at our high level of quality standard expected, we have needed to assess and identify changes to our workshops, looking at what needs to adapted for both the Fusion5 and the customer project teams, in order to be more effective, whilst still producing strong outcomes.
Fusion5 already have an extensive experience running projects remotely, and have a strong communications frameworks in place that support remote collaboration, open communication and opportunities to ‘see’ each other to check if all is ok and if anyone is feeling unmotivated or struggling to progress.
From a project management point of view, working remotely requires clarity on SMART objectives, and the ability to track the project by clear deliverables, and all participants given plenty of notice for any prep work that is required in advance. This allows project managers to ensure people are focussed on the right things, at the right time, and that deliverables are of the right standard. Fusion5 operates remote meetings and sessions in ways that are clear, digestible, and trackable for attendees. This includes consideration of facets from agenda tracking , meeting length and session breaks, to having video on and ensuring attendees remain engaged and individual progress is monitored and any issues addressed.
Fusion5 also recommends the project governance team is meeting more regularly to ensure all efforts are supporting the business objectives. The recommendation is for more regular steering committee meetings, which are focussed on progress and any roadblocks that require mitigation.
Fusion5 is confident that our project delivery landscape has assessed and adapted an improved framework to support remotely delivered projects without any significant impact. We have identified the new challenges and updated any potential project risk to ensure project quality is not affected or compromised.
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NetSuite Learning Cloud Support Pass
NetSuite Learning Cloud Support Pass (LCS Pass) offers over 872 hours of learning across 47 different courses in all areas of NetSuite from fundamentals to reporting and financial management.
It is the best and quickest way to upskill on NetSuite and is something we strongly suggest all new customers go through before starting a NetSuite implementation project.
At the same time, it is also a good way to refresh your knowledge in NetSuite and also learn new features and functionality related to your role.
Historically the LCS Pass had to be obtained for 12 months or to co-term with your current agreement but now the offer is out there that you can acquire the pass for less than 12 months eg 6 months. This is a good offer to get onto expanding your knowledge in NetSuite and see how you can improve your processes.
On top of this, NetSuite is offering additional discounts to customers who acquire the pass. An example of this in a recent deal is a 6 month LCS pass with a 20% discount on top of the discount the customer already had.
NetSuite’s New Supply Allocation Engine: Everyone Should Turn This On
NetSuite’s new Supply Allocation engine is a native, free and major enhancement for inventory managing companies and users. It provides a significant contribution to inventory controller management capabilities, helping ensure high order fill rates as well as well as helping salespeople who are often interested in providing customers with exact insights into their order timeframes. It helps manage inventory with a flexible and easy to use supply allocation feature that replaces, consolidates and enhances many of the previously disparate settings.
The big news is that Supply Allocations expand upon inventory commitment by adding an allocation capability. Allocations can consider future inventory on supply orders in addition to current, on-hand inventory when allocating stock to sales, transfer and work orders, even before the stock has arrived. This is among many other user definable options such as distinct line level allocation strategies on top of extra visibility on orders to be able to see at a glance exactly where supply stock is coming from and when.
Many Oracle NetSuite users will know that they receive 2 major upgrades every year with many of these kinds of improvements. Not everyone will be aware that some of the best new features need to be enabled first in order to take advantage of them. So, let’s take a closer look at this new supply allocation feature, go through the small amount of setup involved in the enablement process and dive into the enormous benefit the feature can provide to users. As always, we recommend performing these changes in your sandbox account first to familiarise yourself with the process and functionality safely before introducing it into your production account.
Visit the Enable Features page under Setup -> Company -> Enable Features and on the Items & Inventory tab, check the Supply Allocation box and click save. You’ll receive a message stating “Before the Supply Allocation feature can be enabled, a data check must be performed”. By clicking okay, you are taken to the supply allocation migration page where you can click Submit to begin this check. This can take a few minutes to run in my experience but can take longer depending on your data. If you have good data hygiene this should pass without issue. Simply click the refresh button to check your status.
Once successful, new setup options become available under Setup -> Order Management -> Supply Allocation
Supply Allocation Demand Preferences replace and remove the previous settings available in Accounting Preferences -> Order Management. Previously you could only select one allocation method of the above 3. Now you’re able to perform a combination of sorting from any of the 10 options below in either ascending or descending order per item.
These Supply Preferences have also replaced and removed the previous settings available in Accounting Preferences -> Order Management. Previously you could only select one allocation method from the above 3 options for each of sales orders, work orders and transfer orders. Now you are able to create brand new allocation strategies for each type of demand as you can see below. Some of the real power of Allocation Strategies will come from being able to use these strategies on a line by line basis if desired.
New Allocation Strategies can be created under Setup -> Order Management -> Supply Allocation Strategy -> New if you wish to go beyond the default strategies.
Under Inventory Options, for the first time you may consider future order inventory in addition to inventory on hand for allocations. You should especially consider setting the future inventory order types to include types such as purchase orders to really test the power of this new future supply considering capability. If only using the default strategies which don’t include future inventory order types, the behaviour is largely the same as the previously available settings.
In the Allocation Period area, you may limit inventory allocation to only consider supply that becomes available within a certain number of days before or after the required date. This could be helpful to ensure an order doesn’t commit stock that is particularly far away from arriving.
The Allocation Method area allows you to toggle between earliest possible ship date versus a JIT style - closest to supply required date.
NetSuite provides the below example graphic describing the allocation method and allocation period features.
Allocation Quantities allows you to continue to manage whether to commit all available quantities or to only commit complete quantities that would allow shipping an item in full.
Lastly the allocation type allows you to specify whether the allocation should be flexible and able to change in the future or firmed up so that it does not become undone by changes that might later occur.
All up the new user definable supply allocation strategy feature looks to add a significant contribution to planners and inventory controllers by helping manage item and order commitments and allocations with a new, flexible, easy to use supply allocation engine.
Make sure that any locations you wish to use Supply Allocation with have inventory set to Available in the Location record.
Go to Setup -> Company -> Classifications -> Locations and edit each appropriate location.
Ensure the Inventory available box is checked and save if necessary. In all likelihood, this will already be the case if you manage inventory in that location.
On your item records, in the locations subtab, specify the ATP Lead Time as a number in days. If no current or future supply is available, Supply Allocation will use this lead time to calculate item availability dates for demand orders in each location. Don’t forget to click save when finished. If you use the Advanced Location Configuration this value is under the order management view.
If you use the inventory status feature, you may specify for each status whether stock should be deemed available or not. For example, stock awaiting inspection or marked as bad can be excluded to ensure they aren’t committed to customer orders. Under Lists -> Supply Chain -> Inventory Statuses, make sure that each status has the appropriate value selected for Make Inventory Available for Commitment and Make Inventory Available for Allocation depending on your requirements for that stock to be able to commit and or allocate to orders respectively. Do keep in mind that dropship and special orders bypass these validations as per their 1 for 1 commitment engine.
Once you have completed the above setup there is a plethora of new functionality available to help streamline your allocation processes. You may see allocations of future inventory on your orders and even specify on a line by line basis, which allocation strategy you would like applied. You may also enter required by dates per line to have NetSuite show you whether the demand can be supplied, and in cases where it cannot, use a popup to help easily identify other orders it may be appropriate to source from. There is a dashboard available to show Supply Allocation Exceptions to help with managing by exception under Transactions -> Inventory -> Allocate Orders -> Order Allocation Alerts. There is also now a new Allocate Orders page which allows manually reallocations at a far greater scale than the previous reallocate items page.
It is still early days for this new feature, but we can’t wait to see more people adding value and automating more robust and sophisticated allocation processes around inventory management for sales, transfer and work orders. If these features are of interest and you want any assistance in making the most of this new functionality, feel free to get in touch with your account or support manager to arrange a session to turn this feature on and better manage supply allocations in line with your business objectives.
Tips & Tricks Video Guide: Trend Graphs
3 Tips to fend off late payments during COVID-19
Your accounts receivable is an asset on your balance sheet but can you count on your debtors to pay on time right now? Here are some tips from Aj Singh, CEO of ezyCollect, the leader in accounts receivable workflow automation.
Right now, it’s business unusual. Some of your customers will be thriving and others will start to fail. Who should you extend more credit to, and whose payment behaviour is deteriorating across the market? Your entire debtor book is potentially a mystery.
Uncover every debtor’s risk of causing credit loss to your business with a credit risk analysis and monitoring service. With analysis done for you, you can scan your debtor database every day and quickly pinpoint your high-risk customers as well as the customers you will want to do more business with. Deep dive where you need to.
On the ezyCollect payments portal, we can see that 1 in 5 online payments in the last three months have been made outside of normal operating hours (8 a.m. and 7 p.m. are popular times).
This makes sense in the context of more people working remotely from home and juggling their work tasks around family commitments.
Can your business afford to miss out on 20 percent of payments?
Offer a 24/7 checkout that accepts credit card payments. Be responsive to your customers’ need for self-serve capabilities and make it easy for customers to access the credit available to them from their bank. Your customer’s bank signed up to be their loan provider; you didn’t!
Customer care has never been more important. After all, we are all in this together and we want to emerge from this together. Pick up the phone and speak with your customers. Ask them how they have been affected by COVID-19. Be prepared to offer a payment plan so that you and your customers can agree on how they will settle any overdue invoices. Keep a note of promises to pay and address any disputes efficiently.
An automated AR workflow can really help to take care of generating routine reminders and monthly statements so you can concentrate on the person-to-person connections.
ezyCollect is helping businesses to quickly move their AR process online with a 2-month free trial during COVID-19.