Oracle Corp.’s NetSuite subsidiary is using its SuiteWorld conference in Las Vegas today to announce a broad set of enhancements to its suite of financial and human resources applications for midsized businesses.
Highlights include improved accounts payable automation, a configure/price/quote or CPQ utility, and a mobile application that aids in packing and shipping.
NetSuite AP Automation embeds banking services into a cloud enterprise resource planning system to make it faster and easier for users to process bills and pay from within the application. The feature will initially ship with automated payment services provided by HSBC Holdings plc, although other banking partners are likely to be added in the future, according to Paul Farrell, vice president of product management for Oracle NetSuite. The payoff is in better control over outgoing cash flow and the opportunity to take advantage of early payment discounts.
“This is massively automating the front end of accounts payable,” Farrell said.
The automation improvements capture vendor bills more quickly with fewer errors by obviating the need for manual data entry. Bills are scanned using object detection and optical character recognition. The system converting into text such details as vendor name, purchase order number, items ordered, quantity and pricing.
Bill matching and approval features help avoid overpayments as well as duplicate and fraudulent payments by ensuring that vendor bills are matched with the associated purchase orders. Payments are processed through HSBC with options for using an automated clearing house, checks and virtual credit cards. Payment reconciliation has also been automated for faster financial close and the NetSuite dashboard provides visibility into HSBC online accounts, payables status and payments history.
NetSuite Ship Central is a new mobile application that helps organizations streamline and automate operations. It gives warehouse workers packing and shipping capabilities on a mobile device or kiosk. Organizations can track packages faster, determine the best carrier based on the desired delivery date or location type, print shipping labels and document processes.
Warehouse workers can quickly find shipments by scanning a bar code or by selecting from a list of scheduled shipments. The software can also identify multiple products going to a single location to lower costs. Multiple shipping carriers are supported and users have the option to print and reprint labels as well as change label information at any point during shipment.
“When operators are filling orders and they find a bin empty they can trigger an alert for fulfillment to make sure no one else is looking for that inventory that doesn’t exist,” Farrell said. “We’ve improved workflows in every part of manufacturing, shipping and quality management.”
NetSuite CPQ is aimed at helping sales teams quickly configure and price complex products by selecting from a menu of product features and applying customizable business rules. It’s integrated with the company’s ERP, customer relationship management and e-commerce modules to allow for pre-configured inventory and profitability data.
“We’re in a world where the demand for customization and immediacy is increasing,” Farrell said. “CPQ helps you streamline the whole engagement process and makes it easier for customers to buy products from you.”
Once an item is configured, a bill of materials is automatically created that can tie into NetSuite manufacturing modules for such functions as work-in-progress tracking and routing, work order assemblies and advanced manufacturing.
Users can create customized rules that ensure accuracy and find products and services in a searchable c-commerce-like catalog. Templates can be fully customized.
“This is guided selling oriented toward companies with thousands of products to make sure customers can easily find what they’re looking for,” Farrell said.
In addition, NetSuite’s planning and budgeting feature is getting a version builder to simplify the capture of snapshots and workflows. A rebates and trade promotions feature is aimed at simplifying the management of those programs. It provides for the systematic management of agreements, timely execution of promotions and rebate transactions and proper accounting of claims and disbursement.
“As margins get tighter in distribution space this can be the difference between being profitable or not,” Farrell said.
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