OneWorld Service 2024: 12 Must-Know Updates & Trends

Newswire reports that product innovation is catalyzing the adoption of NetSuite in over 100 countries, underscoring its robust global expansion. This widespread adoption illustrates how companies are solidifying their positions within the digital economy. 

Enhancements in NetSuite are introducing greater agility into business operations. These advancements are revolutionizing marketing strategies and bringing versatility to international enterprises of varying sizes. Currently, the NetSuite OneWorld services have attracted notable attention thanks to these innovations. By introducing new functionalities, these enhancements allow businesses to optimize their operations and processes with greater efficiency. 

However, for businesses to maintain a competitive edge, it is imperative that they adapt to these technological advances. They must remain vigilant about the latest developments and updates in the tech sphere, particularly concerning NetSuite OneWorld trends, to pursue excellence. This blog provides a comprehensive overview of these critical updates. 

To delve deeper, please continue reading. 

1. Omni business model :- The new version of OneWorld supports B2B (Business to Business), B2C (Business to Consumers), and B2Anything across social channels, online, and offline stores, and more. And guess what? This NetSuite OneWorld update, in conjunction with SuiteCommerce advanced, offers unparalleled opportunities to grow business faster than ever before. Therefore, businesses can stay current with cutting-edge technology, enjoying seamless flexibility and agility that enables them to outpace competitors and operate effectively on a global scale.
2. Multi-book accounting :- Accountant professionals often encounter significant challenges in managing account records, transactions, invoices, and more. Given that these processes are managed by personnel, it's typical for them to navigate multiple books to monitor data. This is where the latest version of NetSuite OneWorld proves invaluable. 

   This upgrade enables businesses in the finance sector to automate manual tasks in finance and accounting, managing multi-book capabilities from a single, centralized platform. Additionally, you can access any information from a single source with just one click.  What's more, all the automation features within OneWorld meet both local as well as global reporting standards, while allowing controllers to operate and sync local period requirements with individual book end closures to ensure data accuracy. 

3. Multi-language support :-  Language is the biggest barrier for global businesses when they communicate with customers and cross-region employees. This challenge creates miscommunication, which affects their growth and success. But this becomes a walk in the park with the NetSuite OneWorld update.  

   It allows businesses to communicate with customers, clients, and employees in their preferred language by creating localized forms to keep everyone on the same page. These forms include order status, shipment notifications, and invoice details aligned with the customer and vendor's preferred language while considering the business as local and showing them on translated websites, web stores or emails. 

4. Comprehensive tax compliance  :- The upgraded NetSuite OneWorld brings new capabilities for global tax engines and simplifies tax engine management and compliance, while ensuring audit accountability supported by 100+ countries so far.  

   OneWorld also supports variable tax audit file formats, including SAF-T, overcoming barriers between traditional ERP systems and external tax engines.  Additionally, this new version of OneWorld allows you to manage business operations even across regions. From account shipping, tax calculations, triangulation reporting, and MOSS tax calculation to reporting obligations within the US, this new update has got you covered. 

5. Multi-subsidiary management :- With the support of subsidiaries and multi-level hierarchies, NetSuite OneWorld's multi-subsidiary management capabilities bring the foundation for deploying a legal business arrangement across regions.  

   This arrangement now includes real-time financial consolidation at every stage, enabling businesses to access local reports in their preferred currency or from regions around the world. Additionally, the NetSuite OneWorld update provides smart intelligence for enhancing decision-making and efficient communication with the overseeing team while keeping an eye on identical reports. 

6. Global item record  :- Keeping inventory and demand records plays a crucial role in satisfying customers at every stage of their e-commerce journey. With the NetSuite OneWorld update, you can utilize a unified platform to determine product inventory, stock availability, deliverable locations, and product demand with real-time insights to ensure the right amount of stock is always available for the potential customers where it is required. 
7. Multi-location inventory management  :- Imagine your business is established in the US and you're looking to expand your customer base internationally. At this juncture, you require a platform capable of managing your business operations, finances, inventory, and more. This is precisely where the latest update to NetSuite OneWorld becomes essential, providing the tools you need to facilitate this expansion. 

   The system empowers your retail store, whether you have multiple branches or subsidiaries at various global locations, to manage, optimize, and monitor your product supply chain and demand. This capability is essential for meeting the evolving needs of your potential customers. 

8. Multi-currency management  :- With the new version of OneWorld, small businesses to large enterprises like yours can automate currency exchange by setting up this process, which in turn exchanges your rates in your preferred language.  According to PRNewswire, you can now exchange currency for over 90+ ISO-recognized countries in conjunction with global order management, allowing you to make transactions with any customer, anywhere, and anytime. 
9. Support for multi-payment methods :- Businesses often find it challenging to make cross-country payments due to the limited acceptance of electronic payment formats. But, the new update in OneWorld introduces a drastic change.  

   Now, NetSuite's SuitePayments Program has selected 10 partners to accept payments in every possible format. NetSuite can now handle electronic payments in various formats including SEPA, CNAB, CIF, AEB, etc., across more than 20 countries. These formats also include approximately 80 predefined formats.  Additionally, the API (Alternate Payment Method) allows businesses to make any payment, even cross-region, from bank transfers to gift cards. 

10. Global vendor record :- NetSuite OneWorld has released a fantastic update that enables businesses to use a single platform to manage relationships with vendors across different locations. This update allows businesses to automate the selection of vendors based on specific procurement needs, such as pre-negotiated prices and reliability. It's a great way to improve efficiency and streamline operations for businesses with multiple subsidiaries. 
11. Omnichannel customer view :- With the amazing update of OneWorld, businesses can now leverage NetSuite's unified system to supervise all potential customer interactions in one place. From purchase history, marketing engagement, and after-sales interactions to ongoing support, NetSuite OneWorld empowers you with a more personalized experience for their end customers. 
12. Omni-device capabilities  :- According to Statista research, the number of smartphone users is rising every year and is expected to surpass 6.4 billion users, reaching a new peak in 2029. This indicates that every third user is utilizing their smartphone, whether it be Android or Apple, for entertainment and work. 

    NetSuite OneWorld is a powerful tool that ensures users can access everything from one place directly from its platform. You can use OneWorld on your smartphone, desk, tablet, or phone with a web browser and an internet connection to unlock its full potential. Therefore, you can experience agility in engaging users, customers, and partners with your preferred choice. 

    
    
    

    Are you ready to keep pace with NetSuite OneWorld updates? 

    Selecting NetSuite OneWorld alone is not sufficient to carve out a competitive edge in the market. It is crucial to stay updated with the latest rollouts, enhancements, and trends within your system. Implementing these strategies, capabilities, new features, and timely updates demands the knowledge and experience of seasoned professionals. This is precisely where NetSuite OneWorld service providers play a pivotal role. They provide the insights needed to determine which updates are most beneficial for your business growth and which are less critical. 

     

    
    

    
    Why hesitate in selecting the right partner? Entartes, a certified NetSuite partner, specializes in deploying and upgrading NetSuite OneWorld for your business. Our experts recognize the significance of new features for your operations and ensure that their implementation is both effective and seamless, enhancing your ease of use.