Hi. Our manufacturing team create 'versioned' products in netsuite (lamp v1.0, lamp v2.0) but Salesforce does not, and doesn't care which version it's getting when it places an order. Netsuite also doesn't seem to group these versioned products either, they're entirely separate. What would be the best way to group them, is there a function for this?

I'm not an expert on this area but have you looked into Advanced BOM or Revision Control BOM Management in NS? Advanced BOM allows you to have multiple BOMs for a single finished good, and Revision Control allows for component item revisions with start/end dates. I've also seen a client make a custom "revision" subtab on the assembly/BOM record and create a bit of the functionality themselves that way. That said, I'm not sure what customizations would be needed in SFDC to work with any of those options in NS. Other option is to maybe just use Item Category or a custom list-type field in NS and group items that way.