NetSuite AI: What's Coming?
NetSuite AI has made its long-awaited arrival.
At NetSuite's annual conference and product showcase held in October, Oracle delivered a heaping spoonful of updates about their upcoming tool launches. Notably taking the spotlight was the dynamic debut of NetSuite AI—a sophisticated network of functionalities across the suite that harnesses artificial intelligence and generative AI to profoundly empower teams.
“We’ve been building AI into NetSuite for several years to help our customers be more productive and successful. Recent breakthroughs in AI create the opportunity for a quantum leap in doing more with less,” said Evan Goldberg, founder and EVP of Oracle NetSuite.
With Oracle’s best-in-class AI services and its capabilities at unifying multiple sources of data within a single suite, NetSuite customers, both new and existing alike, can uncover immediate value from the latest AI innovations, and improve their and their customers’ data, privacy, and security.
Keeping this in mind, now is the perfect time to explore the capabilities and impact of NetSuite AI and explore what's coming in the very near future
NetSuite Text Enhance is a powerful generative AI tool designed to craft contextual and personalized content across various segments such as HR, finance, supply chain, and sales.
This innovative tool, utilizing OCI's (Oracle Cloud Infrastructure) generative AI service, works by generating content tailored for any text area. It operates by analyzing a few initial keywords that express intent, producing contextually relevant text. You can essentially automate the generation of context-sensitive content across every area of the suite, addressing the following functions:
- Finance and Accounting: By accelerating or outright eliminating time-consuming writing tasks, NetSuite Text Enhance can help finance and accounting teams expedite collections, close the books faster, and focus on more strategic, high-value work.
- Supply Chain and Operations: Text Enhance can generate content for a wide range of purposes, from generating procurement orders and request letters to develop personalized vendor engagement letters and emails to chase delayed purchase orders. In addition to elevating the quality of product-related communications, this tool facilitates supply chain and operations teams in optimizing purchasing and logistics comprehensively.
- Sales and Marketing: With Text Enhance’s support, sales and marketing departments are empowered to produce more impactful campaigns driving revenue while outsourcing time-consuming writing tasks to the tool. These tasks include developing personalized email content for marketing campaigns and sales pitches, generating contextual responses to leads and prospects, and drafting written quotes and proposals.
- Human Resources: HR leaders and managers can increase the speed and accuracy of important HR activities, such as crafting job descriptions and requisitions, documenting comprehensive details and metrics for success, creating content for peer-to-peer commendations, summarizing employee performance, and more.
- Customer Support: NetSuite Text Enhance is capable of improving the efficiency of customer support agents and enhancing the overall customer journey. This involves generating responses to online customer comments, like reviews and forum discussions on social media platforms. It also encompasses creating escalation notifications for internal teams and providing updates on customer support cases for both internal teams and customers.
Enterprise Performance Management (EPM)
NetSuite EPM introduces a significant innovation for corporate leaders, serving as a comprehensive financial suite designed to streamline account reconciliation and elevate reporting for a deeper understanding of overall business performance. This tool will centralize and automate crucial financial processes such as planning, budgeting, account reconciliation, and tax reporting by implementing predictive algorithms that continuously monitor plans, forecasts, and deviations.
Derived from Oracle's Fusion Cloud ERP suite, NetSuite EPM seamlessly integrates with various NetSuite functionalities and harnesses AI for predictive analytics and streamlined account reconciliation—a newly introduced feature targeted toward automating reconciliation procedures across multiple accounts to expedite the closing process. Additionally, it merges narrative composition with financial statements in a unified report, offering valuable insights to businesses, particularly enhancing comprehension of profitable segments and customer performance.
The upgraded AI functionalities within the NetSuite Analytics Warehouse revolutionize data centralization, ensuring swift access to visualizations and reports. Leveraging Oracle's Analytics Cloud and Autonomous Data Warehouse, this system deploys AI capabilities to gather and unify data from diverse sources, including NetSuite transactional and historical data, along with information from cloud or on-premises applications accessed through connectors.
This new feature enables you to seamlessly embed visualizations from the NetSuite Analytics Warehouse directly into your NetSuite dashboards, eliminating the need to switch between platforms. Additionally, the enhanced data pipeline settings offer increased flexibility by allowing you to determine the frequency and timing of data updates. You can also explore financial activities from various perspectives, incorporating data from multiple business systems. The inclusion of line-level details facilitates in-depth analysis, particularly in areas like sales orders and inventory activity. Rest assured that these security improvements now feature single sign-on functionality and finer control over user views and access rights.
Planning & Budgeting
NetSuite Planning and Budgeting now integrates advanced AI features, providing financial experts with automated data analysis capabilities — accelerating decision-making, while enabling better trend identification and anomaly detection.
Bill Capture will be leveraging machine learning to smartly capture and categorize expenses based on historical data, thereby eliminating manual bill entry and increasing the productivity of accounting teams.
Besides AI-powered capabilities, users can anticipate improved access to working capital, accelerated payments, and automated compliance through new EPM, digital payment, and e-invoicing solutions. Oracle is also introducing a new field service management solution, new commerce and subscription management capabilities as well as a new licensing model. Oracle is also introducing a new field service management solution, new commerce and subscription management capabilities, as well as a new licensing model.
GSI is the #1 Ranked NetSuite Solution Provider - our team has already mastered NetSuite's AI capabilities and is excited to guide our valued customers along the transformative path of generative AI and automation-driven NetSuite efficiency. If you want to explore the latest AI features or dive deeper into any of the recently announced innovations, please don't hesitate to reach out to us today.