Monday, April 15, 2024

NetSuite marks 25th year with roll-out of generative AI on platform

At its flagship conference SuiteWorld held annually in Las Vegas, Oracle NetSuite marked its 25th year in the business by announcing the launch of generative AI across the suite along with new finance and customer experience capabilities.

NetSuite founder Evan Goldberg led the celebration of the tech firm’s silver anniversary during the event’s opening day as he recalled its founding in 1998 in Silicon Valley as a company called NetLedger.

“I came from a failed startup so I know the pitfalls to avoid when I was starting NetSuite 25 years ago,” Goldberg stated during his keynote speech.

He said the AI revolution that is sweeping the tech industry which NetSuite is also embracing reminded him of his student days at Harvard University where he graduated summa cum laude with a degree in applied mathematics.

“I studied AI in college and when we were integrating AI in NetSuite, we’re kind of excited in the same way that we were excited 25 years ago,” Goldberg said.  

Apart from both traditional and generative AI-powered capabilities across the entire suite, NetSuite has also rolled out new field service management and enterprise performance management (EPM) solutions as well as new capabilities that help finance and customer experience professionals improve the speed and accuracy of business processes.

“Over the past 25 years, our mission has stayed the same: deliver a unified suite of cloud applications that enable customers to do more with less and grow their businesses,” said Goldberg, noting that the company now has more than 37,000 customers.

“Our new updates include traditional and generative AI capabilities embedded throughout the suite to help increase user productivity, reduce costs, and improve overall business efficiency.”

NetSuite said its new AI-powered capabilities include:

  • NetSuite Text Enhance: New generative AI-powered capabilities help users create contextual and personalized content for any text area in NetSuite based on a few starter words that describe intent. Supported by the Oracle Cloud Infrastructure (OCI) generative AI service, NetSuite Text Enhance helps finance and accounting, HR, supply chain and operations, sales and marketing, and customer support teams improve productivity by leveraging AI to produce relevant drafts that they can quickly and easily review, edit, and approve.
  • NetSuite Planning and Budgeting: New AI-powered capabilities in NetSuite Planning and Budgeting help organizations automate data analysis to improve and accelerate decision making. With predictive algorithms that continually monitor and analyze plans, forecasts, and variances, customers can quickly and easily uncover and highlight trends, anomalies, and correlations.
  • NetSuite Bill Capture: New AI-powered capabilities help organizations intelligently capture and categorize expenses based on historical data. With NetSuite Bill Capture, customers can reduce manual bill entry to help increase the productivity of accounting teams. 
  • NetSuite Analytics Warehouse: AI-powered capabilities in NetSuite Analytics Warehouse consolidate and centralize data from a multitude of sources and help organizations accelerate access to data visualizations and reporting. With increased visibility and deeper understanding of transaction-level activity, customers can spot patterns and gain faster insights for better decision making.

To help customers streamline financial planning and reporting, improve access to working capital, accelerate payments, and automate compliance, NetSuite announced it is enhancing the financial management capabilities across the suite and introducing new EPM, digital payment, and e-invoicing solutions.

  • NetSuite Enterprise Performance Management (EPM): A new integrated set of finance solutions that connects financial and operational planning, automates account reconciliation, streamlines close processes, and enhances tax and narrative reporting. With NetSuite EPM, customers can increase business visibility, enhance decision making, and drive growth.
  • NetSuite Capital: A new embedded service that helps organizations improve their cash flow and reduce days sales outstanding (DSO). With NetSuite Capital, customers can accelerate payments and increase working capital by reviewing, pricing, and submitting invoices from accounts receivable for immediate payment.
  • NetSuite Pay: A new digital payments solution embedded in NetSuite that helps customers accelerate and simplify the application and onboarding process for new merchant accounts. With NetSuite Pay, customers can integrate solutions from payment processing providers with pre-negotiated rates and fees, to improve the simplicity and transparency of payments processing. Versapay is the first partner to support this new solution.
  • NetSuite Electronic Invoicing: A new e-invoicing solution that helps organizations optimize payment and cash collection, reduce costs, and streamline global invoicing compliance. With the solution, powered by Avalara, customers can connect directly to national and international networks from within NetSuite to increase efficiency, reduce costs, and address compliance with global e-invoicing mandates.
  • NetSuite Transaction Line Distribution: A new capability that provides a simple, fast, and flexible way for organizations to split a singular transaction across subsidiaries, departments, or other segments. With this SuiteApp, CFOs and controllers can establish percentage-based or predetermined amount-based distribution templates and automate journal entry creation to improve the speed and accuracy of transactions and financial reporting.
  • NetSuite Benchmark 360: A new tool that helps organizations analyze key operational and financial metrics and understand how they are performing compared to similar organizations in their industry and region. With NetSuite Benchmark 360, customers gain insights and recommendations for how to improve business performance.

“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 Goldberg.

“By taking advantage of Oracle’s best-in-class AI services and having unified data within a suite, we are uniquely placed to help our customers achieve immediate value from the latest AI innovations. The new Text Enhance capabilities are just the start, and we will continue to embed powerful AI capabilities across the suite to help our customers turn the breadth and depth of their organizational data into a competitive advantage.”       

Adding to the existing AI capabilities in NetSuite, NetSuite Text Enhance will help customers further increase productivity by streamlining processes and automating the generation of context-sensitive content across every area of the suite.

For example, in the sales process, when a prospect reaches out to an organization using NetSuite and expresses interest in a particular product or service, NetSuite Text Enhance can make it quick and easy for a user to produce a contextual email response by using a combination of ERP, CRM, and supply chain data.

The email can be aligned to the organization’s current campaigns and include details such as the latest product description, product images, pricing information, availability, and delivery details.  

The company said the embedded generative AI capabilities within NetSuite are designed to respect customers’ enterprise data, privacy, and security. With Oracle’s generative AI service, no customer data is shared with LLM (large language model) providers or seen by other customers or other third parties.

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