Sunday, March 3, 2024

NetSuite touts AI-powered data warehouse, gets AI firm Cohere to sign up

At its annual SuiteWorld conference held in Las Vegas, cloud computing company Oracle NetSuite announced the latest updates to NetSuite Analytics Warehouse, its AI-enabled prebuilt cloud data warehouse and analytics solution for NetSuite customers.

The latest updates are intended to help organizations improve data management to allow customers to quickly build analyses to gain a better understanding of their customers and leverage data to innovate and grow faster.

The NetSuite Analytics Warehouse is available to customers in multiple countries including the Philippines although the new features will be released within the next 12 months.

“Organizations need to make sense of the vast volumes of data they create, and that can often be an extremely complex and time-consuming task,” said Evan Goldberg, founder and EVP of NetSuite.

“NetSuite Analytics Warehouse changes all of this by bringing together data from across a multitude of applications and leveraging AI to recognize patterns and turn that data into actionable insights. Creating a single source of truth and applying the latest advancements in AI helps our customers quickly unlock value from their data and turn it into a business advantage that drives growth.”

Built on Oracle Analytics Cloud and Oracle Autonomous Data Warehouse (ADW), NetSuite Analytics Warehouse leverages AI to harness business data and accelerate value creation.

It consolidates and centralizes data, including NetSuite transactional data, historical data, as well as data from other cloud or on-premises applications, and then guides the business user on their path to actionable insights.

The latest updates to NetSuite Analytics Warehouse provide:

  • Analytics Embedded in User Dashboards: Customers can now add links to important and frequently-used visualizations from NetSuite Analytics Warehouse to NetSuite dashboards. Customers can efficiently track key metrics and drill into charts based on NetSuite data blended with other relevant systems’ data. This gives direct access to the comprehensive insights needed for data-driven decisions in the moment, without the need to toggle between applications.
  • More Frequent Data Refreshes: New data pipeline settings give customers more current insights into their financial, sales, and inventory activity. Customers now have greater flexibility to schedule the frequency and time of data refreshes, so they can get more value from their data.
  • Enhanced Analysis of Financial Data: The new financial analysis subject area helps customers analyze financial activity from different angles and incorporate more business systems data to identify areas for P&L improvement. The new budget subject area helps to track and adjust resource allocation with budget vs. actual scenario analysis.
  • Deeper Insights: New line-level details enable customers to conduct analysis below summary level into key revenue-impacting subject areas like sales order and inventory activity. This provides deeper access to role-based business insights and encourages data-backed decision-making across the organization.
  • Improved User Access Management: New Single Sign-On simplifies user authentication with a single logon to NetSuite and NetSuite Analytics Warehouse. In addition, all customers have greater flexibility applying user view and access rights to analytic content. New roles and dimensions, such as department, subsidiary, and sales territory enable a user, for example, to view a dashboard chart but not the underlying transaction detail.

Apparently, the AI-powered offering is so impressive that Cohere, a flourishing tech startup that provides AI platform for enterprise, has decided to use it to expand its business and meet the growing demand for generative AI-powered services for organizations across the world.

Founded in 2019, Cohere has raised more than $400 million in funding to meet rapidly growing customer demand. As its operations grew to over 200 employees across Toronto, the Bay Area, New York, and London, it needed to upgrade its finance system and become less reliant on manual processes.

“With our business growing extremely rapidly, NetSuite provides huge efficiency advantages over our previous manual financial reporting systems, which had become too time consuming and cumbersome,” said Martin Kon, president and COO of Cohere.

“Regularly using NetSuite will also help our product teams identify areas where Cohere’s AI technology can enable exciting innovations that will make the software even more useful and easy to use. We look forward to working with NetSuite, as both a customer and a technology partner, to help its customers benefit from further AI productivity gains.”

NetSuite is expected to enable Cohere to integrate and automate financial workflows to help improve the speed and accuracy of its reporting processes, while NetSuite Revenue Recognition will allow Cohere to automate revenue management processes and close the books in days rather than weeks.

To further streamline financial processes across its expanding global operations, Cohere will leverage NetSuite OneWorld to manage multiple currencies and subsidiaries with real-time currency conversion and financial reporting consolidation, while helping to ensure compliance with local accounting, tax, and other regulatory requirements.

“As one of the organizations at the forefront of the next wave of AI innovation, Cohere has seen rapid growth in a very short period of time” said Goldberg. “By providing an integrated and scalable business suite, NetSuite will help Cohere stay focused on cutting-edge research as it continues to scale its operations globally.”

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