Oracle NetSuite has fully embraced generative AI technology at SuiteWorld 2023. The company has unveiled new generative AI-powered features to help enterprises reach their goals faster and more efficiently.
The company says NetSuite Text Enhance helps users create and refine contextual and personalised content. With NetSuite Text Enhance, finance and accounting, HR, supply chain and operations, sales and marketing, and customer support teams can leverage AI to produce relevant drafts or refine existing content. Generative AI will be supported by the Oracle Cloud Infrastructure (OCI) and embedded across the suite.
“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, co-founder and EVP, Oracle NetSuite. “By taking advantage of Oracle’s 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. We will continue to embed powerful AI capabilities across the suite to help customers turn the breadth and depth of their organisational data into a competitive advantage.”
Respecting customers enterprise data, privacy and security
The embedded generative AI capabilities within NetSuite are designed to respect customers’ enterprise data, privacy, and security. OCI hosts both prebuilt and custom models. With Oracle’s generative AI service, no customer data is shared with LLM providers or seen by other customers or third parties. In addition, an individual customer is the only entity allowed to use custom models trained on its data. Role-based security embedded directly into NetSuite workflows helps to protect sensitive information about customers. It only recommends content that individual users are entitled to view.
NetSuite Text Enhance will help customers further increase productivity by streamlining processes and automating content generation and refinement across every area of the suite.
NetSuite Text Enhance will help to transform:
Finance and Accounting
NetSuite Text Enhance can help finance and accounting teams to expedite collections, close the books faster, and focus on more strategic and fulfilling work. This is managed by accelerating time-consuming writing tasks. Examples of assisted authoring use cases include writing targeted and personalised collection letters and generating summaries and narratives for financial reports.
Supply Chain and Operations
NetSuite Text Enhance can help supply chain and operations teams streamline purchasing and logistics, improving the quality of product-related communications. Examples of assisted authoring use cases include generating procurement orders and request letters. Developing personalised vendor engagement letters and emails to chase delayed purchase orders. Developing customer updates on delivery schedules. Creating product descriptions that are used by sales, support, and implementation teams for invoices, websites, and point-of-sale systems.
NetSuite Text Enhance can help employees, managers, and HR leaders increase the speed and accuracy of important HR activities. Examples of assisted authoring use cases include writing job descriptions and requisitions. Drafting goals, including detailed descriptions and measures for success; creating content for peer-to-peer kudos. Providing a summary of the employee’s performance based on feedback gathered across the year from the employee, peers, or managers. In addition to goal progress and achievements.
Sales and Marketing
NetSuite Text Enhance can help accelerate marketing and sales tasks to create more effective campaigns that drive revenue. Examples of assisted authoring use cases include developing personalised email content for marketing campaigns and sales pitches. Generating contextual responses to leads and prospects, and drafting written quotes and proposals.
NetSuite Text Enhance can help increase customer support agent productivity and improve the customer experience. Examples of assisted authoring use cases include generating responses to online customer comments. This includes reviews and commentary in forums and on social media. Creating escalation notices for internal teams and customer support case updates for both internal teams and customers.
Enterprise Times: What this means for business.
This has been a busy year for NetSuite. The company has launched guided learning for customers to support Oracle NetSuite users to leverage the NetSuite suite with training resources. It has enhanced its reconciliation capabilities to standardise and automate their balance sheet accounts. The company launched NetSuite MyLearn to bring NetSuite to a much wider audience and ensure that those already within the ecosystem can access more advanced courses from one location.
However, when compared to other competitors, NetSuite has been slow off the track in formally launching its generative AI capabilities. Hence the company’s announcements about the use of generative AI across the portfolio of products to help finance and accounting, supply chain and operations, HR, sales and marketing, and customer support teams streamline business processes.
Speaking at SuiteWorld’s event, Goldberg emphasised that generative AI encourages customers “to do more with less and grow their businesses.” He predicts it will increase user productivity, reduce costs, and improve overall business efficiency.
Several of the product enhancements are available immediately, with other features coming soon. Once customers starts using them and developing use cases, commentators can review and confirm the efficiency gains predicted by NetSuite.