Oracle NetSuite celebrated its 25th anniversary as Evan Goldberg, Founder and EVP provided the keynote address at the SuiteWorld 2023 event in Las Vegas. Attended by over 5,000 people, Goldberg made a number of new product announcements to help organisations reduce costs and run more efficiently. The new product innovations included new capabilities in NetSuite e-invoicing suite for customers needing to send e-invoices anywhere in the world.
New field service management and enterprise performance management (EPM) solutions were also part of the announcement. In addition to new capabilities that help finance and customer experience professionals improve the speed and accuracy of business processes.
Goldberg encouraged the event attendees to “Suite Up”, arguing that NetSuite customers get more effective results from their solutions. Goldberg suggested NetSuite customers sell up to four times more than competitors because their NetSuite processes run more smoothly. He suggested enterprises with multiple and disconnected systems and process cause a variety of issues, such as data silos which impacts financial management. His vision is to enhance existing solutions that remove the need for any external integration tools. Essentially, keep everything in NetSuite to avoid the need for complicated third-party integrations.
Goldberg was joined on the stage by Kimberley Deobald, chief revenue officer at Avalara. The company software automates tax compliance which it says can help improve accuracy while reducing costs. Avalara has been a partner of NetSuite for 20 years. Natalie Laackman, CFO, MedSpeed a provider of healthcare same-day logistics and Jeff Hampton, Senior Manager, Reporting & Analytics, at Terlato Wine Group also joined Evans on the stage.
Businesses – do more with less and grow
According to Goldberg, “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. We continue to extend the capabilities of NetSuite to support this mission and help our more than 37,000 customers benefit from the latest cloud and AI innovations. Our new updates include traditional and generative AI capabilities embedded throughout the suite. This will increase user productivity, reduce costs, and improve overall business efficiency.”
Speaking at a separate media and analyst session at SuiteConnect, Goldberg added, “Our responsibility is to raise and assist customers to ensure they have data all in one place. Then getting some of these extended enrolment tools and AI capabilities to support business efficiency and productivity.”
Evans also used the opportunity to celebrate NetSuite’s 25th year anniversary. and Goldberg provided a vision of what the company would look like in 25 years. A key component entails fully embracing and integrating AI into its suite of products.
Partnership with Cohere
The company has formed a partnership with Cohere, a leading AI platform for enterprises. The collaboration aims to provide generative AI services to help organisations automate end-to-end business processes, improve decision-making, and enhance customer experiences. This will include areas such as planning and budgeting. NetSuite will incorporate Cohere’s workflow, analytics and reporting, to bring more data into organisations to make better decisions at the executive level.
According to Goldberg, “The partnership with Cohere opens up a universe that’s exciting to me personally. I know it excites our customers because it supports the company’s vision about the relationship between businesses and technology. Integrating AI enables a comprehensive set of services that can be tied together and made available to customers.
“It dovetails with our efforts on R&D. This technology gives businesses the capability to re-engineer the user experience in their everyday workflows. It gives NetSuite the opportunity to insert AI in a more natural way”
Goldberg was also joined on stage by Martin Kon, president & COO, Cohere. The company’s models will also be directly integrated into NetSuite’s portfolio of cloud applications. Cohere’s language models are expected to enable NetSuite customers to quickly and securely deploy generative AI. To solve their most pressing business challenges.
Enterprise Times: What this means for business
Congratulations to NetSuite on its 25th anniversary. Evan Goldberg rattled through a number of product enhancements and firmly tied the mast of the company to AI. The company expects the new features and functionalities will ensure NetSuite clients reduce costs and work more efficiently. Only time will tell.
However, the range and depth of all these announcements look impressive and should positively position NetSuite in the marketplace. Goldberg’s level of excitement grew as he spoke about the new partnership with Cohere. A few years ago, it was Oracle’s autonomous database, while Goldberg leads the NetSuite business unit, he is a techie and heart and if this excites him, it will almost certainly become reality.
He believes it will be a game-changer for NetSuite and its clients. Fully opening up the opportunities of AI, across the portfolio of products. While the company appears to have been relatively late to the AI winds of change blowing in the industry. Its partnership with Cohere, potentially can see the company using AI to re-engineer the user experience across key business processes. A possible major new disruption in business technology.