Oracle NetSuite kicked off SuiteWorld 2024 with a series of product update announcements and AI innovations across the product suite. The company says the innovations build on its AI capabilities, including generative AI, embedded in NetSuite.
It adds new AI updates, a new procurement solution, new partner integrations, updated project management capabilities, user experience enhancements, new training resources, and an integrated benefits offering.
Evan Goldberg, founder and executive vice president, Oracle NetSuite, said, “We designed NetSuite to be the foundation of business growth. A platform that can evolve and expand to meet changing needs and a data model connecting a customer’s entire business.
“We continue to extend NetSuite’s capabilities to further strengthen that foundation. As customers scale businesses on NetSuite, AI innovations and workflow optimisations help them gain intelligent insights, improve productivity, and simplify collaboration.”
To help customers gain insights to inform decision-making, identify growth opportunities, and solve business challenges, NetSuite is introducing innovations across the suite. The latest enhancements include:
AI updates embedded across the suite
This helps organisations increase efficiency, mitigate risk, and reach goals faster. With financial exception management, a new digital assistant in NetSuite SuiteAnalytics, and tools to enhance the quality of AI-generated content and embed generative AI in NetSuite extensions, customers can gain more value from the suite.
NetSuite SuiteProcurement
Oracle NetSuite says this will help organisations streamline indirect procurement processes, control costs, and gain access to preferred pricing and benefits from suppliers. Amazon Business and Staples Business Advantage are some of the suppliers included.
The solution has features to help automate purchasing approvals, order creation, invoicing, and reporting. As a result, customers can optimise spending and efficiently buy goods and services needed to support growth.
NetSuite Connector for Salesforce
The connector allows customers to automatically share data between NetSuite and Salesforce. With real-time data flow, customers can align data in both applications to expand visibility into order and fulfillment details and financial, customer and contact information. This is expected to accelerate order-to-cash and revenue recognition processes, and make more informed decisions.
NetSuite Analytics Warehouse
Helps organisations accelerate data analysis and gain contextual insights with new embedded AI capabilities. These updates enable business driver identification, scenario predictions such as customer churn and inventory stockouts, and custom machine learning models. Customers can uncover opportunities to improve efficiency and drive growth.
NetSuite Enterprise Performance Management (EPM)
The company says organisations can now streamline financial reporting and quickly capitalise on growth opportunities. NetSuite EPM includes updates that enable generative AI for narrative reporting and AI-powered narratives in NetSuite Planning and Budgeting.
The solution is expected to enhance predictive forecasting. A digital assistant can assist with EPM workflows; as a result, customers can improve productivity and further enhance decision-making.
NetSuite SuiteProjects Pro
Helps organisations reduce risk, optimise resource allocation, increase profitability, and scale operations. Formerly NetSuite OpenAir, SuiteProjects Pro delivers user experience enhancements and AI capabilities to help customers monitor the health of projects. Furthermore, the solution accelerates project planning, and increase productivity.
Oracle Redwood Design System
Designed to help customers accomplish tasks more efficiently and drive adoption with Oracle’s award-winning application design system. It provides a modern user experience across the suite. NetSuite Enterprise Performance Management and NetSuite Analytics Warehouse already use the Redwood user experience.
The design system is planned for roll out to NetSuite SuiteProjects Pro, Customer 360, and to the entire NetSuite platform. Starting with the most widely used areas of the suite like dashboards, lists and forms, to further enhance productivity.
NetSuite Guided Learning Managed Service
The solution is expected to help organisations tailor learning resources to maximise the value of the suite. Building on NetSuite Guided Learning, the new managed service includes support from NetSuite Education experts.
It creates step-by-step guidance embedded in NetSuite that is tailored to a customer’s unique business processes. In addition, analytics reports help customers further tailor training and ensure teams are using the suite productively by evaluating interactions with learning guides.
NetSuite SuitePeople integrated benefits offering
This supports organisations in improving the benefits experience by embedding SimplyInsured’s small business-focused health benefits marketplace directly within NetSuite. It will enable employers to shop for benefits plans and encourage employees to enroll. With costs deducted seamlessly from employees’ pay and posted directly to the general ledger, customers can simplify benefits management and improve financial insights.
Enterprise Times : What this means for businesses
Oracle NetSuite has announced an avalanche of innovations and product enhancements at SuiteWorld, which demonstrates the dynamism of the company. The new embedded AI capabilities, product offerings, integrations, and user experience innovations are expected to help businesses gain insights, improve productivity, and promote collaboration.
However, at this stage, it is still unclear if these announcements put Oracle NetSuite in the vanguard of the AI enterprise pack. Or are they simply catching up with their competitors?
The message is loud and clear from Oracle NetSuite. AI isn’t just the latest turning point in technology. Oracle NetSuite believe AI will supercharge the ability to get enterprises to grow quickly and efficiently.
Speaking at the company’s keynote address at SuiteWorld 2024 in Las Vegas, Goldberg once again put AI and automation centre stage at the event, confirming the company’s incorporation of AI technologies across the whole suite of Oracle NetSuite products.
