Oracle NetSuite elevates business efficiency and productivity with traditional and generative AI-powered capabilities 

Oracle NetSuite, the industry leader in cloud applications, has unveiled a comprehensive array of innovative solutions aimed at helping organizations streamline operations, reduce costs, and foster growth. These cutting-edge enhancements, introduced at SUITEWORLD 2023, leverage both traditional and generative artificial intelligence (AI) capabilities across the entire suite. The updates also encompass new field service management and enterprise performance management (EPM) solutions, along with features designed to enhance financial management and customer experience processes.

Evan Goldberg, Founder and EVP of Oracle NetSuite, underscored the company's steadfast mission: "For 25 years, our goal has remained constant: to provide a unified suite of cloud applications that empower businesses to achieve more with fewer resources and facilitate expansion. With our latest updates, featuring traditional and generative AI capabilities embedded across the suite, we are reshaping productivity, cutting costs, and enhancing overall business efficiency."

Revolutionary Generative and Traditional AI Capabilities

The cornerstone of NetSuite's advancements lies in generative AI, enabling personalized content creation and refinement across the suite. The newly introduced AI-powered features include:

• NetSuite Text Enhance: This generative AI-powered tool enables users to create contextual and personalized content within NetSuite. By utilizing the Oracle Cloud Infrastructure (OCI) generative AI service, teams in finance, accounting, HR, supply chain, sales, marketing, and customer support can generate drafts swiftly. This functionality accelerates processes and boosts productivity.
• NetSuite Planning and Budgeting: AI-powered capabilities automate data analysis, ensuring rapid decision-making. Predictive algorithms continuously monitor plans, forecasts, and variances, empowering businesses to identify trends and anomalies efficiently.
• NetSuite Bill Capture: Leveraging historical data, this AI-powered tool intelligently captures and categorizes expenses, reducing manual data entry and enhancing accounting team productivity.
• NetSuite Analytics Warehouse: AI-driven capabilities centralize data, allowing organizations to gain quicker insights through data visualizations and reporting. Enhanced visibility into transaction-level activity facilitates faster decision-making.

Enhanced Financial Management and Operational Efficiency

NetSuite has bolstered its financial management capabilities, introducing solutions to streamline financial planning and reporting, optimize working capital, accelerate payments, and ensure compliance:

• NetSuite Enterprise Performance Management (EPM): This integrated suite of finance solutions automates account reconciliation, connects financial and operational planning, streamlines close processes, and enhances tax and narrative reporting. NetSuite EPM provides businesses with increased visibility, better decision-making tools, and accelerated growth.

• NetSuite Capital: An embedded service that improves cash flow and reduces days sales outstanding (DSO). Businesses can accelerate payments and enhance working capital by efficiently managing invoices through this service.
• NetSuite Pay: This digital payments solution simplifies payment processing, ensuring seamless onboarding for new merchant accounts. Businesses can integrate solutions from payment processing providers, enhancing transparency and efficiency.
• NetSuite Electronic Invoicing: Powered by Avalara, this e-invoicing solution optimizes payment and cash collection, reduces costs, and ensures global invoicing compliance. Organizations can connect directly to national and international networks within NetSuite, enhancing efficiency and addressing global e-invoicing mandates.
• NetSuite Transaction Line Distribution: This capability simplifies transaction distribution across subsidiaries, departments, or segments, automating journal entry creation for faster and more accurate transactions and financial reporting.
• NetSuite Benchmark 360: A powerful tool that analyzes key operational and financial metrics, providing actionable insights and recommendations for business performance improvement.

Enhanced Customer Experience and Service Management

In response to evolving customer expectations, NetSuite introduces solutions to enhance customer experiences:

• Field Service Management: This product offering improves the efficiency of end-to-end field service operations, enhancing customer satisfaction. It simplifies scheduling, automates inventory management, and provides real-time data visibility.
• SuiteCommerce MyAccount: Available in the UK and the U.S., this product enhances self-service and online account management. Customers can easily pay invoices, convert quotes to sales orders, manage subscriptions, and make repeat purchases.
• NetSuite CPQ: This feature, integrated into NetSuite CPQ, offers subscription options to customers. With support for subscriptions from SuiteBilling, businesses can offer more configurable solutions, expanding revenue opportunities.

Innovative Licensing Model for Enhanced Productivity

NetSuite introduces a task-specific licensing model, allowing employees access to specific functionalities without requiring a full subscription. This model enhances productivity by granting more employees access to NetSuite's features. Initially available for NetSuite Warehouse Management, this licensing model simplifies access for specific roles.

The newly introduced features and innovations in NetSuite Planning and Budgeting, NetSuite Bill Capture, NetSuite Capital, NetSuite Transaction Line Distribution, SuiteCommerce MyAccount, and NetSuite CPQ are now available. Additional enhancements across the suite are set to roll out over the next twelve months.

Written by Prabhu Ram