Oracle NetSuite unveils AI updates to boost business efficiency

Oracle NetSuite has introduced a range of product updates and artificial intelligence (AI) innovations aimed at increasing efficiency and promoting growth for organisations. According to the company, these enhancements will help businesses obtain valuable insights, boost productivity, and foster collaboration through a variety of new tools and integrations.

Evan Goldberg, founder and executive vice president at Oracle NetSuite, stated, "We designed NetSuite to be the foundation of business growth, with a platform that can evolve and expand to meet changing needs and a data model that connects a customer's entire business." He added, "We continue to extend NetSuite's capabilities to further strengthen that foundation. As customers scale their businesses on NetSuite, AI innovations and workflow optimizations help them gain intelligent insights, improve productivity, and simplify collaboration."

The AI enhancements span numerous functionalities within NetSuite to support various organisational needs. These updates include financial exception management and a new digital assistant within NetSuite SuiteAnalytics, which helps enhance the quality of AI-generated content and integrate generative AI into NetSuite extensions. NetSuite asserts that these functionalities will enable organisations to operate more efficiently, mitigate risks, and achieve objectives more rapidly.

Another significant update is the new procurement solution, NetSuite SuiteProcurement, which aims to simplify indirect procurement processes, control costs, and leverage supplier benefits from entities such as Amazon Business and Staples Business Advantage. This solution includes features to automate purchasing approvals, order creation, invoicing, and reporting, facilitating optimised spending for growth-oriented businesses.

Additionally, the new NetSuite Connector for Salesforce aims to bridge the data-sharing gap between NetSuite and Salesforce applications. By enabling real-time data flows, shared users can synchronise order, fulfilment details, and financial information across both platforms, thereby supporting more informed decision-making and accelerating processes from order-to-cash and revenue recognition.

The NetSuite Analytics Warehouse has also been updated with AI capabilities to expedite data analysis and provide contextual insights. Enhancements like business driver identification and prediction models for scenarios such as customer churn and inventory stockouts are included. These updates aim to help organisations uncover opportunities to improve efficiency and stimulate growth.

NetSuite Enterprise Performance Management (EPM) has also been enhanced to streamline financial reporting and seize growth opportunities more swiftly. With the integration of generative AI for narrative reporting and AI-driven narratives in NetSuite Planning and Budgeting, the updates also feature enhanced predictive forecasting and a digital assistant to assist with EPM workflows, thereby improving productivity and decision-making processes for finance teams.

Renamed from NetSuite OpenAir, SuiteProjects Pro offers new user experience enhancements and AI capabilities aimed at reducing risk, optimising resource allocation, and increasing profitability. These features are designed to help customers monitor project health, accelerate planning, and enhance productivity.

The Oracle Redwood Design System has been implemented to deliver a modern user experience across the NetSuite suite. The design system is already in use within NetSuite Enterprise Performance Management and NetSuite Analytics Warehouse and will be extended to other NetSuite applications like SuiteProjects Pro and Customer 360.

NetSuite has also introduced a Guided Learning Managed Service to customise learning resources, enhancing the value derived from the suite. This service, supported by NetSuite Education experts, offers step-by-step guidance embedded within the suite tailored to specific business processes. Additionally, analytics reports will assist organisations in tailoring training further and ensuring productive use of the suite through evaluations of learning guide interactions.

An integrated benefits offering, SuitePeople, is designed to simplify benefits management by embedding SimplyInsured's health benefits marketplace within NetSuite. This feature allows employers to shop for benefits plans while enabling seamless enrolment for employees. Costs are deducted automatically from employees' pay and posted to the general ledger, which is intended to simplify benefits management and improve financial insights.