SuiteWorld 2023 Highlight: NetSuite Revolutionizes ERP with Generative AI and Enhanced Features

NetSuite has introduced generative AI capabilities and a comprehensive suite of innovative tools. These enhancements are designed to improve the user experience for human resources (HR), supply chain management, banking, finance, and sales teams. NetSuite announced these new capabilities during the annual SuiteWorld conference held in Las Vegas.

NetSuite, renowned for offering a suite of applications that seamlessly integrate, operate on a shared database, and automate fundamental enterprise processes, hosts its ERP suite on the Oracle Cloud Infrastructure. This ensures organizations can utilize powerful tools on a secure and reliable cloud infrastructure.

Generative AI Empowers Diverse Business Functions

NetSuite’s latest addition, NetSuite Text Enhance, leverages generative AI from Oracle Cloud Infrastructure to create customized and contextually relevant content for text areas within the ERP suite. Users can initiate content generation by providing a few introductory words that convey their intent. This AI-driven tool is a game-changer for various functions, including finance, HR, supply chain, operations, sales, and customer support, as it enhances productivity by producing drafts that can be rapidly reviewed, edited, and approved.

NetSuite has introduced advanced capabilities in its planning and budgeting feature to further streamline operations and facilitate data analysis for budget preparation. These features use predictive algorithms to monitor and study plans, predictions, and changes, which helps businesses find trends, anomalies, and correlations.

Another noteworthy addition is the NetSuite Bill Capture, an AI-based feature designed to capture and categorize expenses based on historical data. Automating these processes reduces the need for manual data entry, ultimately boosting the efficiency of accounting teams.

NetSuite also reinforces its analytical capabilities with additions to the Analytics Warehouse based on Oracle’s Autonomous Data Warehouse and the Oracle Analytics Cloud. These enhancements include analytics-embedded dashboards, more frequent data refreshes, enhanced financial data analysis, improved user access management, and deeper insights, all of which are expected to be available within the next year.

Enterprise Performance Management (EPM) Features

In a move to empower organizations further, NetSuite has integrated a range of enterprise performance management (EPM) features within its ERP suite. These capabilities focus on enhancing access to working capital, expediting payments, and automating compliance procedures.

There are many finance tools in the NetSuite Enterprise Performance Management (EPM) suite. These tools connect financial and operational planning, automate account reconciliation, speed up closing processes, and improve tax and narrative reporting.

Additionally, NetSuite introduces NetSuite Capital, an embedded service that improves cash flow and reduces days sales outstanding (DSO), ultimately benefiting enterprises.

For streamlining payment processing, NetSuite offers NetSuite Pay, allowing customers to integrate solutions from payment processing providers with pre-negotiated rates and fees. This solution simplifies payment processing with Versapay as the first partner.

Customers can connect directly to domestic and international invoicing networks from within NetSuite thanks to Avalara-powered NetSuite Electronic Invoicing. This feature increases efficiency, reduces costs, and aids in compliance with global e-invoicing mandates.

Empowering CFOs and Field Service Operations

NetSuite is also committed to simplifying the responsibilities of Chief Financial Officers (CFOs). The newly introduced NetSuite Transaction Line Distribution provides a user-friendly mechanism for splitting a single transaction across subsidiaries, departments, or other segments. This feature streamlines transaction processes, enhances accuracy, and accelerates financial reporting.

Another tool, NetSuite Benchmark 360, allows enterprises to analyze essential operational and financial metrics and compare their performance against similar enterprises within their industry and region. While NetSuite Transaction Line Distribution is already available, the benchmarking app will be accessible within 12 months.

NetSuite’s Field Service Management is another noteworthy feature designed to enhance end-to-end field service operations, ultimately improving customer satisfaction. It simplifies scheduling and dispatch, automates inventory and customer asset management, and provides real-time data visibility. This feature will be generally available in the coming year.

NetSuite’s commitment to innovation extends to its Configure, Price, Quote (CPQ) tool, which now includes the ability for enterprises to offer subscription options to their customers.

NetSuite’s commitment to improving the application by strategically incorporating generative AI and expanding its feature set demonstrates its dedication to staying at the forefront of the ERP landscape. These enhancements cater to diverse business functions and empower high-growth organizations, cementing NetSuite’s position as a formidable player in the midmarket ERP arena.

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