As SuiteWorld 2024 continues to unfold, the spotlight has remained firmly on the AI advancements reimagining the NetSuite experience.
Evan Goldberg, Founder and Executive Vice President of Oracle NetSuite, captured the essence of this evolution:
"We are embedding AI-powered capabilities across the suite so customers are benefiting from it as soon as they log in. By ensuring AI is built into existing business processes and not bolted on, we are helping our customers achieve immediate value from the latest AI innovations at no additional cost. The latest updates build on the hundreds of new generative AI use cases we have added in the last year and will help our customers further increase productivity and gain more value from the suite."
We've had the opportunity to learn about and even test the latest features and tools through hands-on labs on the expo floor, breakout sessions, and keynotes. Here's a closer look at these AI innovations and their practical applications.
NetSuite EPM (Enterprise Performance Management)
Since the arrival of NetSuite Planning and Budgeting (NSPB) and NetSuite Analytics Warehouse (NSAW) in the ANZ region – both part of the NetSuite EPM Suite - the uptake amongst our customers has been significant, so we know our customers will be interested to hear how AI is being embedded to improve these modules.
During the product keynote, Craig Sullivan, Group Vice President of Product Management at Oracle NetSuite, discussed the latest AI advancements in predictive forecasting and the generative AI digital assistant.
NetSuite Analytics Warehouse (NSAW)
Allison Auclair, also Group Vice President of Product Management, further explored how NetSuite Analytics Warehouse (NSAW) leverages embedded dashboards and AI models to help users detect trends like declining sales and address them proactively. She demonstrated how the Oracle Analytics Assistant allows users to query sales trends in plain language and apply churn prediction models to identify at-risk customers without requiring data science expertise.
Customer 360
During the product keynote, Auclair showed how AI is fundamentally reshaping the way users can meet customer expectations on the NetSuite platform. The release of NetSuite Customer 360 (coming in version 2024.2) exemplifies this shift, bringing together insights from across the suite and activating them with AI. This update includes intelligent recommendations and specialised CRM user licences, enabling sales, marketing, and service teams to better engage with customers.
NetSuite CPQ (Configure, Price, Quote)
Then there's NetSuite CPQ. Last year they talked about how manufacturing and CPQ can work together to help customers deliver products faster. This year NetSuite CPQ has evolved to support hybrid business models with enhanced integration for product and service configurations. The CPQ Intelligent Assistant simplifies deal creation by allowing sales representatives to describe prospects' needs in plain language. The assistant then recommends product and service configurations, generating a comprehensive quote. Generative AI further streamlines this process by automatically populating quotes, including total costs and translations, facilitating quicker and more accurate sales processes.
NetSuite Financial Exception Management
Enhancements to NetSuite Financial Exception Management demonstrate how AI and cloud ERP converge to achieve a continuous financial close.
Consider your company's routine processing of vendor bills and transactions. Financial Exception Management uses AI to scrutinise these transactions, automatically detecting anomalies that deviate from expected patterns. For example, if a vendor bill is incorrectly assigned to a non-standard account, the system will flag this inconsistency, recognising that such bills are typically recorded under an office expense account. It will then prompt your team to correct this misclassification.
Similarly, if a transaction from a regular vendor is missing, the system will highlight this absence for further investigation. It can also identify unusual transaction timings or duplicate entries, ensuring these issues are addressed promptly before they affect financial accuracy or close processes.
This one is currently available in beta for all regions.
NetSuite SuiteProjects Pro
NetSuite SuiteProjects Pro, an AI-enhanced extension of the former NetSuite OpenAir, was announced. With a goal of elevating project across the lifecycle, it offers AI-powered features such as project risk analysis to proactively identify potential issues to prevent delays, and staffing recommendations that match projects with the right talent based on historical data. With enhancements like global search and role-specific task lists, SuiteProjects Pro promises a more intuitive user experience, supporting organisations in managing projects more effectively and cost-efficiently.
Cash 360
NetSuite's vision for intelligent cash management is coming to fruition with the expansion of Cash 360, now featuring enhanced capabilities. By integrating comprehensive data from across the NetSuite suite, Cash 360 promises greater accuracy in transaction processing and financial management. Capability improvements include forecasting based on day sales outstanding and days payments outstanding. Users can also compare raw and calculated numbers and factor in expected instalment payments for more precise forecasts. Craig Sullivan assures that additional enhancements are planned for future releases.
Bill Capture
NetSuite's Bill Capture functionality is getting a significant upgrade with AI to enhance efficiency and accuracy. Upcoming updates will include support for international vendor bills, addressing various formats, layouts, and tax regulations, and incorporating additional languages. For customers operating across border, this will significantly reduce manual effort and improve accuracy in handling bills from around the world. To date, this solution has only been available in the US, however, Sullivan shared that international customers - including Australia and New Zealand - can expect to get this functionality very soon.
Credit Card Automation
Back-office processes get a look in with new AI-driven credit card automation. A new credit card activity page connects directly to your corporate account, seamlessly importing all transactions. Each transaction is then automatically categorised and entered into the system. The "transactions to review" tab will suggest categories and match payments, requiring only your confirmation. This feature, set to roll out soon, but no dates as yet.
AI further embedded into the development process
NetSuite is also integrating AI capabilities to improve efficiency and innovation behind the scenes, here's three new enhancements for NetSuite developers.
NetSuite Prompt Studio
NetSuite Prompt Studio allows developers to tailor AI-generated content by adjusting format, tone, and creativity. This means AI responses will align with organisational standards and enhance content quality and end-user productivity.
Generative AI for SuiteScript API
The Generative AI for SuiteScript API lets developers integrate AI capabilities into NetSuite extensions and SuiteApps. It complements existing features with custom AI solutions to support rapid development of new functionalities to meet specific business needs. There is currently no timeline for release on this one.
Oracle Code Assist SuiteScript Optimisation
Oracle Code Assist is an AI-powered tool that aids developers by generating boilerplate code, running unit tests, and providing coding support. It streamlines development tasks, boosting productivity and accelerating the creation of NetSuite customisations.
And that's a wrap for today, we'll be back tomorrow with our take on all the big SuiteWorld announcements as well as some exciting news from the Annexa team.
