In a key development for the artificial intelligence (AI) industry, Oracle NetSuite has announced a partnership with Cohere, a leading AI platform for enterprises. Cohere has turned to NetSuite's unified cloud business suite to scale its operations and address the escalating demand for AI-powered services worldwide.
Cohere was established in 2019 and has since secured more than $400 million in funding, underscoring its prominent position in the AI landscape. The company's rapid expansion has necessitated the employment of over 200 staff in Toronto, the Bay Area, New York, and London. Martin Kon, President and COO of Cohere, noted, "With our business growing extremely rapidly, NetSuite provides huge efficiency advantages over our previous manual financial reporting systems, which had become too time consuming and cumbersome."
NetSuite's enterprise resource planning suite (ERP) will be instrumental in streamlining Cohere's financial workflows. The move is designed to enhance productivity and reduce reliance on manual processes. "Regularly using NetSuite will also help our product teams identify areas where Cohere's AI technology can enable exciting innovations that will make the software even more useful and easy to use," added Kon.
Furthermore, NetSuite will equip Cohere with analytical tools to make more informed decisions. NetSuite Revenue Recognition will facilitate the automation of revenue management processes, allowing Cohere to close its financial books in days instead of weeks. Additionally, Cohere will utilise NetSuite OneWorld for real-time currency conversion and financial reporting consolidation across its increasingly global operations.
Evan Goldberg, founder and EVP of Oracle NetSuite, said, "As one of the organisations at the forefront of the next wave of AI innovation, Cohere has seen rapid growth in a very short period of time. By providing an integrated and scalable business suite, NetSuite will help Cohere stay focused on cutting-edge research as it continues to scale its operations globally."
Oracle NetSuite has been a pivotal player in organisational growth for over 25 years, providing an integrated system that encompasses financials, Enterprise Resource Planning, inventory management, HR, and omnichannel commerce. The partnership with Cohere aims to bring synergistic benefits, fostering innovation and productivity gains in the AI domain.