Day three of SuiteWorld 2023 has just wrapped up, and the Annexa team are continuing their coverage of the Las Vegas event. This final day of NetSuite's global conference allowed us to dive a little deeper into NetSuite's latest capabilities via an executive keynote, workshops, lectures and round table discussions.
The spotlight remained firmly on artificial intelligence on the concluding day of SuiteWorld 2023. The focus wasn't merely on the new AI-powered products that NetSuite unveiled yesterday but also extended to an ambitious roadmap of 80 forthcoming AI features. For NetSuite, AI is far from a tack-on trend; it's becoming an integral part of the platform's DNA. The company is deploying AI to revamp or reinvent everything from business process automation and predictive analytics for supply chain management to enhancing customer experiences and refining financial planning tools.
But let's rewind to day three's morning executive keynote, themed "Unleash the Suite". Gary Wiessinger, SVP of NetSuite application development, was joined by NetSuite product experts exploring the new and upcoming solutions in more depth.
AI-powered customer and user experiences
NetSuite has weaved new recommendation features into several modules - CRM, SuiteCommerce, CPQ, and SuiteBilling. What's exciting is that this isn't about vague recommendations. The AI is smart enough to suggest exact product configurations. This feature promises to personalise customer interactions in a more meaningful way, streamline how NetSuite customers sell products, and, overall, make the user experience that much smoother.
For example, sales operators will love the new Customer 360 feature. It automatically flags a potential customer opportunity, generates a quote instantly, and even initiates a configurator where the customer's preferences are pre-loaded. Or it can recommend a discount to meet the customer's specific needs while simultaneously optimising it to maximise profit.
AI-powered insights
Given the amount of data stored in NetSuite, it was only a matter of time before NetSuite fully committed to enhancing its data analytics and insight capabilities. The launch of NetSuite Analytics Warehouse (NSAW) was a significant move in this direction.
Now, SuiteWorld 2023 has given us even more tools. There's Benchmark 360, which enables businesses to stack their performance metrics against those of their competitors. Intelligent Cash Management leverages AI to offer precise cash flow predictions and can even recommend specific actions such as hiring plans or promotional activities for products.
Similarly, the newly announced Field Service feature uses AI and analytics to provide better visibility into which technicians are available for a particular job. By knowing who is available and when, managers can more effectively assign tasks to the most appropriate personnel, optimising both time and resources.
AI assistance for HR
Attendees were introduced to a new autonomous payroll featuring an AI bot that can not only perform typical payroll tasks but goes a step further by proactively identifying anomalies in the system - such as unapproved overtime - and alerting the relevant leaders for action. We hope to see these HR capabilities available in Australia sometime in the near future.
AI and NetSuite Enterprise Performance Mangement (EPM)
We were excited to hear more about the new NetSuite EPM from Craig Sullivan, the GVP of Product Management International. He honed in on planning and budgeting, citing the ability to zoom in at the subsidiary level to view forecasts based on individual product lines. The integrated AI can then generate visual representations for these projections, allowing for a more intuitive understanding of the data.
Additionally, users have the flexibility to set new baseline metrics for future forecasts, providing a mechanism to track changes and make data-driven adjustments to business plans. Ultimately, this will bring an additional layer of granularity and control to the planning and budgeting process. We cannot wait to play with this one.
AI for new verticals
NetSuite has also been busy developing solutions for 14 specific new industry verticals, including healthcare, restaurants, and hospitality.
Highlighted during the event was Compliance 360, a solution designed for the healthcare sector. It aims to simplify and enhance the tracking of compliance requirements, such as the rules governing the printing of patient data and the deletion of records. Again, AI capabilities have been integrated into Compliance 360 to create visualisations, making it easier to monitor and manage compliance metrics.
AI for developers
And finally, we go from the front end to the back with new AI recommendation capabilities ready to assist developers during the coding process. The primary goal here is to reduce the time required to complete projects and improve the accuracy of the code being written. Essentially, the AI analyses the code as it is being developed and suggests optimal approaches or solutions, acting almost like a co-pilot for developers. This could make the development process more efficient, help avoid errors, and potentially lead to a better end product.
Our take on day-three announcements
NetSuite marked its 25th anniversary this year, and it's evident that the pioneering cloud computing firm is not content to sit back. Throughout SuiteWorld, it was clear that NetSuite has its sights set on more than just being an all-in-one business platform. The conference highlighted how the company is actively driving user efficiency and profitability to new heights, offering a glimpse into an even more dynamic future.
Yet, we see an even bolder transformation on the horizon for NetSuite. It appears the company is on the brink of transforming itself into an intelligent, highly tailored business suite, leveraging its AI capabilities and global infrastructure to offer something more integrated and intuitive than ever before.