Cloud-based accounting software provider Oracle NetSuite announced a number of enhancements to its core products, even as it marked the 25th anniversary of its first iteration as NetLedger, at its user conference, SuiteWorld, last week.
Many of the product announcements centered around new artificial intelligence capabilities in NetSuite offerings. Generative AI is used across the entire suite, and new AI capabilities are being added to enhance planning and budgeting, reduce manual data entry, and expand business insights. Many of the enhanced features were demonstrated during the two-day event.
Some of these new AI-powered capabilities will be found in NetSuite Text Enhanced, NetSuite Planning and Budgeting, NetSuite Bill Capture, and NetSuite Analytics Warehouse.
To help customers further streamline financial planning and reporting, improve access to working capital, accelerate payments, and automate compliance, NetSuite is enhancing the financial management capabilities across the suite and introducing new enterprise performance management, digital payment, and e-invoicing solutions, all with enhanced and advanced AI capabilities.
One aspect of generative Ai that was demonstrated a number of times during the user conference was NetSuite Text Enhance, which is being implemented in many of the suite's functions.
NetSuite Text Enhance uses generative AI to help users create contextual content for any text area in NetSuite based on a few starter words that describe the content. This helps finance and accounting, HR, supply chain and operations, sales and marketing, and other company teams leverage AI to produce relevant drafts that can be easily reviewed, edited, and approved.
NetSuite Text Enhance will start to be released shortly and will then be rolled out on an ongoing basis over six months, and new features across the suite will be made available in the next twelve months.
Generative AI is not the only kind of AI used in the new NetSuite offerings and enhancements. Predictive AI is used extensively to offer insights into cash and product performance, frequently going beyond just noting discrepancies and unexpected results, but also offering suggested actions to address these.
Another SuiteWorld announcement was the introduction of a new licensing model that will give customers task-specific licenses for employees that don't require full access. This is initially available for NetSuite Warehouse Management and will make it easier for customers to boost productivity by giving more employees access to NetSuite.
Other announcements of note include new features in NetSuite Planning and Budgeting, NetSuite Bill Capture, NetSuite Capital, NetSuite Transaction Line Distribution, SuiteCommerce MyAccount, and NetSite CPQ that are available now.
Also announced at SuiteWorld23 was the acquisition of Next Technik, which will serve as the foundation for NetSuite Field Serice, a new offering in the NetSuite suite. NetSuite Capital, a factoring-like solution to accelerate receipt of receivables, was also announced, as was Benchmark 360, which supplies metrics to let the customer compare their performance in many business areas with others in the same type of business.
