Utilizing cutting-edge technology is frequently necessary to keep ahead of the curve in the dynamic world of modern business. A game-changing enterprise resource planning platform from Oracle, NetSuite, gives companies the resources and insights they need for smooth operations, data-driven decision-making, and long-term success. However, fully utilizing NetSuite ERP, professional direction, real-world expertise, and a profound comprehension of how to customize the platform to match an organization’s particular needs are all necessary.

Enter NetSuite partners – trusted advisors, skilled implementers, and strategic collaborators. NetSuite partners bridge the gap between businesses and the untapped capabilities of the NetSuite ERP platform. They provide specialized knowledge, practical experience, and a track record of helping businesses achieve their goals. Let’s examine the most recent AI-driven NetSuite breakthroughs and how they affect organizational effectiveness.

Empowering Finance with AI-Driven Text Enhance

NetSuite is raising the bar by incorporating generative artificial intelligence capabilities into its finance software. With the introduction of the “Text Enhance” feature, powered by Oracle’s cloud-based systems, businesses gain the ability to automate essential financial tasks, such as composing collections letters or tracking delayed supply purchases. The Text Enhance feature leverages generative AI to generate human-like Text based on a brief prompt to automate mundane day-to-day financial operations.

Evan Goldberg, one of NetSuite’s co-founders, explains that the Text Enhance feature can automatically craft emails, like collection letters, incorporating data from various parts of NetSuite’s systems. This includes details on outstanding payments, the days a payment is overdue, and even future discount reminders for early payments. Businesses no longer need to worry about composing such correspondence; the generative AI automates it seamlessly.

NetSuite’s AI-driven innovations extend to reading and analyzing financial data to generate summaries and reports, enhancing the efficiency of financial operations. The company believes these advancements will boost productivity and improve decision-making rather than replace jobs.

The “Text Enhance” features will be rolled out gradually over the next six months, with typical usage levels included in existing subscription prices. Businesses can expect to reap the benefits of these AI-powered enhancements to their financial processes.

A Holistic Approach to AI Integration

NetSuite’s commitment to infusing AI throughout its ERP system extends to various modules, including planning and budgeting, account reconciliation, and more. Generative AI assistants, like “Text Enhance,” aim to simplify text-based tasks across the platform, from financial reports to customer correspondences.

Beyond text generation, AI will play a crucial role in analytics, providing users with insights drawn from historical data. It will also automate processes, reducing the need for manual intervention. For instance, in the planning and budgeting module, AI will monitor plans, forecast trends, and detect anomalies and correlations in financial data, aiding in more informed decision-making.

NetSuite has expanded its financial management capabilities with NetSuite Enterprise Performance Management (EPM). This suite centralizes financial management, including planning, budgeting, account reconciliation, profitability and cost management, financial close management, and corporate tax reporting.

The acquisition of Next Technik integrates field service management capabilities into NetSuite ERP, offering a more comprehensive solution for businesses.

Flexible Licensing and Comparative Benchmarking

To enhance customer experience, NetSuite introduces a flexible licensing model that allows businesses to pay based on the specific capabilities they need. This customized approach prevents overpaying for features that aren’t essential to the organization’s operations. The initial implementation of this licensing model focuses on the NetSuite Warehouse Management System (WMS) and is expected to extend to other modules.

NetSuite also introduces “Benchmark 360,” an application that enables customers to compare their performance with other NetSuite ERP users in their industry and geographic regions. This benchmarking tool provides insights into where a business excels and areas that require improvement. Benchmark 360 is opt-in for customers, ensuring data is aggregated and anonymized for security and privacy.

In a world where AI-driven innovation is reshaping the business landscape, NetSuite’s holistic approach to AI integration, flexible licensing, and benchmarking tools provide a significant competitive advantage. By embracing these advancements, businesses can enhance efficiency, boost productivity, and make more informed decisions while optimizing their financial processes. NetSuite’s commitment to AI ensures that businesses remain at the forefront of innovation, positioning the ERP platform as a top choice for mid-market organizations seeking to thrive in the digital age. Contact us to learn more about this feature!