Oracle’s NetSuite announces new generative AI-powered capabilities

Oracle subsidiary NetSuite has announced new generative AI-powered capabilities at SuiteWorld in Las Vegas.

The new features will help organisations reach their goals faster and more efficiently while cutting costs, allowing business leaders to gain more insights from their data, according to Evan Goldberg, Founder and EVP at Oracle NetSuite.

“Our new updates include traditional and generative AI capabilities embedded throughout the suite to increase user productivity, reduce costs, and improve overall business efficiency,” he said.

NetSuite has introduced new generative AI-powered capabilities across the entire suite and added new traditional AI capabilities to help customers enhance planning and budgeting, eliminate manual data entry, and expand business insights. With the new features, some mundane, everyday tasks within the finance department can also become automated.

Unified data within a suite, can help businesses achieve immediate value from the latest AI innovations.

New AI-powered capabilities include:

• NetSuite Text Enhance: New generative AI-powered capabilities help users create contextual and personalized content for any text area in NetSuite based on a few starter words that describe intent. Supported by the Oracle Cloud Infrastructure (OCI) generative AI service, NetSuite Text Enhance helps finance and accounting, HR, supply chain and operations, sales and marketing, and customer support teams improve productivity by leveraging AI to produce relevant drafts that they can quickly and easily review, edit, and approve.
• NetSuite Planning and Budgeting: New AI-powered capabilities in NetSuite Planning and Budgeting help organizations automate data analysis to improve and accelerate decision-making. With predictive algorithms that continually monitor and analyze plans, forecasts, and variances, customers can quickly and easily uncover and highlight trends, anomalies, and correlations
• NetSuite Bill Capture: New AI-powered capabilities help organizations intelligently capture and categorize expenses based on historical data. With NetSuite Bill Capture, customers can eliminate manual bill entry and increase the productivity of accounting teams
• NetSuite Analytics Warehouse: AI-powered capabilities in NetSuite Analytics Warehouse consolidate and centralize data from a multitude of sources and help organizations accelerate access to data visualizations and reporting. With increased visibility and deeper understanding of transaction-level activity, customers can spot patterns and gain faster insights for better decision-making

Goldberg claims that the software will boost positivity as opposed to eliminate jobs.

“We’ve been building AI into NetSuite for several years to help our customers be more productive and successful. Recent breakthroughs in AI create the opportunity for a quantum leap in doing more with less.

“The new Text Enhance capabilities are just the start, and we will continue to embed powerful AI capabilities across the suite to help our customers turn the breadth and depth of their organizational data into a competitive advantage,” Goldberg adds.