Singapore – Oracle NetSuite, a cloud-based ERP solution firm, has recently announced the introduction of a set of product updates and AI-powered innovations, aiming to empower organisations with efficiency and growth.
In this launch, the company indicated that these enhancements will further help businesses obtain valuable insights, productivity, and collaboration through a variety of new tools and integrations.
Specifically, this update includes financial exception management and a digital assistant integrated into SuiteAnalytics. This particular solution enhances AI-generated content and embeds generative AI into NetSuite extensions.
According to the firm, these new features will also improve operational efficiency, help mitigate risks and enable organisations to achieve their goals more swiftly.
Furthermore, the launch of NetSuite’s new procurement solution, SuiteProcurement, is designed to streamline indirect procurement processes, control costs, and leverage supplier benefits from entities like Amazon Business and Staples Business Advantage.
The said function automates processes such as approval workflows, order creation, invoicing, and reporting, allowing businesses to optimise spending and drive growth.
Meanwhile, NetSuite’s Connector for Salesforce now makes it easier to bridge the data-sharing gap between the two platforms. This added feature enables real-time data synchronisation, allowing shared users to exchange order, fulfilment, and financial information seamlessly.
Additionally, AI-powered updates have been added to the NetSuite Analytics Warehouse, accelerating data analysis and offering contextual insights. With features like business driver identification and predictive models for circumstances like customer churn and stockouts, these updates intend to help organisations identify opportunities for enhanced efficiency and growth.
Beyond these capabilities, the firm also introduced enhanced NetSuite Enterprise Performance Management with the recent integration of generative AI for narrative reporting and AI-driven narratives in NetSuite Planning and Budgeting.
These updates offer improved predictive forecasting and a digital assistant to assist with EPM workflows, improving the productivity and decision-making processes for finance teams.
They have also unveiled the rebranded SuiteProjects Pro, which introduces new user experience improvements and AI-driven features focused on minimising risk, optimising resource management, and boosting profitability.
Interestingly, the Oracle Redwood Design System has been implemented to deliver a modern user experience across the NetSuite suite.
Lastly, a guided learning managed service was also launched, with the goal of customising learning resources as well as enhancing the value derived from the suite. This offering is backed by NetSuite Education experts and provides step-by-step guidance integrated within the suite, tailored to fit specific business processes.
Commenting about the enhancements, Evan Goldberg, founder and executive vice president at Oracle NetSuite, shared, “We designed NetSuite to be the foundation of business growth, with a platform that can evolve and expand to meet changing needs and a data model that connects a customer’s entire business.”
“We continue to extend NetSuite’s capabilities to further strengthen that foundation. As customers scale their businesses on NetSuite, AI innovations and workflow optimisations help them gain intelligent insights, improve productivity, and simplify collaboration,” explained Goldberg.
