Published on October 17, 2023, 1:48 pm
NetSuite, a leading SaaS-based ERP provider and Oracle subsidiary, announced the addition of generative AI and new enterprise performance management tools to its cloud-based ERP suite. These enhancements are aimed at improving competitiveness against midmarket rivals such as Epicor, IFS, Infor, and Zoho in various domains including HR, supply chain, banking, finance, and sales.
The new capabilities were unveiled at NetSuite’s annual SuiteWorld conference in Las Vegas. With the goal of automating core enterprise business processes, NetSuite offers a suite of applications that work together on a common database. The ERP suite is available on Oracle Cloud Infrastructure (OCI), although it also requires additional tools and connectors to run on infrastructure from other cloud providers.
One of the key additions to the suite is NetSuite Text Enhance, a generative AI tool powered by OCI’s generative AI service. This tool enables users across different departments like HR, finance, supply chain, and sales to generate context-specific and personalized content for any text area within the suite. By simply inputting a few starter words that describe intent, users can quickly generate drafts that can be easily reviewed, edited, and approved.
In addition to NetSuite Text Enhance, NetSuite has also improved its planning and budgeting feature with predictive algorithms that automate data analysis for preparing budgets. The feature continuously monitors and analyzes plans, forecasts, and variances to uncover trends, anomalies, and correlations. Furthermore, NetSuite Bill Capture has been added to streamline expense management by categorizing expenses based on historical data.
To facilitate faster data analysis in the suite, NetSuite is introducing new features to its Analytics Warehouse powered by Oracle’s Autonomous Data Warehouse and Oracle Analytics Cloud. These features include analytics-embedded dashboards for enhanced financial analysis along with more frequent data refreshes and improved user access management.
Enterprise Performance Management (EPM) tools have also been integrated into the ERP suite to enhance access to working capital, automate compliance, and accelerate payments. NetSuite Enterprise Performance Management (EPM) connects financial and operational planning, automates account reconciliation, streamlines close processes, and offers improved tax and narrative reporting. Additionally, NetSuite Capital helps improve cash flow and reduces day sales outstanding while NetSuite Pay simplifies the application and onboarding process for new merchant accounts.
NetSuite is not just focused on improving financial aspects but also providing solutions for field service management. The company plans to launch a feature called Field Service Management within the next 12 months. This tool will streamline end-to-end field service operations by simplifying scheduling and dispatch, automating inventory and customer asset management, and increasing real-time data visibility.
To cater to the needs of chief financial officers (CFOs), NetSuite introduces features like NetSuite Transaction Line Distribution which allows for splitting transactions across different subsidiaries or departments. Another tool called NetSuite Benchmark 360 enables enterprises to analyze operational and financial metrics in comparison to similar companies in their industry and region.
NetSuite continues to innovate by updating its CPQ tool with a subscription offering feature that allows businesses to provide subscription options to their customers.
Overall, these additions to the NetSuite cloud-based ERP suite aim to provide businesses with powerful generative AI capabilities alongside efficient enterprise performance management tools. With enhancements across various domains like finance, supply chain, HR, sales, and field service management, NetSuite is positioning itself as a leading choice for midmarket enterprises seeking comprehensive ERP solutions.