Recently concluded NetSuite SuiteWorld 2024 exceeded all expectations with a packed conference. From groundbreaking AI advancements to personalized experiences, the conference delivered on its promise of transforming the future of business. Team VNMT had a great time at this highly anticipated NetSuite flagship conference, interacting with many of the valued customers and fellow leaders from other companies in person. The keynote addresses and product sessions at the event revealed several updates geared toward personalization, AI-enablement for data warehousing, and financial management.
As we delve deeper into the details, you’ll discover how these updates, along with enhancements in data warehousing and financial management, can help your organization achieve efficiency through automation.
The focus on making NetSuite experience more user-centric is clear from this move.
More Personalized NetSuite Experience: Introducing Redwood UX
The opening keynote address at NetSuite SuiteWorld 2024 conference introduced Redwood UX, a new interface that leverages AI to provide personalized dashboards and predictive insights based on user behaviour.
- Enhanced decision-making: Provides real-time, data-driven insights for faster, smarter decisions.
- Improved user experience: Offers a modern, intuitive interface that aligns with Oracle’s award-winning design system.
- Increased efficiency: Helps customers accomplish tasks more efficiently and drive adoption.
- Broader implementation: Planned for rollout to NetSuite SuiteProjects Pro, Customer 360, and other key areas of the suite.
New AI-powered Analytics Warehouse Features
The event analytics session showcased significant AI enhancements for the NetSuite Analytics Warehouse. With an AI-enabled data warehousing platform, businesses can process large datasets quicker and generate actionable insights in real-time.
The new AI-enabled Analytics Warehouse will help automate complex analysis tasks to make faster and more data-driven decisions. The new capability will help businesses turn raw data into strategic intelligence, resulting in competitive gains.
The latest updates introduce several new AI tools and models:
- Data-driven Natural Language Insights: Besides generating detailed data visualizations, the reports will provide data-driven natural language insights to streamline and enhance decision-making.
- Contextual Insights: The new AI-powered analytics tool will deliver contextual insights to identify key business drivers and anomalies in data ensuring a 360-degree understanding of any business.
- AI Assistant: The new update also features an AI-based analytics assistant to automate the discovery of relevant data from business interactions. For instance, the assistant can provide curated financial reports on different accounts along with summaries and
- AutoML: This new AI feature will help non-technical customers choose the right algorithm and customize workflows by leveraging different models.
New Financial Management Capabilities Powered By AI
The event also introduced AI-powered upgrades for tools in NetSuite financial management. The new upgrades, showcased through a keynote address on finance, will help automate financial tasks such as transaction matching, real-time reconciliations, and preemptive financial forecasting.
The new AI enhancements for financial tools will reduce the burden of manual financial tasks, creating more room for economic strategy and analysis. The AI-powered financial task automation will help businesses with faster and more accurate reporting.
AI-Powered Smart Suite Procurement & Purchasing tools
In SuiteWorld 2024, NetSuite also unveiled significant upgrades for its procurement and purchase management tools. NetSuite also brought AI to analyze historical data and supplier performance for accurate purchasing decisions.
Powered by Oracle Business Network, NetSuite SuiteProcurement connects suppliers and service providers, enhancing the buyer experience while streamlining and managing purchasing.
The AI-powered procurement tools will help businesses to reduce costs, optimize supplier relationships, and make smarter purchasing decisions. It seamlessly integrates financial and procurement processes to deliver:
- Vendor integration: Lower costs with preferred pricing and stronger vendor relationships.
- Automated approvals: Ensure compliance by routing purchase requests for automatic approval based on location, department, or spending.
- Seamless order management: Automate order creation, confirmation, and invoicing for timely payments.
- Real-time spending insights: Track costs across all departments and vendors to manage budgets.
- Data accuracy: Centralized order details for precise procurement data.
- Simplified accounting: Automate expense posting for easier budget tracking.
Customer 360 For Personalised Customer Experience
During the product keynote, NetSuite introduced Customer 360, which promises to bring together insights from different tools within the NetSuite platform. The new AI-enabled feature will provide intelligent recommendations and specialized CRM licenses, allowing sales, marketing, and service teams to engage with customers.
NetSuite Customer 360 brings a more personalised and data-driven approach to how businesses interact with their customers. This will help businesses to reduce customer churn and boost brand loyalty.
Supporting Hybrid Business Models through NetSuite CPQ
NetSuite CPQ (Configure, Price, Quote) intelligent assistant was another focal point at the event. The new CPQ Intelligent Assistant is built to support hybrid business models. By using this tool, sales representatives will be able to describe the needs of a prospect in plain language, allowing AI to make proposed configurations in products and services.
Based on these recommendations, Generative AI will further simplify the process by automatically adjusting and creating quotes that include cost components. This AI-powered intelligent automation will accelerate the sales cycle and enhance the accuracy of sales quotes.
NetSuite Financial Exception Management For Fraud Detection
The beta version of NetSuite Financial Exception Management was also highlighted in the event. The new tool, by leveraging AI, will be able to scrutinize financial transactions and detect anomalies. It will help businesses detect unusual patterns like wrongly classified vendor bills or missing transactions.
The new tool, which is still in beta version, will empower businesses to catch financial issues and take preemptive actions before they disrupt business operations. These new AI-enabled financial monitoring capabilities will help businesses stay clear of fraud and enhance the accuracy of financial processes.
AI-Powered Project Management With SuiteProjects Pro
NetSuite also unveiled SuiteProjects Pro, an AI-enhanced project management tool. The new tool will have intelligent features like project risk analysis and staffing recommendations. The tool, by analysing historical data, can identify potential issues contributing to delays. The new tool will also assign the right talent for the right tasks.
As EVP of Oracle NetSuite, Evan Goldberg mentioned in his keynote address, business growth results in more complexity, requiring more precision in project management to ensure profitability and achieve milestones in time. This is where SuiteProjects Pro and its advanced AI help speed up workflows, enhance efficiency, and streamline staffing and hiring, task scheduling, bill and budget tracking.
Some of the key capabilities that NetSuite SuiteProjects Pro bring to the table include the following:
- AI-powered risk analysis: This allows businesses to monitor evolving project issues, forecast potential risk factors, and prevent possible delays through historical data analysis.
- AI-enabled talent requisition: This feature helps align the right talent for the projects and ensures optimum resource allocation, resulting in the highest efficiency from the very beginning.
- Leveraging individual user-based pricing: By leveraging pricing based on individual user-based flexible pricing, the tool ensures optimum scalability aligned with the growth prospects.
Intelligent Cash Management through Cash 360
NetSuite has now equipped Cash 360 with AI capabilities. By integrating data from different tools of the platform, NetSuite enabled it to provide more accurate cash flow forecasts.
Some new features added to this tool include forecasting based on day sales outstanding (DSO) and day payments outstanding (DPO) and the ability to compare raw and calculated data.
AI-powered Bill Capture For Seamless Vendor Billing
The event also showcased AI upgrades for NetSuite Bill Capture functionality. The new AI upgrade will support international vendor bills and process bills in multiple languages.
The new AI-powered enhancements help businesses reduce the manual effort of handling vendor bills across different international locations. The new functionality, which is available only in the US as of now, is expected to roll out in Australia and New Zealand soon.
Credit Card Automation For Business Payment
NetSuite was also introduced in SuiteWorld 2024, an AI-enabled credit card automation tool for reducing manual credit card entries. The new feature, which imports and categorizes transactions automatically from corporate credit cards, will help businesses manage expenses better. The new feature, which is expected to roll out in the coming months, will help businesses to save time on back-office tasks.
The Impact on Different Industry Domains
The new AI-powered features and value additions from NetSuite are likely to have a huge impact on ERP management and process automation across different industry domains.
- Manufacturing & Supply Chain: The new features and tools will help businesses optimize processes and operations for multiple locations, streamline warehouse management, and bring down factory-to-market cycle times and cost of shipping.
- Healthcare: The all-new Healthcare SuiteSuccess SKU will help healthcare companies adhere to HIPAA compliance.
- IT: The new AI-enabled financial and project management tools and features will ensure smooth revenue automation and user subscription and renewal management based on business intelligence.
- Services: In the IT-enabled and other services sectors, the new SuiteProjects Pro will streamline many tasks and reduce pain points through real-time monitoring and insights.
VNMT Solutions at NetSuite SuiteWorld 2024
VNMT Solutions has participated at SuiteWorld for the 5th consecutive time, and we have had the opportunity to interact with NetSuite experts and customers from all over the world. Attending the event had been an intensive learning experience about the length and breadth of NetSuite AI adaptations and their potential impact. Meet our SuiteWorld 2024 NetSuite Team for a fresh take on your NetSuite requirements!
Conclusion
NetSuite SuiteWorld 2024 introduced a gamut of new AI-driven tools and upgrades that are likely to transform the business experience. Overall, the focus of these tools was more on AI-enabled task automation, data-driven decision-making, and personalized customer experience. We expect to see all these new tools and upgrades rolled out internationally.
