The NetSuite Release 2024.1 marks a significant milestone in the evolution of cloud-based enterprise resource planning solutions. With this update, NetSuite introduces a range of Artificial Intelligence features designed to enhance business operations, automate complex processes, and provide deeper insights into data analytics.
With these new AI tools, NetSuite is helping businesses deal with challenges more effectively. NetSuite Release 2024.1 is all about using technology, announced at the SuiteWorld 2023 event in Las Vegas on October 17, 2023.
NetSuite AI Capabilities Announced In SuiteWorld 2023
NetSuite’s SuiteWorld 2023 was a landmark event for cloud-based enterprise resource planning solutions, introducing a new era with the introduction of several Artificial Intelligence features.
Here’s an overview of the key AI features announced:
NetSuite Generative AI Capabilities
Generative AI in NetSuite marks a significant advancement in content creation and data analysis within the ERP landscape. This technology automates the generation of new material by learning from existing data patterns and structures.
It has the potential to revolutionize various aspects of business operations, from auto-generating reports and documentation to creating customized communications with minimal human intervention.
Generative AI’s capabilities extend beyond text and code generation to include artistic creations and complex simulations for biological research or medical purposes. The generative AI capabilities include:
- NetSuite text enhance
- NetSuite planning and budgeting
- NetSuite bill capture
- NetSuite analytics warehouse
- NetSuite supply chain control tower
- NetSuite intelligent item recommendations
NetSuite AI Assist
AI Assist is set to transform the landscape of cloud-based ERP through the integration of AI-driven virtual assistants and chatbots. This innovative feature is designed to automate routine tasks, provide intelligent suggestions, and enhance decision-making processes.
By understanding user actions and recognizing patterns, AI Assist offers proactive support and automates actions, leading to a significant increase in productivity and a reduction in errors.
NetSuite AI Advise
AI Advise, another groundbreaking feature announced at SuiteWorld 2023, aims to leverage the full potential of AI to provide recommendations and guidance. Within cloud ERP systems, AI Advise could provide strategic recommendations to optimize business processes, predict future trends, and support strategic decision-making.
Oracle NetSuite AI Features Released In 2024
NetSuite’s 2024 Release 1 users are making significant advancements in leveraging AI to streamline business processes, enhance productivity, and reduce operational costs.
This latest update introduces three NetSuite AI tools designed to transform text generation, invoice processing, and financial planning and analysis. By embedding these tools directly into NetSuite, the release aims to make the adoption of AI technologies more accessible and less cumbersome for businesses of all sizes.
Incorporation Of Generative AI
At the heart of the release is the NetSuite Text Enhance feature, powered by Oracle Cloud Infrastructure (OCI). This feature employs generative AI to automate the creation of personalized, context-aware content by utilizing data within NetSuite. This innovation stands to benefit customer service, HR, and marketing teams by significantly reducing the time needed to produce various types of written content, including:
- Detailed product descriptions for invoices, websites, and point-of-sale systems.
- Comprehensive job descriptions and requisitions.
- Draft employee goals and suggest measures for achieving success.
- Customized customer support messages.
Beyond initial content creation, Text Enhance can refine existing materials by improving grammar, spelling, and overall readability, making communications clearer and more professional.
Initially available to customers in North America, NetSuite has plans to expand the availability and functionality of Text Enhance in future updates, promising wider access to its benefits.
Automating Invoice Processing
A key focus of the NetSuite 2024.1 release is addressing the demand for productivity enhancements, particularly in the domain of accounting and finance—a sector where 74% of surveyed individuals anticipate significant AI impacts.
The NetSuite Bill Capture feature responds to this need by automating the invoice entry process, reducing manual effort, and minimizing errors.
Using AI technology, the system quickly extracts and inputs data from scanned invoices into NetSuite. It further streamlines operations by verifying invoices against purchase orders and delivery documents, ensuring accuracy in billing details.
The latest enhancements to Bill Capture include the addition of new fields such as PO number, memo, posting period, discount date, and custom segments on the Review Bill page. These updates offer businesses the flexibility to tailor the billing process to their unique requirements, making for a more seamless and error-free experience.
With the introduction of more sophisticated data handling capabilities, the likelihood of billing inaccuracies or the need for subsequent corrections is significantly reduced.
Furthermore, improvements to the user interface of Bill Capture, including new filtering options by vendor, upload source, and email source, enhance the manageability of invoices, especially for businesses dealing with high volumes of transactions. These filters facilitate quicker, more efficient invoice processing by allowing users to easily categorize and locate specific documents.
Enhancing Financial Strategy With Predictive Analytics
The NetSuite 2024.1 release is set to revolutionize the way businesses plan and budget with the introduction of IPM (Intelligent Performance Management). According to a NetSuite survey, 57% of executives are seeking enhancements in forecasting, business analytics, and decision support facilitated by AI technologies.
Responding to this demand, IPM integrates predictive analytics into NetSuite Planning and Budgeting, leveraging machine learning algorithms to offer dynamic, continuous analysis of financial plans, forecasts, and performance variances.
IPM stands out by its ability to detect and highlight key financial trends, anomalies, biases, and correlations within vast amounts of data. This capability allows finance teams to gain a deeper understanding of their financial landscape, enabling them to make quicker, more informed decisions. By providing a real-time snapshot of financial health and trends, IPM transforms raw data into actionable insights.
Enhanced Forecasting with Forecast Variance and Bias
A critical feature of IPM is its focus on improving the accuracy of financial forecasts. The forecast variance metric is instrumental in evaluating the reliability of these forecasts by comparing them against historical data and actual outcomes.
This comparison helps finance teams understand the degree of deviation in their forecasts, allowing for more precise future predictions. Moreover, IPM can spot any tendencies in forecasts to be consistently too high or too low, helping teams tweak their forecasting techniques and assumptions. This adjustment results in more precise financial predictions.
Predictive Insights with Predictions
IPM’s predictive capabilities extend to assessing the likelihood of achieving specific financial targets. By analyzing the differences between forecasted figures and computer-generated predictions, IPM provides a quantified risk assessment.
This assessment empowers finance teams to proactively address potential deviations from their forecasts, ensuring that strategic plans remain on track and that any necessary adjustments can be made in a timely manner.
Identifying Anomalies for Strategic Decision-Making
One of the most powerful aspects of IPM is its ability to identify anomalies within financial data. These anomalies, which represent data points that deviate significantly from expected patterns, can signal crucial insights for strategic decision-making.
Whether it’s an unexpected fluctuation in sales, an unanticipated expense, or missing data, IPM’s anomaly detection helps finance teams quickly pinpoint and address issues that could impact the company’s financial performance.
Benefits Of Artificial Intelligence In NetSuite For Business
Using AI with NetSuite offers transformative benefits for businesses seeking to optimize their operations and strategic decision-making. Here are five key advantages:
- Enhanced Business Insights: AI in NetSuite utilizes machine learning to analyze vast amounts of data across the organization. This enables it to uncover deep insights into business operations, identifying trends, anomalies, and opportunities for optimization that might not be visible to the human eye.
- Improved Decision-Making: By leveraging AI’s predictive analytics capabilities, NetSuite empowers businesses with predictive patterns and trends. This foresight supports better-informed strategic decisions, helping companies stay ahead of market curves and competitor moves.
- Workflow Automation: AI’s role in automating routine tasks within NetSuite cannot be overstated. From data entry to complex analytical reports, AI streamlines these processes, freeing up valuable human resources for more strategic tasks and thereby increasing overall productivity.
- Personalized User Experiences: AI contributes to tailoring the NetSuite user experience to individual preferences and roles, enhancing usability and efficiency. This personalization extends to customer interactions, where AI can help deliver customized solutions, improving satisfaction and loyalty.
- Fraud Detection and Supply Chain Optimization: AI in NetSuite significantly enhances security by identifying and alerting potential fraud. In supply chain management, AI algorithms optimize inventory levels, forecast demand, and suggest adjustments, ensuring operational resilience and cost efficiency.
What’s There For Businesses In NetSuite’s AI Revolution?
The integration of AI into NetSuite offers a suite of tools designed to enhance decision-making capabilities, equipping businesses with the insights needed to navigate challenges and seize opportunities. You can contact NetSuite Consultants to make the most of these innovative tools that can drive your business forward.
The promise of this AI revolution lies in its ability to process and analyze vast amounts of data, delivering strategic insights that are grounded in a deep understanding of market dynamics and customer behaviors.
Moreover, this leap forward is underscored by a commitment to security and privacy, ensuring that businesses can leverage the transformative power of AI while safeguarding sensitive information. This initiative not only aims to boost productivity by integrating AI-driven analytics into daily operations but also positions businesses to adapt swiftly to the fluid economic environment of the post-pandemic era.
