NetSuite launches AI innovations to streamline business operations

Oracle NetSuite has unveiled an array of new product innovations aimed at helping organisations run more efficiently and reduce costs. These updates include generative AI capabilities across the entire suite, new field service management and enterprise performance management (EPM) solutions, as well as enhanced features targeting finance and customer experience professionals.

Evan Goldberg, founder and EVP of Oracle NetSuite, stated, "Over the past 25 years, our mission has stayed the same: deliver a unified suite of cloud applications that enable customers to do more with less and grow their businesses. We continue to extend the capabilities of NetSuite to support this mission and help our more than 37,000 customers benefit from the latest cloud and AI innovations."

Among the new AI-powered capabilities is NetSuite Text Enhance, which helps users generate contextual and personalised content for any text area within the suite. Supported by Oracle Cloud Infrastructure's generative AI service, this feature aims to improve productivity across various departments, including finance, HR, and customer support.

Additionally, NetSuite has launched new features in Planning and Budgeting, utilising AI to automate data analysis, thereby accelerating decision-making processes. The company also introduced NetSuite Bill Capture to help intelligently capture and categorise expenses, thus increasing accounting teams' productivity.

To improve financial management, NetSuite is rolling out new EPM solutions that include automating account reconciliation and streamlining close processes. They also introduced NetSuite Capital, a service designed to improve cash flow and accelerate payments by facilitating immediate payment for invoices from accounts receivable.

NetSuite is also focusing on enhancing customer experience with a new field service management solution. This product aims to improve end-to-end field service operations and boost customer satisfaction.

Furthermore, a new licensing model will be implemented to provide task-specific licenses for employees who don't require full access to the suite. For example, a warehouse employee who only needs access for specific tasks like receiving and shipping will get access to NetSuite's relevant warehouse management functionality without requiring a full subscription.

The new features in NetSuite Planning and Budgeting, NetSuite Bill Capture, NetSuite Capital, NetSuite Transaction Line Distribution, SuiteCommerce MyAccount, and NetSuite CPQ are now available. Other new features across the suite will be available in the next twelve months.