SuiteWorld 2024 just like every other SuiteWorld captured all the energy and attention. In fact this year at SuiteWorld, Oracle NetSuite placed a strong emphasis on its comprehensive artificial intelligence (AI) strategy. The company introduced a series of AI-centric updates for NetSuite. These new features and enhancements intend to help businesses with improved visibility, increased productivity and superior collaboration contributing to quicker data-driven decision-making.
Here’s our breakdown of NetSuite’s AI updates and their significance:
1. Data Analytics with AI
For businesses overwhelmed with large amounts of data generated on a daily basis, Oracle NetSuite announced a series of NetSuite Analytics Warehouse updates. These include Auto-Insights, a feature that generates data visualizations and natural language insights based the dataset; Oracle Analytics AI Assistant that helps customers streamline data discovery through conversational interactions and create relevant data visualizations using generative AI; out-of-the-box, no-code AI models built for specific use cases for predicting scenarios; AutoML feature that automates algorithm selection and customizes modeling workflows without the need for technical skills expertise; Explain feature that helps customers gain deeper understanding by leveraging AI capabilities; and Oracle Machine Learning – a collaborative interface to explore data visually and tailor ML models to address unique business needs.
2. Streamlining Finance with AI-Powered EPM Tools
We’re all aware of the significant time finance teams devote to gathering data, analyzing financial results, and forecasting future performance. NetSuite revealed AI-powered updates to its Enterprise Performance Management (EPM) suite. Now with EPM Suite, instead of manually pulling numbers and drafting reports, AI will do much of the heavy lifting—automatically generating narratives and visuals that break down complex financial information. Saving time, improving accuracy and making complex analyses look more intuitive are the key takeaways from EPM enhancements.
3. Simplifying Procurement with SuiteProcurement
Oracle NetSuite made advancements to its NetSuite Procurement module. The new SuiteProcurement offers integrations with Amazon Business and Staples for customers to enjoy exclusive offers from these two online platforms including free memberships and 10% discount limits. Other features include integrated workflows for purchase orders, requisitions, and vendor management, providing real-time visibility into procurement spending and streamlined approval processes for faster procurement cycles.
4. NetSuite Integration with Salesforce
For business that run both Salesforce and NetSuite platforms, managing data between these two platforms can be challenging. The NetSuite Connector for Salesforce announcement addresses this pain point by syncing data across both platforms. This integration gives you a centralized view of customer data, from lead generation to final invoicing, improving team collaboration and gaining a superior understanding of customer interactions and financial health.
5. Smarter Project Management with AI
To empower project managers with better project outcomes, resource management and profitability, Oracle NetSuite’s SuiteProject Pro (formerly NetSuite Open Air) comes with AI-enabled dashboards for monitoring project’s health, supporting project planning and offering recommendations.
6. Oracle Redwood Design System
The Oracle Redwood Design System is designed to give your teams a sleek, modern experience. Running live on NetSuite Enterprise Performance Management and NetSuite Analytics Warehouse, Redwood will offer customers a streamlined, intuitive interface to the suite. This will be rolled out to NetSuite SuiteProjects Pro, Customer 360, and to the NetSuite application at large focusing on aspects such as dashboards, lists, and forms, making everyday tasks simpler and improving overall productivity across the board.
7. NetSuite Guided Learning Managed Service
Building on the existing NetSuite Guided Learning feature, NetSuite’s Guided Learning Managed Service offers tailored, step-by-step guidance specific to your business processes with help from NetSuite’s own education experts so you can improve employee productivity and effectiveness. This service also comes with analytics to track how well your team is engaging with these guides so you can fine-tune your training and make sure everyone’s getting the most out of the system.
8. NetSuite SuitePeople Integrated Benefits Offering
Managing employee benefits will become easier with NetSuite’s SuitePeople Integrated Benefits offering by embedding with SimplyInsured’s small businesses. Built right within NetSuite, employees can enroll directly through the system, while payroll deductions will automatically get linked to your general ledger, making benefits management smoother and giving you better financial insights.
9. NetSuite Financial Exception Management
Oracle NetSuite announced AI features to its Financial Exception Management offering. This will automatically spots unusual transactions helping you quickly zero-in on potential issues before they become bigger problems. You will have actionable insights at your fingertips so you can resolve discrepancies faster and keep your financial processes running smoothly.
10. Generative AI for SuiteScript API
Generative AI for SuiteScript API will help businesses extend NetSuite’s functionality by embedding generative AI into their customizations. Whether it’s creating new SuiteApps or enhancing existing workflows, generative AI will open up opportunities for customizing NetSuite more closely to your business needs.
11. Oracle Code Assist SuiteScript Optimization
Oracle Code Assist will make lives easier for developers. This AI-powered assistant speeds up the development process by helping you write code faster, build and run unit tests, generate documentation, and even answer coding questions in real-time. With Code Assist, you can cut down on development time and focus on delivering high-quality customizations for NetSuite.
12. NetSuite Advanced Customer Support (ACS) AI Playbook
For businesses looking to leverage AI across their NetSuite environment, the NetSuite ACS AI Playbook will be a game-changer. This playbook helps you configure, optimize, and deploy new AI-driven capabilities throughout your NetSuite suite. Whether you’re looking to boost efficiency, gain deeper insights, or make smarter, faster decisions, the ACS AI Playbook is your roadmap to getting the most out of AI within NetSuite.
Why This is Important for Growing Businesses
By introducing AI to everyday business processes, NetSuite is helping business to get more done with less resources, while making sure data is accessible to all departments in real time. Whether you are managing finance, managing a project or dealing with procurement, these tools give you back time to focus on strategy rather than getting bogged down in routine tasks. So, whether you’re already using NetSuite or considering it, these innovations represent a huge step forward in how businesses can grow smarter.
At dotSolved, we are fully equipped to help businesses harness the full potential of NetSuite’s latest AI features. With our deep expertise in NetSuite consulting, implementation, optimization and managed services for companies across different industry verticals, we partner with our customers to ensure these powerful tools are effectively integrated into their operations. Our goal is to empower businesses to unlock greater efficiency, make smarter data-driven decisions, and achieve sustained growth. Whether you’re starting your NetSuite journey or looking to optimize your current NetSuite setup, dotSolved is ready to support you every step so you maximize on the advantages these new features and updates offer.
