At this year’s SuiteWorld 2024, NetSuite didn’t hold back on its announcements, especially when it came to artificial intelligence. If you’ve been following tech trends, you’ve probably noticed that AI is becoming a bigger part of our everyday business operations. NetSuite is no exception—they’re making significant strides to integrate AI across their platform, with the goal of boosting efficiency and giving businesses more powerful tools to drive growth.
Here’s a breakdown of the key upgrades that are going to make waves for NetSuite users:
AI Enhancements in EPM
Since its introduction in the ANZ region, NetSuite’s Planning and Budgeting (NSPB) and Analytics Warehouse (NSAW) tools have seen tremendous adoption. Businesses across the region have integrated these solutions to enhance their enterprise performance management (EPM). Craig Sullivan, Group Vice President of Product Management, took the stage to share how AI is being woven into these tools, offering advancements like predictive forecasting and the new generative AI digital assistant.
Smarter Insights with NetSuite Analytics Warehouse (NSAW)
Allison Auclair, Group Vice President of Product Management, dove deeper into how NetSuite Analytics Warehouse (NSAW) is helping businesses stay ahead of the curve. With built-in dashboards and AI models, NSAW can now detect critical business trends like declining sales and help companies respond before issues escalate. Auclair demonstrated how the Oracle Analytics Assistant enables users to ask questions about sales trends using everyday language. This new tool also includes churn prediction models, identifying customers at risk of leaving—no need to be a data scientist to use these tools.
Elevating Customer Experience with AI: NetSuite Customer 360
Auclair also introduced NetSuite Customer 360, arriving with the 2024.2 release. This tool integrates insights across the NetSuite suite and adds a layer of intelligence to help sales, marketing, and service teams better understand and engage with customers. AI-driven recommendations and specialised CRM licenses mean that users can tailor their interactions, driving better outcomes and customer satisfaction.
Streamlining Sales: The Evolution of NetSuite CPQ
The Configure, Price, Quote (CPQ) solution saw significant upgrades this year. Last year, NetSuite highlighted how CPQ supports manufacturing, but now it’s evolved to manage hybrid business models. The new CPQ Intelligent Assistant makes life easier for sales reps by allowing them to describe customer needs in simple language. The assistant then recommends configurations and generates quotes, automatically populating costs and even translations. Thanks to generative AI, sales processes are not only faster but more accurate, enabling teams to close deals with confidence.
Financial Exception Management: Taking Continuous Close to the Next Level
Financial operations are also getting a big AI boost with NetSuite Financial Exception Management. This new feature, currently in beta, helps companies maintain a continuous financial close by using AI to detect anomalies in vendor bills and transactions. For instance, if a bill is mistakenly assigned to an unusual account, the system will flag it for review, ensuring errors are caught and corrected before they impact financial reporting. It’s an extra layer of accuracy for businesses handling large volumes of transactions.
Project Management Gets Smarter with SuiteProjects Pro
In the project management space, SuiteProjects Pro—the enhanced version of NetSuite OpenAir—aims to give businesses a competitive edge. The AI-powered project risk analysis tool helps identify potential risks early in the project lifecycle, preventing delays. Another standout feature is its staffing recommendations, which match the right talent to the right projects based on past data. Together, these updates make project management more efficient and intuitive.
Cash 360 Expands Its Capabilities
NetSuite’s Cash 360 solution is expanding its feature set, with AI-driven enhancements making cash management smarter than ever. By integrating comprehensive data from across the suite, the tool now offers enhanced forecasting abilities. Businesses can analyze metrics like days sales outstanding (DSO) and days payments outstanding (DPO), compare raw and calculated data, and include expected installment payments for more accurate financial projections. According to Craig Sullivan, even more enhancements are in the pipeline.
Bill Capture Becomes Borderless
In exciting news for global businesses, Bill Capture is getting a major upgrade. Previously limited to the US, this feature will soon support international vendor bills, making it easier to handle a variety of formats, layouts, and tax rules across different regions. With support for additional languages, businesses in Australia and New Zealand can look forward to simplified billing processes that save time and reduce manual effort.
Credit Card Automation: Simplifying Back-Office Processes
For those handling corporate credit cards, NetSuite’s AI-driven credit card automation will simplify your back-office work. The tool integrates directly with corporate accounts, pulling in transactions and automatically categorising them. Users will receive suggestions for categories and payment matches, streamlining the reconciliation process and reducing manual oversight. This feature is set to roll out soon, though an exact release date hasn't been confirmed yet.
AI for Developers: Tools to Boost Productivity
AI isn’t just for end-users—NetSuite developers are also set to benefit from three new tools:
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NetSuite Prompt Studio: This tool allows developers to customise AI-generated content, adjusting its format, tone, and creativity to fit organisational standards.
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Generative AI for SuiteScript API: This API enables developers to integrate AI into custom SuiteApps, allowing for faster development and the creation of tailored business solutions.
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Oracle Code Assist: An AI-powered code generator that speeds up development by creating boilerplate code, running unit tests, and providing coding support. This will help developers streamline tasks and boost productivity.
What’s Next for NetSuite AI?
NetSuite’s announcements at SuiteWorld 2024 make one thing clear: AI is becoming an integral part of business operations. Whether it’s automating routine processes, improving cash management, or making project management more efficient, these innovations promise to help businesses work smarter, not harder. With even more updates planned for the future, it’s clear that NetSuite is committed to pushing the boundaries of what AI can do in the business world.
