NetSuite 2024.1: Elevating Business Strategies with AI Prowess

In the evolving landscape of technological advancements, NetSuite‘s 2024 Release 1 emerges as a beacon of innovation, ushering in a new era of AI-powered capabilities designed to resonate with the strategic visions of C-level executives. The introduction of generative AI platforms in many businesses acted as a catalyst, prompting a closer examination of AI use cases. However, despite heightened interest, a research indicates that companies are grappling with the crucial question of how to effectively implement AI into their operations.

A recent survey conducted by NetSuite in October, involving over 500 executives, revealed a noteworthy consensus on the importance of AI adoption. A staggering 85% acknowledged its increasing significance in the coming year, with over a third deeming it “very important” or even “the most important thing we’ll do.” Surprisingly, only 30% of organizations have actively integrated or tested AI, while 40% are currently in the evaluation phase or planning to assess AI products within the next 12 months. A mere 26% have expressed no current plans for AI integration.

NetSuite 2024 Release 1 steps into this arena, presenting AI capabilities that not only initiate the AI journey but also mitigate the associated costs and complexities. This latest release integrates three AI-powered tools seamlessly into NetSuite: Text Enhance, Bill Capture, and Intelligent Performance Management (IPM) for planning and budgeting. These tools converge on a shared mission: to empower companies to achieve more while optimizing costs.

Transformative Content Creation with Generative AI

NetSuite’s Text Enhance feature, powered by Oracle Cloud Infrastructure (OCI), leverages generative AI across various tasks, enabling the creation of personalized, contextually relevant content using NetSuite data. This tool revolutionizes business writing by allowing employees to draft initial content swiftly, which can then be refined for streamlined workflows. In this release, Text Enhance enhances the efficiency of customer service, HR, and marketing teams by generating product descriptions, job requisitions, employee goals, and customer support communications. Moreover, it refines existing content by addressing grammar, spelling, and readability concerns. While the initial version is exclusive to NetSuite customers in North America, future releases promise expanded coverage and capabilities.

Streamlining Invoice Process for Enhanced Productivity

Addressing the widespread desire for productivity benefits from AI, NetSuite 2024 Release 1 enhances NetSuite Bill Capture to streamline the capture of vendor invoices. By eliminating manual data entry and automating the invoice capture process, this feature ensures quick and error-free processing. Through AI-based document object detection and optical character recognition, invoices are scanned, and necessary information is automatically extracted to populate the bill record. Additional fields, including PO number, memo, posting period, discount date, and custom segments, enhance flexibility and accuracy in bill creation. NetSuite 2024.1 also introduces a more user-friendly experience for Bill Capture, incorporating filters for vendor, upload source, and email source on the Scanned Vendor Bills page.

Strategic Decision-Makng with Predictive Analytics

Recognizing the demand for improved forecasting and decision support, NetSuite 2024.1 introduces Intelligent Performance Management (IPM) to NetSuite Planning and Budgeting. IPM employs predictive algorithms powered by machine learning to continuously monitor and analyze plans, forecasts, and variances. By highlighting trends, anomalies, biases, and correlations, finance teams can take prompt action on valuable insights. Key functionalities include Forecast Variance and Bias, Predictions, and Anomalies, providing crucial metrics for assessing forecast reliability, identifying the likelihood of meeting targets, and uncovering unusual patterns in data.

NetSuite 2024.1: Paving the Way for AI-Driven Transformation

The 2024.1 release dispels the notion of AI as an elusive technology, making its transformative potential accessible to businesses. Beyond AI, the release introduces a spectrum of innovative enhancements across the suite.Witness how these new features seamlessly integrate with your data, workflows, and customizations, ushering in a new era of AI-driven transformation.