Today, as part of "SuiteWorld 2023," Evan Goldberg, co-founder and EVP of Oracle NetSuite announced several new enhancements and capabilities across the Suite.
They included:
Embedded Generative AI throughout the Suite
The new Oracle NetSuite's generative AI-powered capabilities will help organizations reach their goals faster and more efficiently. Supported by the Oracle Cloud Infrastructure (OCI) generative AI service embedded across the suite, NetSuite Text Enhance helps users create and refine contextual and personalized content.
With NetSuite Text Enhance, finance and accounting, HR, supply chain and operations, sales and marketing, and customer support teams can leverage AI to produce relevant drafts or refine existing content.
Adding to the existing AI capabilities in NetSuite, it will help customers further increase productivity by streamlining processes and automating content generation and refinement across every suite area. NetSuite Text Enhance will help to transform finance and accounting, supply chain and operations, HR, sales and marketing, and customer support.
Extended Analytics Warehouse Capabilities
The latest updates to NetSuite Analytics Warehouse, the first and only AI-enabled, prebuilt cloud data warehouse and analytics solution for NetSuite customers were presented.
These updates will help organizations improve data management so customers can quickly build analyses to increase efficiencies and reduce costs, better understand their customers, and leverage data to innovate and grow faster.
Built on Oracle Analytics Cloud and Oracle Autonomous Data Warehouse (ADW), NetSuite Analytics Warehouse leverages AI to harness business data and accelerate value creation. It consolidates and centralizes data, including NetSuite transactional data, historical data, and data from other cloud or on-premises applications.
It then guides the business user on their path to actionable insights.
The new features will be released in all available countries within the next 12 months.
New Enterprise Performance Management
NetSuite has introduced Enterprise Performance Management (EPM) to help organizations further unify and automate their financial operations. NetSuite EPM brings together planning, budgeting, forecasting, account reconciliation, financial close and reporting processes across the entire organization to help increase business visibility, enhance decision-making and drive growth.
Source: Oracle NetSuite, adapted from SuiteWorld 2023 Media content.
NetSuite EPM is composed of new and existing NetSuite solutions, including planning and budgeting, account reconciliation, narrative reporting, profitability and cost management and tax reporting.
NetSuite Enterprise Performance Management will be available in North America within the next year. NetSuite Planning and Budgeting and NetSuite Account Reconciliation will continue to be available separately or as part of the NetSuite EPM solution.
International Front
On the international front, NetSuite also announced they will help Manufacturers in Brazil simplify their operations. Brazilian manufacturers will be able to take advantage of the cloud to increase productivity, support compliance with Brazilian legislation, plan and control their manufacturing processes and streamline invoicing, accounting, and payments.
At the same time NetSuite is helping Organizations in Spain simplify financial operations, support tax and reporting requirements, and maximize the value of their data in order to adapt and grow in today’s economy. NetSuite users in Spain can now avail themselves of NetSuite Analytics Warehouse to run more efficiently and make better use of their business data.
Summary
These are just four snippets of the exciting news coming out the first morning of "SuiteWorld 2023."
Insightful Accountant will publish in-depth features on each of these offerings along with other news prior to the end of the event. Look for Murph's daily "Live from SuiteWorld" features.
In the meantime, if you want to learn more about how organizations leverage NetSuite's power to increase efficiency and drive growth, you still can register for SuiteWorld On-Air to get all the latest updates from SuiteWorld.
On-air attendees get virtual access to event keynotes, sessions, demos and NetSuite's two-day live broadcast, NetSuite TV.
Footnotes and Disclosures:
Content within this feature (including the headline graphic) has been adapted from source materials furnished by Oracle NetSuite. Referenced source materials or content appearing within this Insightful Accountant feature were adapted and are furnished solely for educational purposes.
SuiteWorld, NetSuite and Oracle are registered trademarks of Oracle Corporation. Oracle Corporation is a publicly-traded NYSE-listed (ORCL) multinational corporation headquartered in Austin, Texas (USA).
NetSuite was the first cloud company—ushering in the new era of cloud computing. For more than 25 years, Oracle NetSuite has helped organizations grow, scale, and adapt to change. NetSuite provides an integrated system that includes financials/Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 37,000 customers in 219 countries and dependent territories.
Any other trade names used within this article, including any other vendor (app/software) discussed herein, may refer to products registered, trademarked, or otherwise held by their respective owners. They are referenced solely for informational and educational purposes.
This feature is "not" sponsored content. The article is provided for informational and educational purposes.
The publication of this article does not represent an endorsement by either the author or Insightful Accountant.
Note: Registered Trademark ® symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarked products within our respective article footnotes and disclosures.
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