NetSuite SuiteWorld 2023 was all about AI and how to leverage more NetSuite features (SUITEUp) to optimize your business. Evan Goldberg, NetSuite's founder, delivered the executive keynote, emphasizing the organization’s commitment to helping businesses achieve more with less. This year's theme revolved around the potential of AI to create a transformative shift in delivering value to customers.
AI: What’s next for NetSuite and Beyond?
Martin Kon, President and COO of Cohere joined Evan Goldberg on stage to discuss how AI is poised to revolutionize human-computer interaction, surpassing even the impact of iconic technologies like the iPhone and the Mosaic browser. The central challenge now is for every organization to harness AI effectively, enabling employees and customers to access information rapidly, generate insights, make informed decisions, and revolutionize intellectual labor in the same way the steam engine transformed physical labor.
NetSuite's AI Integration
Goldberg shared several examples of how NetSuite is integrating AI into its product suite to enhance business processes and decision-making:
NetSuite Planning and Budgeting: Leveraging AI-based predictive analytics, this module assists financial managers in refining forecasts with real-time data and predictive insights.
NetSuite Bill Capture: Combines document object detection, OCR, and AI to streamline invoice data entry, reducing errors and manual effort.
NetSuite Supply Chain Control Tower: Utilizes AI to predict supply issues, notify planners, and offer solutions for problem resolution.
In the near future, NetSuite will introduce "Text Enhance" using Oracle Cloud Infrastructure's generative AI service. This feature aims to streamline everyday tasks by generating text based on core requirements, integrating AI capabilities within daily workflows.
Martin Kon from Cohere, urged businesses to start using AI in production immediately, likening this moment to the early days of cloud adoption. Early adopters often gain a significant competitive advantage, and the same applies to AI.
NetSuite's Focus on Growth and Efficiency
Goldberg acknowledged the challenging economic landscape and highlighted NetSuite's dedication to helping businesses grow. Successful NetSuite customers tend to use a broader suite of solutions to drive their success.
New NetSuite Products
NetSuite introduced a range of new cloud services to boost insights, efficiency, and revenue:
NetSuite Enterprise Performance Management (EPM): Connects financial planning, close management, and reporting for better decision-making.
NetSuite Capital: Allows organizations to accelerate accounts receivables payments without loans.
NetSuite Pay: Simplifies onboarding new merchant accounts with pre-negotiated rates.
NetSuite Electronic Invoicing: Aids compliance with e-invoicing requirements in various countries.
Field Service Management for NetSuite: Ensures efficient field operations for scheduling, maintenance, and support of service contracts.
NetSuite Analytics Warehouse: Allows data from various sources to be embedded into NetSuite dashboards and reports.
NetSuite Benchmark 360: Compares financial metrics with industry peers and offers improvement recommendations.
NetSuite Flexible License Model: Allows companies to purchase more targeted licenses of NetSuite for targeted uses for cost-effective access. The teaser example given was a cheaper license to be used specifically for NetSuite WMS functions.
NetSuite's Vision for the Future
Goldberg concluded by sharing his vision of integrating AI throughout NetSuite's product lines, providing valuable insights to finance, HR, operations, and sales teams. This AI revolution is likened to the transformative shift brought by the introduction of cloud technology 25 years ago.
As AI adoption grows, data quality becomes crucial. NetSuite's consolidated data approach ensures that the data used for AI is up-to-date, accurate, and comprehensive, making AI more powerful and effective.
In a rapidly evolving business landscape, NetSuite's focus on AI integration and product innovation positions it as a leader in empowering businesses to accomplish more with less. SuiteWorld 2023 unveiled a promising future where AI is the catalyst for growth and efficiency, and NetSuite is at the forefront of this transformative journey.
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