NetSuite, one of the world’s leading integrated cloud business software systems, today announced a series of exciting innovations and AI advancements to help businesses increase efficiency and spearhead growth. Oracle NetSuite’s EMEA senior vice president, Nicky Tozer, took to the stage at SuiteConnect in London on Wednesday to speak about an optimistic economic outlook for businesses – but said there is still uncertainty looming ahead. “Inflation rates are declining to a near normal rate, and customer sentiment is becoming more positive as well,” Tozer said. “We’re also seeing anticipated growth in the European market. While the economic outlook is more positive than it used to be, we’re also seeing some uncertainty still.”
AI is becoming the new lingo in the business world. With a surge in this evolving technology, some businesses are starting to implement artificial intelligence in their operations. However, some may not know how to start taking advantage of AI. “We’re hearing a non-stop buzz about AI. AI is a hugely positive thing for all of us, but I think many of the business leaders are still trying to work out what it means for their business today and in the future,” Tozer said. “Business leaders are still cautiously optimistic, but they’re also taking action in various ways,” she added.
Founder and EVP of Oracle NetSuite, Evan Goldberg, later took to the stage to speak about NetSuite’s latest advancements and AI-powered capabilities embedded across its unified, automated system, designed to help businesses increase productivity and grow. “Automation is supercharged by AI, and that is key to scaling your processes,” Goldberg said. “Scalability also requires collaborating systems. If your systems are not designed for collaboration, these changes you want to make are not going to be uniformly successful. You want all stakeholders to work from the same system, from the same data using the same user experience. And that is how NetSuite uniquely facilitates collaboration.”
NetSuite today announced innovations, including generative AI capabilities, designed to help businesses reach their goals faster and more efficiently. Embedded across the suite, NetSuite Text Enhance can help UK organisations leverage company-specific and relevant data to create and refine content that is contextual and personalised. With NetSuite Text Enhance, finance and accounting, HR, supply chain and operations, sales and marketing, and customer support teams can leverage the latest advancements in generative AI to contribute towards increases in productivity, reduction of human error, improvements in consistency and acceleration of business processes.
“We’ve been building AI into NetSuite for several years to help our customers be more productive and successful and we are now embedding the latest generative AI capabilities at no additional cost so customers can gain further value from the suite,” Goldberg said.
NetSuite announced the roll-out of their brand-new generative AI, enterprise performance management (EPM) and e-invoicing capabilities, as well as the ability to combine insights from multiple NetSuite instances into a single NetSuite Analytics Warehouse environment. NetSuite Enterprise Performance Management (EPM), which includes NetSuite Planning and Budgeting and NetSuite Account Reconciliation, will be available in Europe, the Middle East, and Africa (EMEA). With the help of NetSuite EPM, businesses in EMEA can increase visibility, enhance decision-making, and drive growth by bringing together planning, budgeting, forecasting, account reconciliation, financial close, and reporting processes from across the entire organisation.
“Finance teams that rely on manual, disconnected processes take too much time fixing spreadsheets and being reactive, instead of driving the business forward,” Goldberg, founder and EVP of Oracle NetSuite said. “By automating critical financial processes – from planning and budgeting to closing the books and reporting – NetSuite EPM creates new efficiencies and helps uncover and highlight patterns to put the focus back on proactivity, profitability, and growth.”
NetSuite is using AI to advance its offerings to businesses while also taking key steps around governance and protection of data with its new generative AI tools. The embedded NetSuite Text Enhance generative AI capabilities, built on Oracle Cloud Infrastructure (OCI) are designed to respect customers’ enterprise data, privacy, and security. With OCI Generative AI Service, no customer data is shared with large language model (LLM) providers or seen by other customers. An individual customer is the only entity allowed to use custom models trained on its data. To further protect sensitive information, role-based security is embedded directly into NetSuite workflows and only recommends content that end users are entitled to view.
AI works best when you have all your data in check. Brian Chess, SVP of Technology and AI at Oracle NetSuite, sat next to Evan Goldberg to speak about how implementing AI in your business can be extremely beneficial – but it is essential to have your data on hand. “And that’s what NetSuite does, having all your data under one unified and integrated platform,” he said. “The best AI comes from the best data, so this means that companies need to think about how their data is stored, where it is, how up to date and how accurate it is.”
You can find the latest SuiteConnect London news here, via the NetSuite newsroom.
