Artificial intelligence (AI) has become a hot topic for businesses looking to optimize their operations and gain a competitive edge. Recognizing the importance of AI adoption, NetSuite has unveiled its latest release, NetSuite 2024.1, which brings AI to life with innovative tools such as Text Enhance, Bill Capture, and Intelligent Performance Management. These AI-powered features […]
Artificial intelligence (AI) has become a hot topic for businesses looking to optimize their operations and gain a competitive edge. Recognizing the importance of AI adoption, NetSuite has unveiled its latest release, NetSuite 2024.1, which brings AI to life with innovative tools such as Text Enhance, Bill Capture, and Intelligent Performance Management. These AI-powered features aim to help organizations accomplish more while reducing costs and complexity.
NetSuite’s Text Enhance feature, powered by Oracle Cloud Infrastructure, incorporates generative AI into various tasks across the suite. It enables employees to draft personalized and contextual content using relevant NetSuite data, enhancing efficiency for customer service, HR, marketing teams, and more. With Text Enhance, employees can create product descriptions, write job descriptions and requisitions, draft employee goals, and craft customer support communications. The feature also includes editing capabilities to refine existing content for improved readability. Although the initial version of Text Enhance is currently available only to North American NetSuite customers, the company plans to expand coverage and capabilities in future releases.
Another significant enhancement in NetSuite 2024.1 is the Bill Capture feature. This AI-powered tool automates the vendor invoice capture process, eliminating the need for manual data entry and reducing errors. By using document object detection and optical character recognition, the system automatically extracts essential information from scanned invoices and populates the bill record. It also matches invoices with purchase orders and receiving documents to ensure accuracy in pricing, quantities, and totals. The latest release introduces additional fields to the Review Bill page, offering greater flexibility and a more comprehensive bill creation experience. These enhancements enable finance teams to save time and streamline their accounting processes.
NetSuite 2024.1 also introduces Intelligent Performance Management (IPM) to its Planning and Budgeting module. With predictive algorithms powered by machine learning, IPM continuously monitors and analyzes plans, forecasts, and variances. It identifies trends, anomalies, biases, and correlations, providing valuable insights for finance teams to make informed decisions quickly. The forecast variance metric helps assess the reliability of forecasts, while forecast bias identifies tendencies to over or under forecast. Predictions assist in determining the likelihood of meeting or missing a target forecast, quantifying associated risks. Additionally, anomalies unearth unusual patterns in data that deviate from expected results, enabling proactive measures for strategic decision-making.
NetSuite 2024.1 brings the potential of AI within reach for businesses of all sizes. By leveraging the power of AI, organizations can enhance their business processes, improve efficiency, and reduce costs. Alongside these AI capabilities, the latest release also offers various other innovative enhancements across the suite. To learn more about the updates in NetSuite 2024.1, including its Sneak Peek and Release Notes, visit their official page. Requesting a Release Preview test account will provide hands-on access to experience how the new features can benefit individual workflows, data, and customizations.
It is essential to note that the information provided is for informational purposes only and may not be incorporated into any contract. The development, release, timing, and pricing of features or functionality described for NetSuite products remain at the sole discretion of Oracle Corporation.
Overall, NetSuite 2024.1 demonstrates a significant step towards leveraging AI to empower businesses and accelerate growth. With its AI-powered tools, NetSuite enables companies to embrace AI and transform their operations to stay ahead in an increasingly competitive business landscape.