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Oracle NetSuite Integrates Generative AI for Enhanced Productivity in Cloud ERP Platform

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At SuiteWorld 2023, Oracle NetSuite introduced a suite of new features aimed at enhancing user experience and optimizing business processes within NetSuite Cloud ERP. These innovations include the integration of generative AI, flexible licensing models, comparative benchmarking, and the acquisition of field service management (FSM) firm, Next Technik.

One of the standout features is “Text Enhance,” a generative AI assistant built on Oracle Cloud Infrastructure (OCI) that utilizes large language models from AI vendor Cohere. Text Enhance assists users by understanding their intentions and simplifying tasks such as generating financial reports and customer correspondences. It will be embedded into various applications across NetSuite, including finance, customer support, accounting, HR, supply chain, operations, and sales and marketing.

AI capabilities are integrated across various NetSuite modules, including Planning and Budgeting, Bill Capture, and Analytics Warehouse. These AI-driven enhancements use historical data to provide intelligent insights and automate tasks, reducing manual work. For instance, in planning and budgeting, embedded AI can monitor plans, forecast trends, and identify anomalies and correlations in financial data.

NetSuite EPM, a centralized financial management suite built on Oracle Fusion Cloud Enterprise Performance Management, now includes additional modules such as narrative reporting, profitability and cost management, financial close management, and corporate tax reporting. These modules are designed to help customers efficiently plan and close finances.

NetSuite has expanded its capabilities by acquiring Next Technik, a field service management firm. This integration allows NetSuite ERP users to efficiently manage field service operations and further streamline their processes.

NetSuite introduced a flexible licensing model that allows customers to pay based on the specific capabilities they need. The first rollout focuses on NetSuite Warehouse Management System (WMS), where users can pay for the functions they require, eliminating unnecessary costs. This model will be extended to other modules in the future. NetSuite unveiled an application called “Benchmark 360,” which enables customers to compare their performance with other NetSuite ERP users in their industry and geographic regions. 

According to analysts, these enhancements and acquisitions position NetSuite as a highly appealing ERP solution, especially for mid-market enterprises. Oracle NetSuite’s commitment to integrating AI, expanding its capabilities, and optimizing user experiences demonstrates its dedication to helping organizations adapt to the evolving business landscape.

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