Anirban Ghoshal
Senior Writer

NetSuite adds generative AI to its entire ERP suite

Oct 17, 20236 mins
Generative AINetSuite

Along with new AI-powered capabilities, the ERP provider is adding new enterprise performance management tools and features to its suite.

NetSuite HQ
Credit: IDG

NetSuite is adding generative AI and a host of new features and applications to its cloud-based ERP suite in an effort to compete better with midmarket rivals including Epicor, IFS, Infor, and Zoho in multiple domains such as HR, supply chain, banking, finance, and sales.

The new capabilities were announced on Tuesday at the company’s annual SuiteWorld conference in Las Vegas.

NetSuite, an Oracle subsidiary, is a SaaS-based ERP provider offering a suite of applications that work together, reside on a common database, and are designed to automate core enterprise business processes.

The ERP suite is available on Oracle Cloud Infrastructure. Organizations need various tools and connectors to run the system on infrastructure from other cloud providers.

Generative AI across HR, finance, supply chain, and sales

To help generate contextual and personalized content for any text area within the suite, NetSuite has added a generative AI tool, dubbed NetSuite Text Enhance, for use across HR, finance, supply chain, and sales.

This tool, which is supported by OCI’s (Oracle Coud Infrastructure’s) generative AI service, generates content for any text area based on a few starter words that describe intent.

“NetSuite Text Enhance helps finance and accounting, HR, supply chain and operations, sales and marketing, and customer support teams improve productivity by leveraging AI to produce relevant drafts that they can quickly and easily review, edit, and approve,” the company said in a statement.

The company has also added new capabilities to its planning and budgeting feature to help enterprises automate data analysis for preparing budgets.

The feature uses predictive algorithms that continually monitor and analyze plans, forecasts, and variances, which can be used by enterprises to uncover and highlight trends, anomalies, and correlations, NetSuite said, adding that the new capabilities have been made generally available.

NetSuite Bill Capture is another AI-based capability that has been added to the ERP suite. The feature is expected to help enterprises capture and categorize expenses based on historical data, which in turn reduces the need for manual bill entry and helps increase the productivity of accounting teams. Bill Capture, too, has been made generally available.

In an effort to help enterprises analyze data faster, NetSuite is adding new features to its Analytics Warehouse, which is built on Oracle’s Autonomous Data Warehouse and the Oracle Analytics Cloud.

The new features added to the Analytics Warehouse include analytics-embedded dashboards, more frequent data refreshes, enhanced analysis of financial data, improved user access management, and deeper insights.

These features are expected to be made available within the next 12 months, NetSuite said.

New enterprise performance management features added

NetSuite is also adding new enterprise performance management (EPM) features to its ERP suite that aims to improve access to working capital, accelerate payments, and automate compliance.

The company has added a new set of capabilities under the umbrella of NetSuite Enterprise Performance Management (EPM). These capabilities include an integrated set of finance tools that connects financial and operational planning, automates account reconciliation, streamlines close processes, and enhances tax and narrative reporting.

Another feature, dubbed NetSuite Capital, has also been added to the suite. The embedded service is expected to help enterprises improve their cash flow and reduce day sales outstanding, the company said, adding that the service has been made generally available.

In addition, the company is adding another feature, dubbed NetSuite Pay, which will help enterprise customers accelerate and simplify the application and onboarding process for new merchant accounts.

“With NetSuite Pay, customers can integrate solutions from payment processing providers with pre-negotiated rates and fees, to improve the simplicity and transparency of payments processing. Versapay is the first partner to support this new solution,” the company said.

To further help enterprises with financial planning and sales, NetSuite is adding a new e-invoicing feature, dubbed NetSuite Electronic Invoicing.

“With the solution, powered by Avalara, customers can connect directly to national and international networks from within NetSuite to increase efficiency, reduce costs, and address compliance with global e-invoicing mandates,” it said.

Both NetSuite Pay and NetSuite Electronic Invoicing are generally available.

New features for CFOs

In addition to the latest updates, the company is adding new features to help ease various tasks of chief financial officers (CFOs).

These features include NetSuite Transaction Line Distribution, which is expected to provide an easy way for enterprises to split a singular transaction across subsidiaries, departments, or other segments.

“With this SuiteApp, CFOs and controllers can establish percentage-based or predetermined amount-based distribution templates and automate journal entry creation to improve the speed and accuracy of transactions and financial reporting,” the company said.

Further, the company is adding another tool, dubbed NetSuite Benchmark 360, that will allow enterprises to analyze key operational and financial metrics and understand how they are performing compared to similar enterprises in their industry and region.

While NetSuite Transaction Line Distribution has been made generally available, the benchmarking app will be made available in the next 12 months.

NetSuite is also adding a new feature, dubbed Field Service Management, to help enterprises improve the efficiency of their end-to-end field service operations, thereby increasing customer satisfaction.

“With Field Service Management by NetSuite, customers can improve field-to-office communications by simplifying scheduling and dispatch, automating inventory and customer asset management, and increasing visibility into real-time data,” the company said, adding that the feature would be made generally available in the next 12 months.

In addition, the company has updated its NetSuite CPQ tool to include a feature that will allow enterprises to offer subscription options to their customers.