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NetSuite Unveils New Innovations to Help Businesses Do More with Less
Wednesday, October 25, 2023
Generative AI across the suite along with new finance and customer experience capabilities can help increase user productivity, reduce costs, and enhance business efficiency
LAS VEGAS, Oct. 17, 2023 /PRNewswire/ -- SUITEWORLD 2023 -- Oracle NetSuite today announced a series of new product innovations to help organizations reduce costs and run more efficiently so they can grow their top and bottom lines. The latest NetSuite innovations include both traditional and generative AI-powered capabilities across the entire suite; new field service management and enterprise performance management (EPM) solutions; and new capabilities that help finance and customer experience professionals improve the speed and accuracy of business processes.
"Over the past 25 years, our mission has stayed the same: deliver a unified suite of cloud applications that enable customers to do more with less and grow their businesses," said Evan Goldberg, founder and EVP, Oracle NetSuite. "We continue to extend the capabilities of NetSuite to support this mission and help our more than 37,000 customers benefit from the latest cloud and AI innovations. Our new updates include traditional and generative AI capabilities embedded throughout the suite to help increase user productivity, reduce costs, and improve overall business efficiency."
NetSuite has introduced new generative AI-powered capabilities across the entire suite and added new traditional AI capabilities to help customers enhance planning and budgeting, reduce manual data entry, and expand business insights. New AI-powered capabilities include:
-- NetSuite Text Enhance: New generative AI-powered capabilities help users
create contextual and personalized content for any text area in NetSuite
based on a few starter words that describe intent. Supported by the
Oracle Cloud Infrastructure (OCI) generative AI service, 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. To learn more about NetSuite Text
Enhance, please visit: Oracle NetSuite Embeds Generative AI Throughout
the Suite to Help Organizations Boost Productivity
-- NetSuite Planning and Budgeting: New AI-powered capabilities in NetSuite
Planning and Budgeting help organizations automate data analysis to
improve and accelerate decision making. With predictive algorithms that
continually monitor and analyze plans, forecasts, and variances,
customers can quickly and easily uncover and highlight trends,
anomalies, and correlations.
-- NetSuite Bill Capture: New AI-powered capabilities help organizations
intelligently capture and categorize expenses based on historical data.
With NetSuite Bill Capture, customers can reduce manual bill entry to
help increase the productivity of accounting teams.
-- NetSuite Analytics Warehouse: AI-powered capabilities in NetSuite
Analytics Warehouse consolidate and centralize data from a multitude of
sources and help organizations accelerate access to data visualizations
and reporting. With increased visibility and deeper understanding of
transaction-level activity, customers can spot patterns and gain faster
insights for better decision making. To learn more about NetSuite
Analytics Warehouse, please visit: NetSuite Extends Analytics Warehouse
to Help Customers Gain Greater and Faster Value from Data
To help customers further streamline financial planning and reporting, improve access to working capital, accelerate payments, and automate compliance, NetSuite is enhancing the financial management capabilities across the suite and introducing new EPM, digital payment, and e-invoicing solutions.
-- NetSuite Enterprise Performance Management (EPM): A new integrated set
of finance solutions that connects financial and operational planning,
automates account reconciliation, streamlines close processes, and
enhances tax and narrative reporting. With NetSuite EPM, customers can
increase business visibility, enhance decision making, and drive growth.
To learn more about NetSuite EPM, please visit: NetSuite Introduces
Enterprise Performance Management to Help Finance Leaders Increase
Productivity, Efficiency, and Profitability
-- NetSuite Capital: A new embedded service that helps organizations
improve their cash flow and reduce days sales outstanding (DSO). With
NetSuite Capital, customers can accelerate payments and increase working
capital by reviewing, pricing, and submitting invoices from accounts
receivable for immediate payment.
-- NetSuite Pay: A new digital payments solution embedded in NetSuite that
helps 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.
-- NetSuite Electronic Invoicing: A new e-invoicing solution that helps
organizations optimize payment and cash collection, reduce costs, and
streamline global invoicing compliance. 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.
-- NetSuite Transaction Line Distribution: A new capability that provides a
simple, fast, and flexible way for organizations 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.
-- NetSuite Benchmark 360: A new tool that helps organizations analyze key
operational and financial metrics and understand how they are performing
compared to similar organizations in their industry and region. With
NetSuite Benchmark 360, customers gain insights and recommendations for
how to improve business performance.
To help organizations meet changing customer expectations and deliver seamless experiences, NetSuite is introducing a new field service management solution as well as new commerce and subscription management capabilities.
-- Field Service Management: A new product offering that helps
organizations improve the efficiency of end-to-end field service
operations and increase 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.
-- SuiteCommerce MyAccount: A product offering that is now available for
customers in the UK, in addition to the U.S., that helps organizations
improve self-service and online account management. With SuiteCommerce
MyAccount, customers can quickly and easily pay invoices, convert online
quotes to sales orders, manage subscriptions, and make repeat purchases.
-- NetSuite CPQ: A new feature in NetSuite CPQ helps organizations provide
customers with subscription options. With support for subscriptions from
SuiteBilling in NetSuite CPQ, customers can increase revenue
opportunities by offering more configurable solutions to their
customers.
New Licensing Model
NetSuite is also introducing a new licensing model that will give customers task-specific licenses for employees that don't require full access. For example, a warehouse employee who only needs NetSuite access for receiving, putaway, picking, and shipping, will gain access to NetSuite's relevant warehouse management functionality without requiring a full subscription. Initially available for NetSuite Warehouse Management, the new licensing model will make it easier for customers to boost productivity by giving more employees access to NetSuite.
New features in NetSuite Planning and Budgeting, NetSuite Bill Capture, NetSuite Capital, NetSuite Transaction Line Distribution, SuiteCommerce MyAccount, and NetSuite CPQ are now available. Other new features across the suite will be available in the next twelve months.
Get all the latest updates from SuiteWorld by registering for SuiteWorld On Air: https://www.netsuitesuiteworld.com/onair.html. By registering, attendees will have access to keynotes, sessions, demos, and NetSuite's two-day live broadcast, NetSuite TV. Learn more about how organizations are leveraging the power of NetSuite to improve productivity and drive growth.
About Oracle NetSuite
For more than 25 years, Oracle NetSuite has helped organizations grow, scale, and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 37,000 customers in 219 countries and dependent territories.
Trademarks
Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company--ushering in the new era of cloud computing.
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SOURCE Oracle NetSuite
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