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Oracle NetSuite Doubles Down On 'AI Everywhere' Strategy
Nobody puts AI in the corner at Oracle NetSuite with the latest updates to its software suite.
4 Min Read
Alamy
This article originally appeared on Channel Futures.
SUITECONNECT LONDON — Oracle NetSuite is taking the phrase "AI everywhere" seriously with a range of new AI-based functions across its enterprise software suite.
Unveiled at NetSuite's SuiteConnect London event, the updates include new generative AI (gen AI), enterprise performance management (EPM) and e-invoicing capabilities. Customers also can now combine insights from multiple NetSuite instances into a single NetSuite Analytics Warehouse environment.
"We've been doing AI work for quite a while," explained Brian Chess, SVP technology and AI, Oracle NetSuite. "What's changed recently over the last year or so is our ability to execute on AI. [which] has really picked up. Things are accelerating to an incredible degree. We looked at that and we [said], 'OK, now we can do a lot more AI; where do we want that AI to go? What do we want AI to do?'
"AI really has a role to play in every aspect of the suite: finance, sales, HR, manufacturing, even doing accounting … is going to have AI. ... If AI is going to be everywhere, then you don't bolt on a chatbot with a cute name and sidebar, because that puts the AI just over in the corner," said Chess. "That's not where it belongs. It needs to be built-in, not bolted on."
AI Everywhere in New Software Features
With "AI everywhere" top of mind, NetSuite lifted the lid on several new software features at the event. It follows the introduction of several AI updates in 2023.
NetSuite Text Enhance helps businesses leverage gen AI to create and refine contextual and personalised content. This can be applied to for tasks in finance and accounting, HR, supply chain and operations, sales and marketing, and customer support. With Text Enhance, NetSuite said customers can increase productivity, reduce human error, improve consistency, and accelerate business processes.
Oracle NetSuite announced the EMEA release for its Enterprise Performance Management (EPM). EPM helps businesses bring together planning, budgeting, forecasting, account reconciliation, financial close and reporting processes.
Elsewhere, NetSuite Analytics Warehouse Multi-Instance Connector helps organizations with multiple businesses expand insights across their entire portfolio. With NetSuite Analytics Warehouse Multi-Instance Connector, the company said customers can reduce costs, improve the accuracy and speed of insights, and enhance decision-making.
NetSuite Electronic Invoicing helps businesses send and receive invoices electronically in a structured data format that aligns with e-invoice exchange networks and the platforms of various tax authorities. Customers can comply with different e-invoicing standards to improve the accuracy and speed of invoicing.
Finally, NetSuite Field Service Management simplifies field service scheduling and dispatch and automates inventory and customer asset management.
The company also introduced a new flexible licensing model for businesses with employees who don't require a full license. 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. The company has not announced pricing.
NetSuite Leveraging Oracle Cloud for AI
Oracle NetSuite leader Evan Goldberg said NetSuite benefits from Oracle's technology and infrastructure when developing new AI solutions.
"AI is actually a great example of what Oracle does for NetSuite," he said. "We get to take advantage of Oracle OCI; we moved all of our customers to Oracle Cloud Infrastructure late last year. Now we can take advantage of OCI, AI services, things like Super Cluster."
He also said as part of Oracle, NetSuite can take advantage of partnerships "that will bring skills to clusters based on Nvidia GPUs."
Channel Futures asked Goldberg what he thinks the opportunities are for partners delivering AI functionality.
"AI presents opportunities for every type of partner, but develops partners to bring AI technology to NetSuite customers in new ways," he said. "We can only do so much so because there's so much happening in the AI landscape, and our partners can uniquely bring AI into NetSuite and into our customers."
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