Oracle NetSuite has released a series of AI innovations and updates across the suite to help organizations increase efficiency and accelerate growth.
These innovations build on the comprehensive AI capabilities, including generative AI embedded in NetSuite by adding powerful new AI updates, a new procurement solution, new partner integrations, updated project management capabilities, user experience enhancements, new training resources and an integrated benefits offering.
“We designed NetSuite to be the foundation of business growth, with a platform that can evolve and expand to meet changing needs and a data model that connects a customer’s entire business,” Evan Goldberg, founder and executive vice president of Oracle NetSuite, said.
As users scale their businesses on NetSuite, AI innovations and workflow optimizations will help them “gain intelligent insights, improve productivity and simplify collaboration,” he added.
The latest updates include NetSuite SuiteProcurement aimed to help organizations streamline indirect procurement processes, control costs and gain access to preferred pricing and benefits from suppliers, including Amazon Business and Staples Business Advantage. With features to help automate purchasing approvals, order creation, invoicing and reporting, customers can optimize spending and efficiently buy goods and services needed to support growth.
NetSuite Connector for Salesforce was also created to help joint customers automatically share data between NetSuite and Salesforce. Real-time data flow can enable customers to align data in both applications to expand visibility into order and fulfillment details and financial, customer and contact information, accelerating order-to-cash and revenue recognition processes.
NetSuite Analytics Warehouse was introduced to help businesses strengthen data analysis and gain contextual insights with new embedded AI capabilities. With the updates that enable business driver identification, scenario predictions and custom machine learning models, users can benefit from new opportunities to improve efficiency and drive growth.
Other business and management innovations include NetSuite Enterprise Performance Management (EPM) – to streamline financial reporting and capitalize on growth opportunities; NetSuite SuiteProjects Pro – to reduce risk and optimize resource allocation; and Oracle Redwood Design System – to assist with accomplishing tasks more efficiently and drive adoption with Oracle’s application design system.
HCM focus
On the HCM front, Netsuite also announced NetSuite Guided Learning Managed Service to help organizations tailor learning resources to maximize the value of the suite along with the NetSuite SuitePeople integrated benefits offering to boost the benefits experienced by embedding SimplyInsured’s small business-focused health benefits marketplace directly within NetSuite.
Further expanding on the HCM efforts, during its Oracle CloudWorld 2024 conference this week in Las Vegas, Oracle released new capabilities within Oracle Cloud HCM to help organizations execute a skills-based talent strategy to expand insights, build talent pipeline and enhance workforce decision-making.
“Skills are quickly becoming the primary metric to understanding the capabilities of an organization. Having a skills-based talent strategy can help an organization uncover critical work and workforce insights, tap into more diverse talent and maximize performance. But many organizations don’t know where to start in their skills journey,” Yvette Cameron, senior vice president of global product strategy at Oracle Cloud HCM, said.
The new open skills architecture within Oracle Dynamic Skills includes AI-powered bespoke skills inventory, AI-powered data enrichment, skills library, skills data analysis, integrated skills intelligence, skills curation and management and multiple language support.
