AI has become a significant focus in NetSuite and Oracle’s roadmap, as well as across the tech industry. At last year’s Annexa on Tour event series, the emphasis was on the importance of security when using large language models (LLMs) and generative AI tools. While these tools hold great promise, the priority has always been ensuring that sensitive financial data remains secure.
Progress since last year
At last year’s event, the discussion centred around how AI tools were not fully integrated but were expected to become part of NetSuite over time. Since then, several new AI features have been introduced into the platform, such as text enhance and bill capture.
Expanding AI across NetSuite
The goal of AI in finance is to integrate AI capabilities across the entire NetSuite product suite. This includes context-aware chatbots that can provide insights based on a company’s data. For example, users can ask natural-language questions like, “What was my most popular product last week?” and receive relevant answers through NetSuite’s generative AI tools.
AI-enhanced software development
NetSuite has also introduced AI-powered software development tools, allowing for features such as:
- Prompt engineering: Users can direct responses from generative AI APIs integrated with Oracle’s LLM, such as asking it to summarise notes on an opportunity record.
- Code optimisation and test case generation: AI tools can automate script creation, test cases, and documentation – all in a secure environment.
AI everywhere – key new and enhanced AI features in NetSuite
Ask Oracle
NetSuite’s search bar is evolving into an AI-driven interface where users can ask questions instead of performing basic searches.
SuiteAnalytics Assistant
This feature simplifies building reports and dashboards by allowing users to request complex reports, such as “Sales over the last month grouped by product category,” and having the system generate the chart automatically.
NetSuite Prompt Studio
Refine the quality of AI-generated content by enabling administrators and developers to configure the format, tone, and creativity level of responses. As a result, customers can gain more control over generative AI prompt configuration and enhance end-user productivity.
NetSuite Financial Exceptions Management
Increased efficiency and mitigate risk by using AI to automatically detect financial exceptions. As a result, you can quickly assess situations, identify the activity that needs to be investigated, and get actionable insights to help resolve issues ahead of the period end time crunch.
Generative AI-aware APIs
Quickly introduce new AI-powered functionality and gain more value from the suite by helping them to embed generative AI capabilities into NetSuite extensions and customizations. As a result, customers can quickly complement NetSuite’s out-of-the-box AI features with generative AI-powered SuiteApps to support your unique business needs.
AI-generated test cases and code optimisation
Increases productivity by enabling developers to use an AI code companion to build extensions and customisations faster with NetSuite. Developers can quickly and easily create boilerplate code, build and run unit tests, generate documentation, and receive answers to coding questions.
AP automation updates
NetSuite accounts payable (AP) automates the review, approval and payment of supplier invoices, giving you greater control over the full procure-to-pay process. The NetSuite 2024.2 release will allow companies with multiple US subsidiaries to automate vendor payments for each subsidiary.
Text Enhance updates
Text Enhance helps finance and accounting, HR, supply chain and operations, sales, marketing, and customer support teams improve productivity by leveraging AI to produce relevant text drafts that they can quickly and easily review, edit, and approve.
NetSuite has now added incremental feature additions to its Text Enhance offering by adding more text fields across the suite, in domains including HR, supply chain, banking, finance, and sales.
- Assisted authoring for journal entries, providing descriptions for transactions and new accounts.
- Assisted authoring for purchase order entries, packing lists, and product labelling instructions.
- Assisted authoring for cash refund explanations, ensuring consistency in customer communications.
- Simplifies internal auditing by making key transaction details easier to find.
Bill Capture updates
NetSuite Bill Capture extracts essential data like vendor names, invoice numbers, and amounts from uploaded documents, entering them into the appropriate NetSuite fields automatically. The latest AI-powered updates use machine learning algorithms to securely identify and record information from uploaded documents – further streamlining the accounts payable workflows.
- Automates data extraction from vendor bills, speeding up processing times.
- AI reduces the chances of human errors by accurately identifying and recording invoice details.
- Works seamlessly with other NetSuite modules and supports various document formats.
- Provides real-time access to captured financial data for quicker decision-making.
AI in EPM & NSAW
Pre-built NetSuite Analytics Warehouse (NSAW) models
The latest updates to NSAW – NetSuite’s AI-enabled, prebuilt cloud data warehouse and analytics solution – provide new AI tools and models to help customers analyse data more efficiently and gain predictive insights to improve forecasting:
- Automatically generates data visualisations and insights to enhance reporting and decision-making.
- Uses AI to identify key business drivers, insights, and anomalies.
- Provides conversational data discovery with AI-generated visualisations.
- No-code models for automating analysis, predicting scenarios like customer churn and stockouts.
- Automates algorithm selection and customises workflows without requiring AI expertise.
- Allows users to visually explore data and customise ML models for specific business needs.
Generative AI for Narrative Reporting
Helps finance teams increase productivity, expand insights, and accelerate decision-making by efficiently and accurately creating AI-powered narratives, explanations, and visuals from financial and transactional data.
AI-powered narratives and predictive forecast explanations (NSPB)
NetSuite Planning and Budgeting now leverages AI-powered features to enhance financial reporting and forecasting. With AI-generated narratives through the Intelligent Performance Management (IPM) Insights feature, finance teams can quickly identify patterns, trends, and anomalies. The new predictive forecast explanations provide insights into key factors behind AI-generated forecasts, helping teams improve forecast accuracy and confidence, while enabling rapid action based on a clearer understanding of business drivers.
AI-driven digital assistant for NetSuite EPM
Helps finance teams increase productivity and accomplish a variety of tasks using natural language conversations via an intuitive AI-driven interface that enhances the user experience.
Finance, AI and Annexa
If you’d like further details on any of these AI-powered features and how they can benefit your business, please reach out to the Annexa team. They will be happy to provide more information, answer any questions, or help explore how these solutions can enhance your current systems.