NetSuite 2024 release introduces new AI capabilities that can help businesses get started with AI without incurring significant costs or complexity. With three AI-powered features integrated into NetSuite text creation, invoice data capture with no need for human data entry, and automated data analysis for planning and budgeting this most recent update aids and advises. These are all aimed at assisting businesses in achieving more with less expenditure.
The introduction of ChatGPT acted as a trigger for other companies to begin considering applications of artificial intelligence (AI). However, despite the great interest, our study indicates that businesses are having difficulty determining exactly how to proceed with AI. More than 500 executives participated in a NetSuite survey in October, and 85% of them stated that implementing more AI will be at least somewhat significant in the upcoming year. More than a third of them indicated it would be “very important” or “the most important thing we’ll do.” However, only 30% of firms are really using or even testing AI, meaning that the majority do not currently have access to it. Forty percent of companies are testing or planning to test AI solutions in the upcoming year.
The NetSuite Text Enhance feature, which is powered by Oracle Cloud Infrastructure (OCI)’s (opens in new tab) generative AI service, embeds generative AI in a variety of suite operations to create tailored, contextual material based on NetSuite data. Employees can then evaluate and improve the first draft material, accelerating their progress.
Text Enhance in this release should assist the customer service, HR, and marketing teams work more efficiently. Text Enhance is capable of:
- Create product descriptions for bills, websites, and POS systems.
- Write job descriptions and requisitions.
- Create employee goals and offer success metrics.
- The Text Enhance function can also improve current material by altering grammar and spelling and rephrasing as needed to improve readability.
- The first version of Text Enhance is exclusively accessible to NetSuite North American clients. NetSuite intends to expand coverage and capabilities in subsequent releases.
Upload invoice data
When asked what benefits people wanted from AI, the vast majority of those polled said productivity, specifically the potential to automate and save time on mundane tasks and 74% believe AI breakthroughs will benefit accounting and finance the most. This update addresses those expectations by improving NetSuite Bill Capture.
The NetSuite Bill Capture (opens in new tab) tool gathers vendor invoices faster and more accurately by removing manual data entry and automating the invoice capture process. Invoices are scanned, and AI-based document object detection and optical character recognition automatically extract the information required to create the billing record. The system then compares invoices to their accompanying purchase orders and receiving papers to ensure that pricing, quantities, and totals are correct.
In NetSuite 2024 release, the Review Bill page now includes new fields like as the PO number, message, posting period, discount date, and custom segments. These upgrades not only allow greater flexibility to meet the individual demands of a company, but they also provide a more thorough and accurate billing experience. Giving Bill Capture intelligence more data to work with reduces the risk of bill creation failure or post-creation changes.
The NetSuite 2024 changes also improve the user experience in Bill Capture. The Scanned Vendor Bills page now allows users to filter by vendor, upload source, and email source.
Improve Planning with AI in NetSuite 2024
A survey found that 57% of executives want AI to help them with forecasting, business, analytics, and decision-making. The 2024 version addresses this by incorporating Intelligent Performance Management (IPM) into NetSuite Planning and Budgeting (opens in new tab).
IPM monitors and analyzes plans, projections, and variations on a continual basis using machine learning predictive algorithms. The technology highlights the trends, anomalies, biases, and correlations it discovers, allowing finance to review and act faster on such insights.
Forecast variance and bias-Â The forecast variance metric assesses the trustworthiness of finance teams’ forecasts by assessing the difference between previous scenarios and actual results. Forecast bias is the tendency to overestimate or underestimate future projections.
Predictions- Helps determine the chance of reaching or missing a goal forecast by examining differences between anticipated figures and computer-generated predictions, quantifying related risk, and enabling finance teams to take proactive measures to resolve major deviations in forecasts.
Anomalies-Â Helps to uncover odd patterns in data that depart from expected results by finding uncommon patterns and outlier values in data, offering critical information for strategic decision-making, such as unexpected volatility in actuals or missing data.