How NetSuite AI is Transforming Business Operations

NetSuite continues to push the boundaries of enterprise resource planning (ERP) software by incorporating advanced technologies like artificial intelligence (AI). NetSuite AI enhancements are designed to make departments and teams more productive with an edge in achieving their goals faster and growth.

In the recent APAC State of the CIO 2024 survey by The Foundry (IDG), it was discovered that 48% of AI initiatives are driving IT investments, and 41% of business initiatives are focussed on transforming existing business processes with automation and integrations.

NetSuite has integrated AI functionality throughout its system to support daily workflows better. The AI capabilities in NetSuite help companies jumpstart their AI use without incurring high costs and complexity. AI-powered tools are built into NetSuite: text generation, invoice processing, and automated data analysis for planning and budgeting. These tools focus on helping companies accomplish more while spending less, enhancing overall productivity and efficiency

One of the standout features of NetSuite AI is its ability to automate well-defined tasks such as basic data entry, account reconciliations, and general ledger exception identification. This automation reduces the manual effort required by teams, allowing them to focus on more strategic activities.

NetSuite Text Enhance, powered by Oracle Cloud Infrastructure (OCI) generative AI service, is designed to increase user productivity by automating the creation and refinement of content. This feature can draft personalised, contextual content using relevant NetSuite data for tasks such as sales emails, purchase orders, and product descriptions. Employees can then review and revise the first draft, speeding up their work and ensuring high-quality output.

NetSuite Bill Capture is a powerful tool that uses AI-based document object detection and optical character recognition (OCR) technology to scan invoices into the system, reducing the time accounting teams spend on manual data entry. This feature is currently unavailable in Australia.

However, our alternative solution is a native SuiteApp for Accounts Payable that automates vendor bills and credits creation and processing. PDFs and e-invoices are automatically created and processed using OCR and auto-learning technology without manual entry, errors, or hassle. Without leaving their NetSuite screen, customers can reduce manual processing by 83% and eliminate errors in data entry.

• Finance and Accounting:
  NetSuite Text Enhance helps finance and accounting teams expedite collections, close the books faster, and focus on more strategic and fulfilling work by accelerating time-consuming writing tasks. In addition to summarising narratives for financial reports and personalised collection letters, new use cases include assisted authoring for journal entries to describe transactions and descriptions when creating a new account in the Chart of Accounts; assisted authoring for purchase order entries including packing list and product labelling instructions; and assisted authoring for cash refund explanations to maintain consistency for customer communications and help internal auditors easily find the information they need.
• Manufacturing:
  NetSuite Text Enhance helps streamline and accelerate the management of operations. Use cases include assisted authoring of critical data entry and tracking activities including manufacturing planned time, operations tasks, and manufacturing routing; and creating consistent definitions for manufacturing cost templates to avoid confusion and errors when assigning them to the manufacturing operation.
• Supply Chain and Operations:
  NetSuite Text Enhance helps supply chain and operations teams streamline purchasing and logistics and improve the quality of product-related communications. In addition to suggested item descriptions, and assisted authoring of vendor engagement letters and procurement orders, new use cases help customers create support tickets for warehouse management issues and shipment summaries that describe the movement of goods; create supply chain snapshots and update supply chain snapshot simulations; and create project tasks and task assignments to accelerate project data entry, tracking, and reporting.

Security and reliability are crucial for every company, and NetSuite’s innovation in these areas is reflected in its AI anomaly detection capabilities. NetSuite leverages AI anomaly detection capabilities throughout its data centres. By scanning live traffic and comparing logs to detect any warning signals, the system can identify and address potential problems. This proactive approach ensures a secure and reliable environment for all NetSuite users, so strengthening customer support satisfaction.

As an advisor, NetSuite AI provides faster and more accurate analysis to guide leaders with insights that support informed decision-making. Several NetSuite products with AI-powered advisor capabilities stand out:

1. Planning and Budgeting with Predictive Analytics

Intelligent Performance Management (IPM) in NetSuite uses machine learning to monitor and analyse plans, forecasts, and variances continuously. The system highlights trends, anomalies, biases, and correlations, enabling finance teams to assess and act quickly on insights.

• Forecast Variance and Bias
  The forecast variance metric helps finance teams evaluate the reliability of their forecasts by measuring the deviation between historical scenarios and actual outcomes. Forecast bias identifies tendencies to over- or under-forecast, allowing teams to adjust future predictions for greater accuracy.
• Forecast Predictions
  Forecast Predictions analyse variations between forecasted figures and computer-generated predictions to identify the likelihood of meeting targets. This feature quantifies associated risks and enables finance teams to take proactive measures to address significant deviations in forecasts.
• Anomalies
  Anomaly detection uncovers unusual patterns in data that deviate from expected results. Identifying outlier values and unexpected trends, this feature provides crucial data for strategic decisions, like sudden volatility or missing data.

2. Business Intelligence

• Improve demand planning
  
  NetSuite Analytics Warehouse leverages AI to improve demand planning by analysing customer buying behaviour and operational capacity. AI models in NetSuite Analytics Warehouse convert complex business data into insights by analysing patterns, trends, and anomalies.
• Mitigate Supply Chain Risks
  NetSuite Supply Chain Control Tower uses AI to simulate inventory changes and predict impacts on bills of materials and production processes. Predictive business analysis risk tools enable planners to model supply and demand in detail, mitigating potential supply chain risks.
• Drive More Sales
  NetSuite Intelligent Item Recommendations uses AI to provide personalized product recommendations during the sales process. These recommendations prioritise buying behaviour, like “people who bought X also bought Y,” new items, unseen items, and similar items. Recommendations are viewable internally when entering a sales order in NetSuite and externally when using NetSuite’s e-commerce solution.

Evan Goldberg, Founder and EVP of Oracle NetSuite recently stated, “we are now embedding the latest generative AI capabilities at no additional cost so customers can gain further value from the suite”.

As AI evolves, its integration into ERPs is inevitable. Enhanced AI capabilities improve business operations’ efficiency and effectiveness, driving innovation and growth. Investing in NetSuite products and leveraging AI can provide a competitive edge in a saturated market. Using AI with NetSuite significantly impacts both short-term and long-term business success. Thriving in today’s market requires embracing AI and NetSuite for strategic advantage.

NetSuite is a full, cloud-based enterprise resource planning (ERP) suite that gives organisations what they need to run efficiently and accelerate seamless scalable growth. Supporting over 41,000 customers in 219 countries and territories worldwide, NetSuite has everything you need to grow, in one place, on a single cloud platform.

If you are considering an ERP solution, take a look at what we do, how we got here, and how NetSuite works. Our FlexSafe methodology ensures that every NetSuite implementation is meticulously executed that is transparent, collaborative and increases user adoption by reducing change resistance. We have a proven track record of process expertise, and providing scalable cloud solutions.

Our award-winning team helps you get the most value from NetSuite, so you can focus on what really matters – your customers, your people and your business.

If you are ready, schedule a demo using our calendar, or call us on 1800 155 683.