NetSuite SuiteWorld 2023 highlights takeaways

NetSuite SuiteWorld 2023, the annual user conference where NetSuite customers worldwide learn all things new and upcoming has just wrapped up. Let us unpack some of the insights with a summary for you.

The highlights of some of the biggest product announcements and latest key innovations from the conference promise a very excting future for NetSuite. We’ll focus on the ones that’ll put money back in your pocket ASAP, and the big wins for long-term growth if you’re running your business on NetSuite.

Among all the announcements made at NetSuite SuiteWorld 2023, the most remarkable and compelling one was NetSuite’s comprehensive integration of artificial intelligence (AI) and machine learning (ML) across their ecosystem.

These amazing technologies weren’t just briefly talked about during the main presentations; instead, they were extensively explored in special sessions that took a deep dive into how NetSuite’s AI and ML technologies work and the exciting things that are coming up in the future. The possibilities with these new advancements are very interesting, and we are keen to explore more into the innovative AI and ML solutions to make life even better for our customers.

Shifting our focus to product announcements, the integration of Oracle’s comprehensive Enterprise Performance Management (EPM) solution into NetSuite stands out as highly beneficial for NetSuite customers in both the mid-market and enterprise sectors. This suite is like your all-in-one financial toolkit. It’s got everything—whether you’re pulling together big-picture board reports, wrapping up your month-end close, or diving into the nitty-gritty of account reconciliations. The new addition of machine learning gives your financial data a story to tell, plus, it can whip up polished, ready-to-go board packs that are sure to impress.

We have been advocating for the development of NetSuite Australian bank feeds for a while now, and we are delighted to inform you that NetSuite will soon offer this feature.

Just in case it’s new to you, the Suite App allows complete integration of multiple bank accounts across various financial institutions. This means you can seamlessly connect your Australian bank accounts to NetSuite, making your financial management even more efficient.

NetSuite Bill Capture, now available as a standalone module within NetSuite, has a significant impact on your accounts payable processes by utilizing Optical Character Recognition (OCR). This technology simplifies the invoice capture process by allowing you to effortlessly grab invoices through email or by simply dragging and dropping them into NetSuite, so much easier.

NetSuite has introduced a new role-based access and function-specific licensing model. This allows existing clients, especially those with specialized operational requirements like warehousing and inventory management, to fine-tune their licensing. With this granular approach to licensing, many customers can potentially save costs right away while having the flexibility to tailor their NetSuite experience to their specific needs.

NetSuite is working on a fresh user interface design based on the Oracle Redwood platform. This revamped interface isn’t just a fresh coat of paint; it’s designed to make your NetSuite environment more flexible and intuitive. Attendees got a sneak peek of the upcoming Customer 360 demo, indicating that the interface redesign is well underway.

NetSuite understands the growing concerns around emerging trends such as AI technologies and cloud computing, that’s why they prioritise security. For example, NetSuite has partnered with Cohere to enhance security through the ‘text enhance’ capability. Hosted on Oracle Cloud’s secure platform, this feature taps into top-notch AI tech, all while keeping your data locked down. So you can relax—your info’s in safe hands and won’t be shared with anyone else.

NetSuite’s commitment to building security into the foundation of their platform gives us the confidence we’ve come to expect from the cloud-based solution, and we know it will do the same for our clients and the wider NetSuite customer base.

These new features showcased at SuiteWorld are designed to bring immediate benefits and improve your experience with NetSuite straight away.

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 37,000 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™ERP 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.