SuiteWorld 2023 Recap: Key Insights and Takeaways
SuiteWorld, Oracle NetSuite’s annual conference to share all things new and upcoming for NetSuite has just wrapped up, let us unpack the treasure trove of insights with a summary for you. It’s evident that we’re not just looking at minor tweaks ahead, there are some game-changing upgrades, laser-focused on tackling real business challenges. In this blog, we’ll explore the highlights of some of the biggest product announcements and latest key innovations from the conference. 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 SuiteWorld this year, 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.
Meet the New ROI-Boosting Tools
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.
Native Bank Feeds for Australian Organisations
We have been advocating for 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 SuiteApp 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.
Standalone NetSuite Bill Capture
NetSuite Bill Capture, now available as a standalone module within NetSuite, has a significant impact on your accounts payable processes by utilising 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.
New Licensing Model for Flexibility
NetSuite has introduced a new role-based access and function-specific licensing model. This allows existing clients, especially those with specialised 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.
Redwood User Interface for a Modern Experience
As well as all of that, NetSuite is also 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. As luck would have it, attendees got a sneak peek of the upcoming Customer 360 demo, indicating that the interface redesign is well underway.
Critical Security and AI Focus
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. The OneKloudX team can’t wait for the day to get started on implementing these newly released features and working with you to maximise your return on investment. Be sure to stay tuned for more updates as we investigate more into these innovations and seamlessly integrate them into our services.
Are you ready to save time and solve the most complex challenges of your business?
OneKloudX is the perfect partner for your NetSuite implementation. We focus on your people and streamlining the complexities of your processes with NetSuite. Our FlexSafe™ methodology ensures that every NetSuite implementation is executed thoroughly and professionally. There are no short-cuts on the way to your success. Our award-winning team of certified consultants can help you every step of the way, from business process mapping to go-live and beyond.
With OneKloudX, you can be confident that your ERP solution will be up and running smoothly in no time. Contact us on 1800 155 683 or schedule a time to talk with one of our Team using our booking calendar.