Highlights:                               

  • While Oracle is renowned for its database services, NetSuite has become a key part of its business, offering a cloud-based management platform popular with enterprises.
  • Recent updates suggest that NetSuite is leveraging generative AI to boost customer productivity and enhance business efficiency.

Recently, Oracle Corp.’s NetSuite unveiled new AI-centered product updates and features.

The latest offerings leverage Oracle’s existing AI capabilities, which have been integrated into NetSuite to improve various aspects of the platform, including procurement, project management, user experience, and more. These updates were revealed at NetSuite SuiteWorld, an annual event held as part of Oracle Cloud World, taking place in Las Vegas this week.

While Oracle is primarily recognized for its database services, NetSuite has grown into a significant part of its business, offering a cloud-based business management platform that enterprises widely use.

NetSuite’s software-as-a-service platform is centered on enterprise resource planning (ERP) and extends into various related areas, including customer relationship management (CRM), human resources, payroll, and e-commerce. With over 40,000 organizations worldwide relying on it, NetSuite offers a comprehensive suite of applications for managing finance, accounting, inventories, orders, procurement, and more.

A key theme in the recent updates is NetSuite’s effort to harness generative AI to boost customer productivity and provide deeper insights, ultimately enhancing business efficiency.

NetSuite already incorporates generative AI features for summarizing and refining text. Still, with the latest updates, it is expanding support for organizations through more advanced AI-driven insights integrated throughout its entire toolset. The company highlighted that these enhancements aim to help customers boost business efficiency and accelerate goal achievement, introducing new solutions such as a digital assistant within NetSuite Analytics.

These insights will encompass features like anomaly detection in financial statements, along with AI-powered recommendations for decision-makers, supported by generative AI-driven tables, charts, and reports.

NetSuite is also rolling out additional AI tools for developers with the introduction of the Generative AI for SuiteScript API. This simplifies the process of building and deploying AI features using NetSuite’s APIs, allowing them to be seamlessly integrated into existing applications and websites.

Oracle Code Assist, a generative AI coding tool, has now been extended to SuiteScript, the programming language for developing extensions on the NetSuite platform. This allows developers to accelerate their work by automating code generation and fixes, enhancing efficiency in building NetSuite extensions.

NetSuite Prompt Studio builds on the existing Text Enhance feature, allowing users to fine-tune the quality of AI-generated content by adjusting the format, tone, and creativity, according to the company. This gives customers greater control over generative AI prompts, helping to boost productivity.

The company also introduced NetSuite SuiteProcurement, a new solution designed to streamline order and procurement processes at Amazon Business and Staples Business Advantage. This solution enables customers to easily manage and track orders and payments across these platforms.

Another notable feature is the NetSuite Connector for Salesforce, which enables automated data exchange between NetSuite and Salesforce’s Sales Cloud. Previously, this process required manual integration, but now customers can automatically synchronize data between the two platforms. According to the company, this will provide enhanced insights into orders, customer details, fulfillment, invoices, and payments.

The integration with Salesforce is notable, as NetSuite also has its own CRM features, though they are less comprehensive. Despite Salesforce being a potential competitor, this integration positions NetSuite to play a more pivotal role in enterprise business management by offering a more holistic view of organizational activities.

NetSuite founder and Executive Vice President Evan Goldberg stated that NetSuite’s goal is to serve as the foundation for business growth, offering a platform and data model that continuously adapts and expands to meet customer needs.

“We continue to extend NetSuite’s capabilities to further strengthen that foundation. As customers scale their businesses on NetSuite, AI innovations and workflow optimizations help them gain intelligent insights, improve productivity and simplify collaboration,” he said.