Redwood forest inspires Oracle-Netsuite technology

September 25, 2024

Goldberg

AT SUITEWORLD 2024, Oracle NetSuite unveiled several advancements aimed at boosting organizational efficiency and accelerating business growth.

Evan Goldberg, founder and executive vice president of NetSuite, emphasized that the latest updates build on existing AI capabilities while introducing innovations across various areas, such as procurement, project management, and user experience, to help businesses adapt to changing needs and improve their decision-making processes.

During his keynote, Goldberg compared the interconnected ecosystem of NetSuite to the Redwood forests, emphasizing that just like the trees thrive on a complex underground system, NetSuite aims to seamlessly integrate every function of a business. He explained how the complex root system of the Redwood Forest actually simplifies the communication between trees thus making a robust ecosystem that preserves and propagates the forest.

Goldberg and Hillel Cooperman, Oracle’s SVP of User Experience, explained how Oracle Redwood is about removing friction from the user experience. This includes the implementation of natural language search features, making it easier for users to interact with NetSuite without having to know specific “computer language.”

The idea is to make the software adapt to users rather than the other way around. For example, Redwood features such as “Ask Oracle” allow users to search for data or commands naturally, streamlining workflows.

Additionally, Goldberg highlighted the role of AI in automating processes within NetSuite, such as financial exception management, where AI automatically detects and flags anomalies in financial transactions. He also announced AI-driven enhancements in project management, analytics, and the SuiteScript API, enabling users to write and deploy code more easily using AI tools like Oracle Code Assist.

Goldberg noted, “We designed NetSuite to be the foundation of business growth, with a platform that can evolve and expand to meet changing needs and a data model that connects a customer’s entire business.” He highlighted that the new AI features and workflow optimizations are intended to help businesses gain valuable insights, boost productivity, and foster collaboration.

New AI capabilities, such as financial exception management and a digital assistant in NetSuite Suite Analytics, help businesses streamline operations by automating routine tasks, identifying anomalies, and providing actionable insights. Key innovations include:

1. NetSuite SuiteProcurement: This new procurement tool integrates with suppliers like Amazon Business and Staples, automating purchasing workflows and optimizing spending to support growth.

2. Salesforce Integration: NetSuite introduced a connector for Salesforce, enabling real-time data sharing between the platforms. This integration aims to enhance visibility into order fulfillment, financials, and customer data, facilitating more informed decision-making.

3. NetSuite Analytics Warehouse: Enhancements to this tool allow businesses to leverage AI for predictive analysis, such as forecasting customer churn and stockouts. These insights enable businesses to identify opportunities for efficiency improvements.

4. SuiteProjects Pro: Previously known as OpenAir, this project management tool has been updated with new AI features and user experience improvements, allowing businesses to monitor project health and allocate resources more effectively.

5. Redwood Design System: This modern user interface, already integrated into some NetSuite products, will soon roll out across the suite, starting with high-usage areas like dashboards and forms. It aims to streamline tasks and drive adoption.

6. SuitePeople and SimplyInsured Integration: NetSuite also introduced a benefits offering, integrating SimplyInsured’s health benefits marketplace to simplify benefits management for small businesses.

These innovations reflect NetSuite’s continued investment in AI and user experience improvements, supporting businesses in becoming more agile and efficient. Goldberg concluded that these updates are designed to help businesses “scale their operations” by making critical processes more intelligent and automated.

PART 1 OF 2: FOSSIL FUELS POWER THE EV REVOLUTION: Are EVs truly the solution to sustainable transportation?

Raymond Gregory B. Tribdino

September 24, 2024

ELECTRIC vehicles (EVs) no doubt, at some point in the very near future, will overcome internal combustion engine vehicles. Countries such as China, the US, Norway are leading the charge. The Netherlands, Sweden, the UK, Germany and Southeast Asia have their own unique approaches and outcomes shaped by their individual energy landscapes.

However, the continued dominance of fossil fuels in global energy production casts a long shadow on the effectiveness of EVs in combatting climate change. Given the current state of EV adoption globally, the question is, and has been, what are the true environmental benefits of electric mobility?

China stands as the undisputed leader in EV adoption, accounting for nearly 60 percent of all new electric car registrations globally in 2023. This meteoric rise can be attributed to several factors, including government support, strong local manufacturing and a need to control air pollution.

It has implemented a series of policies aimed at promoting EVs, including subsidies, tax breaks, and stringent emission standards for conventional vehicles. This led to a robust domestic EV manufacturing industry, making EVs more affordable and accessible to what is now the world’s largest market for cars.

However, China’s energy mix still heavily relies on coal, raising concerns about the true environmental benefits of its EV boom. While EVs reduce tailpipe emissions, the electricity used to charge them often comes from coal-fired power plants, leading to a significant carbon footprint. Nonetheless, China’s continued investments in renewable energy and its commitment to a greener future offer a glimmer of hope for cleaner EV adoption in the long run.

The United States has also witnessed a significant increase in EV sales in recent years. Growth in the world’s second-largest auto market, was driven by the initially by the novelty of Tesla, but federal incentives, including the Inflation Reduction Act have made EVs more financially attractive to consumers.

Moreover, the country has the most well-managed and possibly largest charging infrastructure per kilometer in the world. Investment in charging stations and the growing availability of home charging options are easing range anxiety and making EV ownership more convenient. A wider range of EV models from various automakers is now available, catering to diverse consumer preferences and needs.

While the US boasts a more diversified energy mix than China, fossil fuels still account for a substantial portion of its electricity generation. As of 2023, the U.S. Energy Information Administration reports that its energy mix has fossil fuels–primarily natural gas, and coal–still dominate at 60 percent.

Renewable energy sources are increasingly significant, constituting around 23 percent. Wind and solar are the leading renewables, with wind contributing 11 percent and solar 5 percent, while biomass and hydroelectric power make up smaller portions. Nuclear power plays a consistent role, providing about 18-19 percent of the U.S. energy mix. It is the largest non-carbon source of electricity in the U.S. and has been stable over recent years.

Norway, Sweden and the Netherlands have emerged as frontrunners in EV adoption, with supportive government policies and a strong commitment to sustainable transportation driving their progress. With an EV market share exceeding 80 percent, Norway stands as a global leader in electric mobility. Generous incentives, including tax exemptions and toll-free driving, have played a crucial role in driving this success. The Netherlands and Sweden have also witnessed impressive EV adoption rates, thanks to a combination of financial incentives, favorable taxation policies, and a well-developed charging infrastructure.

Compared to China and the US, these countries benefit from a relatively clean energy mix, with a significant share of electricity coming from renewable sources. This significantly enhances the environmental benefits of EVs in these regions. (To be continued next week)

Redwood forest inspires Oracle-Netsuite technology

PART 1 OF 2: FOSSIL FUELS POWER THE EV REVOLUTION: Are EVs truly the solution to sustainable transportation?

About us