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.
