September 27, 2024 - NetSuite SuiteWorld 2024 kicked off with an engaging keynote by Evan Goldberg, highlighting groundbreaking innovations aimed at fueling business growth. NetSuite emphasized advanced artificial intelligence (AI) capabilities and improved integrations, reinforcing its commitment to improving efficiency and collaboration across platforms.

Explore the standout announcements, critical updates, and key enhancements from this major event that are shaping the future of business management.

AI taking center stage

Goldberg’s keynote set the tone for NetSuite's continued innovation in business management software, specifically aimed at driving growth and improving collaboration. The updates revolved around four key areas:

• Enhancing the NetSuite user experience
• Delivering deeper business performance insights with NetSuite
• Automating processes with NetSuite tools
• Enabling seamless collaboration among teams and across systems with NetSuite

He discussed NetSuite’s new AI-powered tools to enhance automation, decision making, and predictive analytics, enabling businesses to operate more efficiently. Goldberg also shared success stories from companies utilizing these new tools to transform their business processes.

Generative AI took center stage in many of the week’s product announcements, including these five key updates:

1. AI-driven Financial Exception Management

   A standout update is the new Financial Exception Management feature, powered by AI, to detect discrepancies in sales orders, bills, and invoices. It identifies miskeyed amounts, duplicate transactions, and incorrect account selections, learning from a company’s specific data.
   
   This tool revolutionizes finance teams' workflows by adding an extra layer of security and significantly reducing manual transaction reviews. This results in fewer errors and greater confidence in financial data—critical for boosting profitability.

2. NetSuite text improvement

   NetSuite’s new AI capabilities now allow businesses to generate customized content across various functions, including supply chain, operations, finance, accounting, human resources (HR), sales, marketing, and customer support.

3. SuiteAnalytics Assistants

   The SuiteAnalytics Assistant enables users to quickly generate reports and visualizations using a generative AI-powered natural language interface. For instance, customers can request reports on accounts payable aging or the top five customers by balance and quickly receive AI-driven summaries and critical insights directly from their workbooks.

4. Enhancements in NetSuite enterprise performance management (EPM)

   NetSuite's AI enhancements significantly advance EPM with new features, such as predictive forecast explanations, helping businesses uncover the key factors influencing their forecasts, while AI-powered digital assistants simplify routine tasks.
   
   These upgrades enable businesses to:
   
   • Enhance decision making with data-driven insights
   • Optimize resource allocation and financial planning
   • Produce more engaging and insightful reports

5. Promotion of Prompt Studio

   Prompt Studio allows NetSuite users to enhance the quality of AI-generated content by enabling administrators and developers to adjust the format, tone, and creativity of responses. This feature will enable customers to tailor large language models (LLMs) to their specific needs and preferences.

NetSuite Connector for Salesforce: Connecting two powerful platforms

Oracle NetSuite announced a new integration aimed at helping joint-Salesforce customers streamline their data processes and make better decisions. The NetSuite Connector for Salesforce will automate data sharing between the two platforms, reducing data silos and speeding up order-to-cash and revenue recognition processes. Powered by Oracle Integration Cloud, the connector offers real-time syncing of financial, customer, item, and order data, enhancing business insights and improving process accuracy.

This integration will be available in North America within the next 12 months.

NetSuite Analytics Warehouse updates

For growing businesses, interpreting data can be time consuming, often requiring advanced data science and coding expertise. With limited resources, leaders risk missing out on valuable insights.

NetSuite Analytics Warehouse, built on Oracle Analytics Cloud and Oracle Autonomous Data Warehouse, addresses this challenge by using AI and business data to uncover opportunities and enhance efficiency.

With features like data visualizations, natural language insights, conversational interactions, automated algorithm selection, and customizable modeling workflows, it simplifies the process of understanding customer demand for specific product lines and predicting which new products will drive future growth.

Introduction of Redwood UX

NetSuite unveiled a revamped user experience, showcasing a new typeface, color palette, and modern design. The update is powered by natural language search (Ask Oracle) and enhanced with an intuitive, AI-driven interface for seamless navigation.

Redwood goes beyond a visual refresh, incorporating new tools to deliver a "consumer-grade" experience, similar to what audiences expect from other major platforms within enterprise software.

Essential tools within the Redwood Design System include:

• Intelligent sales insights in the Customer 360 dashboard, which have helped sales teams boost conversion rates by 11% in recent months
• AI-powered financial exception management that not only identifies issues but also offers actionable solutions
• Project health check features and suggestions for better project management in SuiteProjects Pro

Cashing in on Cash 360

NetSuite's Cash 360 dashboard now offers enhanced cash flow forecasting by incorporating installment payments, providing more accurate projections beyond sales and outstanding payments. This update is especially valuable for businesses with complex cash flow cycles.

For industries where payments are staggered, this improved precision helps prevent cash flow surprises, ensuring more reliable financial planning.

Electronic invoicing enhancements

NetSuite customers can now connect directly to an international application programming interface (API) from within the suite to streamline compliance with regulations related to digital signatures, QR codes, and tax authority approvals.

Citrin Cooperman: Your answer to SuiteWorld questions

This year's SuiteWorld introduced new features and highlighted a key theme: "Do more with less." This theme reflects NetSuite's commitment to driving rapid and reliable progress, boosting productivity, and embracing cutting-edge solutions to elevate businesses.

If you need clarification on how NetSuite's new capabilities can streamline your company's growth, Citrin Cooperman’s Digital Services Practice is here to help.

With years of experience guiding clients through every phase of their projects, our team is ready to support your digital transformation. From NetSuite consultation to support and implementation, Citrin Cooperman's professionals manage each step of your project to help you reduce risks, enhance productivity, and achieve optimal results. Let us help you “do more with less” and grow your company.