Cloud enterprise resource planning (ERP) platform Oracle NetSuite has announced its latest AI innovations to help businesses boost efficiency and growth. The new automated tools are designed to help organisations accelerate the financial close by connecting departments like finance, operations, and customer service.
“With a single unified suite and the ability to leverage powerful AI models, NetSuite turns disconnected tasks into intelligent end-to-end workflows,” said Evan Goldberg, founder and executive vice president of Oracle NetSuite. “With AI embedded across the suite, customers can increase automation, expand insights, improve agility, and unlock more value from their data.”
Among NetSuite’s latest AI offerings is an Intelligent Close Manager. This enables businesses to automate a financial close from an AI-powered command centre which provides analytics of transaction data from across the business. NetSuite have also introduced AI-generated reports, which the company says will improve overall business performance.
AI-powered bank transaction matching is another new feature, helping the process of bank reconciliation. It interprets bank activity, classifying and aligning entries to general ledger accounts, increasing auto-match rates and closing accounts more quickly.
There are also AI-powered customer summaries for businesses resolving customer issues, AI-assisted pricing for the central governing of policy-driven pricing systems, and a SuiteCloud Developer Assistant. The latter is inteded to improve productivity for developers and administrators undertaking development in SuiteScript.
Newly advanced subscription metrics in NetSuite have been designed to help organisations better understand their growth and identify potential churn risks via reporting. Users can Committed Monthly Recurring Revenue (CMRR) metrics, explore cohort heatmaps by acquisition month, and monitor customer impacts.
NetSuite Intelligent Payment Automation lets US organisations pay vendors from their subsidiaries, improving control and increasing fraud protection. NetSuite SuiteBilling lets businesses share credits and prepaid balances in subscriptions, unifying pricing and reporting, and streamlining processes.
NetSuite Inventory Management improves consignment inventory, offering tracking and cashflow improvements by ensuring payment only when goods are sold. The latest features are available to all NetSuite customers, with the multi-subsidiary vendor payments feature being the exception, currently only available to US customers.
(Image source: “Dollars to Doughnuts!” by oschene is licensed under CC BY-NC-SA 2.0.)
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