Optimize businesses with Artificial Intelligence (AI) in NetSuite 2024.1!

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For numerous businesses, the introduction of ChatGPT served as a trigger to explore potential applications for artificial intelligence (AI). However, despite widespread interest, our research indicates that companies are grappling with the strategic implementation of AI. According to a NetSuite survey of over 500 executives in October, 85% expressed that increasing AI adoption would be at least somewhat important in the coming year, with more than a third considering it "very important" or "the most important thing we’ll do." Surprisingly, the majority of organizations have not yet fully embraced AI, as only 30% are actively using or testing AI. Another 40% are in the process of evaluating AI products for testing or plan to do so within the next 12 months, while only 26% have no plans for AI integration.

The NetSuite 2024 Release 1 introduces new AI capabilities designed to facilitate companies' AI adoption without the associated costs and complexities. Serving as guides and support, this latest release incorporates three AI-powered tools within NetSuite—facilitating text generation, streamlining invoice information capture by eliminating manual data entry, and automating data analysis in planning and budgeting. All these tools are geared towards helping companies achieve more while minimizing expenses.

Optimize businesses with Artificial Intelligence (AI) in NetSuite 2024.1

Boost the pace of business writing with generative AI

Leveraging Oracle Cloud Infrastructure (OCI), the NetSuite Text Enhance feature integrates generative AI into various tasks throughout the suite, generating personalized and contextually relevant content based on NetSuite data. This enables employees to quickly review and revise initial draft content, expediting their workflow.

In this latest release, Text Enhance is poised to enhance the efficiency of customer service, HR, and marketing teams. Its capabilities include:

  • Generating product descriptions for invoices, websites, and point-of-sale systems

  • Crafting job descriptions and requisitions

  • Drafting employee goals and proposing success metrics

  • Creating customer support communications

Optimize businesses with Artificial Intelligence (AI) in NetSuite 2024.1

Furthermore, the Text Enhance feature can refine existing content by correcting grammar and spelling errors, as well as rephrasing for improved readability.

The initial version of Text Enhance is currently accessible to NetSuite customers in North America, with plans for expanded coverage and enhanced capabilities in subsequent releases.

Effortlessly upload invoice data with automation

When respondents were asked about the advantages they sought from AI, the majority expressed a desire for increased productivity, seeking the automation and reduction of time spent on routine tasks. Notably, 74% anticipated AI innovations making the most impact in accounting and finance. This latest release aligns with these expectations through improvements to the NetSuite Bill Capture feature.

The enhanced NetSuite Bill Capture now accelerates the capture of vendor invoices, minimizing errors and manual data entry through automation. Using AI-based document object detection and optical character recognition, invoices are swiftly scanned, extracting necessary information to populate the bill record. The system then cross-references invoices with associated purchase orders and receiving documents to ensure accuracy in pricing, quantities, and totals.

In NetSuite 2024 Release 1, the Review Bill page has been updated with additional fields such as PO number, memo, posting period, discount date, and custom segments. These additions not only offer greater flexibility tailored to a company's specific needs but also contribute to a more comprehensive and accurate bill creation process. With more data available to the Bill Capture intelligence, the likelihood of bill creation failure or the need for post-creation edits is reduced.

Furthermore, the NetSuite 2024.1 enhancements bring an improved user experience to Bill Capture. The Scanned Vendor Bills page now includes filtering options for vendor, upload source, and email source. Especially beneficial for those managing a large volume of uploaded bills, these filters enhance searchability, allowing users to filter by source and vendor either simultaneously or separately.

Enhance planning through the application of predictive analytics

According to our survey, 57% of executives express a desire for enhanced forecasting, business analytics, and decision support facilitated by AI. The 2024.1 release fulfills this need by introducing Intelligent Performance Management (IPM) to NetSuite Planning and Budgeting.

IPM utilizes predictive algorithms driven by machine learning to continuously monitor and analyze plans, forecasts, and discrepancies. The system identifies trends, anomalies, biases, and correlations, empowering finance teams to swiftly assess and act upon these insights.

  • Forecast Variance and Bias: The forecast variance metric aids finance teams in evaluating the reliability of their forecasts by measuring the deviation between historical scenarios and actual outcomes. Forecast bias identifies trends of over or under forecasting for adjusting future predictions.

  • Predictions: This feature helps identify the likelihood of meeting or missing a target forecast by analyzing variations between forecasted figures and computer-generated predictions. It quantifies associated risks and enables proactive measures for finance teams to address significant deviations in forecasts.

  • Anomalies: This functionality helps uncover unusual patterns in data that deviate from expected results. By identifying outlier values and unusual patterns, it provides crucial information for strategic decision-making, such as sudden volatility in actuals or missing data.

Explore the latest features in NetSuite 2024.1

For many, the accessibility of AI has been hindered by its perceived cost and complexity. NetSuite 2024.1 breaks down these barriers, bringing the potential of this technology within reach. The release introduces a variety of innovative enhancements across the suite. To learn more about the full range of updates, visit our Sneak Peek page.

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We were lucky to choose Citek so we successfully converted the ERP management system. I see in you the dedication and commitment, which is a great encouragement and energizes me, from which I inspire Loc Troi in terms of working attitude, responsibility and working style.

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Mr. Huynh Van Thon

Chairman of the Board of Directors of Loc Troi Group