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SuiteConnect London 2024
Oracle NetSuite

NetSuite rolls out AI advances to UK users

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Oracle NetSuite urged attendees of its London conference to ‘do more with less’, unveiling new generative artificial intelligence, business performance and e-invoicing capabilities for UK customers.

18th Apr 2024
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With continued energy price volatility, choppy finance markets and an increasingly complex compliance landscape, the theme of this year’s SuiteConnect event in London centred around how businesses can ‘do more with less’.

While the messaging is somewhat dialled back from previous years’ breakneck growth agenda, the method of delivery is perhaps NetSuite’s most ambitious project to date. 

The developer aims to leverage its single-system connectivity with the computational power of parent company Oracle to embed generative AI capabilities throughout its system and produce more connected products for its customers to forecast, budget, reconcile and report from one place. This in turn will allow customers to “buy business advantage”, as company EVP Evan Goldberg told AccountingWEB.

Updates for NetSuite’s UK and Europe, the Middle East, and Africa (EMEA) customers announced at the show included:

NetSuite Text Enhance

Originally unveiled at the ERP vendor’s Las Vegas SuiteWorld conference in October 2023, NetSuite Text Enhance is an AI-powered language tool designed to create in-context, personalised content for any text area across the suite. Once enabled, the user can add an in-context prompt from whatever NetSuite screen they are on, and the system will produce a draft for them to review and edit. 

For accounting and finance users, Text Enhance use cases include accelerating customer invoice payments via personalised invoice reminders, annotating accounting transactions and providing assistance with the authoring of journal entry notations.

Currently available in the US, NetSuite Text Enhance will be rolled out to UK users later this year across more than 100 different parts of the system at no additional cost. No timescale has yet been revealed for other EMEA users.

Oracle NetSuite Text Enhance

Built on Oracle Cloud Infrastructure’s (OCI) Generative AI Service, NetSuite AI lead Brian Chess stressed that no customer data is shared with large language model (LLM) providers underpinning the system or seen by other customers. 

According to a release about the product, the individual customer will be the only entity allowed to use custom models trained on its data. Role-based security will also be embedded into the system, only recommending content that end users are entitled to view.

Away from accounting and finance, Text Enhance can also be used across a range of other NetSuite functions, including HR, supply chain and operations, sales and marketing, and customer support.

NetSuite Enterprise Performance Management

Also announced was NetSuite’s Enterprise Performance Management (EPM) platform. This ‘family of tools’ has been adapted for NetSuite users from Oracle Fusion Cloud’s existing EPM product. The tools allow customers to connect data from multiple sources to integrate their financial planning, budgeting, forecasting, account reconciliation, financial close, and tax reporting processes.

EPM, which includes NetSuite Planning and Budgeting and NetSuite Account Reconciliation, will be available in the UK and EMEA later this year as an add-on at an additional cost.

The system aims to enable finance teams to budget, forecast, scenario plan and report from within one solution, offering the ability to monitor plans, forecasts and variances. The tool is also designed to help finance leaders uncover and highlight trends, anomalies and correlations, run ‘What If’ models for new product lines, and examine the impact of scenario changes to business models on items such as expenses or revenue.

Oracle NetSuite EPM

Its reconciliation capabilities are built to streamline and automate the reconciliation process for accounts payable, accounts receivable, bank and credit card transactions, prepaid accounts, accruals and fixed asset accounts, intercompany transactions, and other balance sheet accounts. This, in theory, will allow accounting teams to increase the accuracy and speed of the period close process by automating the aggregation of financial data from various sources.

Via new workflow, task management, and transfer pricing capabilities, EPM attempts to simplify and automate tax reporting processes, enabling organisations with multinational operations to more efficiently comply with new OECD country-by-country reporting rules.

Finance teams can use EPM’s new narrative reporting function to collaborate in a central space to define, author, review, and publish management and regulatory reports.

The system also offers profitability and cost management solutions, providing a deeper understanding of which customers, products or departments are profitable and allowing users to understand where to allocate resources more effectively.

NetSuite Electronic Invoicing

With electronic or e-invoicing now mandated or incoming in more than 80 countries, NetSuite’s new e-invoicing tool will be embedded within the system, allowing users to send and receive invoices electronically in a compliant data format that aligns with e-invoice exchange networks and tax authority platforms.

NetSuite Analytics Warehouse Multi-Instance Connector

Businesses in the UK and Ireland with multiple entities such as holding or parent companies, franchises or private equity firms can expand insights across their entire portfolio via NetSuite’s new Analytics Warehouse Multi-Instance Connector.

Available in the UK now as a paid-for add-on, the connector consolidates data from multiple NetSuite instances into a single NetSuite Analytics Warehouse.

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By FactChecker
18th Apr 2024 21:30

I presume that Oracle embedded 'generative AI capabilities throughout' this article - as well as in 'its system'.
I have to make that presumption because I understood so little of the marketing-babble (which Tom is always good at turning back into something meaningful) ... otherwise my brain has passed its sell-by date.

“buy business advantage” = ???
"accelerating customer invoice payments" = debtor chasing?
"scenario plan" = a plan?
Bottom-line: I'm none the wiser as to what they're trying to flog (apart from generic promises).

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