SuiteWorld 2024 Recap: NetSuite Unveils AI Innovations and Product Enhancements
SuiteWorld 2024 wrapped up last week, with thousands gathering in Las Vegas to explore the latest NetSuite innovations. The annual conference kicked off with a keynote from NetSuite Founder Evan Goldberg, who announced that NetSuite’s global community now spans 40,000 customers across 219 countries and territories.
Goldberg announced a number of product updates, including AI enhancements, a new procurement solution, improved project management tools, and the rollout of the Redwood UX. He highlighted how these innovations will further strengthen NetSuite as a platform for business growth.
SANSA’s CEO, Tony Fidler commented on these updates, saying “These latest announcements demonstrate NetSuite’s ability to constantly evolve and innovate within a changing world. The constant progression within the NetSuite platform empowers organisations to deliver operational excellence, enabling competitive advantage.”
Here’s a summary of the latest announcements:
1. Rollout of Redwood UX
NetSuite announced the rollout of the Oracle Redwood user interface, offering a more intuitive and user-friendly experience. Key features include natural language search, customisable dashboards, and enhanced navigation. The rollout will begin with core components like dashboards and forms, with the full interface coming later. Read more here.
2. NetSuite Enterprise Performance Management upgrades
Enterprise Performance Management (EPM) solution is set to get even better, infused with powerful AI innovations to help finance teams increase efficiency, expand insights, and spend more time on value-added activities. These latest AI updates include Generative AI for narrative reporting, AI-powered narratives in planning and budgeting, predictive forecasting explanations, and AI digital assistant for NetSuite EPM. Read more here.
3. AI enhancements across the Suite
Several new AI features were unveiled during the keynote, placing AI at the forefront of NetSuite’s advancements. New tools include enhanced generative AI capabilities for better content integration, a digital assistant in SuiteAnalytics, and Financial exception management to automatically detect financial discrepancies! Built on Oracle Cloud, these AI innovations are designed to put privacy and security first – so the sensitive data of the customer is protected. Read more here.
4. NetSuite SuiteProcurement
NetSuite has introduced SuiteProcurement to help businesses streamline purchasing and control costs. This new solution automates approvals, order creation, invoicing, and reporting, allowing customers to track and manage every purchase from request to payment. Key integrations with suppliers like Amazon Business and Staples make it easier for growing businesses to optimise spending and efficiently buy goods and services. “For growing businesses, indirect procurement can be a time-consuming and costly process that negatively impacts the bottom line,” Goldberg stated. “By allowing customers to benefit from these integrations directly in NetSuite, SuiteProcurement will help optimise spending and enable customers to efficiently buy the goods and services needed to support growth.” Read more here.
5. NetSuite Connector for Salesforce
A new connector for Salesforce is coming, enabling real-time data flow between the two platforms. Previously, joint customers had to rely on manual updates or third-party tools, but with this integration, critical data like invoices, payments, and customer records can be automatically shared. This will reduce data silos, improve process efficiency, and enhance decision-making accuracy. Read more here.
6. NetSuite Analytics Warehouse
NetSuite Analytics Warehouse is receiving new AI-powered updates to enhance data analysis. Features include ‘Auto-Insights’ for automatic data visualizations and insights, ‘Oracle Analytics AI Assistant’ for creating up to 50 visualizations from datasets, and ‘Explain’ for uncovering drivers, anomalies, and contextual insights. Read more here.
7. New AI-Powered Project Management Capabilities with SuiteProjects Pro
Project management just received a major boost with the recent announcement of NetSuite SuiteProjects Pro. Oracle NetSuite plans to deliver a new AI-powered extension to its project management solution, NetSuite SuiteProjects. NetSuite SuiteProjects Pro – previously called NetSuite OpenAir, provides a complete service delivery-focused solution that applies new AI-powered capabilities to help project-based businesses monitor the health of projects and accelerate project planning. With NetSuite SuiteProjects Pro, project managers reduce risk, optimise resource allocation, increase productivity and profitability, and scale operations. For example, automate staffing, scheduling, budget tracking, and billing. Read more here
With many updates from SuiteWorld 2024 to process, SANSA’s experienced NetSuite Consultants are ready to help you understand and implement these new features in your NetSuite instance as they are rolled out.
Contact our team today.