All Systems Grow

SuiteWorld, the largest NetSuite conference of the year, is taking place this week. NetSuite founder Evan Goldberg announced new product updates and other news during a high-energy keynote earlier this week. If you missed the keynote, check out the recap below.

Recent milestones for NetSuite and NetSuite customers

• There are now over 40,000 NetSuite customers worldwide
• As part of the Oracle network, NetSuite now has 36 data centers around the world with centers in India and Brazil coming soon
• In the recent Forbes Cloud 100 list, 84% of companies are NetSuite customers

NetSuite Enhancements in Four Key Areas – AI Takes Center Stage

To kick off the keynote Goldberg focused on what NetSuite is always focused on – growth. Goldberg and a variety of guest speakers discussed how the NetSuite product has grown and how customers are using new tools to expand their operations.

Generative AI was a big part of most of the product announcements made this week. All product updates were focused on these four areas:

• Improving the NetSuite User Experience
• Generating better business performance insights with NetSuite
• NetSuite tools for automating processes
• Leveraging NetSuite for collaboration among teams and between systems

A New NetSuite UX Design System: Redwood

One of the announcements during the keynote was the introduction of Redwood – a new design system for the NetSuite user experience. Redwood was presented as more than just a new look within NetSuite – it also includes new user tools. The aim with Redwood is to offer a “consumer grade” experience – as we’re used to with Apple, AirBnb, Uber etc. – within enterprise software.

Some examples of new NetSuite tools within the Redwood Design System include:

• New intelligent sales insights in the Customer 360 dashboard – sales teams using this new feature in the past few months have increased their conversion rates by 11%
• New AI tools for financial exception management – not only reporting exceptions but providing insights and solutions for how to fix the exceptions
• Project health check and suggestions for project management in SuiteProjects Pro

NetSuite EPM Tools for Better Business Performance Insights

NetSuite is using AI to help users gain a better bird’s eye view of their business. New tools in NetSuite EPM provide insights that enable users to pursue growth.

Companies use NetSuite EPM for planning, financial close, reporting, and more. EPM now includes narrative reporting using generative AI. Features include:

• Ability to update reports with new insights using AI writers and designers – ability to generate both written summaries and visual charts using search/conversational prompts
• Generative AI tools give both insights and key background data
• New forecasting capabilities – not only data, but key insights into the trends
• New predictive planning capabilities – AI generated forecasts

New AI Features in NetSuite Analytics Warehouse 

• Ability to use large language models to help manage things like stockouts 
• AI tools by functional area (like stockouts) – no need to choose a specific data model or to know what particular data model you need to use
• Generative AI to create visualizations you need for reporting
• New “Explain” feature that provides detailed explanations of reports

Special Offer

Through the end of October, NetSuite is offering 50% off NetSuite Analytics Warehouse or any EPM solution implementation.

New Tools for Automating Processes in NetSuite

AI Enhancements to Core NetSuite

NetSuite has made two big additions to the core Suite when it comes to AI. 

• “Ask Oracle” global search for anything in NetSuite – search or ask any question to use this tool supplemented with deep insights from across your NetSuite software
• NetSuite Prompt Studio is the next iteration of Text Enhance which NetSuite launched last year. NetSuite Prompt Studio uses generative AI and has been expanded as a tool in more than 200 applications in NetSuite. 

Two New Tools for Developers in NetSuite

Generative AI for SuiteScript API

This new tool is available in NetSuite 2024.2. A use case example presented by Netsuite partner Celigo was:

• Using SuiteScript API to summarize customer support cases or summarize email chains – versus having to read every communication to understand a customer support issue.

Oracle SuiteScript Code Assist

Code Assist is a new AI assistant for developers that can be used to customize NetSuite and Suite Apps.

New NetSuite Features for Collaboration

SuiteProcurement

NetSuite announced SuiteProcument as a new procurement solution that interfaces with Amazon Business, Staples, and other suppliers.

• Amazon Business and Staples Business are already signed up as vendor partners with Suite Procurement and are offering deals to NetSuite users
• SuiteProcurement interfaces with Amazon seamlessly, making it possible to automate processes with vendor management (orders, bills, invoices, GL account management)
• New SuiteProcurement tools make collaboration between finance, purchasing and other teams easier

NetSuite Connector for SalesForce

This new connector allows for an auto sync between NetSuite and SalesForce – including customer, sales, and other important data.