The highly anticipated NetSuite 2024 Release One has arrived! We first announced these long-awaited enhancements in our article “Artificial Intelligence (AI) in NetSuite” in early 2023. This update showcases groundbreaking advancements that were officially presented at SuiteWorld, NetSuite’s annual conference, in the fall of 2023. With a focus on AI, enterprise performance management, and field service support, NetSuite is continuously innovating to meet the changing needs of businesses.
On the heels of this exciting release, we’d like to delve into the key features and enhancements introduced in this release that will transform how you manage your business. From AI capabilities integrated into the suite to enhanced generative AI features, improved field service management, and enterprise performance management solutions, we’ve got you covered. Stay tuned to discover more about NetSuite’s dedication to delivering state-of-the-art technology that fosters business growth.
Accelerate Business Writing Using Generative AI
NetSuite’s Text Enhance feature, powered by Oracle Cloud Infrastructure (OCI), integrates generative AI into various tasks throughout the suite to generate personalized, contextually relevant content using pertinent NetSuite data. This allows employees to quickly evaluate and revise initial draft content, expediting their workflow.
This NetSuite’s latest update, Text Enhance is expected to enhance the efficiency of customer service, HR, and marketing teams. This feature can:
- Generate product descriptions for invoices, websites, and point-of-sale systems;
- Draft job duties, roles, and responsibilities;
- Propose employee goals and recommend success metrics;
- Compose customer support communications.
Additionally, Text Enhance 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 exclusive to NetSuite customers in North America. NetSuite intends to expand its coverage and capabilities in future releases.
NetSuite’s Text Enhance is designed to help customers in a variety of areas across their organizations, including:
- Finance and Accounting. NetSuite Text Enhance was built to help accounting and finance teams get through their jobs more expeditiously. This tool makes it easier to quickly complete writing tasks that would otherwise be time-consuming. Additionally, these teams can now get ahead of their collections processes and close their books faster, freeing up employees to focus on more strategic and fulfilling projects. Text Enhance might be used by these teams when they need to craft targeted and personalized collection letters or present summaries of complex financial reports.
- Supply Chain and Operations. NetSuite’s Text Enhance members of logistics teams by streamlining purchasing and operations processes and improving the standards of communications that are sent out about a company’s products. Assisted authoring lets users generate procurement orders and letters of request, craft tailored vendor engagement outreach and emails to follow up on delayed purchase orders, create notifications to apprise customers of delivery schedule updates, and develop product descriptions utilized by sales, support, and onboarding teams for bills, websites, and point-of-sale networks.
- Sales and Marketing. NetSuite’s release of Text Enhance is able to guide sales and marketing teams to craft more impactful campaigns that boost revenue. These groups of employees might use Text Enhance to create customized email content for promotional campaigns and sales pitches, generate contextual responses to leads and prospects, and draft written quotes and proposals.
- Human Resources. Managers, HR leaders, and even employees will enjoy the speed and precision offered by NetSuite Text Enhance. This tool can be used to compose job postings, descriptions, and requisitions, draft detailed goals with descriptions and success metrics, generate content or peer-to-peer recognition, and summarize employees’ performances based on feedback collected throughout the prior period from individual employees, their colleagues, or their managers, as well as goal development and accomplishments.
Enhance Invoice Capture Processes with Improved Intelligence
NetSuite Bill Capture is an AI-supported technology that eliminates manual invoice data entry. Users can submit billing documents by way of email or the drag-and-drop feature; from there, the platform utilizes AI-based document object detection and optical character recognition (OCR) to automatically populate record fields within each invoice. Bill Capture also conducts a three-way match of invoices, comparing linked P.O.s and receiving forms to maximize precision and procure an easy-to-follow audit trail.
In this newest release, Bill Capture has been enhanced to recognize additional fields such as:
- Purchase order number
- Memo
- Posting period
- Discount data
- Custom segments
These updates provide increased flexibility to meet an organization’s unique requirements and result in more thorough and precise invoicing. Additionally, NetSuite 2024.1 updates improve the Bill Capture user experience. Users can now confine their searches by vendor, upload information, and email additional details on the Scanned Vendor Bills page.
Enrich ERP with AI-Driven, Predictive Insights
Envision an ERP system that anticipates equipment malfunctions before they happen, preventing expensive downtimes and production interruptions. Picture AI-driven algorithms predicting fluctuations in demand, allowing you to fine-tune inventory levels and steer clear of stockouts or overspending. Consider predictive maintenance plans that automatically create work orders, guaranteeing the longevity and optimal performance of equipment. This is the game-changing potential of predictive analytics in ERP, providing insights that transcend historical data and set the stage for proactive, data-driven efficiency.
The 2024.1 NetSuite release introduces Intelligent Performance Management (IPM) to NetSuite Planning and Budgeting. IPM employs predictive algorithms driven by machine learning to constantly monitor and analyze plans, forecasts, and variances. The system identifies trends, anomalies, biases, and correlations, enabling finance teams to swiftly evaluate and act on these insights.
Here’s how AI-driven predictive analytics boost ERP effectiveness:
Minimized Downtime and Proactive Maintenance
By dissecting sensor data and past patterns, AI can reliably forecast equipment breakdowns, facilitating planned maintenance before disruptions halt operations. This not only reduces expenses but also guarantees the durability and peak performance of equipment.
Heightened Resource Management
AI has the capability to enhance workforce scheduling and capacity planning by forecasting future workloads and resource requirements. This promotes streamlined operations, mitigates bottlenecks, and enables businesses to allocate resources effectively in line with projected demand.
Reduced Waste and Enhanced Quality
Predictive analytics can scrutinize production data to detect potential defects and quality concerns before they arise. This facilitates proactive modifications to processes and machinery, reducing waste and ensuring consistent product quality.
Data-Informed Decision-Making
By transforming historical data into actionable insights, AI enables businesses to make informed decisions across various aspects, including purchasing, production, marketing, and pricing. This data-driven strategy results in optimized strategies, mitigated risks, and enhanced overall performance.
Let MIBAR Walk You Through NetSuite’s 2024.1 Release Today!
NetSuite’s 2024 Release One brings revolutionary AI-driven features that enhance business operations across finance, supply chain management, sales, marketing, and HR. From the intelligent performance management in planning and budgeting to the predictive analytics in ERP, NetSuite is at the forefront of using AI to drive efficiency and growth.
MIBAR can help you leverage these new features to transform your business. Contact us today to learn more!
Additional NetSuite and AI Resources
7 NetSuite Security Best Practices: Protecting Your Business Data
Realistic Ways Your Business Can Take Advantage of Artificial Intelligence (AI)
Considering NetSuite? Everything You Need to Know About NetSuite
