All Systems Grow at SuiteWorld 2024

 

We're super excited about this update! The Oracle Redwood Design System helps you get things done more efficiently and makes it easier to use with Oracle's award-winning design. It brings a modern look and feel to the entire suite. NetSuite Enterprise Performance Management and NetSuite Analytics Warehouse already have this new experience. Soon, it will be available in NetSuite SuiteProjects Pro, Customer 360, and the whole NetSuite application, starting with the most-used areas like dashboards, lists, and forms to make everything even more productive.

 

 

 

NetSuite Enterprise Performance Management

Last year at SuiteWorld, NetSuite introduced the Enterprise Performance Management (EPM) solution. Now, they are taking it a step further by integrating advanced AI capabilities. This enhancement is designed to help finance teams uncover the vital reports and insights they need to drive informed decision-making. A recent survey of NetSuite EPM customers revealed that 61% experienced improved forecast accuracy, 51% spent fewer days on annual planning, 45% reduced their monthly planning time, and 40% eliminated spreadsheet-based models.

• Generative AI for Narrative Reporting will boost finance teams' productivity and reveal new insights by swiftly generating AI-driven narratives, explanations, and visuals from financial and transactional data.

• AI-generated narratives in NetSuite Planning and Budgeting will expedite reporting for finance teams and help them seize business growth opportunities by identifying patterns, trends, and anomalies with comprehensive, AI-created commentary and narratives.

• Predictive forecast explanations in NetSuite Planning and Budgeting will enhance finance teams' confidence in their forecasts, enabling quick action by breaking down the key factors behind AI-generated forecasts in a clear and understandable manner.

• The AI digital assistant for NetSuite EPM will enhance productivity for finance professionals, allowing them to efficiently complete various tasks by querying a chatbot that quickly retrieves the needed information.

   

NetSuite Analytics Warehouse

Exciting new AI-powered updates are on the horizon for NetSuite Analytics Warehouse. This solution already leverages AI-driven automations to centralise the latest data from NetSuite and other systems, providing you with real-time, actionable insights to enhance your business operations.

The newest updates introduce advanced AI tools and models designed to help customers analyse data more efficiently and gain predictive insights to improve forecasts. 

• Auto-Insights, which will accelerate reporting and enhance decision-making by automatically generating data visualisations and textual insights based on a dataset’s attributes, measures, and other key points.

• Explain, which simplifies understanding your business by using AI to identify significant business drivers, data anomalies, and contextual insights within your analytics.

• Oracle Analytics AI Assistant, which allows customers to ask questions about data patterns and trends, providing answers and relevant data visualisations through generative AI.

• Out-of-the-box AI models, which improve decision-making with no-code models tailored for specific use cases, such as predicting customer churn and inventory stockouts.

• AutoML, which enhances insights and efficiency by automating algorithm selection and customising modeling workflows without requiring technical AI skills.

• Oracle Machine Learning, which boosts algorithm performance, expands insights, and enhances decision-making by offering a collaborative interface to visually explore data and tailor ML models to your unique business needs.

 

NetSuite Connector for Salesforce

NetSuite has unveiled a new integration between NetSuite and Salesforce. The NetSuite Connector for Salesforce will seamlessly integrate data between NetSuite and Salesforce, minimising data silos, speeding up order-to-cash and revenue recognition processes, and enhancing business insights.

The NetSuite Connector for Salesforce is driven by Oracle Integration Cloud (OIC), a secure and top-tier integration service that allows customers to configure, manage, and monitor data flows through a self-service interface within NetSuite.

• Enhance financial management and expedite decision-making by offering real-time access to NetSuite financial data, such as invoices, payments, credit limits, and due amounts, directly within Salesforce.

• Improve customer management by providing accurate insights and profiles through automated updates between Salesforce and NetSuite customer records.

• Improved item management to prevent customer issues and enhance the quality and consistency of product information by syncing inventory, non-inventory, and service items, along with item pricing, between NetSuite and Salesforce.

• Increase order record accuracy and expands visibility into sales opportunities by automatically synchronising sales orders between NetSuite and Salesforce.

 

NetSuite SuiteProjects Pro

NetSuite SuiteProjects Pro is here to help project managers make the most of AI and user-friendly innovations to spot risks, plan faster, and boost productivity.

NetSuite introduced this new AI-powered extension to their project management solution, NetSuite SuiteProjects. Formerly known as NetSuite OpenAir, SuiteProjects Pro brings improved user experiences and smart AI features to help you keep an eye on project health, speed up planning, and get more done.

• AI-driven project risk analysis monitors project health, identifies issues, and prevents delays by using historical data and key metrics.

  

• AI-driven staffing recommendations simplifies project planning, optimises resource allocation, and enhances efficiency by matching projects with the right talent.

• Oracle Redwood user experience enhancements boosts productivity with global search, role-specific tasks, and a homepage displaying key metrics and charts.

NetSuite Guided Learning Managed Service

There is so much more...

• Cash 360. A new addition includes calculating the forecast based upon days sales outstanding and days payments outstanding from your actual data based on how customers are paying you and how you are paying your vendors. You can further drill into the forecast and see the difference between raw and calculated numbers. A further enhancement also includes a feature whereby installment payments collected from our sales invoices are also being factored into your forecast.

• Customer 360. Announced last year, NetSuite is excited to announce that the first version will be available in 24.2.
• The CRM Specialised User provides sales, marketing, and service employees with the tools they need.
• NetSuite CPQ + SuiteBilling. Last year, NetSuite highlighted how CPQ and manufacturing seamlessly integrate to deliver products. This year, NetSuite announced that SuiteBilling now also seamlessly integrates, allowing you to configure your products, services, and subscriptions all in one place for a hybrid business model. This process is further simplified with the CPQ intelligent assistant.
  
• New Sales Order Design. This innovative design consolidates fulfillment and invoicing information on a single screen. You can view shipping dates and tracking numbers, filter and see ship dates for outstanding orders, and more, all within the Sales Order interface.
  
• Hybrid Business Models. The business landscape has evolved; companies are no longer confined to being solely service providers, product sellers, or subscription-based entities. Today, products and services are frequently offered as subscriptions. Product companies are now incorporating services, and service companies are introducing products. We live in a world of hybrid business models, and NetSuite equips you to excel in this dynamic environment. Here is an example of a hybrid workflow that encompasses both physical goods, which are managed through NetSuite WMS (featuring new capabilities like flagged rush orders and the ability to add pictures during picking), and Ship Central (now enhanced with the option to add logos on printed shipping labels), as well as subscriptions managed by SuiteBilling (offering new features such as subscriptions, prepayments, and automatic renewals with uplifts).

 

Wrapping Up an Unforgettable SuiteWorld 2024

SuiteWorld is the biggest get-together for the NetSuite community and an awesome event if you're a NetSuite user. Besides catching up on the latest product updates and meeting other users and partners, we were thrilled to connect with the broader community and those who create specialised and complementary solutions to enhance the NetSuite platform.

SuiteWorld 2024 has been an amazing adventure filled with discovery, innovation, and connection. The exciting advancements in AI, new integrations, and improved user experiences showcased at the event are set to transform how businesses use NetSuite. We truly believe that attending SuiteWorld is a fantastic opportunity for anyone using NetSuite, offering unmatched insights and chances to stay ahead in a fast-changing world.