The third day of SuiteWorld 2023 has concluded, and the Annexa team is still covering the event in Las Vegas. Through an executive keynote, seminars, lectures, and roundtable talks, we were able to go a little further into NetSuite’s most recent capabilities on the last day of the company’s worldwide conference.
On the final day of SuiteWorld 2023, artificial intelligence was still very much in the spotlight. Along with the new AI-powered solutions that NetSuite presented yesterday, an ambitious roadmap of 80 upcoming AI features was also highlighted. AI is becoming a fundamental component of NetSuite’s platform, not just a trendy add-on. The organization is using artificial intelligence (AI) to improve or innovate a variety of areas, including financial planning tools, customer experiences, supply chain management predictive analytics, and business process automation.
Let us go back to the executive keynote that was given in the morning on day three, which had as its theme “Unleash the Suite”. Product experts for NetSuite joined Gary Wiessinger, SVP of NetSuite application development, to discuss the new and forthcoming solutions in greater detail.
AI-driven user and consumer experiences
Several NetSuite modules, including CRM, SuiteCommerce, CPQ, and SuiteBilling, now have additional recommendation tools integrated into them. The fact that these aren’t merely ambiguous suggestions is exciting. The AI is intelligent enough to recommend precise product setups. This feature aims to expedite product sales for NetSuite clients, personalize customer interactions in a more relevant way, and improve overall user experience.
Sales representatives, for instance, will adore the brand-new Customer 360 function. In addition to rapidly generating a price and flagging a possible customer opportunity, it also launches a configurator with the customer’s preferences pre-loaded. Alternatively, it can suggest a discount that satisfies the unique requirements of the customer while also optimizing it to maximize profit.
It was just a matter of time until NetSuite made a commitment to extending its data analytics and insight capabilities, given the volume of data housed in the platform. The introduction of NetSuite Analytics Warehouse (NSAW) represented a substantial advancement in this regard.
SuiteWorld 2023 has now provided us with even more resources. Businesses can compare their performance indicators with those of their rivals by using Benchmark 360. Using artificial intelligence (AI), intelligent cash management can forecast cash flow with accuracy and even suggest particular courses of action, including hiring policies or product promotions.
Similar to this, the recently unveiled Field Service feature makes better use of AI and analytics to show which specialists are accessible for a certain task. Managers may assign work to the most appropriate individuals more effectively, maximizing resources and time, by knowing who is available and when.
Help with AI for HR
Participants learned about a new autonomous payroll system that includes an AI bot. This system is capable of carrying out standard payroll functions as well as going above and beyond by proactively spotting irregularities in the system, including unapproved overtime, and notifying the appropriate leaders so they may take appropriate action. We anticipate that Australia will soon have access to these HR skills.
Enterprise Performance Management (EPM) using AI and NetSuite
The General Vice President of Product Management International, Craig Sullivan, gave us a detailed overview of the new NetSuite EPM, which thrilled us. He focused on budgeting and planning, pointing out that one could view estimates based on specific product lines by zooming in at the subsidiary level. A more natural comprehension of the data is made possible by the integrated AI’s ability to produce visual representations for these projections.
Users can also choose new baseline metrics for upcoming predictions, giving them a way to monitor developments and make data-driven modifications to company plans. In the end, this will give the planning and budgeting process a higher level of detail and control. We can’t wait to use this one for play.
AI in novel industries
Additionally, NetSuite has been hard at work creating solutions for 14 distinct new sector verticals, such as hospitality, dining, and healthcare.
During the occasion, Compliance 360—a technology specifically created for the healthcare industry—was highlighted. It seeks to improve and streamline the tracking of compliance needs, including guidelines for patient data printing and record destruction. Once more, Compliance 360 has been enhanced with AI capabilities to produce visuals that facilitate the management and monitoring of compliance data.
AI for programmers
Finally, new AI suggestion capabilities that are prepared to help developers during the coding process move us from the front end to the back. Here, cutting down on project completion time and increasing code writing correctness is the main objective. In essence, the AI works with developers like a co-pilot, analyzing their code as it is written and suggesting the best courses of action. This might result in a better final product, increase efficiency in the development process, and assist prevent errors.
Views on the announcements on day three
This year, NetSuite celebrated its 25th anniversary, and it’s clear that the forerunner in cloud computing isn’t about to take a break. NetSuite is clearly aiming for more than just being an all-in-one company platform, as demonstrated by SuiteWorld. The conference gave attendees a sneak peek at an even more exciting future by showcasing how the company is actively pushing user efficiency and profitability to new heights.
However, we anticipate an even more radical change for NetSuite in the near future. It looks like the company is about to change into a highly customized, intelligent business suite, taking advantage of its worldwide infrastructure and AI capabilities to provide a more integrated and user-friendly service than it has in the past.