NetSuite and AI: How Your Business Benefits

AI marks a quantum leap in the ability to draw valuable insights from vast amounts of data and to fuel productivity.?

With AI embedded in the suite, our customers can automate even more repetitive, manual tasks and enhance and accelerate decision-making with real-time insights, recommendations, and predictions. We’ve embedded AI into the suite for years, and recently announced exciting innovations around generative AI with NetSuite Text Enhance and Benchmark 360, which uses AI to increase productivity and drive deeper insights. Those capabilities are just the beginning of what we have planned for the suite.?

In this edition, we’ll dive into how businesses can use AI to help improve productivity, gain deeper insights, and how we’re embedding it across the suite.

NetSuite + AI: Advise and Assist ??

In NetSuite, AI serves two main purposes: assisting and advising. Assistants help teams become more efficient by automating tasks, while advisory functionality helps analyze data faster for broader and deeper business insights.?

Here’s a look at how we’re leveraging AI today to help our customers do more with less:

AI Assistants Offer a Helping Hand ??

AI technologies that assist with tasks save employees time, improve data reliability, and streamline a multitude of processes.

By using AI, you can automate well-defined tasks—think doing basic data entry and account reconciliations, or identifying general ledger exceptions. NetSuite assist features execute these workloads in accordance with your procedures and rules.?

One example of an AI-assisted system is NetSuite Bill Capture , which is designed to save you from manually keying in invoices. You can upload invoices into NetSuite via email or drag and drop, and the system uses AI-based document object detection and optical character recognition (OCR) to automatically fill in bill record fields. The technology also matches bills with associated purchase orders and receiving documents to ensure accuracy and a clear audit trail.

AI Advisory Technology Offers Expert Analysis ??

As businesses generate, collect, and analyze financial and operational data from their ERP and complementary systems, AI capabilities within NetSuite can advise and guide your decision-making to help improve future outcomes.

Here are just some ways we’re delivering on this now:

NetSuite Analytics Warehouse is an AI-enabled cloud data warehouse and analytics solution built for NetSuite customers. Businesses need to make sense of vast amounts of data, which can be a difficult and time-consuming task. NetSuite Analytics Warehouse simplifies this by bringing together data from a multitude of applications—such as Shopify and Google Analytics, in addition to NetSuite—and leveraging AI to recognize patterns and turn them into actionable insights. By creating a single source of accurate data and leveraging the power of AI, analysts can help businesses unlock value from their data to drive growth.

NetSuite Planning and Budgeting gives businesses the power to quickly produce accurate forecasts and budgets, model what-if scenarios, and generate reports such as budget vs. actual, financial statement projections, and board and management presentations. New AI capabilities further enhance data analysis to improve and accelerate decision-making by using predictive algorithms to continually monitor and analyze plans, forecasts, and variances, helping?uncover and highlight trends, anomalies, and correlations.?

NetSuite Supply Chain Tower helps businesses balance supply and demand by assessing costs, lead times, and promised delivery dates. The application uses AI to run simulations that track inventory levels and help predict the effects of changes to, say, a bill of materials or particular production process.

The Future of AI For NetSuite Customers ??

We will continue to embed AI in the suite, and we are uniquely positioned to deliver a great AI experience to our customers. AI is only as good as the data it has, and with NetSuite all the data is in one place so we can provide not just reports but also recommendations on what to do.? By using the unified suite that NetSuite provides, the critical data is all there, not in separate systems.?

We will continue to explore other AI models and technologies to bring our customers exceptional business insights and automation as we look to the next 25 years and beyond.

Business Guide: The CFO’s Guide to AI and Machine Learning

This guide to AI and machine learning includes insights on the practical concerns of using AI in business, and the origins and progression of AI. It also explains the meaningful differences between AI and machine learning.

Business Guide: Smart Growth: How Your Business Can Benefit From NetSuite and AI

This guide offers an overview of how AI technologies embedded in NetSuite can help teams become more productive and help leaders reach their goals faster.

NetSuite Planning and Budgeting Predictive Analytics

NetSuite Planning and Budgeting enables you to use sophisticated modeling techniques, predictive analytics, multiple what-if scenarios, and rolling forecasts to minimize uncertainty in the business.

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Use the Product Revenue Predictive Spread Form to validate and adjust item budgets by customer and to create item budgets from predictions. The Product Revenue Predictive Spread Form is suitable for predictive planning and provides a reasonableness test to improve accuracy based on historic trends.

1. From the Home page, navigate to Revenue and Gross Margin.

2. Click tab 1 – Product Revenue.

3. Click the Product Rev Predictive/Spread form.

4. In the Point of View, select the Subsidiary, Currency and Class.

5. Click Item and select the Inventory Item you want to budget for.

6. Click [OK].

7. Click Go.

8. Expand Total Customer and expand the Customer Category you want to work with.

9. Right click on the Customer and select Predictive Planning.

Note: Alternatively, navigate to Actions > Predictive Planning. You can access Predictive Planning without selecting a customer first. Predictive Planning is calculated for the whole form, and you can navigate between rows on the form.

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Visit MyLearn to learn more about NetSuite Planning and Budgeting and the Customer Learning Cloud Support (LCS) to read more about the LCS Company Pass, including exploring free LCS content.

Virtual Events

Simplified Multinational, Multi-Entity Financial Consolidation

Thursday, November 16, 2023

11 a.m.–12 p.m. PT

Register here [LINK TBD]

Revolutionizing Manufacturing with NetSuite and Fuuz MES

Wednesday, November 15, 2023

11–11:45 a.m. PT

Register here

NetSuite Procure-to-Pay Tips and Best Practices

Tuesday, November 28, 2023

11 a.m.–12 p.m. PT

Register here

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