NetSuite: AI-based ERP for SMEs
Many AI functions have now been added to the NetSuite business software. Thanks to simple management tools, it is particularly suitable for SMEs.
(Image: iX)
- Harald Weiss
Oracle subsidiary NetSuite presented a fundamental overhaul of its cloud-based business software at its latest customer event NetSuiteWorld. The new offering is primarily based on AI enhancements and new AI tools. This primarily affects the application areas of Planning & Budgeting, Enterprise Performance Management (EPM), Analytics Warehouse and Purchasing. There are also technological support modules to improve the use of AI. These include Auto-Insights, Analytics AI Assistant, AutoML, Prompt Studio Code Assist SuiteScript optimization and an AI Playbook. The latter is a tool for configuring and optimizing the many new AI functions.
AI recognizes trends, AI writes reports
AI-supported narratives have now been introduced in the Planning & Budgeting area, enabling employees to recognize patterns, trends and anomalies in the financial data and create AI-generated comments and reports based on them. There are also new AI-based forecasts that significantly improve accuracy. These features are connected via the new AI-driven digital assistant for NetSuite EPM. A new intuitive user interface based on the Redwood design is designed to simplify the use of the new features. The Analytics Warehouse offers a range of new AI-based evaluations that can be used to make better use of the large volumes of data for business decisions. Analytics Warehouse is based on the Oracle Analytics Cloud and the Oracle Autonomous Data Warehouse. For procurement, there is now the new SuiteProcurement module, which serves to support the entire procurement process from request to payment. A special feature is the integration with important suppliers. Currently these are Amazon Business and Staples Business Advantage, but others are to follow. SuiteProcurement is operated by Oracle Business Network.
The new AI support modules include Auto-Insights. This software generates graphics and delivers results in natural language so that business reports and other decision-making documents can be created much faster. The Analytics AI Assistant allows data queries in natural language; for example, questions can be asked about data patterns and the assistant responds in natural language. AutoML automates the choice of algorithms and adapts them to the modeling workflows so that ML can also be used by people who do not have the relevant AI knowledge. With Prompt Studio, administrators and developers can configure the format, tone and level of creativity of AI-generated responses. And Code Assist SuiteScript helps developers with extensions and customizations within NetSuite software. It can quickly create and execute boilerplate code and unit tests and generate documentation.
Oracle and NetSuite
There was praise from analysts for the extensive updating, especially NetSuite's mid-market focus. In fact, the market split between Oracle and NetSuite was initially quite clear. Oracle's ERP Cloud for larger companies with highly complex requirements and considerable IT resources and capacities, NetSuite for simple, more manageable ERP implementations for small to medium-sized enterprises (SMEs). In the meantime, however, this market division has changed towards a greater overlap. Today, there are many large companies that use NetSuite – and Oracle is not only to be found among the big players.
An overview of the new AI features can be found in the NetSuite announcement.
(mki)