NetSuite AI: 6 Ways to Supercharge Your Business

Jalene Ippolito January 23, 2024

   6 NetSuite AI Features to Supercharge Your Business

  • Bill Capture
  • Text Enhance
  • Intelligent Insights
  • Planning and Budgeting
  • Supply Chain Control Tower
  • Analytics Warehouse

In an increasingly competitive market, the strongest businesses are relying on the latest technology to streamline operations, improve the customer experience and make faster, more intelligent decisions.

For years, NetSuite cloud ERP has enabled small and mid-size companies to achieve that by integrating their business data in a single system. And now NetSuite is leading the pack with new AI capabilities that create even more opportunities to supercharge business operations.

Whether you’re looking to automate mundane tasks or leverage predictive analytics, NetSuite ERP provides the AI-backed tools to do it. Here’s a look at what’s already available and what’s coming.

6 NetSuite AI Features to Help You Do More with Less

Since small and mid-size businesses are often focused on growing the business while spending less, NetSuite is focused on helping them do just that, with embedded AI across all value streams. The goal is to help companies like yours accelerate growth, improve productivity and gain deeper insight into your business.

To achieve that, NetSuite is developing AI capabilities that serve two purposes:

  • Assist: These tools use AI to handle repetitive tasks based on business rules and best practices. By automating things like data entry and intercompany reconciliations, you save time and increase productivity.
  • Advise: These tools help you make faster, more effective decisions using AI-driven data analysis to identify trends, make predictions and answer questions.
NetSuite AI Features at a Glance [Infographic]

1. Bill Capture

NetSuite Bill Capture reduces the time your accounting team spends manually entering invoice data. Rather than manually keying in invoice data, you simply email or drag and drop vendor invoices directly into NetSuite.

The bill record fields in NetSuite are automatically populated from the scanned invoice using AI-based document object detection and data classification. Then, bills are matched with the associated purchase orders and receiving documents in NetSuite to ensure the data is accurate. All your team has to do is a quick review of the data and you’re done!

You’ll see immediate time savings with the Bill Capture tool and that will increase over time as the tool learns from previous invoices and improves the data matching accuracy.

2. Text Enhance Generative AI

Text Enhance will soon be available across the NetSuite platform to help users quickly produce contextual and personalized content. Using the Oracle Cloud Infrastructure (OCI) generative AI service, Text Enhance pulls in relevant, company-specific data from your NetSuite system to quickly write content and speed up everyday workflows.

For example, rather than spending time writing product descriptions, purchasers can enter a few details and Text Enhance will generate a complete description, pulling in relevant information from the item record.

Here are a few other examples of how NetSuite Text Enhance can increase productivity across your organization:

  • Sales: When a prospective customer shows interest in a particular product, sales reps can use Text Enhance to quickly draft an email response that includes the latest product description, pricing, availability and delivery dates.
  • Finance and accounting: Text Enhance can speed up the reporting process by generating financial report summaries and narratives.
  • Operations: In addition to writing product descriptions for both purchasing and sales, NetSuite Text Enhance can help operations teams create personalized vendor engagement letters and emails to chase delayed purchase orders.

3. Intelligent Insights

At the most basic level, NetSuite provides intelligent insights in the form of dashboards, reports and automated alerts. For example, if you’re an inventory planner, the system will automatically alert you of potential supply issues so you can take proactive steps to avoid a stockout.

With the next generation of intelligent insights, you’ll see AI-generated headlines and summaries that help you understand your data in a fraction of the time it would take you to analyze that data on your own.

For example, Customer 360 uses data from across your NetSuite system to provide a summary of the most important information, so you can quickly tailor your activities to a given customer. Here’s what you’ll find on the Customer 360:

  • An AI-generated headline that tells you the most important things about the customer.
  • An easy-to-read overview of the customer with AI-generated insights using recent interactions and other data from your NetSuite system.
  • AI-driven recommendations for upsell and cross-sell opportunities, based on purchase and interaction history, as well as product availability.

4. Planning and Budgeting

NetSuite Planning and Budgeting automates the process of producing budgets and forecasts, modelling what-if scenarios and generating reports. The AI-based analysis puts large data sets in context and identifies patterns to help your finance team learn from the data and fine-tune the forecasts. With the prediction algorithms continually monitoring your plans and forecasts, your team can spend less time on analysis and more time implementing the right strategies to improve performance.

5. Supply Chain Control Tower

The NetSuite Supply Chain Control Tower also uses predictive analytics to help you make more effective demand planning decisions. It uses AI to run simulations that track inventory levels and predict the effect of changes to bills of materials (BOMs), production processes and more. This lets planners create detailed supply and demand models so they can make the right decisions to reduce production bottlenecks and supply chain disruptions while keeping costs and lead times in check.

6. Analytics Warehouse

Supporting the embedded NetSuite AI features is the NetSuite Analytics Warehouse, which uses AI models to quickly analyze data patterns, trends and anomalies, then convert that data into understandable insights for your team. It unifies historical and transactional data from your NetSuite system, plus integrated applications, so you can easily create reports and visualizations in one place. You also have access to AI recommendations on the best visualizations for a report and auto-generated narratives on data findings.

In short, the AI-powered capabilities in NetSuite Analytics Warehouse give you faster access to insights so you can focus your team on taking the next right step instead of analyzing the data.

Benefits of NetSuite AI

You can see the theme with each of these NetSuite features – do more with less. More specifically, NetSuite AI helps you to:

  • Boost productivity using automation. With tools like Text Enhance and Bill Capture, you can streamline everyday processes that end up saving you hours a day across the organization.
  • Make better business decisions. Predictive analytics and intelligent insights empower every employee to make faster, more informed decisions. Not only does this make your company more agile, but it also distributes everyday decision-making across the business to avoid bottlenecks at the management level.
  • Optimize the customer experience. With an instant view into each customer, sales and support teams can provide personalized recommendations and support, increasing customer satisfaction and revenue opportunities.
  • Improve employee satisfaction. Your employees use data every day, but not every team member will have strong data analysis skills. And with NetSuite, they don’t have to. The system handles the heavy lifting and feeds the most important information to them, so they can do their jobs more effectively and efficiently.

The Future of NetSuite AI

For many small and mid-size companies, the move to ERP software can feel overwhelming. Figuring out how to implement AI just adds another layer to that.

Luckily, NetSuite is committed to making AI accessible without needing a separate AI strategy or custom development. The features we’ve talked about are either already available in NetSuite or coming soon. Plus, there are over 80 new AI features in production, development or planning.

Ultimately, AI is dependent on good, complete data. From an ERP perspective, when you use more of the core functionality, AI will be more powerful because there’s more data to draw from. That’s just one more reason to eliminate disparate systems and move to an ERP system.

Curious about NetSuite?

We’re here to answer all your NetSuite questions. Connect with our NetSuite experts today to see how the system could transform your business.

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Watch the SuiteWorld 2023 keynote to see all that’s coming.

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