The highly anticipated NetSuite 2024 Release One has arrived. This update showcases groundbreaking advancements that were officially presented at SuiteWorld, NetSuite’s annual conference, in the fall of 2023. Focusing on AI, enterprise performance management, and field service support, NetSuite is continuously innovating to meet businesses’ changing needs.

On the heels of this exciting release, business leaders should delve into the key features and enhancements introduced in this release. This knowledge will help them transform how they manage their business. From integrating artificial intelligence (AI) capabilities into the suite to improving field service management and enterprise performance management solutions, NetSuite is delivering state-of-the-art technology to foster business growth.

Accelerate business writing using generative AI in NetSuite

NetSuite’s Text Enhance feature, powered by Oracle Cloud Infrastructure (OCI), integrates generative AI into various tasks throughout the suite. This enables users to automate the creation of personalized, contextually-relevant content using pertinent NetSuite data. This allows employees to quickly evaluate and revise initial draft content, expediting their workflow.

This latest update is expected to improve the efficiency of customer service, human resources (HR), and marketing teams. This feature can:

• Generate product descriptions for invoices, websites, and point-of-sale systems
• Draft job duties, roles, and responsibilities
• Propose employee goals and recommend success metrics
• Compose customer support communications

Additionally, Text Enhance can refine existing content by correcting grammar and spelling errors, as well as rephrasing to improve readability.

The initial version of Text Enhance is currently exclusive to NetSuite customers in North America. However, NetSuite intends to expand its coverage and capabilities in future releases.

NetSuite’s Text Enhance can help customers in a variety of areas across their organizations, including:

• Finance and accounting
  NetSuite Text Enhance was built to help accounting and finance teams get through their jobs more expeditiously. This tool makes it easier to quickly complete writing tasks that would otherwise be time-consuming. Additionally, teams can now get ahead of their collections processes and close their books faster, freeing up employees to focus on more strategic and fulfilling projects. Text Enhance may also be used by these teams to craft targeted and personalized collection letters or present summaries of complex financial reports.
• Supply chain and operations
  NetSuite’s Text Enhance assists logistics teams by streamlining purchasing and operations processes and improving the standards of communications that are sent out about a company’s products. Assisted authoring lets users generate procurement orders and letters of request, craft tailored vendor engagement outreach and emails to follow up on delayed purchase orders, create notifications to apprise customers of delivery schedule updates, and develop product descriptions utilized by sales, support, and onboarding teams for bills, websites, and point-of-sale networks.
• Sales and marketing
  NetSuite’s release of Text Enhance is able to guide sales and marketing teams to craft more impactful campaigns that boost revenue. These groups may use Text Enhance to create customized email content for promotional campaigns and sales pitches, generate contextual responses to leads and prospects, and draft written quotes and proposals.
• HR
  Managers, HR leaders, and even employees can use this tool to compose job postings, descriptions, and requisitions, draft detailed goals with descriptions and success metrics, and generate content or peer-to-peer recognition. This tool can also summarize employees’ performance based on feedback collected throughout the prior period from individual employees, their colleagues, or their managers, as well as their goals and accomplishments.

Enhance invoice capture processes with improved intelligence

NetSuite’s Bill Capture is an AI-supported technology that eliminates manual invoice data entry. Users can submit billing documents via email or the drag-and-drop feature. From there, the platform utilizes AI-based document object detection and optical character recognition (OCR) to automatically populate record fields within each invoice. Bill Capture also conducts a three-way match of invoices, comparing linked purchase orders and receiving forms to maximize precision and procure an easy-to-follow audit trail.

In this newest release, Bill Capture has been enhanced to recognize additional fields such as:

• Purchase order number
• Memo
• Posting period
• Discount data
• Custom segments

These updates provide increased flexibility to meet an organization’s unique requirements and result in more thorough and precise invoicing. Additionally, NetSuite 2024.1 updates improve the Bill Capture user experience. Users can now confine their searches by vendor, upload information, and email additional details on the Scanned Vendor Bills page.

Enrich enterprise resource planning (ERP) with AI-driven, predictive insights

The game-changing potential of predictive analytics in ERP provides insights that transcend historical data and set the stage for proactive, data-driven efficiency.

The 2024.1 NetSuite release introduces Intelligent Performance Management (IPM) to NetSuite Planning and Budgeting. IPM employs predictive algorithms driven by machine learning to constantly monitor and analyze plans, forecasts, and variances. The system identifies trends, anomalies, biases, and correlations, enabling finance teams to swiftly evaluate and act on these insights.

AI-driven predictive analytics boost ERP effectiveness by:

Minimizing downtime and initiating proactive maintenance

By dissecting sensor data and past patterns, AI can reliably forecast equipment breakdowns, facilitating planned maintenance before disruptions halt operations. This not only reduces expenses but also guarantees the durability and peak performance of equipment.

Improving resource management

AI has the capability to enhance workforce scheduling and capacity planning by forecasting future workloads and resource requirements. This promotes streamlined operations, mitigates bottlenecks, and enables businesses to allocate resources effectively in line with projected demand.

Reducing waste and enhancing quality

Predictive analytics can scrutinize production data to detect potential defects and quality concerns before they arise. This facilitates proactive modifications to processes and machinery, reducing waste and ensuring consistent product quality.

Data-informed decision-making

By transforming historical data into actionable insights, AI enables businesses to make informed decisions across various areas, including purchasing, production, marketing, and pricing. This data-driven approach results in optimized strategies, mitigated risks, and overall enhanced performance.

NetSuite AI support provided by Citrin Cooperman

NetSuite’s 2024 Release One brings revolutionary AI-driven features that enhance business operations across finance, supply chain management, sales, marketing, and HR. Citrin Cooperman’s Digital Services Practice is skilled in helping businesses leverage NetSuite AI features to transform their organization. To learn more about NetSuite’s new capabilities and how your business can utilize the platform to drive efficiency and growth, reach out to your Citrin Cooperman advisor or Jory Weissman at sales@citrincooperman.com.