Image credit: Pressfoto via Freepik
Oracle’s NetSuite announced its acquisition of Next Technik with the goal of integrating generative AI features and expanding field service capabilities. These updates, revealed at its annual conference in Las Vegas, aim to simplify and supercharge business operations.
Netsuite’s massive AI capabilities
NetSuite’s generative AI, known as NetSuite Text Enhance, builds on Oracle’s Cloud Infrastructure to create personalized, context-rich content. Financial professionals can optimise their tasks by generating personalised collection letters and financial reports.
Also read: AMD To Acquire AI Software Startup To Catchup With Nvidia
Supply chain and human resources teams can also tailor procurement orders, job descriptions, and performance summaries. Sales, marketing, and customer service teams can now create customized content and responses, significantly improving operational productivity.
Paul Farrell, NetSuite’s VP of Product Management, emphasizes the role of NetSuite Text Enhance in structuring unstructured data and ensuring data privacy and security. Custom models trained on specific data keep sensitive information protected. Meanwhile, role-based security ensures users only see content they’re authorized to access.
New AI-powered visualisation, reporting, and prediction
The NetSuite Analytics Warehouse introduces enhanced AI capabilities, centralising data and providing fast access to visualizations and reports.
It consolidates data from various sources, including transactional and historical data, offering greater flexibility in data updates and in-depth analysis. Security improvements include single sign-on and enhanced user view control.
Also Read: Raymond James Teams Up With J.P. Morgan’s 55ip For Cutting-Edge Tax Management Tech
NetSuite Enterprise Performance Management (EPM) automates account reconciliation, enhances reporting, and offers predictive analytics. It centralizes financial processes, improving planning, budgeting, and tax reporting with real-time insights into plans, forecasts, and variances.
NetSuite Benchmark 360 further analyzes key metrics and benchmarks business performance against industry standards.
Next Technik to enhance automation and insights
NetSuite Pay, a digital payments module, simplifies merchant account onboarding, and Narrative Reporting centralizes finance team collaboration. A new Profitability and Cost Management feature enables businesses to report on the profitability of different segments and streamline tax reporting.
The acquisition of Next Technik enhances field service management, offering automation of scheduling, dispatching, and real-time insights.
NetSuite introduces a flexible task-specific licensing model, allowing employees with specific needs to access relevant functions without requiring a full subscription. These announcements were well-received, with Oracle’s stock rising by 0.8% in mid-day trading.
