SuiteWorld 2023 Unwrapped: Key Takeaways & Pivotal Moments from NetSuite's Premier Event
The most recent improvements were unveiled during SuiteWorld 2023, a unique event honoring NetSuite's 25th anniversary. With a completely booked conference, new NetSuite product developments, and the newest innovations to support business expansion, the event surpassed all expectations. Our SCG team had a terrific time visiting with several valued customers and expanding our understanding of NetSuite. An overview of the most recent NetSuite innovations and upgrades revealed during this year's conference can be found in this article.
One thing is certain whether you are in charge of a large organization or a small startup: when it comes to technology, everyone attempts to achieve more with less. Efficiency is the day's keyword in all industries, with pressure to increase production, streamline processes, and achieve better outcomes at a reasonable cost. It all comes down to accepting the challenge of doing more with less money, time, and trouble. As we delve deeper into SuiteWorld, let's examine how the tech industry is responding to these needs and generating innovation to support companies in this age of lean and mean operations.
NetSuite's Investment in Business Expansion
The goal of NetSuite is to empower organizations to grow by reducing complexity and freeing them up to concentrate on their primary objectives and strategic priorities. NetSuite keeps making investments in technologies that provide companies access to crucial data and actionable insights so they can operate at peak efficiency. The best cloud-based ERP software from NetSuite is here to help you succeed at every stage of your business's expansion.
Speaking of expansion, NetSuite is currently active in 219 countries and has grown to 37,000 enterprises, 324 subsidiaries, and more! As they grow, it becomes evident that NetSuite's goal of empowering companies and streamlining complexity is well received worldwide, solidifying its position as an industry leader.
Integrating AI across the Suite to help firms operate more intelligently rather than more laboriously
To improve business operations, SuiteWorld unveiled new generative AI capabilities that will be integrated into the new NetSuite features. The way that firms run their operations is going to change as a result of this AI integration. NetSuite's AI integration is set to revolutionize productivity, eliminate manual labor, and enable more informed decision-making by automating repetitive operations, forecasting market trends, and customizing customer experiences. To give companies a competitive edge to work smarter, not harder, NetSuite aims to transform the way they conduct business completely.
What are the main benefits AI has for companies in the NetSuite system?
- Increased efficiency and automation: AI can automate repetitive and ordinary processes like data entry, processing invoices, and producing reports. Employees save time and experience better efficiency and fewer errors as a result,
- Customized Customer Experiences: By examining client information and preferences, AI can assist in making interactions and experiences more unique. Better consumer involvement, contentment, and targeted campaigns result from this.
- Data-Driven Insights: NetSuite customers may get useful insights from a vast amount of data thanks to AI-powered analytics and data processing capabilities. Better company plans, trends, and optimization procedures result from this.
The Most Recent SuiteWorld NetSuite Improvements:
SuiteWorld 2023's theme, "SuiteUP," emphasized the ongoing effort to provide features and functionality to NetSuite to increase productivity and profitability for organizations.
- NetSuite Text Enhance: This potent feature uses artificial intelligence (AI) to create and review contextual, tailored content, streamlining operations. It is integrated throughout the suite. The AI capabilities of NetSuite on Oracle Cloud Infrastructure offer improved performance while safeguarding private data. Departments gain from Text Enhance's work automation and streamlining.
- Benefits of Human Resources: Makes formal requests, goal-setting, job listing descriptions, and performance reviews easier.
- Benefits for Finance and Accounting: Reduce time spent on labor-intensive manual chores like creating explanations for reports and sending out individualized collection letters.
- Benefits of Supply Chain and Operations: Assist in creating product descriptions, purchase and procurement orders, emails, request letters, and customer delivery updates.
Introducing Enterprise Performance Management (EPM)
NetSuite plans to release its newest EPM solution in North America shortly.
A set of tools called NetSuite Enterprise Performance Management is designed to provide finance executives more authority by raising output, profitability, and efficiency. EMP was created to improve performance monitoring throughout the company and automate procedures. Planning, budgeting, forecasting, account reconciliation, and reporting procedures are all included in this cohesive strategy. It improves the accuracy and speed of financial operations by automating these procedures and combining operational and financial data.
By eliminating spreadsheet-based procedures and manual labor, this end-to-end solution improves data accuracy, expedites financial close, and strengthens decision-making. Through unifying financial management functions, NetSuite EPM offers enterprises efficiency, accuracy, cooperation, and strategic value. Oracle Cloud Infrastructure (OCI), upon which EPM is based, provides customers with strong data protection and privacy.
NetSuite introduces Field Service Management.
After acquiring Next Technik, a pioneer in field service management solutions, NetSuite debuted a new Field Service Management product at SuiteWorld 2023. This technology facilitates scheduling and dispatch, improves real-time data visibility, and helps firms manage and expedite field-to-office communication. According to NetSuite, it functions similarly to a digital command center for mobile workers. Whether your team is making deliveries, performing maintenance, or sending specialists into the field, NetSuite Field Service Management makes sure they have the resources, knowledge, and assistance they need to complete the task at hand.
Businesses in the HVAC, construction, facilities management, and 50 other verticals that benefit from this solution are expected to increase productivity and profitability. Since this solution is a native SuiteApp developed on the NetSuite platform, all data is housed within NetSuite, making it unique.
Notable NetSuite improvements:
At SuiteWorld, NetSuite also unveiled several improvements designed to help companies accomplish more with fewer resources.
Bill Capture with NetSuite
Businesses may manage their invoices more efficiently and automatically with NetSuite Bill Capture. This creative solution uses AI-driven technology to extract important data from invoices, like bill amounts, due dates, and vendor details, eliminating the need for human data entry. NetSuite Bill Capture eliminates errors and saves time by allowing invoices to be captured by email or just dragging and dropping them. Precision in keeping financial records is ensured by matching invoices to matching purchase orders and receiving papers.
By streamlining the accounts payable procedure and assisting businesses in increasing the accuracy and efficiency of their financial management, this solution helps finance and accounting teams.
The goal of NetSuite Electronic Invoicing SuiteApp
is to make the invoicing process for businesses easier and more efficient. It allows users to comply with local invoicing rules while sending electronic purchase orders, invoices, and other documents to clients and partners around the globe. This feature saves time and money compared to traditional paper-based invoicing by minimizing the work needed to complete invoicing chores, which leads to faster payouts.
360° NetSuite Benchmark
Benchmark 360 is a versatile new tool that shows you how your measures, both financially and operationally, stack up against peers in your industry and area. To assist companies in reaching their goals, this service offers AI-driven optimizations, pinpoints areas for development, and makes recommendations. By aligning their operations with industry best practices and benchmarks, firms can improve efficiency, accuracy, and overall performance. This makes it a valuable resource.
NetSuite Revenue, Capital
Two significant products integrated into the NetSuite platform were revealed at SuiteWorld 2023. The first is NetSuite Pay, which streamlines the application and onboarding process for merchant accounts and enables customers to integrate payment processing providers with negotiated rates for greater transparency. Using pricing strategies and invoice assessments, NetSuite Capital offers solutions to accelerate payments and increase working capital. Furthermore, NetSuite Electronic Invoicing, powered by Avalara, enables users to connect to domestic and international networks directly within NetSuite, improving payment and cash collection, cutting expenses, and streamlining global invoicing compliance.
NetSuite Pay is a digital payments service integrated into the NetSuite platform and provides a simplified application and onboarding process for merchant accounts. This feature improves transparency, gives access to pre-negotiated rates and fees, and permits smooth connection with payment processing providers.
By facilitating invoice reviews, pricing, and submission, NetSuite Capital provides options to accelerate payments and increase working capital. Additionally, NetSuite Electronic Invoicing is made to guarantee compliance with international invoicing standards, lower costs, and improve cash collection and payment processes in collaboration with Avalara. The NetSuite environment facilitates seamless connectivity for users to both domestic and foreign networks, hence enhancing the efficiency of financial processes.
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