neo3 Updates

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Embracing the Future with NetSuite 2024:1

Feb 28, 2024 10:41:17 AM

Neo3 - February 24 Blog Image - AI in ERPThe release of ChatGPT didn't just prove to be an additional resource for businesses across the board; it was a catalyst to start thinking about how we can begin leveraging artificial intelligence. While many companies struggle to identify how to implement new technology, most executives agree that increasing AI adoption will be pivotal within the next year. 

To assist businesses facing these challenges, NetSuite offers new AI functionalities that simplify the adoption of AI technologies with NetSuite 2024 Release 1. This update introduces three advanced AI tools integrated within NetSuite, each designed to enhance business processes – a text generation tool, an automated invoice processing feature to reduce manual data entry and a tool for streamlining data analysis in financial planning and budgeting. These innovations are tailored to help businesses leverage AI efficiently, aiming to boost productivity while reducing costs. 

More Efficient Business Writing with AI-Powered Text Enhance 

Powered by Oracle Cloud Infrastructure (OCI), NetSuite's Text Enhance tool integrates generative AI into a variety of tasks within the suite, enabling the creation of tailored content based on relevant NetSuite data. This allows employees to quickly generate initial drafts, which they can later refine, significantly accelerating their workflow. 

In its current iteration, Text Enhance will mainly benefit customer service, HR and marketing teams with its ability to: 

  • Generate detailed product descriptions for invoices, websites and point-of-sale systems 
  • Craft precise job descriptions and requisitions 
  • Formulate employee objectives and propose success metrics 
  • Create articulate customer support messages 

On top of its text creation from scratch, Text Enhance can serve as a personal copyeditor for existing content by proofing grammar and spelling and rewording content to increase readability. 

Eliminate Manual Data Entry 

Where AI thrives is making life easier when it comes to those routine, time-consuming tasks. In fact, based on another survey conducted by NetSuite, a large majority expressed that productivity is their most sought-after benefit from AI, hoping that automation eliminates mundane tasks. That's why NetSuite is now offering enhancements to NetSuite Bill Capture in its 2024 Release 1.           

Imagine this: no more manually typing in invoice details. This feature speeds up processing vendor invoices, reducing errors that come with manual data entry. How? By using a combo of AI-powered document object detection and optical character recognition. These tools scan invoices, extract the needed information, and automatically fill in your bill records. Additionally, it cross-checks invoices with purchase orders and receiving documents to ensure pricing and quantities are completely accurate.  

The latest release also unveils many upgrades set to revolutionize your bill management experience. One of the standout features is the addition of extra fields on the Review Bill page. This includes: 

  • PO number 
  • Memo 
  • Posting period 
  • Discount date 
  • Custom segments 

Why is this important? These additions bring unprecedented flexibility and customization to your bill creation process, enabling it to be more aligned with your company's specific needs. By feeding more data into the Bill Capture feature, NetSuite is ensuring a smoother, more accurate process. This ultimately reduces the likelihood of errors and the need for post-creation adjustments. 

With NetSuite 2024.1, you can say goodbye to the hassles of invoice management and welcome a more streamlined, intelligent approach to handling your finances.  

Elevate Your Planning with Smart Predictive Analysis  

How much easier would decision-making be with a bit more foresight? One aspect of AI that many executives would like to see is better forecasting and business analytics – and NetSuite's 2024.1 can make it happen. 

Within NetSuite Planning and Budgeting, the software is introducing Intelligent Performance Management (IPM). It's like having a crystal ball for your business, but way more scientific. IPM harnesses the power of machine learning to keep a constant eye on your plan and forecasts and how they stack up against real-life outcomes. It's not just about numbers – it's about understanding them. The system spots trends, oddities, biases and connections, laying them out for you so you can make quicker, more informed decisions. 

What does this mean for you? 

Forecast Accuracy Assessment: Do you ever wonder how accurate your forecasts are? This tool measures how your past forecasts differ from reality. It also spots if you're consistently over or underestimating, helping you fine-tune future forecasts.  

Future Outlook: It's like a weather report for your finances. By comparing your forecasts with computer-generated predictions, you get a clear picture of the likelihood of hitting those targets. This not only measures risk but gives you a heads-up to steer things back on course if needed.  

Irregular Data Insights: Think of this as your financial detective. It picks up on unusual data patterns that don't follow the norm, like sudden spikes or dips. These insights can be game-changers for strategic decisions. 

Implement NetSuite into Your Process 

At NEO3, we understand the importance of staying ahead in this digital age. Our team of experts is ready to guide you through integrating these AI functionalities into your business processes, ensuring you maximize the benefits of NetSuite’s latest innovations.  

Our commitment is to ensure that your business not only adapts to these new technologies but thrives, leveraging NetSuite’s AI capabilities to drive productivity, reduce costs and enhance strategic planning.  

Jim Rosenberg
Written by Jim Rosenberg