It’s All Systems Grow at SuiteWorld 2024

Our favorite event of the year is officially here, and we’re excited to be back in Las Vegas for a week of learning, networking, and plenty of fun. This edition of SuiteBeat gives you an inside look into all the exciting product announcements, amazing customer stories, and fun-filled action from SuiteWorld.

Couldn’t make it to Vegas? The magic of SuiteWorld can come straight to your screen! Register for SuiteWorld On Air and catch keynotes live or on-demand, stream workshops with NetSuite experts, watch product demos to help you get more out of the suite, and so much more. Plus, don’t miss the product keynote tomorrow, September 11, at 1:30 p.m. PT.

👉 Register here. 

All Systems Grow 🌱

Successfully running a business requires constantly adapting to change and weathering every storm, all while figuring out a way to grow. To remain strong and steady, your business needs a foundation of growth. NetSuite is designed to be that foundation—an ecosystem that connects every part of your business and helps you drive growth no matter what is happening around you. Here’s what we’re bringing to the suite to help make our foundation stronger for you: 

AI Enhancements Across the Suite

The ideal foundation of growth expedites and enhances your everyday processes, and AI is a powerful way to make that happen. The latest AI-powered capabilities across NetSuite will help you drive even better decision-making and fuel productivity.

New AI updates announced at SuiteWorld include:

NetSuite Financial Exception Management will help increase efficiency and mitigate risk by using AI to automatically detect financial exceptions that require closer review. 

NetSuite SuiteAnalytics Assistant can drive better decision-making with SuiteAnalytics reports and visualizations. The assistant uses a natural language interface and generative AI to retrieve information from a user’s workbook.

NetSuite Prompt Studio can empower administrators and developers by helping them refine the quality of AI-generated content by adjusting the format, tone, and creativity level of responses. 

Generative AI for SuiteScript API will help unlock more value by letting developers embed generative AI capabilities into NetSuite extensions and customizations. 

Getting Above The Trees 🌳

Continuing to infuse your NetSuite experience with AI gives you not only a better bird’s-eye view of your entire business but also helps you determine what actions to take based on those insights to maximize chances of a positive outcome.

NetSuite Enterprise Performance Management

We announced our Enterprise Performance Management (EPM) solution at SuiteWorld last year, and now we’re infusing it with even more AI to help finance teams find the reports and insights they need to facilitate better decision-making.

The latest AI updates to NetSuite Enterprise Performance Management include:

• Generative AI for Narrative Reporting will help increase finance teams’ productivity and uncover new insights by quickly creating AI-powered narratives, explanations, and visuals from financial and transactional data. 

• AI-powered narratives in NetSuite Planning and Budgeting will help finance teams accelerate reporting and quickly capitalize on business growth opportunities by identifying patterns, trends, and anomalies with detailed, AI-generated commentary and narratives.

• Predictive forecast explanations in NetSuite Planning and Budgeting will help finance teams have greater confidence in their forecasts so they can act quickly by breaking down the key factors behind AI-generated forecasts in an easy-to-understand format. 

• AI digital assistant for NetSuite EPM will help finance professionals increase productivity and efficiently accomplish a variety of tasks by querying a chatbot that can quickly find the information they’re looking for.

NetSuite Analytics Warehouse

New AI-powered updates are coming to NetSuite Analytics Warehouse. The solution already uses AI-driven automations to centralize the latest data from NetSuite and other systems so you can get the real-time, actionable insights you need to run your business better.

The latest updates provide new AI tools and models to help customers analyze data more efficiently and gain predictive insights that can improve forecasts. These include:

• Auto-Insights will help customers accelerate reporting and improve decision-making by automatically generating data visualizations and textual insights based on a dataset’s attributes, measures, and other points of interest. 

• Explain can make it easier for customers to understand their business by leveraging AI to identify meaningful business drivers, data anomalies, and contextual insights in their analytics.

• Oracle Analytics AI Assistant will let customers ask questions on data patterns and trends and provides answers and relevant data visualizations using generative AI.

• Out-of-the-box AI models will help customers improve decision-making with no-code models built for specific use cases, such as predicting customer churn and inventory stockouts.

• AutoML will help improve insights and enhance efficiency without requiring technical AI skills by automating algorithm selection and customizing modeling workflows.

• Oracle Machine Learning can improve algorithm performance, expand insights, and enhance decision-making by providing a collaborative interface to explore data visually and tailor ML models to your unique business needs.

Collaboration in the Ecosystem

Just as environmental collaboration is crucial to a thriving ecosystem, your business also needs all of its elements to work together to fuel growth. This week, we announced two new products that will help facilitate such collaboration and connection.

NetSuite SuiteProcurement

Our new indirect procurement solution will help customers track and control purchases, from request to payment. The solution will also help customers take advantage of benefits with preferred suppliers, including Amazon Business and Staples Business Advantage.

NetSuite SuiteProcurement integrates financial and procurement workflows to provide: 

• Seamless vendor integrations so companies can make it easy to buy from their preferred trading partners and get access to preferred pricing on goods and services through the Oracle Business Network.

• Automated approval processes that route purchase order requests to the appropriate managers based on tailored approval workflows that consider employee location, department, and spending amount. 

• Automated purchase order creation and invoicing helps customers confirm orders are fulfilled and paid on time by sending purchase orders directly to vendors and automating order confirmation, shipping, and vendor bill documents. 

• Visibility of spend provides complete and real-time insights on spending across locations, departments, vendors, projects, and accounting codes. 

• Improved data accuracy due to all purchase order details being centralized, including description of items purchased, manufacturer name, and manufacturer item number.

• Automated accounting processes help customers reduce manual work and track spending against budgets by using predefined category mapping to automatically post to the appropriate general ledger accounts.

NetSuite Connector for Salesforce

We’re excited to announce a new integration that will allow joint NetSuite and Salesforce customers to make more informed decisions! Our NetSuite Connector for Salesforce will let customers set up, manage, and monitor data flows via a self-serve interface in NetSuite.

Features of the new connector include:

• Financial management delivers real-time access to NetSuite financial data, such as invoices, payments, credit limits, and due amounts, directly within Salesforce. 

• Customer management enhances customer insights and improves profile accuracy by automating updates between Salesforce and NetSuite customer records.

• Item management helps prevent poor customer experiences and improve the quality and consistency of product information by syncing inventory, non-inventory, and service items, as well as item pricing, between NetSuite and Salesforce.

• Order management can improve the accuracy of order records and expands visibility into sales opportunities by automatically syncing sales orders in both NetSuite and Salesforce.

Dive into all the news here.

Planting Seeds With NetSuite 🌱

DoorDash 🚗

Founded in 2013, DoorDash builds products and services to help businesses innovate, grow, and reach more customers. To support its rapidly growing operations and establish a platform for future growth, DoorDash selected NetSuite in 2015 as its enterprise resource planning (ERP) system. With NetSuite, DoorDash was able to automate business processes, improve the speed and accuracy of reporting, and efficiently scale its operations as it expanded its services, added new subscription business models, and executed a highly successful IPO in 2020. In the same year, DoorDash became the U.S. category leader for food delivery. 

Learn more about DoorDash’s growth journey with NetSuite.

Vytalize Health 🏥

Vytalize Health was founded in 2014 and began as a single healthcare practice in New York City. The company has since transformed the healthcare experience for hundreds of thousands of Medicare beneficiaries across 36 states and claimed the top spot on the 2024 Inc. 5000 list. The company grew its revenue a remarkable 90,000% over three years and is using NetSuite to help support its rapid growth. 

Learn more about Vytalize Health’s journey with NetSuite.

✨ A Look Inside SuiteWorld✨

✨Thank you to our sponsors!✨

We’d like to extend our warmest appreciation to our amazing sponsors! We appreciate all of your support. 

Celigo, Avalara, BILL, Brex, Caravel | BPM Technology Solutions, Fortis, Gatekeeper , Myers-Holum, RF-SMART, Riveron, ShipHawk, SPS Commerce, Tipalti, TrueCommerce, Versapay, Workato