The need-to-know Highlights from NetSuite SuiteWorld Conference 2023
October 16-19th | Caesars Palace, Las Vegas
The latest enhancements were introduced at SuiteWorld 2023, a special celebration of NetSuite's 25th anniversary. The event exceeded all expectations with a sold-out conference, NetSuite product advancements, and the latest innovations to help businesses grow. Our Protelo team had a great time advancing our knowledge of NetSuite and meeting with many of our valued customers in-person. This article provides a recap of the latest NetSuite updates and advancements announced at the 2023 conference this year.
No matter if you are running a small startup or big corporation, one thing is crystal clear: everyone's trying to do more with less when it comes to technology. The buzzword across all industries is efficiency, where there's mounting pressure to streamline operations, boost productivity, and get better results without breaking the bank. It's all about taking on the challenge of achieving more with fewer resources, less time, and less hassle. So, as we dig into SuiteWorld, let's see how the tech scene is stepping up to these demands and cooking up innovation to help businesses thrive in this era of lean and mean operations.
NetSuite’s Investment Towards Business Growth:
NetSuite's mission is focused on empowering growth by simplifying complexity, and giving businesses the freedom to focus on core goals and strategic priorities. NetSuite continues to invest in tools to help businesses access actionable insights and critical data to perform at their absolute best. NetSuite’s #1 cloud-based ERP software is here to support your growth and ensure success every step of the way.
Speaking of growth, NetSuite has continued to expand to 38,000 companies, 324 subsidiaries, and is now operating in 219 countries! As they continue to expand, it's clear that NetSuite's mission to empower businesses and simplify complexities resonates on a global scale, making them a true leader in the industry.
Introducing AI throughout the Suite:
Allowing businesses to work smarter, not harder!
SuiteWorld announced new generative AI capabilities that will be woven into the new NetSuite features to help business run more efficiently. This incorporation of AI promises to bring a transformation in how businesses manage their operations. Whether it's automating routine tasks, predicting market trends, or personalizing customer experiences, NetSuite's AI integration is poised to be a game-changer in improving efficiency, reducing manual labor, and making better-informed decisions. NetSuite wants to revolutionize the way businesses operate, offering them a competitive advantage to work smarter, not harder.
What are the top business advantages of AI in the NetSuite system?
- Enhanced automation and efficiency: AI can automate routine and repetitive tasks, such as data entry, invoice processing, and report generation. This leads to increased efficiency, reduced errors, and saves time for employees.
- Personalized Customer Experiences: AI can help personalize interactions and experiences by analyzing customer data and their preferences. This leads to better customer satisfaction, engagement, and targeted campaigns.
- Data-Driven Insights: AI-powered analytics and data processing capabilities enable NetSuite users to extract valuable insights from a large amount of data. This leads to improved business strategies, trends, and optimization processes.
The Latest NetSuite Enhancements Presented at SuiteWorld:
The theme for SuiteWorld 2023 was "SuiteUP," emphasizing the continuous pursuit of enhancing NetSuite with features and functionalities to make businesses more productive and profitable.
NetSuite Text Enhance:
This powerful addition has been integrated throughout the suite and leverages AI to streamline operations by creating and reviewing contextual, personalized content. NetSuite's AI capabilities on Oracle Cloud Infrastructure provide enhanced performance while protecting sensitive information. Text Enhance benefits departments by automating and streamlining tasks.
- Human Resources Benefits: Eases the process of creating formal requests, formulating goals, descriptions for job listings, and performance evaluations.
- Finance and Accounting Benefits: Streamline time-consuming manual tasks such as personalized collection letters and writing explanations for reporting.
- Supply Chain and Operations Benefits: Help to produce the description of products, purchase and procurement orders, emails, and request letters, as well as delivery updates to customers.
Introducing Enterprise Performance Management (EPM):
NetSuite is gearing up to launch its latest EPM offering in North America within the next year.
NetSuite Enterprise Performance Management is a suite of solutions that is geared to empower Finance leaders by enhancing productivity, efficiency, and profitability. EMP was designed to automate processes and enhance performance monitoring across the business. This unified approach combines planning, budgeting, forecasting, account reconciliation, and reporting processes. By automating these processes and consolidating financial and operational data, it enhances the speed and accuracy of financial operations.
This end-to-end solution eliminates manual work and spreadsheet-based processes, leading to improved data accuracy, streamlined financial close, and enhanced decision-making capabilities. NetSuite EPM unifies financial management functions, providing efficiency, accuracy, collaboration, and strategic value to organizations. EPM is built on Oracle Cloud Infrastructure (OCI), offering strong data privacy and security for customers.
NetSuite Launches Field Service Management
NetSuite introduced a new Field Service Management product at SuiteWorld 2023 with the acquisition of Next Technik, a leader in field service management solutions. This solution helps businesses manage and streamline field-to-office communication, simplifies scheduling and dispatch, and enhances real-time data visibility. NetSuite mentioned it is like having a digital command center for your mobile workforce. Whether it's technicians, delivery personnel, or service professionals out in the field, NetSuite Field Service Management ensures that your team has the right tools, information, and support to get the job done smoothly.
The solution promises to increase efficiency and profitability for businesses in HVAC, construction, facilities management, and 50 other verticals that benefit from this solution. This solution is unique as it is a native SuiteApp built on the NetSuite platform where 100 percent of data is in NetSuite.
Important NetSuite Innovations:
NetSuite also introduced several innovations at SuiteWorld aimed at helping businesses do more with less.
NetSuite Bill Capture
NetSuite Bill Capture streamlines and automates invoice management for businesses. This innovative solution eliminates the need for manual data entry by using AI-driven technology to extract key information from invoices, such as bill amounts, due dates, and vendor details. With the ability to capture invoices via email or by simply dragging and dropping them, NetSuite Bill Capture saves time and reduces errors. Cross-referencing invoices with corresponding purchase orders and receiving documents guarantees precision in maintaining financial records.
This solution benefits finance and accounting teams by simplifying the accounts payable process, and helping organizations improve efficiency and accuracy in managing their finances.
Learn More About NetSuite Bill Capture
NetSuite Electronic Invoicing SuiteApp
NetSuite Electronic Invoicing is designed to simplify and enhance the invoicing process for businesses. It enables users to send electronic invoices, purchase orders, and various documents to customers and partners worldwide while ensuring compliance with regional invoicing standards. This functionality minimizes the effort required for invoicing tasks, resulting in quicker payments, and reduces time and costs associated with traditional paper-based invoicing.
Learn More About NetSuite Electronic Invoicing SuiteApp
NetSuite Benchmark 360
Benchmark 360 is a flexible new tool that provides a 360-degree view of how your metrics compare to peers in your industry and region on an operational and financial level. This solution offers AI-driven optimizations, identifies areas of improvement, and provides recommendations to help businesses achieve their targets. It serves as a valuable resource for businesses looking to enhance their efficiency, accuracy, and overall performance by aligning their operations with industry best practices and benchmarks.
NetSuite Pay, Captial
At SuiteWorld 2023, NetSuite unveiled two major offerings integrated into their platform: NetSuite Pay, which simplifies merchant account application and onboarding, allowing users to integrate payment processing providers with negotiated rates for improved transparency. NetSuite Capital provides tools to expedite payments and boost working capital through invoice reviews and pricing strategies. Additionally, NetSuite Electronic Invoicing, powered by Avalara, is designed to enhance payment and cash collection, reduce costs, and streamline global invoicing compliance, allowing users to connect to national and international networks directly within NetSuite.
NetSuite Pay is an integrated digital payments service within the NetSuite platform, offering users a streamlined approach to merchant account application and onboarding. This feature enables seamless integration with payment processing providers, providing access to pre-negotiated rates, fees, and enhances transparency.
NetSuite Capital offers opportunities to expedite payments and boost working capital by facilitating invoice reviews, pricing, and submission. Additionally, NetSuite Electronic Invoicing, in partnership with Avalara, is designed to enhance payment and cash collection, reduce costs, and ensure compliance with global invoicing standards. Users can easily connect to both national and international networks directly from the NetSuite environment, promoting efficiency in financial operations.
The rise of AI has transformed from a promise to a powerful reality. SuiteWorld 2023 marks the start of a new era in business efficiency and innovation, offering limitless possibilities for those who "SuiteUP."
Protelo at the Event:
We've been at SuiteWorld for the 6th time in a row, mingling with NetSuite experts and customers. Big shoutout to our partners and the NetSuite team! We had a blast learning about the latest NetSuite updates and chatting with you to understand your business needs. Meet our SuiteWorld NetSuite Team or connect with us after the event, we're here to help you tackle any NetSuite challenges you're facing!
Join us on Twitter for real-time updates from the conference and follow our Instagram story for an exclusive behind-the-scenes look at SuiteWorld this year. We value your engagement and would love to connect with you on our social platforms.
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