NetSuite Enhances Enterprise Performance Management with AI
Oracle NetSuite has rolled out new AI capabilities within its Enterprise Performance Management (EPM) system, aiming to revolutionize how finance teams operate. These advancements are designed to streamline reporting, expand insights, and improve decision-making processes, providing robust support for businesses seeking to capitalize on growth opportunities.
Addressing Common Financial Challenges
Finance teams traditionally allocate a significant amount of time to data gathering and narrative creation to elucidate financial results and support strategic decisions. This often detracts from more strategic analysis, slowing down decision-making. NetSuite founder, Evan Goldberg, highlights that the latest AI updates are pivotal in addressing this issue by enhancing efficiency and freeing up time for value-added activities.
Key AI Features in NetSuite EPM
Generative AI for Narrative Reporting
This feature aids finance teams by generating AI-powered narratives and visuals from financial data, thus increasing productivity and speeding up decision-making. It enables more accurate and insightful financial reporting.
AI-Powered Narratives in Planning and Budgeting
By identifying patterns and anomalies, finance teams can deliver detailed AI-generated commentary, helping them quickly capitalize on business growth opportunities.
Predictive Forecast Explanations
This update enhances forecast accuracy by providing insights into the factors behind AI-generated forecasts, enabling rapid and informed decision-making.
AI-Driven Digital Assistant
The user-friendly AI interface allows finance teams to perform various tasks efficiently through natural language conversations, boosting productivity.
Oracle NetSuite's Legacy and Impact
For over 25 years, Oracle NetSuite has supported businesses in growth and adaptation by offering an integrated system that includes financials, ERP, inventory management, and more. This extensive suite is utilized by over 40,000 customers globally, emphasizing its authoritative presence in the industry.
With these AI advancements, NetSuite continues to reinforce its commitment to empowering finance teams, enhancing productivity, and driving strategic growth. These updates not only streamline financial processes but also provide finance teams with the tools needed to gain deeper business insights and make informed decisions.
