As part of "SuiteWorld 2023," Oracle NetSuite announced new generative AI-powered capabilities to help organizations reach their goals faster and more efficiently.
Supported by the Oracle Cloud Infrastructure (OCI) generative AI service and embedded across the suite, NetSuite Text Enhance helps users create and refine contextual and personalized content.
With NetSuite Text Enhance, finance and accounting, HR, supply chain and operations, sales and marketing, and customer support teams can leverage AI to produce relevant drafts or refine existing content.
Evan Goldberg, co-founder and EVP of Oracle NetSuite, says it has been building AI into NetSuite for several years to help its customers be more productive and successful.
"Recent breakthroughs in AI create the opportunity for a quantum leap in doing more with less," Goldberg says. "By taking advantage of Oracle's best-in-class AI services and having unified data within a suite, we are uniquely placed to help our customers achieve immediate value from the latest AI innovations. The new Text Enhance capabilities are just the start, and we will continue to embed powerful AI capabilities across the suite to help our customers turn the breadth and depth of their organizational data into a competitive advantage."
Built on OCI and leveraging its best-in-class AI services, NetSuite's embedded generative AI capabilities are designed to respect customers' enterprise data, privacy and security. OCI hosts both pre-built and custom models.
With Oracle's generative AI service, no customer data is shared with LLM providers or seen by other customers or third parties. In addition, an individual customer is the only entity allowed to use custom models trained on its data.
Role-based security embedded directly into NetSuite workflows helps to protect sensitive information about customers and only recommends content that individual users are entitled to view.
Source: Oracle NetSuite, adapted from SuiteWorld 2023 Media content.
Adding to the existing AI capabilities in NetSuite, NetSuite Text Enhance will help customers further increase productivity by streamlining processes and automating content generation and refinement across every suite area. NetSuite Text Enhance will help to transform:
- Finance and Accounting — NetSuite Text Enhance will help finance and accounting teams expedite collections, close the books faster, and focus on more strategic and fulfilling work by accelerating time-consuming writing tasks. Examples of assisted authoring use cases include writing targeted and personalized collection letters and generating summaries and narratives for financial reports.
- Supply Chain and Operations — NetSuite Text Enhance will help supply chain and operations teams streamline purchasing and logistics and improve the quality of product-related communications. Examples of assisted authoring use cases include generating procurement orders and request letters, developing personalized vendor engagement letters and emails to chase delayed purchase orders, developing customer updates on delivery schedules, and creating product descriptions that are used by sales, support, and implementation teams for invoices, website, and point-of-sale systems.
- Human Resources — NetSuite Text Enhance will help employees, managers, and HR leaders increase the speed and accuracy of essential HR activities. Examples of assisted authoring use cases include writing job descriptions and requisitions; drafting goals, including detailed descriptions and measures for success; creating content for peer-to-peer kudos; providing a summary of the employee's performance based on feedback gathered across the year from the employee, peers, or managers, and goal progress and achievements.
- Sales and Marketing — NetSuite Text Enhance helps accelerate marketing and sales tasks to create more effective campaigns that drive revenue. Examples of assisted authoring use cases include developing personalized email content for marketing campaigns and sales pitches, generating contextual responses to leads and prospects, and drafting written quotes and proposals.
- Customer Support — NetSuite Text Enhance helps increase customer support agent productivity and improve the customer experience. Examples of assisted authoring use cases include generating responses to online customer comments, such as reviews and commentary in forums and on social media; creating escalation notices for internal teams; and customer support case updates for internal teams and customers.
NetSuite Text Enhance generative AI service is powered by OCI. Leveraging OCI Supercluster, which includes bare metal computing with NVIDIA GPUs and the highest bandwidth RDMA network in the cloud, OCI accelerates LLM training with the highest performance at the lowest cost.
This allows Oracle to deliver the fastest AI innovation in the industry and attract the best enterprise-focused innovators, including Cohere, to build on OCI, further contributing to the innovation feedback cycle. In addition, OCI's generative AI services provide end-to-end security.
To learn more about how organizations leverage NetSuite's power to increase efficiency and drive growth, you can register for SuiteWorld On-Air to get all the latest updates from SuiteWorld.
On-air attendees can access keynotes, sessions, demos and NetSuite's two-day live broadcast, NetSuite TV.
Footnotes and Disclosures:
Content within this feature (including the headline graphic) has been adapted from source materials furnished by Oracle NetSuite. Referenced source materials or content appearing within this Insightful Accountant feature were adapted and are furnished solely for educational purposes.
SuiteWorld, NetSuite and Oracle are registered trademarks of Oracle Corporation. Oracle Corporation is a publicly-traded NYSE-listed (ORCL) multinational corporation headquartered in Austin, Texas (USA).
NetSuite was the first cloud company—ushering in the new era of cloud computing. For more than 25 years, Oracle NetSuite has helped organizations grow, scale, and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 37,000 customers in 219 countries and dependent territories.
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