NetSuite integration with AI is a suite of artificial intelligence tools that are designed to optimize the business operations and increase the capabilities as a cloud-based ERP system. With AI, NetSuite is transforming the businesses and trends as users have started getting more inclined towards it.
NetSuite AI leverages advanced technologies such as machine learning, NLP, and predictive analysis for automating tasks, providing real-time insights, and improving decision making process not only for financial management but also for customer relationship management, and operational efficiency.
With each new release of NetSuite, the AI-driven features such as Forecast Explanations, Recommendations, and Data Discovery are being added to the Suites, making it the most perfect AI solution for businesses.
This blog focuses on the AI part of NetSuite, features, and how you can make your business AI-driven by utilizing AI and NetSuite integration.
What are the AI-powered features in NetSuite?
In the recent releases of NetSuite, it added multiple AI features to smooth financial workflows, business operations, and bring efficiency. The main AI-powered features in NetSuite include AI assistant, invoice capture, reports and charts creation, financial anomaly detection, text generation, and lastly narratives and explanation creation.
The section below gives a brief description of each feature in AI NetSuite integration.
AI Assistant
By using an AI assistant for your business, you can let it handle repetitive tasks through automation that helps increase accuracy and speed to work.
Your business does not need to work manual effort as you can free up employees to focus on other core business tasks.
Invoice Capture
NetSuite has introduced an AI-powered feature known as NetSuite Bill capture that helps in doing your manual data entry work for invoicing.
Accounting teams can now use AI-based document object detection and optional character recognition OCR technology to scan invoices directly into NetSuite.
With this, the teams would not have to work on redundant daily tasks and get done with other important tasks.
It also provides the robust features for PO matching by performing 2- or 3-way voice matching with corresponding purchasing. Also, if you need approval routing for quick bill approved processes then businesses can use this feature. This feature is integrated with SuiteApprovals, which offer customizable workflows and automated reminders, in addition with mobile-optimized apps to enhance efficiency and save time.
For implementing this, the best solution is to get in touch with NetSuite implementation partner so that can make all the workflows done as seamless as possible.
Reports and Charts Creation
Generative AI is being used in NetSuite for creating reports and charts by retrieving data directly from SuiteAnalytics Workbooks. It gets the information, and creates charts or reports via a natural language interface.
Financial Anomaly Detection
AI and NetSuite integration have brought many top-tier features for businesses of all sizes and financial anomaly detection is one of them.
It provides NetSuite financial exception management that helps in increasing efficiency and mitigating the risks by allowing AI to continuously scan financial data.
AI algorithms work on detecting unusual patterns or data outliners and provide critical signs into unexpected financial volatility or discrepancies that require attention. If there are any anomalies it will flag it and recommend corrective actions.
Not only that, but it also helps in trend analysis. It will find and highlight financial trends and provide insights for strategist planning, and decision making.
Narratives & Explanations Creation using EPM
NetSuite Enterprise Performance Management ERP powered by AI is an add-on module in NetSuite ERP that is most beneficial for finance and management teams with long-term planning and financial forecasting. It uses Ai for analyzing and identifying correlations and trends for a comprehensive overview of day-to-day operations (ERP) and forward-looking projections (EPM).
With it, you can create AI-assisted narratives, explanations, and visuals from the data.
Not only that, but it also incorporates tax reporting with corporate financial reporting for improved compliance. Now tax calculations, error detection, and submissions are all in one place.
Text Generation
It has NetSuite Text Enhance that uses generative AI technology for increasing employee productivity by automating the creation and refinement of content. It is the most used feature in sales emails, purchase orders, marketing, and product descriptions in NetSuite.
Users can use NetSuite Prompt Studio for configuring the format, tone, and creativity of generative AI responses.
AI with NetSuite Integration: Its role as an Advisor
Now the role of AI is not limited to being a tool or assistant only. It has taken the role of an advisor and in NetSuite, it brings AI as an advisor feature. Let’s see what they are:
Predictive Planning
NetSuite Planning and Budgeting uses AI-based analytics on large data sets for identifying patterns, trends, and anomalies. This helps it in analyzing, detecting, and delivering detailed AI-generated commentary and narratives with the Intelligent Performance Management (IPM) Insights feature.
Tailored Guidance
You want to know how to proceed further? NetSuite AI provides tailored guidance by providing NetSuite Expert for SuiteAnswers that increases production and users can resolve their issues ASAP.
Recommendations
Now NetSuite Intelligent Item Recommendations has changed the game altogether. It uses AI technology to provide personalized product recommendations during the sales process that helps in upseeling and crosseling.
What it does is that it studies on customers purchase history data and buying patterns that lead to increased average order size and frequency.
Data Discovery
Data discovery is important for multiple decision making and increasing opportunities.
For this it introduces NetSuite Analytics Warehouse that is used to learn patterns, opportunities, and relationships, and explain key findings using generative AI-created chart summaries. It is extremely useful for decision making, and revenue growth.
Bottom Line
Artificial Intelligence has become the topmost game changer for businesses as it helps them focus on core tasks. By using NetSuite AI and integrating it with your business, you can get access to more useful features that will help you scale and move faster.
