Oracle NetSuite has announced a comprehensive set of AI advancements across its enterprise planning and analytics portfolio aimed at improving data insights and reducing complexity. NetSuite’s Enterprise Performance Management (EPM), an all-in-one solution for planning, forecasting, budgeting, and reporting, now employs AI to generate automated “financial narratives.” These AI-driven commentaries help identify business growth opportunities and summarize financial performance and trends using securely stored data. Additionally, a new AI assistant in EPM uses natural language processing to provide insights based on plaintext inputs, allowing users to interact with data more effectively.
Evan Goldberg, founder and executive vice president at Oracle NetSuite, highlighted how these updates address a common challenge faced by finance teams—spending excessive time gathering data and crafting narratives to explain financial results. By integrating AI, EPM helps finance teams increase efficiency, expand insights, and focus on value-added activities. NetSuite Analytics Warehouse (NSAW) also features new AI-driven tools, including an AI assistant that can answer natural language queries and present data in various visualizations, such as charts and heat maps.
The announcements were made at SuiteWorld 2024, NetSuite’s annual conference in Las Vegas, held alongside Oracle CloudWorld. These new AI capabilities, including the introduction of Prompt Studio for better control over AI outputs, were unveiled alongside other AI innovations across NetSuite. To meet the needs of users with limited AI experience, NSAW now includes pre-trained AI models designed for specific enterprise use cases, such as customer decision modeling and inventory management. The AutoML feature within NSAW further simplifies AI adoption by automatically selecting the best algorithm and machine learning model to deliver meaningful data insights.
Craig Sullivan, SVP of Enterprise and International Products at NetSuite, emphasized that these tools allow customers to gain AI-powered insights without requiring coding expertise. NetSuite Planning and Budgeting, which automates budgeting and forecasting, has also been enhanced to justify its predictions, providing detailed explanations of predictive model outputs to improve trust in AI-driven decisions. These updates are part of NetSuite’s broader goal to integrate AI seamlessly across its suite, leveraging Oracle’s cloud infrastructure and Cohere’s large language models for enhanced accuracy and relevance in AI outputs.
