We’re one week on from SuiteWorld 2024, which saw thousands of people across the globe travel to Las Vegas for a jam-packed 3 days showcasing an array of innovations coming to NetSuite and the wider ecosystem.
This annual conference is a key event for NetSuite customers, and, whether you were lucky enough to attend in Las Vegas or not, we’re here to recap all the newest product announcements directly from NetSuite.
The event was kicked off by a hotly anticipated keynote, presented by NetSuite Founder himself Evan Goldberg. Goldberg opened with an update on NetSuite's impressive growth, sharing that the “global NetSuite community now reaches 40,000 customers in 219 countries and dependent territories”.
Drew Preiner, VP of Sales at Vursor commented on this tremendous growth saying “More and more companies are realising the powerful benefits that come with a cloud-based ERP system. I spoke to lots of NetSuite Customers at SuiteWorld who had previously been using legacy systems and manual processes – they all expressed how NetSuite has truly transformed the way they operate, particularly those companies operating across multiple territories and currencies”.
One of the best things about NetSuite is its ability to constantly evolve and innovate. Goldberg emphasized these innovations are designed to strengthen NetSuite’s role as a foundational platform for business growth. The updates announced at this year’s SuiteWorld include AI enhancements, a new procurement solution, improved tools for project management, and the rollout of Redwood UX.
1. Rollout of Oracle Redwood user interface
NetSuite announced the rollout of Redwood user interface – a redesigned user interface that aims to provide a more intuitive, modern, and user-friendly experience across the Suite. Key upgrades include natural language processing for easier navigation, customizable dashboards, and enhanced search capabilities. The rollout will be gradual, starting with core components like dashboards and forms, with the full UX to come over time. Dominique Antonelli, Vursor’s Director of Consulting Services said "This upgrade is particularly exciting for new NetSuite customers as it will greatly enhance user adoption and efficiency through a simpler, yet more powerful user interface. Existing customers will also be pleased to have their experience significantly improved.” Read more here.
2. NetSuite Enterprise Performance Management upgrades
NetSuite announced its Enterprise Performance Management (EPM) solution at SuiteWorld last year, and this year it’s set to get even better, infused with powerful AI innovations to help finance teams increase efficiency, expand insights, and spend more time on value-added activities. These latest AI updates include Generative AI for narrative reporting, AI-powered narratives in planning and budgeting, predictive forecasting explanations, and AI digital assistant for NetSuite EPM. Read more here.
3. AI enhancements across the Suite
Several new AI features were unveiled during the keynote, placing AI at the forefront of NetSuite's advancements. New tools include enhanced generative AI capabilities for better content integration, a digital assistant in SuiteAnalytics, and Financial exception management to automatically detect financial discrepancies! Built on Oracle Cloud, these AI innovations are designed to put privacy and security first - so the sensitive data of the customer is protected. Read more here.
4. Optimize procurement with SuiteProcurement
In a move to help businesses streamline their purchasing processes and control costs, NetSuite has introduced SuiteProcurement, a new indirect procurement solution. With functionality to help automate purchasing approvals, order creation, invoicing, and reporting. This offering is designed to optimize the procurement process, assisting customers to track and control every purchase from request to payment. A key feature of SuiteProcurement is its integration with major suppliers such as Amazon Business and Staples Business Advantage. “For growing businesses, indirect procurement can be a time-consuming and costly process that negatively impacts the bottom line,” Goldberg stated. “By allowing customers to benefit from these integrations directly in NetSuite, SuiteProcurement will help optimize spending and enable customers to efficiently buy the goods and services needed to support growth.” Read more here.
5. NetSuite Connector for Salesforce
New integrations are on the way for businesses using both NetSuite and Salesforce! NetSuite has announced a NetSuite connector for Salesforce which will ensure real-time data flow between the two platforms. “In the past, joint customers had to conduct manual batch updates or use third-party integration products to harmonize data between the two platforms,” said Gary Wiessinger, senior vice president of Application Development, Oracle NetSuite. “With NetSuite Connector for Salesforce, joint customers can automatically share critical data like invoices, payments, and customer records between Salesforce and NetSuite without the need for manual updates or complex data integrations. As a result, customers will reduce data silos and be able to improve both the speed and accuracy of business processes and decision-making. Read more here.
6. NetSuite Analytics Warehouse
New AI-powered updates are coming to NetSuite Analytics Warehouse to help customers analyze data even more efficiently. For example, use ‘auto-insights’ to automatically generate data visualizations and textual insights based on a dataset’s attributes, measures, and other points of interest, use ‘Oracle Analytics AI Assistant’ to turn datasets into nearly 50 different visualizations, and leverage the ‘Explain’ feature to make sense of results by highlighting drivers, anomalies, and other contextual insights. Read more here.
7. New AI-Powered Project Management Capabilities with SuiteProjects Pro
Project management just received a major boost with the recent announcement of NetSuite SuiteProjects Pro. Oracle NetSuite plans to deliver a new AI-powered extension to its project management solution, NetSuite SuiteProjects. NetSuite SuiteProjects Pro – previously called NetSuite OpenAir, provides a complete service delivery-focused solution that applies new AI-powered capabilities to help project-based businesses monitor the health of projects and accelerate project planning. With NetSuite SuiteProjects Pro, project managers reduce risk, optimize resource allocation, increase productivity and profitability, and scale operations. For example, automate staffing, scheduling, budget tracking, and billing. Read more here
While there are a lot of updates from SuiteWorld 2024 to digest, our experienced NetSuite Consultants at Vursor are here to help you unpack and navigate these latest features in your instance of NetSuite as they are rolled out.
Contact our team today.