In the survey revealed and created by NetSuite, most companies want to solve problems with their AI and “can automate and reduce time around routine tasks.” Lisa Schwarz, Product Marketing from Oracle NetSuite, shared that  “74% expect AI innovations to help accounting and finance the most”. This release addresses those expectations with enhancements to NetSuite Bill Capture. 

“The NetSuite Bill Capture feature captures vendor invoices more quickly and with fewer errors by eliminating manual data entry and automating the invoice capture process. Invoices are scanned and AI-based document object detection and optical character recognition automatically extract needed information to populate the bill record,” she said. “The system then matches invoices with associated purchase orders and receiving documents to check that pricing, quantities, and totals are accurate.” Meanwhile, AI is also incorporated into the Suites in terms of overall planning and budgeting. This will help to have a smooth and well-implemented process from start to finish for ERP, CRM, and AI. 

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“NetSuite Planning and Budgeting automates labor-intensive planning and budgeting processes, enabling finance teams to quickly and easily produce budgets and forecasts, model what-if scenarios, and generate reports—all within one collaborative, scalable solution,” NetSuite said. “Embedded AI and machine learning automates data analysis to improve and accelerate planning and forecasting. By reducing the time spent on manual data collection, troubleshooting, reporting, and data loading, finance staff can shift their focus from data entry and formula maintenance to strategic analysis activities that significantly impact the company’s financial position.”