September 06, 2024 | Blog

When we want something to progress, efficiency and effectiveness are two of the most important things we consider when achieving and progressing toward our goals. Nowadays, tools and software are increasingly changing toward AI or Artificial Intelligence. Since the release of ChatGPT in 2022, the buzzword about generative AI came after. Although AI has been in the tech industry for quite some time, it was only two years ago that everyone put their eyes on it, especially for businesses that look after the next generation of technology.  

Meanwhile, Oracle NetSuite,  IT Group, Inc.’s (ITG) tech partner, is one of many big tech companies anticipating AI’s beauty and benefits. Dubbed the #1 Cloud ERP, Oracle NetSuite showed how generative AI combined with NetSuite products started a revolution to boost productivity for all.  

Right now, the question is whether you are AI-ready with your Cloud ERP or not. With ITG and Oracle NetSuite, your organization is always ready for the next generation of tech investment for your business. Here are some of the best highlights of generative AI with Oracle NetSuite.

Things You Should Know about AI and Oracle NetSuite Together

1. Content Management 

2. Planning and Budgeting

3. Business Intelligence 

4. Discover the Power of AI with ITG

Content Management

Last year, Danielle Tarp from Oracle NetSuite Corporate Communications announced and welcomed generative AI to their suite offerings in their line-up, one of which is the NetSuite Text Enhancement. “New generative AI-powered capabilities help users across the organization leverage company-specific, relevant data to produce content that is contextual and personalized. Adding to the existing AI capabilities in NetSuite, NetSuite Text Enhance will help customers further increase productivity by streamlining processes and automating the generation of context-sensitive content across every area of the suite,” she said.

With the help of NetSuite Text Enhancement, the finance and accounting departments can now customize and personalize their collection letter while generating summaries for financial reports. Meanwhile, product-related communications are easier to create for the supply chain and operations area, especially regarding vendor engagement letters and emails to chase delayed purchase orders.

Also read: Steps and Considerations in Choosing the Right Accounting Software

On the other hand, sales and marketing can make more effective campaigns that drive revenue from sales pitches to generate contextual responses to leads and prospects, even drafting written quotes and proposals. Human resources can also benefit from NetSuite Text Enhancement by authoring use cases, including job descriptions, requisitions, and drafting goals, with detailed descriptions and measures for success. Lastly, the customer support team can respond to “online customer comments, such as reviews and commentary in forums and on social media; create escalation notices for internal teams; and provide customer support case updates for both internal teams and customers”.

Planning and Budgeting

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. 

Also read: A Guide For Your BIR CAS Application

“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.”

Business Intelligence

Since generative AI is taking the wave in the business and tech industry, Oracle NetSuite took advantage to improve its technology by incorporating its power into Suites products like their Cloud ERP: NetSuite Analytics Warehouse. “NetSuite Analytics Warehouse is an AI-powered, cloud-based data storage and analytics solution for NetSuite that brings together business data, ready-to-use analytics, and prebuilt AI and ML models to deliver deeper insights and accelerate the decision-making process into actionable results,” NetSuite said. 

Also read: Transitioning from Manual to Computerized Accounting

With this solution-specific combination that aims and provides accurate, real-time, and actionable insights, companies will have a solid 360-degree view of their business’ standing. It centralizes all your data – including NetSuite; other sources like Google Analytics, Salesforce, and Shopify; CSV files; and historical data from legacy systems with access to a collection of ready dashboards or quickly build reports to need. AI guidance enhances data discovery and expands visibility into finances and operations.
“Using Oracle Analytics Cloud and powered by the Oracle Autonomous Data Warehouse, NetSuite Analytics Warehouse lets business professionals load data quickly and easily build and run their analysis and visualizations without relying on IT,” Oracle NetSuite added.

Discover the Power of AI with ITG

IT Group, Inc. (ITG) has been the leading IT Solution Partner in the Philippines and the ASEAN region. We’re an ISO 9001:2015 Certified company with four regional offices in the Philippines, Indonesia, Singapore, and Malaysia. We help 200+ clients across the ASEAN region promote innovation through a digital transformation journey, and we have a solid portfolio of 250+ successful projects. We offer Business Consulting, Support and managed Services, Subscription and licenses, Service Delivery, and Certification and training. 

Also read: 5 Pain Points That the No. 1 Cloud ERP Can Solve

For over 21 years of expertise, ITG has been your leading technology partner for system-wide innovative solutions to accelerate your business plans and goals, delivering seamless integrations and processes, from Business Management Solutions, IT Management, Integration & Automation, and Enterprise Data Management to IT Infrastructure. We help clients across the region experience digital transformation in their business, co-creating and co-owning solutions tailored to their business needs.

With the power of AI and the #1 Cloud ERP, Oracle NetSuite, ITG can make your business AI-ready. Your business is one step closer to achieving maximum efficiency from beginning to end of your operational and financial processes.

Learn more about how we can help you today.