Oracle NetSuite has introduced a series of new artificial intelligence (AI) capabilities for its NetSuite Enterprise Performance Management (EPM) aimed at improving the efficiency and effectiveness of finance teams. The enhancements are designed to streamline reporting, expand insights, and support improved decision-making within financial departments.
The latest updates were unveiled at SuiteWorld in Las Vegas. "Finance teams often spend a significant amount of time gathering data and creating narratives to explain financial results, justify important decisions, and forecast future growth. This can be a labor-intensive process that often diverts time away from more strategic analysis and slows down decision-making," said Evan Goldberg, founder and executive vice president of Oracle NetSuite. "To address this challenge, the latest updates to NetSuite EPM help finance teams leverage powerful AI innovations to help increase efficiency, expand insights, and enable more time to be spent on value-added activities."
NetSuite EPM is integrated into Oracle Fusion Cloud Enterprise Performance Management and is aimed at enhancing the efficiency and accuracy of financial processes. The new AI features have been developed to enable finance teams to quickly derive actionable business insights, thereby driving the business forward.
One of the key features introduced is Generative AI for Narrative Reporting. This tool aims to help finance teams increase productivity and decision-making speed by creating AI-powered narratives, explanations, and visuals derived from financial and transactional data. The feature is designed to make the reporting process more efficient and accurate.
Another significant update is the inclusion of AI-powered narratives within NetSuite Planning and Budgeting. This functionality is designed to help finance teams accelerate reporting and seize growth opportunities by identifying patterns, trends, and anomalies. The feature provides detailed AI-generated commentary and narratives through the Intelligent Performance Management (IPM) Insights feature.
The package also includes predictive forecast explanations in NetSuite Planning and Budgeting. This tool aims to enhance forecast accuracy and confidence, improve business understanding, and enable rapid action. Finance teams can quickly and easily understand the key factors behind AI-generated forecasts, which in turn, supports more accurate planning and decision-making.
Additionally, the EPM suite now includes an AI-driven digital assistant specifically for NetSuite EPM. This assistant enhances productivity by allowing users to accomplish various tasks through natural language conversations, providing an intuitive interface that aims to improve the overall user experience.
These new capabilities reflect a growing trend towards the integration of AI technologies within enterprise software to automate routine tasks and provide more timely and accurate business insights. Companies are increasingly looking to leverage AI to free up time for more strategic analysis, which can lead to better business outcomes.
