Get a supercharged ERP with AI-powered NetSuite
Introduction to AI within NetSuite
AI technologies is nothing new, however, artificial intelligence (AI) seems to have suddenly become a driving force in almost every facet of our lives.
Tools like ChatGPT have quickly become invaluable knowledge resources, with the power to process vast amounts of data to understand, generate and interpret human language.
Today, AI is having an exciting effect on ERP systems with being able and managing more complex tasks. Every serious vendor is focusing strongly on AI technologies and driving innovation in their ERP systems, and the roles these technologies play in transforming business operations and the benefits companies can realize from harnessing their power.
In short, here are some of the benefits of AI in ERP:
- Delivers real-time insights and predictive analytics
- Uncovers patterns and provides actionable insights
- Automates routine tasks for greater efficiency
- Analyzes trends for strategic foresight
- Offers scalable flexibility for resource efficiency
- Monitors operations to maintain integrity
- And boosts overall productivity
AI in ERP
Present, AI features in ERP have made eye-popping advancements. According to McKinsey, AI could add $25.6 trillion to the world’s economy.
Today’s AI-driven ERP systems are capable of sophisticated analytical predictions, enhancing customer relationship management (CRM) through personalized interactions and providing strategic insights that inform decision-making processes at the highest levels.
Looking ahead, the future of AI in ERP systems seems limitless, driven by emerging technologies like generative AI, advanced ML models and natural language processing (NLP), which help computers comprehend, generate and respond to human language as if they, too, were human.
These innovations promise to further revolutionize ERP systems by enabling more natural interactions between users and systems, automating complex decision-making processes and offering an even deeper understanding of business operations.
Where is AI-enabled ERP systems are having the greatest impact?
Automation is one of the most powerful use cases for AI-driven ERP systems. At the most basic level, AI can automate processes that require precision, speed and efficiency, such as data entry, financial transactions and basic customer service inquiries.
But AI technologies, such as ML, NLP and RPA, can also learn from data, understand human language for better customer interaction and execute more complex, yet repetitive tasks without human intervention.
The result is more advanced automated decision-making and predictive analytics capabilities. For example, ML algorithms can optimize logistics and delivery routes in real time, appreciably reducing operational costs and boosting customer satisfaction.
AI in NetSuite?
Built on Oracle Cloud infrastructure (OCI) and leveraging its leading AI services, the AI capabilities embedded in NetSuite are designed to respect customers’ enterprise data, privacy, and security.
With OCI Generative AI services, no customer data is shared with large language model (LLM) providers or seen by other customers.
To further protect sensitive information, role-based security is embedded directly into NetSuite workflows and only recommends content that end users are entitled to view.
NetSuite also has Text Enhance generative AI services are powered by OCI, which hosts both prebuilt and custom models. Leveraging OCI Supercluster, which includes bare metal compute instances, ultra-low latency RDMA networking, and high-performance storage, OCI helps accelerate LLM training with the highest performance at the lowest cost. This allows Oracle to deliver the fastest AI innovation in the industry and attract the best enterprise-focused innovators, including Cohere, to build on OCI, further contributing to the innovation feedback cycle.
These are the latest NetSuite AI updates:
Helps organizations increase efficiency and mitigate risk by using AI to automatically detect financial exceptions.
As a result, customers can quickly assess situations, identify the activity that needs to be investigated, and get actionable insights to help resolve issues ahead of the period end time crunch.
NetSuite's Approach to Embedded AI
