Oracle has always been a leading innovator offering customers optimized solutions to meet their growing business demands. In keeping with this trend, Oracle NetSuite has taken a quantum leap into the future by announcing their latest and world’s first intelligent cloud suite. It has embedded powerful artificial intelligence capabilities in its cloud based management suite which can provide high levels of efficiencies and automation that is so essential to customers looking for exponential growth and development.
In a business environment that operates at the speed of light today, businesses can no longer afford to carry on with traditional and outdated data processing and business intelligence (BI) systems. To remain competitive they have to adapt quickly to change and this is what NetSuite is helping them do. It has retained its existing NetSuite BI platform but has incorporated advanced data science and machine learning capabilities in its present cloud suite.
Key Benefits to Businesses
What have been the key benefits to businesses through this latest NetSuite accounting innovation?
It facilitates combining of NetSuite and third party data which in turn helps companies take quick and considered business decisions from within NetSuite. It can drive efficiencies better by automating key processes that will help businesses determine the best actions that should be taken in the following operational functions.
- Finance – Finance executives can make best use of artificial intelligence and machine learning to analyze audit risks and better monitor accounts receivable. This is a crucial factor in cash flow predictions that leads to better planning for growth and taking investment decisions for expansion and diversification.
- HR – It will help HR professionals be more systematic in their approach, predict high performers and identify employees for key roles based on role and performance. It can also enable HR an executive structure profiles of candidates for increased responsibilities.
- Manufacturing – Professionals in manufacturing can optimize warehouse management by maximizing labor schedules as well as predicting service schedules of machinery before any issues arise that can result in downtime.
- Customer Service – Artificial Intelligence can predict accurately the lifetime value of a customer to the organization as well as the level of satisfaction derived from use of goods and services. Based on these parameters businesses can estimate the customer’s chances of renewal.
- Sales and Marketing – AI can guide sales personnel to personalize sales processes as per customer requirements and better utilize up-sell and cross-sell opportunities. Marketing professionals can use machine learning to identify type of campaigns that will optimize lead generation and conversions.
Main components of NetSuite Intelligent Cloud Suite
Now that the utility of NetSuite machine learning Cloud suite in driving and optimizing various business functionalities been established, a look at the main components of this intelligent suite will be in order.
- Intelligent Approach – NetSuite’s intelligent approach ensures that owners are on top of the crucial aspects of business at all times and that they are managing the right things at the right time. A manager may be alerted of a delay in customer delivery for reasons quite outside the ambit of business – say inclement weather. The supply professional can then take pre-emptive action to ward off this possibility.
- Intelligent Interface – NetSuite intelligent interface will dramatically alter the layout and tab order of the screen; automate information systems and even point out areas of likely problems and their solutions. This will be based on a study of historical actions, what has succeeded previously and how that specific industry solves common issues. NetSuite will also take into account its experience with thousands of other customers across industries. Predictive solutions offered by NetSuite will be based on all these variables.
- Intelligent Automation – NetSuite accounting automates key business processes, and will structure workflows based on similar workflows and decisions taken in the past that have been a success. Once past data has been analyzed by the Intelligent Suite it will automate in the systems all processes that were carried out manually before.
It is quite possible that customers might not be comfortable with NetSuite Intelligent Cloud Systems but that usually happens to all path breaking innovations. But by optimally using the three components of Artificial Intelligence in NetSuite, customers will surely get the best out of businesses, more so when predictive machine learning is deemed to be accurate.
Small business owners and the power of Business Intelligence
It is well known that for any small business the key inputs of artificial intelligence, data, and insights are critical for a wide range of functions. These include exploring ways and means for customer retention, managing inventory and gaining product insights. All these complex processes will now be simplified in NetSuite Artificial Intelligent suite. Now, a small and medium business can depend on the machine based algorithms and artificial intelligence to gain incisive insights into their business.
Existing NetSuite accounting users who have installed the whole product range of the brand stand to gain tremendously. They will now have access to real time analysis which will include amongst others CRM, e-Commerce, inventory management, finance and more. The scope of gaining cutting edge benefits is truly enormous.
NetSuite and its many capabilities
The main capability of NetSuite Intelligent Cloud Suite is that it does not only report on what has happened in the present but also what is likely to happen in future. For instance, by analyzing accounts receivable, it can actually predict which customers are likely to default on payments. This enables business owners to take corrective action in advance.
Another feature in the newly introduced NetSuite system is “searchandizing”. This is very useful for ecommerce platforms as it uses smart synonyms to arrive at the right search result as well as predict what shoppers are likely to buy.
The basic principle of NetSuite Intelligent System is to capture historical data and then choose an algorithm that will give the best results on how to approach a problem and solve it. That is where machine learning and artificial intelligence truly come into play.