SuiteWorld 2024 wrapped up with an exciting array of new features and updates that are set to enhance how businesses operate on the NetSuite platform. Our take on this year’s event is simple: it’s clear that AI is transforming nearly every aspect of the business process within NetSuite. With each announcement, the focus was on improving efficiency, automating complex tasks, and delivering smarter insights through machine learning (ML) and artificial intelligence (AI).
Here’s a breakdown of the most impactful announcements from SuiteWorld 2024 and what they mean for your business.
The Redwood UI: A Fresh Look for the Future
NetSuite is introducing its new Redwood UI, set to roll out in phases. Users will start to see aspects of this sleek and modern interface as early as late 2024. This update is more than just a UI update—it’s about making the user experience smoother and more intuitive. For Plative clients, this means less time navigating the system and more time focusing on the tasks that matter.
Customer 360: A Complete View in Real-Time
NetSuite’s new Customer 360 offers a holistic, real-time view of every customer touchpoint, from accounts receivable to sales orders. While NetSuite has always connected all relevant data to the client record, and had a configurable dashboard. This update also includes an improved version of intelligent recommendations, powered by AI. By improving the visualization of all customer data into one live dashboard, businesses can make quicker, more informed decisions, immediately.
What does that mean for you? Customer 360 means deeper insights into customer behavior and a streamlined way to respond to issues or opportunities. This kind of visibility has the potential to reshape customer service strategies, creating a smoother, more personal experience for your customers.
AI-Driven Financial Exception Management
One of the most exciting updates is the new Financial Exception Management feature, which uses AI to spot inconsistencies in sales orders, bills, and invoices. It helps catch miskeyed amounts, duplicate transactions, and incorrect account selections, all while training on your company’s unique data.
This tool is a game-changer for finance teams, providing an extra layer of security and reducing the time spent manually reviewing transactions. This means fewer errors and more confidence in your financial data, which is crucial for driving profitability.
Cash 360: Smarter Cash Forecasting
NetSuite’s Cash 360 dashboard now goes beyond calculating cash flow based on sales and outstanding payments—it incorporates installment payments into forecasts for better accuracy. This update is critical for businesses with complex cash flow cycles.
For businesses in industries where payments can be staggered, this improved accuracy can help avoid cash flow surprises and ensure smoother financial planning.
Credit Card Automation: More Efficient Transaction Matching
The new Credit Card Automation features leverage AI for advanced transaction matching, automatically categorizing activities based on historical data. This enhancement significantly reduces the manual effort required for reconciling credit card transactions.
For businesses, this means faster close times and fewer manual errors, freeing finance teams to focus on more strategic initiatives. This is a crucial update for companies looking to streamline financial operations and reduce the burden of manual work.
AI-Powered Procurement and CRM Licenses
The introduction of NetSuite SuiteProcurement brings punch out purchasing directly into the platform, with current integrations including Amazon Business and Staples. For companies managing large procurement operations, this feature simplifies the process by consolidating purchasing workflows.
Additionally, NetSuite is rolling out a new CRM-specialized user license for sales reps. It allows access to sales-specific features without the complexity of the full NetSuite platform, offering a cost-effective solution for businesses where sales teams only need CRM functionality. This will have an immediate impact on Plative’s NetSuite CRM clients.
SuiteBilling and CPQ: Subscription Flexibility Meets AI Assistance
NetSuite’s SuiteBilling and CPQ (Configure, Price, Quote) now work seamlessly together, particularly for businesses offering subscription-based services. Sales reps can use the new AI assistant to navigate conversations and recommend configurations based on customer needs.
This integration offers Plative’s clients, especially those in SaaS or recurring revenue models, greater flexibility in managing subscriptions, along with powerful AI tools to ensure the right products and services are being configured for each deal.
Ask Oracle: AI at Your Fingertips
An AI assistant embedded directly in NetSuite’s search bar. This tool allows users to type in natural language questions and receive answers based on NetSuite’s vast data sets. Whether it’s retrieving specific records or answering complex queries, Ask Oracle delivers insights quickly and intuitively.
SuiteProjects Pro: AI for Project Managers
NetSuite has re-branded OpenAir as SuiteProjects Pro, now equipped with AI-powered dashboards. These tools provide project managers with insights on project health, offering recommendations for proactive steps. The AI also suggests resource allocations and analyzes how changes could impact profitability.
For Plative’s clients in project-heavy industries, this is a powerful tool that can lead to more successful project outcomes and better resource management.
Compliance 360 and HIPAA Features
Lastly, the Compliance 360 module is bringing much-needed features for industries with strict compliance requirements, such as healthcare. This includes new documentation and audit capabilities tailored specifically for HIPAA compliance.
For Plative clients in healthcare and life sciences, these enhancements will ensure easier compliance management and reduce the complexity around meeting regulatory requirements.
Enhancements to Enterprise Performance Management (EPM)
Oracle NetSuite has introduced enhanced AI capabilities for its Enterprise Performance Management (EPM) system, featuring a new interface that includes an AI-driven digital assistant. These updates aim to help “finance teams leverage powerful AI innovations to help increase efficiency, expand insights, and enable more time to be spent on value-added activities,” noted Evan Goldberg, Founder and EVP, Oracle NetSuite.
AI is Driving the Future
SuiteWorld 2024 made one thing clear: AI is not just a buzzword—it’s becoming deeply integrated into every corner of the NetSuite ecosystem. From financial automation to customer insights, Plative’s clients can look forward to a future where AI helps their businesses run more efficiently and with greater precision. The new features introduced at SuiteWorld show that NetSuite continues to innovate, focusing on making operations smarter, faster, and easier for everyone.
As these updates roll out, Plative is excited to help customers take full advantage of these powerful new tools, ensuring they stay at the forefront of digital transformation.