The integration of artificial intelligence (AI) into business processes has emerged as a game-changer for finance executives are constantly seeking ways to improve efficiency and accuracy in financial operations. These capabilities offer significant potential to streamline tasks and enhance decision-making.

 NetSuite, a leading provider of cloud-based business management software, has recently introduced a series of AI capabilities designed to transform the user experience and drive operational excellence. While there are still many planned releases to come, NetSuite currently offers several features that use AI to help users increase efficiency and accuracy.

Understanding AI and generative AI

Many companies successfully use AI to offer improved features, such as Instagram recommendations, Zoom background noise cancellation, and Uber ride pricing. However, what people typically reference when talking about AI is generative AI.

Generative AI is a system of algorithms and programming that can apply reason and learn over time. These systems are designed so that a person does not need to continue coding more information for the system to learn. AI can perceive pictures, sounds, and languages, and it needs to be fed information or "trained" to improve its accuracy and usefulness.

Despite the promising potential of AI, many organizations struggle with its implementation. Common challenges include the complexity of AI systems, the need for continuous training and updates, and the fear of job displacement among employees. Additionally, businesses often face difficulties in integrating AI with existing systems and processes, leading to inefficiencies and suboptimal outcomes. 

For finance executives, additional challenges lie in identifying AI solutions that not only enhance productivity but also align with the organization's strategic goals and financial constraints. They also have the added considerations of maintaining compliance, verifying data quality and accuracy, and a need for heightened security. 

Implementing now for added value

The implementation of NetSuite's AI capabilities has the potential to significantly impact business operations, particularly for finance executives. The benefits include:

• Increased Efficiency: By automating routine tasks such as invoice processing and product description generation, employees can focus on higher-value activities, leading to increased productivity and operational efficiency.
• Enhanced Accuracy: AI-driven features reduce the likelihood of human error, ensuring more accurate data entry and analysis. This leads to better financial reporting and decision-making.
• Proactive Risk Management: Real-time analysis and anomaly detection enable businesses to identify and address potential risks and fraud early, safeguarding the organization's financial health.
• Strategic Insights: The Analytics AI Assistant provides actionable insights that help finance executives make informed decisions, driving strategic growth and competitive advantage.
• NetSuite’s new AI features are still in the early stages, which creates an opportunity to realize increasing value. Since AI learns over time, it is an investment to begin using and correcting new features. It is also important to strategize now, since data over time is important.

NetSuite's approach to AI

NetSuite has taken a proactive approach to address these challenges by working with Oracle to add new AI capabilities. They noted their AI will be human-included AI, meaning NetSuite’s AI features are designed to assist rather than replace human tasks, ensuring that employees remain integral to the process while benefiting from AI-driven enhancements. 

Key AI capabilities introduced by NetSuite include:

1. Text Enhance: NetSuite’s Text Enhance feature generates product descriptions from a product's page, allowing users to make edits that the system learns from over time. This iterative learning process allows the AI becomes more accurate and useful with each interaction, making it valuable to begin implementing now. 
2. Bill Capture: The Bill Capture function enables users to upload invoices via scan, email, or drag and drop. NetSuite uses AI to process the invoice, extract key information, and create a vendor bill for user verification and editing. This helps minimize errors, reduce time spent on manual data entry, and improve efficiency in managing accounts payable. 
3. Analytics AI Assistant: Integrated across NetSuite's suite of products, the Analytics AI Assistant creates simple insights using Suite Analytics and is available for users of NetSuite Analytics Warehouse. By collecting thorough data, users can gain valuable insights and stay ahead of the curve as the AI assistant continues to evolve.
4. NetSuite Financial Exception Management: NetSuite’s Financial Exception Management feature detects risk and fraud by continuously analyzing data in real time, identifying patterns and deviations from the norm. This proactive approach helps catch patterns or aberrations that might go unnoticed by human analysts. When an anomaly is detected, the system generates notifications.

NetSuite also announced more AI-supported features coming within the next 12 months. These new capabilities to look forward to include:

• Out-of-the-box AI models for NetSuite Analytics Warehouse
• Enhancements to NetSuite Suite Projects Pro
• Generative AI enhancements to NetSuite Enterprise Performance Management (EPM) solutions
• Release of an AI playbook

Strategic investment in AI for future growth

The integration of AI capabilities into NetSuite's products offers finance executives an opportunity to enhance business efficiency and accuracy. By leveraging AI-driven features, organizations can automate routine tasks, reduce human error, proactively manage risks, and gain strategic insights. These advancements not only streamline operations but also empower employees to focus on higher-value activities, driving overall productivity and operational excellence.

As AI continues to evolve, the early adoption of NetSuite's AI capabilities presents a strategic investment for future growth. Organizations should consider the long-term benefits of implementing these technologies now, as AI systems learn and improve over time. By embracing AI, executives can position their organizations for sustained success in an increasingly competitive business landscape.