Ok, maybe I got a little too excited writing the title.
NetSuite hasn't announced a competitor to the Model X, but they have made a huge step towards revolutionising the way we use and interact with business software applications! This week NetSuite announced the release of the worlds first intelligent cloud suite, marrying AI and Machine Learning with the already world-leading cloud business software suite. Functionality that will be built in a way that enables customers to consume, use and quickly drive real business benefit from the immense capabilities of these features.
"The intelligent cloud suite will be delivered with the same philosophy of all NetSuite functionality and similar to its existing business intelligence," noted Paul Farrell, VP of Product Marketing at NetSuite, "real-time, consumer-oriented, relevant, accessible and optimised for each industry and role."
“A pioneer in the cloud, NetSuite has long been a leader in providing powerful business intelligence across its suite,” added Jim McGeever, executive vice president, Oracle NetSuite. “With new artificial intelligence and machine learning capabilities within NetSuite, we’re equipping our customers to understand not only what’s happened with their business, but what will happen in the future and how they can stay ahead.”
What does this mean for NetSuite Users?
The application of AI and Machine Learning in the technological world is booming, leading the way for innovation in nearly all industries. Tesla is just one of many companies who have leveraged these technological advances to fuel their groundbreaking work in self-driving cars. The applications and innovation that AI and Machine Learning are offering the world, are for now, and open book.
For the world of business software, this specific marriage between AI, Machine learning and NetSuite is a game changer! This "new-look" business intelligence will enable businesses to glean better insights, drive efficiencies by further automating processes and determine the next best action with predictive actions. The intelligent cloud suite will deliver huge benefits to users across the entirety of any organisation using NetSuite.
Finance and Procurement Professionals: AI and machine learning enable financial professionals to improve audit risk analysis, analyze past payment history with vendors and customers and enhance cash flow predictions, a key pain point for growing businesses.
HR Professionals: AI and machine learning enable HR professionals to create profiles of the best candidate based on existing top performers, predict high performers who might be a flight risk and better automate employee self-service by identifying what questions employees might have based on role, time of year or other factors.
Supply Chain Professionals: AI and machine learning offer supply chain professionals the potential to not only identify risks or potential upcoming problems in the supply chain but, as it learns, provides potential solutions.
Manufacturing Professionals: AI and machine learning help manufacturing professionals optimise labour schedules in the warehouse based on past performance or predicted demand and identify machinery in need of maintenance before it becomes a problem.
Commerce Professionals: AI and machine learning help commerce professionals significantly boost searchandising and improve online sales and conversions by serving up products customers are more likely to buy based on key indicators such as past purchases, search history and results of similar buyers.
Customer Services Professionals: AI and machine learning provide customer service professionals with more accurate results around total customer lifetime value by using predictions of costs to the support organisation, anticipated satisfaction and information on a customer’s likelihood of renewal.
Marketing Professionals: AI and machine learning help marketers improve campaign optimization by identifying what type of campaigns lead to a conversion with what frequency and what type of sale based on demographics, a profile within the customer base, and activity on the website, at events or other available data points.
Sales Professionals: AI and machine learning for sales teams support intelligent interactions guiding agents through the sales process, personalizing it for the prospect, the product and upsell, and cross-sell opportunities.
Just like Tesla's Model X, the self-driving business will be able to benefit from intelligent insights that allow you to understand your business like never before, intelligent interaction that helps you make the right business decisions, and intelligent automation that can save you time when constructing workflows.
“Data is the new gold. With NetSuite, we have real-time insights and visibility into all of our key performance indicators, enabling us to make lightning fast decisions,” said Tony Drockton, Founder and CEO of Hammitt, a Los Angeles-based luxury accessories brand. “Building in intelligence and automation will make using NetSuite easier and more powerful than it already is.”