Oracle NetSuite gave an extensive update on the development of the NetSuite platform during SuiteConnect London. If we take everything into account, it is clear that NetSuite is investing heavily in improving the user experience. It is doing this by removing silos, investing in specific AI features and providing more and more support to users.
NetSuite is an ERP solution aimed at the middle segment. It is very suitable for SMEs growing fast and needing to scale up to a more stable software platform for business-critical applications.
Purposeful AI
Over the past year, we have seen that NetSuite, like many other SaaS solutions, is investing in AI. However, NetSuite chooses a different approach than, for example, Salesforce or ServiceNow. At NetSuite, you see more development of targeted AI functions and agents. These are functions within the platform that automate or improve processes. Or an agent that can quickly create visual reports.
This could involve finding discrepancies in financial entries (Financial Exception Management) and improving the textual descriptions of products, orders or projects (Text Enhance). But it could also involve asking a normal textual question. The SuiteAnalytics Assistant then creates a report with visualizations based on data from workbooks.
AI agents
In conversation with Oracle executives Craig Sullivan and Patrick Puck, it became clear that NetSuite is raising the bar for AI. There are a few specific agents at the moment, but in the future, there will be more AI agents within the NetSuite platform. They do not yet want to reveal how much freedom customers and partners will have to develop these themselves.
During SuiteConnect London, NetSuite announced that it has made a Prompt Management API available. This makes it easier for partners and customers to create and execute AI prompts within the NetSuite platform. If we continue this line towards AI agents, we suspect that NetSuite will focus on creating AI agents that can execute existing prompts and actions within the NetSuite platform.
Other platforms also focus much more on being an all-in-one platform for AI. You can then load external data and build AI actions separate from the platform and its functions. We do not expect this from NetSuite, as functions and AI will always serve the NetSuite platform.
Also read: NetSuite focuses on qualitative growth and embraces Salesforce
NetSuite offers unlimited AI use as standard
We know that various SaaS vendors are struggling with the billing model for AI in their software. Salesforce has now switched to a pay-per-use model, where you pay a fixed amount per AI transaction. ServiceNow has added unlimited AI to two license types, with the cheapest license model currently not including AI. NetSuite offers unlimited AI with all licenses. Whether that model is tenable in the long term remains to be seen.
We asked Evan Goldberg, SVP at Oracle NetSuite, if that model is tenable in the long term. He indicated that they assume it should be possible. Hardware costs will go down. They are constantly in talks with Oracle about making AI processes more efficient. He also states that they cannot change many functions into a paid version because that would devalue or even cripple the NetSuite products. According to Goldberg, detecting anomalies in financial solutions is simply a core feature.
He does not rule out more advanced AI features that will require a different billing model in the future. Only time will tell. NetSuite’s goal is to make all AI inclusive within the current licenses.
Efficiency and user-friendliness are paramount at NetSuite
What also stood out at SuiteConnect London is NetSuite’s strong focus on efficiency and user-friendliness. The company focuses on making the NetSuite platform better for users, which allows them to work with the platform faster and more efficiently. Sullivan says that they actively engage in dialog with customers and analyze their behavior to determine where they can add AI or make processes more efficient.
NetSuite has built dozens of AI prompts for Text Enhance across the platform. With Text Enhance the user only has to sum up what kind of text it needs and based on the available data Text Enhance will do the rest. For example, generate extensive descriptions without having to define every detail.
Besides Text Enhance, NetSuite works on AI tools that can quickly compile a report or visually map out the consequences of certain business processes. NetSuite is also in the process of a complete redesign to Redwood, Oracle’s design language. However, that is more than just changing a few colors. We learned during SuiteWorld last year that they are reviewing all screens and forms. They are looking at how these can be organized more efficiently and where it makes sense to add buttons or quickly launch an AI prompt, for example.
During a customer panel, it also became clear that NetSuite has become very efficient. Some of these companies manage to grow their organization with small teams, such as 2 to 3 people. This is only possible if your business applications are efficient and user-friendly.
Ultimately, it is a question of finding the right balance. For example, customers and partners must be given the right tools to start with AI. At the same time, sufficient out-of-the-box functionality must exist so that the customer is not overburdened and does not have to experiment too much.
Interesting features were also introduced during NetSuite SuiteConnect London. Examples include Text Enhance for custom fields, the Prompt Management API, and a number of AI agents. It is not yet clear when these features will become available in other European regions. We expect it to happen within a few months, but this could not be confirmed.
NetSuite SuiteSuccess Anything-as-a-Service (XaaS) Edition
Another important announcement during SuiteConnect was SuiteSuccess for Anything-as-a-Service (XaaS). With SuiteSuccess, NetSuite provides organizations with templates to easily and optimally organize their business. NetSuite has templates for various industries, but now also for XaaS. This includes organizations with a wide range of products and services. They can now use a template to accelerate their growth. They do this by using the latest cloud technology and AI. They have less complexity because all core processes are in one platform. They have a continuous overview of what is happening within the company. A SuiteSuccess template is structured so that customers can start small. They can slowly expand it with more and more features and solutions.
NetSuite uses all its knowledge of industries and experiences with customers to develop these templates. Within the XaaS template, it can offer Financial Management, Multi-location Inventory Management, Project Management and Revenue Recognition. To start with XaaS, NetSuite recommends starting small with NetSuite SuiteBilling. This is to automate complex invoicing processes, save time and stabilize liquidity. With SuiteBilling, you can automate subscriptions, pricing strategies and renewals.
NetSuite XaaS is currently only available in the UK but will undoubtedly be available in multiple markets in the future.
NetSuite is and remains an interesting option for organizations that are growing fast and do not currently have their critical business applications in order. Certainly, this is true for organizations that are also active in multiple countries.