NetSuite Unveils AI-Powered Enterprise Performance Management Tools for Finance Teams
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On Tue, 10 Sept, 8:01 AM UTC
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NetSuite Introduces New Enterprise Performance Management AI Capabilities to Help Finance Teams Accelerate Processes
Latest AI innovations help customers increase productivity, expand insights, enhance decision-making, and capitalize on growth opportunities LAS VEGAS, Sept. 9, 2024 /PRNewswire/ -- SuiteWorld -- Oracle NetSuite today announced new AI-powered updates to NetSuite Enterprise Performance Management (EPM). The latest updates will help finance teams streamline reporting, expand insights, improve decision-making, and steer their business toward new growth opportunities. "Finance teams often spend a significant amount of time gathering data and creating narratives to explain financial results, justify important decisions, and forecast future growth. This can be a labor-intensive process that often diverts time away from more strategic analysis and slows down decision-making," said Evan Goldberg, founder and executive vice president, Oracle NetSuite. "To address this challenge, the latest updates to NetSuite EPM help finance teams leverage powerful AI innovations to help increase efficiency, expand insights, and enable more time to be spent on value-added activities." NetSuite EPM is built on Oracle Fusion Cloud Enterprise Performance Management and is integrated into NetSuite, helping organizations improve the efficiency and accuracy of financial processes and gain the business insights they need to drive the business forward. The latest AI updates to NetSuite EPM include: Generative AI for Narrative Reporting: Helps finance teams increase productivity, expand insights, and accelerate decision-making by efficiently and accurately creating AI-powered narratives, explanations, and visuals from financial and transactional data.AI-powered narratives in NetSuite Planning and Budgeting: Help finance teams accelerate reporting and quickly capitalize on business growth opportunities by enabling them to identify patterns, trends, and anomalies and deliver detailed AI-generated commentary and narratives with the Intelligent Performance Management (IPM) Insights feature.Predictive forecast explanations in NetSuite Planning and Budgeting: Help finance teams increase forecast accuracy and confidence, improve business understanding, and rapidly take action by enabling them to quickly and easily understand the key factors behind AI-generated forecasts.AI-driven digital assistant for NetSuite EPM: Helps finance teams increase productivity and accomplish a variety of tasks using natural language conversations via an intuitive AI-driven interface that enhances the user experience. Get all the latest updates from SuiteWorld by registering for SuiteWorld On Air: netsuitesuiteworld.com/onair. By registering, attendees will have access to keynotes, sessions, and demos. Learn more about how organizations are leveraging the power of NetSuite to improve productivity and drive growth. About Oracle NetSuite For more than 25 years, Oracle NetSuite has helped organizations grow, scale, and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 40,000 customers in 219 countries and dependent territories. Trademarks Oracle, Java, MySQL and NetSuite are registered trademarks of Oracle Corporation. NetSuite was the first cloud company -- ushering in the new era of cloud computing. View original content to download multimedia:https://www.prnewswire.com/news-releases/netsuite-introduces-new-enterprise-performance-management-ai-capabilities-to-help-finance-teams-accelerate-processes-302242504.html SOURCE Oracle NetSuite Market News and Data brought to you by Benzinga APIs
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NetSuite Introduces New Enterprise Performance Management AI Capabilities to Help Finance Teams Accelerate Processes By Investing.com
Latest AI innovations help customers increase productivity, expand insights, enhance decision-making, and capitalize on growth opportunities , /PRNewswire/ -- SuiteWorld -- Oracle NetSuite today announced new AI-powered updates to NetSuite Enterprise Performance Management (EPM). The latest updates will help finance teams streamline reporting, expand insights, improve decision-making, and steer their business toward new growth opportunities. "Finance teams often spend a significant amount of time gathering data and creating narratives to explain financial results, justify important decisions, and forecast future growth. This can be a labor-intensive process that often diverts time away from more strategic analysis and slows down decision-making," said , founder and executive vice president, Oracle NetSuite. "To address this challenge, the latest updates to NetSuite EPM help finance teams leverage powerful AI innovations to help increase efficiency, expand insights, and enable more time to be spent on value-added activities." NetSuite EPM is built on Oracle Fusion Cloud Enterprise Performance Management and is integrated into NetSuite, helping organizations improve the efficiency and accuracy of financial processes and gain the business insights they need to drive the business forward. The latest AI updates to NetSuite EPM include: Get all the latest updates from SuiteWorld by registering for SuiteWorld On Air: netsuitesuiteworld.com/onair. By registering, attendees will have access to keynotes, sessions, and demos. Learn more about how organizations are leveraging the power of NetSuite to improve productivity and drive growth. About Oracle NetSuite For more than 25 years, Oracle NetSuite has helped organizations grow, scale, and adapt to change. NetSuite provides an integrated system that includes financials / Enterprise Resource Planning (ERP), inventory management, HR, professional services automation and omnichannel commerce, used by more than 40,000 customers in 219 countries and dependent territories.
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Oracle NetSuite has introduced new AI capabilities in its Enterprise Performance Management (EPM) suite, aiming to streamline financial processes and enhance decision-making for finance teams.
NetSuite Enhances EPM Suite with AI Capabilities
Oracle NetSuite, a leading provider of cloud-based business management solutions, has announced significant upgrades to its Enterprise Performance Management (EPM) suite. The new AI-powered capabilities are designed to help finance teams accelerate processes and make more informed decisions 1.
AI-Driven Financial Planning and Analysis
The enhanced EPM suite introduces AI-powered tools that aim to streamline financial planning and analysis processes. These new features include:
- Automated variance analysis
- AI-generated narratives for financial reports
- Intelligent cash flow forecasting
These innovations are expected to significantly reduce the time finance teams spend on routine tasks, allowing them to focus on more strategic initiatives 2.
Improved Decision-Making and Efficiency
NetSuite's AI capabilities are set to transform how finance teams approach their work. The automated variance analysis feature can quickly identify and explain discrepancies in financial data, while AI-generated narratives provide clear, concise explanations of financial performance. This not only saves time but also enhances the quality and consistency of financial reporting 1.
Intelligent Cash Flow Forecasting
One of the standout features of the upgraded EPM suite is the intelligent cash flow forecasting tool. By leveraging AI and machine learning algorithms, this feature can analyze historical data, market trends, and other relevant factors to provide more accurate and dynamic cash flow projections. This capability is crucial for businesses looking to optimize their financial strategies and maintain healthy cash reserves 2.
Integration with NetSuite's Ecosystem
The new AI capabilities are seamlessly integrated into NetSuite's existing ecosystem of business management tools. This integration ensures that finance teams can leverage these advanced features within their familiar work environment, promoting faster adoption and maximizing the benefits of the AI-powered tools 1.
Industry Impact and Future Outlook
The introduction of these AI-powered EPM capabilities by NetSuite is likely to set a new standard in the financial software industry. As businesses increasingly seek ways to streamline their financial processes and gain deeper insights from their data, solutions like NetSuite's AI-enhanced EPM suite are poised to play a crucial role in shaping the future of finance and accounting practices 2.
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