Oracle NetSuite has introduced advanced artificial intelligence (AI) updates to its Enterprise Performance Management (EPM) platform, designed to enhance the efficiency and strategic capabilities of finance teams.
New AI Features
The newly launched updates integrate with Oracle Fusion Cloud Enterprise Performance Management and are embedded within NetSuite to refine financial processes, improve accuracy, and deliver actionable business insights. These enhancements aim to streamline reporting and decision-making while unlocking new growth opportunities for businesses.
Evan Goldberg, Founder and Executive Vice President at Oracle NetSuite, highlighted the challenges finance teams face: “Finance teams often spend significant time gathering data and crafting narratives to explain financial results, justify decisions, and forecast future growth,” Goldberg noted. “This labor-intensive process detracts from strategic analysis and slows decision-making.”
Key AI Innovations
To tackle these issues, the latest AI-powered features in NetSuite EPM offer the following capabilities:
Generative AI for Narrative Reporting: This feature boosts productivity by generating AI-powered narratives, explanations, and visuals from financial and transactional data. It enables finance teams to produce comprehensive reports efficiently, accelerating the decision-making process.
AI-Powered Narratives in NetSuite Planning and Budgeting: This tool enhances reporting speed and insight generation by identifying patterns, trends, and anomalies within data. The Intelligent Performance Management (IPM) Insights feature delivers detailed, AI-generated commentary to support quick capitalization on business growth opportunities.
Predictive Forecast Explanations in NetSuite Planning and Budgeting: This functionality increases forecast accuracy and understanding by clarifying the key factors behind AI-generated forecasts, allowing finance teams to act swiftly and confidently on insights.
AI-Driven Digital Assistant: An intuitive, AI-driven interface helps finance teams complete various tasks using natural language conversations, improving productivity and user experience.
Impact on Finance Teams
These updates are designed to alleviate the burden on finance teams by automating routine tasks and enhancing data-driven decision-making. By leveraging these AI innovations, finance professionals can allocate more time to strategic activities, driving business growth and efficiency.
Oracle NetSuite’s advancements in EPM reflect a commitment to integrating cutting-edge technology into financial management tools, providing businesses with the tools needed to navigate and thrive in an evolving financial landscape.
