Oracle Netsuite celebrates 25 years
“OVER the past 25 years, our mission has stayed the same: deliver a unified suite of cloud applications that enable customers to do more with less and grow their businesses,” Evan Goldberg, founder and EVP, Oracle NetSuite said in his lively keynote to a crowd of customers and industry analysts at SuiteWorld 2023 in Las Vegas last October 17.
Oracle NetSuite began as NetLedger 25 years ago, a software service designed to help businesses cut costs and boost efficiency by unifying processes all on the Cloud. On November 2016 Oracle Corporation acquired NetSuite for approximately US$9.3 billion. Acquiring Netsuite hastened putting Oracle in the Cloud. In turn, Netsuite was given access to the technology and scale of Oracle.
For its 25th year, Netsuite’s updates center on both traditional and generative AI features, new field service management and enterprise performance management tools, as well as capabilities aimed at enhancing finance and customer experience operations.
The Netsuite founder said that harnessing generative AI-powered capabilities across the entire suite are all focused on “doing more for less.” This means reducing manual data entry and retrieval, automation in reports production and analysis which expands business insights. Which in turn lets the human side of the equation focus on strategy, planning and budgeting.
Goldberg highlighted Netsuite’s commitment to delivering a unified suite of cloud applications year-after-year. Some AI-driven improvements are all-new, while others are add-on to existing systems.
One of the biggest announcements was the launch of NetSuite Text Enhance, a new generative AI capability that can help users automate a variety of tasks, such as writing emails, creating reports, and generating marketing copy. It is powered by Oracle Cloud Infrastructure (OCI) and uses the latest advances in natural language processing to deliver high-quality results.
Another major announcement was the release of the NetSuite Analytics Warehouse (NSAW) update. NSAW is a powerful data warehousing solution that helps businesses get more value from their data. The update includes a number of new features, such as improved performance, enhanced scalability, and new data connectors.
Maximizing the powers of generative AI and the abilities of Oracle’s massive data stores is NetSuite Benchmark 360. Goldberg elatedly announced the new tool that helps organizations analyze key operational and financial metrics and understand how they are performing compared to similar organizations in their industry and region. It allows users to gain insights and recommendations for how to improve business performance.
NetSuite is also introducing a new licensing model that will give customers task-specific licenses for employees that don’t require full access. For example, a warehouse employee who only needs NetSuite access for receiving, put-away, picking, and shipping, will gain access to NetSuite’s relevant warehouse
During the press conference following the keynote, Goldberg emphasized NetSuite’s commitment to data security and privacy. He noted that NetSuite’s GenAI capabilities are built on OCI and prioritize the confidentiality and security of customer enterprise data. Any custom models trained on individual customer data are strictly for their exclusive use, and this privacy is upheld through role-based security protocols.
“We continue to extend the capabilities of NetSuite to support this mission and help our more than 37,000 customers benefit from the latest cloud and AI innovations. Our new updates include traditional and generative AI capabilities embedded throughout the suite to help increase user productivity, reduce costs, and improve overall business efficiency,” Goldberg concluded.