Oracle NetSuite has added the ability to automatically generate text and summarise financial data in its cloud ERP using generative AI.
The feature NetSuite Text Enhance works with company-specific data to streamline processes and automate the generation of context-sensitive content across every area of the suite.
NetSuite intended to add more features based on generative and other types of AI, said Evan Goldberg, founder and EVP, Oracle NetSuite, at the company’s annual SuiteWorld conference.
Here is a list of the use cases for generative AI using Text Enhance in each module.
Finance and accounting
Finance and accounting teams can use NetSuite Text Enhance to write targeted and personalised collection letters and generate summaries and narratives for financial reports. This should expedite collections, close the books faster, and focus on more strategic and fulfilling work by accelerating time-consuming writing tasks.
When a prospect reaches out and expresses interest in a particular product or service, a salesperson can use NetSuite Text Enhance to produce a contextual email response by using a combination of ERP, CRM, and supply chain data. The email can draw from the organisation’s current campaigns and include details such as the latest product description, product images, pricing information, availability, and delivery details.
Supply Chain and Operations
Supply chain and operations teams can use NetSuite Text Enhance to generate procurement orders and request letters; develop personalised vendor engagement letters and emails to chase delayed purchase orders; develop customer updates on delivery schedules; and create product descriptions used by sales, support, and implementation teams for invoices, website, and point-of-sale systems.
This would streamline purchasing and logistics and improve the quality of product-related communications.
Marketing teams can use NetSuite Text Enhance to develop personalised email content for marketing campaigns and sales pitches; generate contextual responses to leads and prospects; and draft written quotes and proposals. This will help accelerate marketing and sales tasks and create more effective campaigns that drive revenue.
HR teams, managers and other employees can use NetSuite Text Enhance to write job descriptions and requisitions; draft goals, including detailed descriptions and measures for success; create content for internal research; and provide a summary of the employee’s performance based on feedback gathered across the year from the employee, peers, or managers, and goal progress and achievements.
Customer support teams can use NetSuite Text Enhance to generate responses to online customer comments, such as reviews and commentary in forums and on social media; create escalation notices for internal teams; and provide customer support case updates for both internal teams and customers.
NetSuite uses Oracle’s cloud infrastructure service to power its AI features. With Oracle’s generative AI service, no customer data is shared with LLM (large language model) providers or seen by other customers or other third parties. In addition, an individual customer is the only entity allowed to use custom models trained on its data.
Role-based security embedded directly into NetSuite workflows helps to protect sensitive information about customers and only recommends content that individual users are entitled to view.
Oracle Cloud Infrastructure accelerates LLM training using its OCI Supercluster. The AI framework used to power NetSuite Text Enhance is Cohere, the same framework used in tools like Notion and Jasper.
Image credit: Oracle NetSuite
Subscribe to our newsletter
Subscribe to receive the latest stories and new guides to your inbox. No spam, we promise.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.