NetSuite, an Oracle subsidiary, is integrating generative AI and other features into its cloud-based ERP package to compete with midmarket rivals in HR, supply chain, banking, finance, and sales industries.
In an attempt to more effectively compete with midmarket rivals like Epicor, IFS, Infor, and Zoho in various industries, such as HR, supply chain, banking, finance, and sales, NetSuite is incorporating generative AI, along with a slew of other new features and apps into its cloud-based ERP package.
The new capabilities were unveiled on Tuesday during the company's annual SuiteWorld conference in Las Vegas. NetSuite is an Oracle subsidiary offering a SaaS-based ERP provider. It is designed to automate essential business activities for enterprises. The applications are designed to work together and share a single database. Customers can access the ERP suite via Oracle Cloud Infrastructure (OCI). Organizations require various interfaces and tools from other cloud providers to operate the system on infrastructure.
NetSuite has developed a generative AI tool called NetSuite Text Enhance for use across HR, finance, the supply chain, and sales to generate contextual and tailored content for any text area inside the suite. This tool uses initial phrases defining intent to generate content for any text area. It is powered by OCI's generative AI service. The company has also incorporated additional features into its planning and budgeting tool to assist businesses in automating data analysis for budget preparation.
