Transforming Business Efficiency with NetSuite Innovations

Scott Wiltshire, Vice President and General Manager of Oracle NetSuite ANZ, gives us the lowdown on the latest advancements coming to NetSuite.

With generative AI the talk of the town, Wiltshire shared insights on how the innovations announced at the brand’s annual SuiteWorld conference are set to impact small businesses, emphasising the potential benefits in terms of productivity and cost reductions.

Driving Efficiency through Generative AI

According to Wilshire, NetSuite’s latest developments in generative AI aim to revolutionise the way businesses operate. The goal is to streamline operations, enhance employee experiences, and enable businesses to focus on strategic tasks by automating routine, low-value activities. So what’s floating Wiltshire’s boat?

“The generative AI components where it’s producing content for you, so you don’t have to, at least the 1st draft. It’s about driving efficiency, giving you intelligent insights, and helping you take action,” says Wiltshire.

Addressing Workforce Challenges

In the context of current workforce challenges faced by Australian companies, including labour shortages, Wiltshire underscored the importance of streamlining operations. The implementation of AI-driven solutions can alleviate the strain on businesses, enabling them to navigate the labour market challenges more effectively.

“In terms of streamlining their operations, providing a better experience for their employees, and getting away from doing some of those low-value tasks it’s fantastic,” Wiltshire notes.

Enhancing Planning and Budgeting with AI

Discussing the new planning and budgeting capabilities powered by AI, Wiltshire noted the role of intelligent insights in decision-making.

“It helps you drive agility through your business, prioritising the important parts of your business and allocating resources for better outcomes,” adds Wiltshire.

In fact the integration of AI in NetSuite’s planning and budgeting processes enables businesses to prioritise key aspects of their business and achieve better outcomes.

Automating Bill Capture for Efficiency

Accountants all over the globe will be thanking NetSuite for the accounts payable integration which delivers massive time savings.

“Being able to automate those processes of capturing instead of keying, is going to stop a lot of that manual data entry,” says Wiltshire.

Another notable feature discussed was the bill capture component. This automation ensures timely invoicing and payment, reducing revenue leakage and allowing businesses to allocate resources to higher-value tasks.

Flexible Licensing Model for Accessibility

A big win for small business owners was the announcement of a flexible licensing model.

“It’s about bringing more people into NetSuite, getting more users on the platform. The more people using NetSuite, the more benefits and value for both customers and NetSuite,” Wiltshire says.

The flexible licensing model allows businesses to scale and adapt their usage according to their specific needs, ultimately contributing to a broader user base.

Realising the Benefits of Cloud Technology

Reflecting on tech trends in Australia, Wiltshire noted the shift towards a cloud-first strategy among businesses. Wiltshire highlighted NetSuite’s cloud-native approach since 1998, allowing businesses to leverage cloud advantages for remote work, collaboration, and efficiency.

“Now it’s come full circle. They’re coming to us, saying we want to adopt leading practices,” he says.

Looking Ahead: A Bright Future for NetSuite in ANZ

As NetSuite continues to roll out new products and innovations in the Australian and New Zealand markets, Wiltshire expressed optimism about the growth opportunities. Despite facing competition, NetSuite believes in offering the best solution, and Wiltshire emphasised the positive responses received during evaluations, showcasing NetSuite’s strengths.

“You’ve seen the potential of this idea that Evan – this 5-minute conversation that Evan and Larry had in 1998 – coming to life. I want the Australian market to feel that energy and to see that potential. We’ve got a huge amount of growth opportunity in Australia and New Zealand, and we are doing phenomenally well, ” Wiltshire says.

The future is bright for the brand, and with the integration of AI, flexible licensing models, and benchmarking tools, NetSuite is committed to empowering businesses, enhancing efficiency, and fostering growth in an ever-evolving business landscape.

Now read this