SuiteWorld 2024 Highlights: The 8 Most Anticipated NetSuite Updates of the Year

NetSuiteWorld 2024 delivered a surge of groundbreaking updates, transforming how businesses will utilize Oracle NetSuite in the coming year. The event showcased innovation, introducing tools and enhancements that promise to elevate productivity and efficiency across industries.  

Oracle introduced AI-powered features, advanced analytics, and expanded integrations poised to revolutionize everything from project management to financial reporting. Each update brings a new level of sophistication, designed to help businesses operate more intelligently, automate critical tasks, and make data-driven decisions more easily.

NetSuite is set to equip organizations with unprecedented capabilities, driving growth and innovation across every corner of the enterprise world. Here’s a look at the eight most significant updates that will redefine how businesses use NetSuite following SuiteWorld 2024. 

1. New AI Capabilities:

NetSuite has expanded its AI-powered functionalities to unlock even greater operational efficiency. The latest AI enhancements promise to take automation and intelligence in business processes to new heights.

These advancements include pinpointing financial anomalies, enabling novel ways to interact with data, and the ability to embed and customize generative AI into NetSuite extensions.  

• NetSuite Financial Exception Management: One of the standout features is NetSuite Financial Exception Management, which utilizes AI to automatically identify financial discrepancies and flag potential issues.  

• NetSuite SuiteAnalytics Assistant: Another key innovation is the NetSuite SuiteAnalytics Assistant, an intuitive AI-driven tool that interacts with data, allowing users to generate insights more quickly and efficiently. 

• NetSuite Prompt Studio: It introduces new levels of customization for generative AI, empowering users to create tailored AI-driven functionalities specific to their business needs.  
  
  
• Generative AI for SuiteScript API: For developers, Generative AI for SuiteScript API and Oracle Code Assist streamline coding and optimization within SuiteScript, enhancing overall development efficiency.  
  
  
• NetSuite Advanced Customer Support AI Playbook: To complement these capabilities, NetSuite Advanced Customer Support AI Playbook utilizes AI to deliver data-driven best practices for optimized system usage. These AI tools offer businesses the ability to automate decision-making processes, boost performance, and enhance overall productivity. 

2. NetSuite SuiteProcurement:  

 
NetSuite’s SuiteProcurement elevates procurement processes by integrating with major suppliers like Amazon Business and Staples Business Advantage directly within NetSuite, providing exclusive access to offers and discounts of up to 10%.  

This innovation helps businesses reduce the complexity and cost of indirect procurement.

SuiteProcurement automates and simplifies many critical workflows, such as vendor integrations, reducing the need for manual data entry and improving vendor relationship management.  

The system’s automated approval processes ensure that purchase orders, invoices, and payments move through the system efficiently, reducing delays and errors.  

Automated purchase order creation and invoicing make it easier for businesses to manage procurement from start to finish, leading to improved accuracy in financial data and lower costs associated with manual intervention.  

SuiteProcurement also offers complete visibility of spending across departments, enabling better financial control and management. By integrating procurement and financial workflows, businesses benefit from improved data accuracy and more efficient accounting processes, allowing for better resource allocation and financial oversight. 

3.NetSuite Analytics Warehouse 

 
For growing businesses, making sense of large amounts of data can become a complex task. Often, companies lack the expertise or resources to dedicate to data science and advanced analytics, which leads to missed opportunities for valuable insights. This is where NetSuite Analytics Warehouse comes into play.  

Built on Oracle Analytics Cloud and Oracle Autonomous Data Warehouse, it simplifies data management and analysis through artificial intelligence (AI) tools that transform raw data into actionable business insights.  

The system provides tools such as data visualizations, natural language processing, and automated algorithm selection, allowing users to interact with data through conversational interfaces and generate insights without requiring extensive coding or analytics knowledge.  

By enabling customizable modeling workflows, businesses can forecast customer demand, predict future product trends, and drive continued growth. The ability to identify trends and opportunities with ease helps businesses optimize decision-making and efficiency across operations.  

NetSuite Analytics Warehouse allows companies to scale their data capabilities as they grow, providing the tools necessary to thrive in an increasingly data-driven world. 

4. NetSuite Enterprise Performance Management (EPM) 

 
In many organizations, finance teams spend excessive amounts of time collecting data, generating reports, and preparing financial narratives to justify decisions and forecast future performance.  

NetSuite’s EPM tools are designed to streamline these processes by incorporating AI-powered functionalities.  

Updates include generative AI for narrative reporting, which automates the creation of detailed reports, and predictive AI for planning and budgeting. These tools not only improve the accuracy of forecasts but also enable faster decision-making by allowing finance teams to focus on strategy rather than manual tasks.

Additionally, the inclusion of a digital assistant helps manage and execute EPM workflows, freeing up time and ensuring critical financial activities are completed efficiently. By automating complex financial processes and providing actionable insights, NetSuite EPM allows businesses to quickly capitalize on growth opportunities and improve overall financial management. 

5. Oracle Redwood Design System 

 
Oracle’s award-winning design system, Oracle Redwood, is now being integrated into NetSuite applications, including SuiteProjects Pro and Customer 360. This design system provides a modern, intuitive interface across the entire NetSuite platform, starting with the most frequently used areas such as dashboards, lists, and forms.  

The integration of Redwood into these tools enhances productivity by making it easier for users to navigate the platform and complete tasks more efficiently.  

With a focus on boosting user experience, Redwood is poised to improve how users interact with NetSuite, making the interface more accessible and reducing the time required to perform routine operations. This update promises to create a more streamlined workflow, leading to increased user satisfaction and productivity. 

6. NetSuite SuiteProjects Pro 

 
NetSuite SuiteProjects Pro builds on the core functionality of SuiteProjects by introducing AI-powered features aimed at improving project management.  

These new tools help businesses monitor project health, streamline planning, and automate critical aspects such as staffing, scheduling, and budget tracking.  

SuiteProjects Pro also provides detailed billing features, ensuring that projects remain within scope and budget. By automating these functions, companies can reduce errors, enhance workflow speed, and improve overall project efficiency. 

This system also offers per-user pricing, making it scalable for businesses of all sizes. SuiteProjects Pro aligns project management tools with business growth, offering a comprehensive solution for companies looking to boost their project performance while minimizing administrative burden. 

7. NetSuite Guided Learning Managed Service 

 
NetSuite’s rapid rollout of updates and new features, getting up to speed can be a challenge. The NetSuite Guided Learning Managed Service helps customers make the most of the suite’s capabilities through expert support and step-by-step guidance from NetSuite Education experts.  

Embedded within the NetSuite platform, these learning guides are tailored to the user’s specific needs and interactions. Businesses also benefit from detailed analytics reports that provide insights into how employees engage with the learning tools, ensuring teams remain productive and proficient in using the system.  

This service ensures that organizations can smoothly transition to new features and maximize their use of NetSuite, minimizing the learning curve and boosting overall efficiency. 

8. NetSuite SuitePeople Integrated Benefits Offering 

NetSuite SuitePeople enhances employee benefits management by integrating SimplyInsured’s small-business health benefits marketplace directly into the platform.  

This integration simplifies the process of selecting and enrolling in benefits plans, offering a seamless experience for both employers and employees. The system also automates benefits deductions, ensuring they are accurately taken from payroll and posted to the general ledger.  

This level of automation reduces administrative work and improves financial accuracy, making benefits management simpler and more efficient. By embedding benefits directly into the NetSuite platform, SuitePeople helps companies provide a better employee experience while maintaining clear financial oversight. 

SuiteWorld 2024 introduced a lot of exciting updates, and our expert NetSuite Consultants at Epiq are ready to help you make sense of them all. We’ll guide you through integrating these new features into your NetSuite system as they roll out.

Get in touch with our team today!