Oracle's NetSuite Adds AI Capabilities to Financial Software, Announces Next Technik Acquisition

Oracle’s NetSuite Adds AI Capabilities to Financial Software, Announces Next Technik Acquisition

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by Mercy Tukiya Mutanya · 2 min read
Oracle’s NetSuite Adds AI Capabilities to Financial Software, Announces Next Technik Acquisition
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The company is also working on new features that will read and analyze financial data to create summaries and reports.

Business software provider NetSuite announced that it will be adding artificial intelligence (AI) features to its finance software. The AI integration will help companies by automating tasks such as writing collection letters or tracking delayed deliveries. The announcement was made at the firm’s annual conference in Las Vegas, where it was revealed that NetSuite is using its parent company Oracle’s cloud-based systems to develop the new “Text Enhance” features.

Speaking with Reuters, NetSuite co-founder and Oracle Executive Vice President Evan Goldberg stated that the feature can generate emails such as collection letters using data from its systems such as how much the company is owed and how late the payment is. Goldberg stated that the purpose of the new feature is to automate some of the more mundane tasks that the financial department has to take care of.

“They don’t have to think about that stuff because we’ve already pointed the system to the right things in the context in which you’re using the generative of AI,” Goldberg said.

Text Enhance is expected to roll out over the next six months with typical use levels of the new features available at current subscription prices while higher use levels will come at an additional cost.

The company is also working on new features that will read and analyze financial data to create summaries and reports. The executive added that these new features will help boost productivity.

“This is a new type of automation, but we’ve been working on automation forever and somehow white-collar workers have survived that revolution,” Goldberg said. “I tend to think optimistically that this is really about putting more power into the hands of individuals.”

NetSuite also announced that it had acquired Next Technik, a leading provider of field service management solutions. The acquisition will allow NetSuite customers to digitize and streamline scheduling and dispatch. It is also expected to “automate inventory and customer asset management, and increase visibility into real-time data.”

“Field service organizations are often plagued by cumbersome manual processes that negatively affect productivity, the customer experience, and overall revenue,” said Goldberg. “To help our customers address these issues and enhance field service operations, we are excited about this new field management solution. By automating key field service processes and providing real-time insights, it will help our customers reduce operational costs, increase satisfaction and loyalty, and ultimately improve both the top and bottom lines.”

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