2024 has some exciting things in-store for ERP customers. But before that, let’s take you back to last year.
A year of…change.
A year of…challenges.
A year of…transformation.
With the ripples of the pandemic still affecting economic recovery for businesses across Europe, change was necessary to overcome financial challenges.
However, out of it, we saw businesses double down on investments in technology. And the investments business leaders are firmly backing? ERP solutions.
And there’s no surprises as to why.
Responding To Challenges
You ask, they deliver. Just as businesses have turned to technology, so too have ERP vendors. For system providers, their view of technology was through the lens of innovation.
Maintaining its competitive edge and #1 leading status in the ERP market, one system that triumphed last year was NetSuite.
For NetSuite, adaptability was the name of the game in 2023. With a series of releases, NetSuite demonstrated how they were responding to evolving customer needs all whilst delivering on their commitment to help businesses make smarter decisions, faster.
How might you ask? Let’s take a brief look at NetSuite’s latest releases and which areas of the business these affect…
1. Enterprise Performance Management (EPM)
What it does: Brings together planning, budgeting, forecasting, account reconciliation, financial closure, and reporting across the whole business, making financial processes quicker and more accurate.
Direct areas of the business impacted:
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Finance
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Accounts
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Sales & Marketing
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C-Suite
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Directors
2. Extended Analytics Warehouse
What it does: Consolidates data from various systems and spreadsheets, delivering a singular overview of performance. This allows businesses to better identify trends, patterns, and outliers, leading to enhanced data quality and process optimisation.
Direct areas of the business impacted:
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Finance
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Accounting
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Operations & Supply Chain
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Sales & Marketing
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C-Suite
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Directors
3. NetSuite Text Enhance
What it does: Simplifies processes and automates the creation of context-sensitive text throughout the entire suite.
Direct areas of the business impacted:
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Finance
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Accounting
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HR
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Operations & Supply Chain
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Sales & Marketing
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Customer Support Teams
Priorities & Tech Transformation
If spent any time online last year, there was one topic you couldn’t have missed hearing about… AI! Although it’s been around for a long-time, last year we saw it boom into public consciousness with generative AI software such as ChatGPT surpassing 100 million users by January 2023 - just 2 months after its launch.
It was (and continues to be) most certainly at the top of Oracle’s agenda, with several new AI-powered developments announced at the annual SuiteWorld conference back in October 2023. Embedding AI into their services for a number of years, 2023 was the year NetSuite really leant into AI innovations creating as Evan Goldberg (Founder and EVP, Oracle NetSuite) says “the opportunity for a quantum leap in doing more with less.”
For their customers, the coming months hold promise of even more AI powered advancements to the system. These changes are set to redefine user experience, service interactions, and businesses alike. With 2024 shaping up to be a new era for ERP, one thing is for certain – AI and its widespread impact are leading the ERP revolution.
Want to keep up with the latest NetSuite news? Keep an eye on our regularly updated blogs page!
