SuiteWorld 2024: An Inside Look at the Event’s Game-Changing Technologies

Oracle NetSuite’s SuiteWorld conference, held this year in Las Vegas, is the largest annual gathering for the NetSuite community — a growing ecosystem of customers, industry influencers, and partners. Held September 9-12, the event gives attendees the opportunity to witness the future of cloud ERP and all the advanced technologies that go along with it. 

Here are four  game-changing technologies and innovations that BDO Digital will be presenting at this year’s event: 

1. Artificial intelligence is reshaping tech stacks. AI is rapidly infiltrating tech stacks and changing the way organizations operate, make decisions, grow, and compete. Expect the buzz around AI to be loud at this year’s SuiteWorld. NetSuite itself is rolling out over 200 new AI features on its ERP Platform in 2024. Working with its extensive network of industry partners, BDO Digital is using AI to improve the efficiency of clients’ business processes. 
   
   For example, one BDO client is using AI for reconciling and paying rebates and trade promotion claims. Previously, the company reconciled claims manually via spreadsheets, requiring significant time and resources, which meant they used an exception-based process of only reconciling claims above a certain amount.
   
   Now with AI they can analyze over 100,000 transactions within mere minutes —automating rebate claim reconciliation, ensuring accuracy in payments across multiple currencies, and increasing profitability.
2. The accounts payable (AP) function is being transformed by AI. AI is enabling straight through processing (STP), where, based on a set of rules set by the client, the AI performs a two-way match (purchase order to invoice) or three-way match (purchase order to invoice and delivery receipt). For accurate matches, the system makes the payment automatically, allowing the process to occur without requiring human intervention. In addition, allocations to multiple subsidiaries and in multiple currencies also occurs automatically. As a result, teams can handle higher transaction volumes, managing only the exceptions while further training the AI to reduce exceptions in the future.
   
   AI is also improving forecasting across multiple functions, including sales, finance, production, and supply chain. The technology can quickly identify data anomalies; improve forecast accuracy based on seasonal factors and other data variability; and help companies improve demand planning, revenue and expense projections, accruals, inventory, pricing patterns, and more — all without needing a team of full-time data scientists.
3. BDO is helping life sciences companies unlock the hidden potential in NetSuite. With the only good manufacturing practices (GMP) solution built for NetSuite, BDO Digital helps life sciences companies efficiently manage their financial, supply chain, research and development, contract manufacturing and in-house manufacturing processes, and compliance requirements.
   
   BDO is adding new functionality to address an ongoing accounting challenge for life sciences companies – clinical trials. Clinical trials generate an enormous amount of data, including trial information, invoices, payments, stipends, and other financial information. Timing is staggered across patients, locations, and trials, increasing the complexity even further. Today most companies capture this data on spreadsheets and use them to generate accruals that are manually entered into the financial system. In addition, the spreadsheets are the basis of the reports provided to auditors, investors, regulatory agencies, and other stakeholders. 
   
   By partnering with Condor Software, BDO is now integrating a full clinical trial accounting functionality into their NetSuite life sciences solution. This new clinical trial functionality allows organizations effectively and efficiently manage and automate all aspects of clinical trials, including accruals, reconciliation, and forecasting. Working together, the two companies help clinical-stage life sciences companies replace their numerous manual processes with a single, integrated enterprise management system.  
   
   At SuiteWorld, BDO will be demonstrating how the technology helps life sciences firms accurately accrue, reconcile, and forecast clinical trials in NetSuite. 
4. Food and Beverage companies now have a GMP compliant solution built for NetSuite.  There’s no room for shortcuts in the food and beverage world, where the GMP were put in place to reduce foodborne illness risks, ensure food quality, and minimize waste.
   
   Using good recordkeeping and traceability, companies can maintain and share detailed records of ingredients, suppliers, and the steps that went into processing the item. But maintaining these records and high levels of traceability is complex and time consuming, especially for companies that are using spreadsheets and disconnected legacy systems.
   
   Having helped many life sciences companies manage GMP compliance, BDO Digital is now applying that experience to the food and beverage space. At SuiteWorld, you’ll get a firsthand look at the company’s new GMP Food and Beverage solution for NetSuite.

See You at SuiteWorld

With a seasoned team of NetSuite professionals, BDO has the experience and knowledge to support businesses of all sizes — including many small to midsized operations — wherever they are.

We’d love to meet you at SuiteWorld! Please stop by BDO’s booth at SuiteWorld, which takes place September 9-12, 2024, at Caesars Forum in Las Vegas.