SuiteWorld 2024: Key Innovations and Takeaways

SuiteWorld 2024: Key Innovations and Takeaways

SuiteWorld 2024, hosted in Las Vegas, delivered a dynamic showcase of technological advancements designed to empower businesses with greater efficiency and innovation. NetSuite introduced several new AI-powered features designed to transform the way businesses operate, making this year’s event a pivotal moment for attendees. Below are the key insights presented at the event, highlights on AI’s expanding role in NetSuite's ecosystem.

1. AI-Powered Business Management: Redefining Efficiency

A central theme of this year’s SuiteWorld was the integration of artificial intelligence into NetSuite’s platform, aimed at enhancing efficiency and driving productivity. Building on its already robust AI capabilities, NetSuite showcased new tools such as NetSuite Financial Exception Management, which leverages AI to detect financial irregularities and provide actionable insights in real-time. This allows finance teams to quickly address issues before the end-of-period crunch, a feature particularly valuable to organizations managing large volumes of transactions.

2. SuiteAnalytics Assistant: Enhancing Data Accessibility

Among the standout innovations, NetSuite unveiled its SuiteAnalytics Assistant, which enables users to interact with their data through natural language queries. Finance teams, for instance, can now easily request reports on accounts payable aging or identify their top five customers by balance, significantly reducing the time and effort spent on manual data extraction and analysis. This feature was highlighted as a game-changer for client’s who frequently manage complex datasets but may lack the technical skills to harness their full potential.

3. SuiteApps and the Future of Customization

In a unique highlight from BDO’s own Joe Olsen, head of development and integration for BDO, NetSuite introduced the automatic creation of SuiteApps, allowing businesses to develop custom applications directly within the NetSuite environment. While this sounds like a purely technical innovation, for clients in industries like manufacturing and distribution, this feature simplifies deployment and subsequent upgrades of new features by enabling them to be deployed as “bundles” vs. customized scripts. This results in more consistent deployments, less downtime maintaining customizations, better integration with existing business processes, ultimately helping businesses run more efficiently while reducing ongoing NetSuite development and support hour costs.

4. Financial Innovation and AI-Driven Narratives

NetSuite’s emphasis on AI-driven financial management tools extended to its Generative AI for Narrative Reporting. This tool allows finance teams to generate AI-powered narratives based on transactional data, helping streamline the creation of financial reports, forecasts, and insights. The focus here is on making data-driven decisions faster and more confidently, which is a major advantage for organizations needing real-time financial clarity.

5. Raising the Stakes in Procurement

NetSuite also introduced SuiteProcurement a solution designed to streamline the purchasing process by integrating with major suppliers. This feature enables businesses to automate the procurement workflow, from requests to payment, improving spend visibility and reducing costs. The integration with key suppliers allows customers to take advantage of exclusive offers positioning SuiteProcurement as a critical tool for growing businesses seeking to streamline indirect procurement.

6. Enhancing NetSuite’s Project Management Capabilities

NetSuite has unveiled NetSuite SuiteProjects Pro, a new AI-powered project management solution that offers advanced capabilities to help organizations increase productivity and improve resource allocation. The new suite, leverages AI to automate staffing, scheduling, budget tracking, and billing processes. In addition, it includes AI-powered project risk analysis and staffing recommendations for more efficient project planning. SuiteProjects will be released within the coming year and current NetSuite OpenAir clients will be upgraded automatically.

7. A Bet on AI and Business Growth

The overarching message at SuiteWorld 2024 was that artificial intelligence is not just a future aspiration but a present-day reality shaping business processes. From AI-powered analytics and procurement tools to innovations in financial management and custom app development, NetSuite is betting big on AI as the driving force behind increased efficiency and growth.

SuiteWorld provided a glimpse into the future of business management, where AI-driven insights empower companies to work smarter, not harder. As these innovations unfold, BDO is excited to help clients unlock the full potential of these tools, transforming their operations and driving success.

What’s Next for Businesses?

As AI continues to embed itself within NetSuite’s ecosystem, businesses have a unique opportunity to capitalize on these advancements. From streamlining financial processes to automating procurement and customizing SuiteApps, the innovations announced at SuiteWorld 2024 are set to redefine operational efficiency and productivity. BDO’s experienced NetSuite team is equipped to assist businesses of all sizes, including small to mid-sized operations, no matter their stage of growth. We strive to help organizations make the most of these tools to stay competitive and adapt to today’s evolving business landscape.

Stay tuned for more insights from BDO on how these cutting-edge technologies can transform your business.