Oracle’s NetSuite has recently announced the introduction of a new feature called “Text Enhance” that incorporates Artificial Intelligence (AI) capabilities into its finance software. This innovative feature allows companies to automate tasks such as composing collections letters and tracking delayed purchases. By leveraging generative AI, NetSuite’s Text Enhance feature can read and write human-like text after a short prompt, enabling it to generate personalized emails that include relevant data from various parts of the software system. Additionally, the feature includes functions for reading and analyzing financial data to generate summaries and reports. With the roll-out of these new features, NetSuite aims to boost productivity and empower individuals by putting more power and automation tools in their hands.
Oracle’s NetSuite introduces Text Enhance feature for finance software
NetSuite adds generative artificial intelligence capabilities
NetSuite, a finance software company owned by Oracle, has recently announced the addition of generative artificial intelligence capabilities to its software. This new feature, known as Text Enhance, allows companies to automate tasks such as composing collections letters or following up on delayed purchases. By leveraging the power of artificial intelligence, NetSuite aims to enhance the efficiency and productivity of finance departments.
Using cloud-based systems to develop Text Enhance feature
NetSuite is utilizing Oracle’s cloud-based systems to develop the Text Enhance feature. This integration allows for seamless access to data across various parts of NetSuite’s systems. With the help of generative AI, the software can compose emails or letters that include relevant information from the finance department’s records. This eliminates the need for manual input and streamlines the communication process.
Automating mundane day-to-day tasks of a finance department
The introduction of the Text Enhance feature is aimed at automating the mundane day-to-day tasks of a finance department. Tasks such as composing collections letters, calculating late payment fees, and sending reminders can now be handled automatically by the software. This frees up valuable time for finance professionals to focus on more strategic and complex tasks.
Automatically composing emails such as collections letters
One notable application of the Text Enhance feature is its ability to automatically compose emails, specifically collections letters. The software can pull data from various parts of NetSuite’s systems, such as the amount owed, the number of days the payment is late, and even offer discounts for early payment. By automating the composition of these emails, finance professionals can save time and ensure consistent and accurate communication with customers.
Including data from various parts of NetSuite’s systems
The Text Enhance feature seamlessly integrates with different parts of NetSuite’s systems, allowing for the inclusion of relevant data in automated emails or letters. This data can be sourced from the finance department’s records, providing accurate and up-to-date information in communications. By eliminating the need for manual data entry, the risk of human error is minimized, and the efficiency of the finance department is greatly enhanced.
Reading and analyzing financial data for summaries and reports
In addition to automating communication tasks, the Text Enhance feature can also read and analyze financial data to generate summaries and reports. This capability allows finance professionals to quickly obtain insights and make informed decisions based on the analyzed data. By leveraging artificial intelligence, NetSuite empowers finance departments to process vast amounts of financial information efficiently and accurately.
Boosting productivity without eliminating jobs
NetSuite believes that the introduction of generative AI capabilities in its finance software will boost productivity without eliminating jobs. While automation has significantly transformed various industries, including finance, NetSuite sees the integration of AI as a means of empowering individuals rather than displacing them. By automating mundane tasks, professionals can allocate their time and skills to more valuable and strategic initiatives.
Rolling out Text Enhance features over the next six months
NetSuite plans to roll out the Text Enhance features over the next six months. This gradual rollout allows the company to ensure a smooth integration process and address any potential issues or feedback from users. By taking a phased approach, NetSuite aims to provide a seamless transition for customers and maximize the benefits of the new AI capabilities.
Including new features in existing subscription prices
NetSuite has announced that typical use levels of the Text Enhance features will be included in existing subscription prices. This means that current customers can access the new capabilities without incurring additional costs. By offering these features as part of the standard subscription package, NetSuite aims to provide added value to its customer base.
Possible additional costs for new AI features or higher use levels
While NetSuite includes the Text Enhance features in existing subscription prices, the company acknowledges that future AI features or higher use levels may incur additional costs. As the technology continues to evolve and new capabilities are developed, there may be a need to introduce pricing tiers or add-ons for customers who require advanced AI functionalities. NetSuite aims to provide transparency and flexibility in its pricing structure to cater to the varying needs of its customers.
In conclusion, NetSuite’s introduction of the Text Enhance feature, powered by generative AI capabilities, brings automation and increased efficiency to finance departments. By automating tasks such as composing collections letters and analyzing financial data, NetSuite aims to enhance productivity without eliminating jobs. The availability of these features as part of existing subscription prices offers added value to customers, while potential additional costs for advanced AI features ensure scalability and customization options. As NetSuite continues to innovate and integrate AI technologies, finance professionals can expect greater automation and optimization in their day-to-day operations.
