In a groundbreaking move, Oracle-owned NetSuite has unveiled its latest innovation in finance software, integrating generative artificial intelligence to streamline essential tasks. The new feature, aptly named "Text Enhance," leverages cloud-based systems to automate the composition of collection letters and the tracking of delayed supply transactions.
Evan Goldberg, co-founder of NetSuite, explained that "Text Enhance" harnesses the power of generative AI to generate emails, such as collection letters, using pertinent data sourced from NetSuite's systems. This includes information on outstanding amounts, the number of days a payment is overdue, and a gentle reminder that early payment will result in a discount. By automating these processes, finance professionals can allocate their time and resources to more strategic endeavors without the need to deliberate over routine correspondence.
"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 stated optimistically. He emphasized that the introduction of generative AI aims to empower individuals by granting them the tools to achieve more in less time.
NetSuite's foray into AI-driven finance software comes at a time when leading software companies like Microsoft, LinkedIn, and Adobe are also embracing generative AI to enhance their offerings. The technology's ability to understand and create human-like prose with minimal instruction represents a transformative leap forward in software functionality.
Additionally, NetSuite's latest suite of tools includes features that not only read but also analyze financial data, providing concise summaries and reports. This augments the finance department's capacity to make informed decisions based on accurate and up-to-date information.
NetSuite anticipates that the "Text Enhance" feature will be available to users in approximately 6 months. The company is committed to making basic usage of these new features accessible through standard subscription pricing. However, for more advanced AI functions or higher usage levels, additional costs may be incurred.
By integrating generative AI into their finance software, NetSuite is poised to revolutionize how financial tasks are approached and executed. Rather than displacing jobs, this innovation is expected to enhance productivity, affording finance professionals more time and resources to focus on strategic initiatives. With "Text Enhance," NetSuite is empowering individuals and organizations to achieve new levels of efficiency and effectiveness in their financial operations.