Oracle NetSuite has revealed its latest round of upgrades developed to help customers and small businesses adapt to a post-COVID world. The latest NetSuite changes include updates to help finance and accounting, supply chain and operations, sales and marketing, project management, and IT professionals.
“It’s been an overwhelming year of change and businesses have been forced to build for a new reality,” said Evan Goldberg, EVP of Oracle NetSuite. “The latest updates will help our customers gain real-time visibility into their entire business so that they have the agility and control required to successfully build for what's next."
For finance and accounting professionals, updates span new management capabilities, accounts payable automation, transactions, and invoice automation, as well as better budgeting. Manual efforts will also be reduced by a new digital management of workflows and automated entry of invoices, electronic payment processes, and scheduled payment runs.
Professionals in the supply chain and operations industry will have new updates to automated fulfillment and supply planning capabilities. This also includes Intelligent Predicted Risk, which aims to provide users with greater insight into the potential risks of delayed shipments.
Project managers will benefit from updates to automated expense management, which can help them reduce data entry errors by populating expense lines directly from American Express corporate credit cards. Other updates include enhancements into resource planning, which offers an improved overview of project budgeting and assignments.
For administrators and developers, NetSuite Analytics Warehouse is set to improve decision-making by aggregating multiple sources of data, and leveraging interactive visualizations, predictive analytics, and more. This new capability extends SuiteAnalytics through an integration with Oracle Analytics Cloud and Autonomous Data Warehouse. Other updates include enhancements to SuiteAnalytics, SuiteCloud record customization, and new application performance manager dashboards.
In addition to the latest product updates, NetSuite has also introduced Business Now, a resource guide designed to help businesses navigate and plan for the future. Business Now includes practical guidance, industry insights, and inspirational stories from businesses around the world, including HINT, LovelySkin, and T3 Micro, about how they have adapted to the ever-changing world.
In the fiscal second quarter, which ended November 30, revenue from NetSuite’s financial software, targeted to small and mid-sized businesses, increased 21% in the period. The company didn’t disclose the sales totals, but Chief Executive Officer, Safra Catz described it as “highly profitable” and a “multi-billion dollar” application.