NetSuite, a finance software company owned by Oracle, announced this week that they will be integrating generative artificial intelligence (AI) capabilities into their software. This new feature, called “Text Enhance,” will allow companies to automate tasks such as writing collections letters or tracking down delayed supply purchases. By leveraging Oracle’s cloud-based systems, NetSuite aims to streamline and automate the day-to-day operations of finance departments.
Evan Goldberg, one of NetSuite’s co-founders, explained how the AI feature works: “The system can automatically compose emails, such as collections letters, using data from various parts of NetSuite’s systems. It can include information about the amount owed, the number of days late, and even offer a reminder that the customer can get a discount for paying earlier in the future.” By eliminating the need for manual intervention in these tasks, companies can save time and focus on higher-level responsibilities.
NetSuite’s AI capabilities are part of a growing trend among business software firms, including Microsoft, LinkedIn, and Adobe, who are all experimenting with generative AI to enhance their platforms. This technology can read and write human-like text after being given a short prompt, making it a valuable tool for automating tasks that were once time-consuming and tedious.
However, Goldberg emphasized that the goal of these AI features is not to replace human jobs, but rather to boost productivity and empower individuals. “This is a new type of automation, but we’ve been working on automation forever, and somehow white-collar workers have survived that revolution,” he said optimistically. By automating mundane tasks, employees can focus on more strategic and value-added activities.
NetSuite plans to roll out the “Text Enhance” features over the next six months. The company will be incorporating the functionality into their existing subscription prices, although additional costs may apply for new AI features or higher utilization levels. With these advancements, NetSuite aims to provide its users with a comprehensive and efficient finance software solution that leverages the power of AI technology.
In a world where automation is becoming increasingly prevalent, NetSuite’s integration of generative AI features sets them apart in the market. By automating tasks that were once time-consuming and repetitive, this software can revolutionize how finance departments operate. As the technology continues to advance, it’s clear that AI will play an even larger role in transforming business operations across industries.
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