Mixed in a cocktail of artificial intelligence and machine learning, Oracle NetSuite has launched what it has labelled as the ‘world’s first’ intelligent cloud suite.
The system is said to deliver the insight, interaction and automation that customers now demand to grow their businesses by natively building artificial intelligence and machine learning-based capabilities within its cloud business management suite, NetSuite.
Oracle Netsuite executive vice president Jim McGeever says the company is constantly striving to stay on the pulse of technology.
"With new artificial intelligence and machine learning capabilities within NetSuite, we're equipping our customers to understand not only what's happened with their business, but what will happen in the future and how they can stay ahead,” says McGeever.
According to NetSuite, businesses can no longer rely on backward-looking data or traditional business intelligence (BI) systems to successfully grow, scale and adapt to change. The company has buiult upon its existing native BI functionality by incorporating advanced machine learning and sophisticated data science within its unified cloud suite.
NetSuite hopes to enable businesses to make proactive and timely decisions to take action from right within the application by combining NetSuite and third-party data.
Constellation Research principal analyst and founder R “Ray” Wang says Oracle Netsuite are certainly on the right track.
"A future where AI drives new business models is quickly becoming the present," says Wang.
"Having business applications that can deliver predictive, prescriptive and automated outcomes is going to be an imperative for businesses that want to grow and succeed in the years to come."
Oracle NetSuite provided a list of industries that could benefit from its intelligent cloud suite by gleaning better insights, driving efficiencies by further automating processes, and determining the next best action with predictive actions. The list includes:
-- Finance and Procurement Professionals: AI and machine learning enables finance professionals to improve audit risk analysis, analyse past payment history with vendors and customers and enhance cash flow predictions, a key pain point for growing businesses.
-- HR Professionals: AI and machine learning enables HR professionals to create profiles of the best candidate based on existing top performers, predict high performers who might be a flight risk and better automate employee self-service by identifying what questions employees might have based on role, time of year or other factors.
-- Supply Chain Professionals: AI and machine learning offers supply chain professionals the potential to not only identify risks or potential upcoming problems in the supply chain but, as it learns, provide potential solutions.
-- Manufacturing Professionals: AI and machine learning helps manufacturing professionals optimise labor schedules in the warehouse based on past performance or predicted demand and identify machinery in need of maintenance before it becomes a problem.
-- Marketing Professionals: AI and machine learning help marketers improve campaign optimisation by identifying what type of campaigns lead to a conversion with what frequency and what type of sale based on demographics, a profile within the customer base, and activity on the website, at events or other available data points.
"Data is the new gold. With NetSuite, we have real-time insights and visibility into all of our key performance indicators, enabling us to make lightning fast decisions," says Hammit founder and CEO Tony Drockton, a Los Angeles-based luxury accessories brand.
"Building in intelligence and automation will make using NetSuite easier and more powerful than it already is.”